XML 48 R9.htm IDEA: XBRL DOCUMENT v2.4.0.8
Asset Acquisitions, Dispositions and Other
6 Months Ended
Jun. 30, 2013
Asset Acquisitions, Dispositions and Other  
Asset Acquisitions, Dispositions and Other

2.             Asset Acquisitions, Dispositions and Other

 

In May 2013, Occidental sold its investment in Carbocloro, a Brazilian chemical facility.  Occidental received net proceeds of approximately $270 million and recorded a pre-tax gain of $131 million.

 

As previously reported, Edward Djerejian was elected Chairman of the Board of Directors on May 3, 2013, replacing Dr. Ray Irani. Dr. Irani submitted his resignation as a director, effective as of May 15, 2013 and ceased serving as an executive of Occidental. In addition, certain other employees and several consulting arrangements were terminated during the quarter. As a result of these developments and actions, Occidental recorded a $55 million pre-tax charge in the second quarter for the currently estimated costs of Dr. Irani's employment and post-employment benefits, and the termination of other employees and consulting arrangements.

 

Occidental owns a 50% interest in BridgeTex Pipeline Company, LLC (BridgeTex), which is a variable interest entity that Occidental consolidates.  This investment is not material to Occidental’s financial statements.  At June 30, 2013 and December 31, 2012, the BridgeTex assets and liabilities mainly comprised property, plant and equipment and cash and cash equivalents.  At June 30, 2013 and December 31, 2012, BridgeTex held approximately $93 million and $50 million, respectively, of money market funds classified as cash equivalents, which approximated fair value using Level 1 inputs.