LEASE COMMITMENTS

12 Months Ended

Dec. 31, 2013

NOTE 6

LEASE COMMITMENTS

Operating lease agreements include leases for transportation equipment, power plants, machinery, terminals, storage facilities, land and office space. Occidental’s operating lease agreements frequently include renewal or purchase options and require the Company to pay for utilities, taxes, insurance and maintenance expenses. At December 31, 2013, future net minimum lease payments for noncancelable operating leases (excluding oil and gas and other mineral leases, utilities, taxes, insurance and maintenance expense) were the following:

In millions	Amount (a)
2014	$	141
2015	122
2016	97
2017	89
2018	128
Thereafter	589
Total minimum lease payments	$	1,166

(a) These amounts are net of sublease rentals of $3 million, which are to be received in 2014.

Rental expense for operating leases, net of sublease rental income for continuing operations, was $204 million in 2013, $176 million in 2012 and $179 million in 2011. Rental expense was net of sublease income of $3 million in 2013 and $4 million each in 2012 and 2011.

- Definition

The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing.

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