STOCK-BASED INCENTIVE PLANS (Tables)

12 Months Ended

Dec. 31, 2013

STOCK-BASED INCENTIVE PLANS

Summary of certain stock-based incentive amounts

For the years ended December 31, (in millions)	2013		2012		2011
Compensation expense	$	152	$	78	$	110
Income tax benefit recognized in the income statement	$	55	$	29	$	40
Intrinsic value of options and stock-settled SARs exercised	$	24	$	18	$	21
Cash paid (a)	$	96	$	83	$	124
Fair value of RSUs and TSRIs vested during the year (b)	$	83	$	28	$	53

(a)   Includes cash paid under the cash-settled portion of the SARs, RSUs and TSRIs.

(b)   As measured on the vesting date for the stock-settled portion of the RSUs and TSRIs.

Summary of changes in Occidental's unvested cash- and stock- settled RSUs

	Cash-Settled				Stock-Settled
	RSUs (000’s)		Weighted-Average Grant-Date Fair Value		RSUs (000’s)		Weighted-Average Grant-Date Fair Value
Unvested at January 1	1,332		$	90.27	1,375		$	88.23
Granted	785		89.70		793		90.35
Vested	(613	)	89.89		(438	)	84.51
Forfeitures	(73	)	90.26		(123	)	88.59
Unvested at December 31	1,431		90.12		1,607		90.26

Grant-date assumptions used in the Monte Carlo simulation models for the estimated payout level of TSRIs

	TSRIs
Year Granted	2013			2012			2011
Assumptions used:
Risk-free interest rate	0.6		%	0.4		%	0.6		%
Dividend yield	2.8		%	2.6		%	1.8		%
Volatility factor	30		%	34		%	33		%
Expected life (years)	3			3			3
Grant-date fair value of underlying Occidental common stock	$	91.97		$	84.57		$	102.97

Summary of Option and SAR transactions

	Cash-Settled							Stock-Settled
	SARs (000’s)		Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (yrs)	Aggregate Intrinsic Value (000’s)		SARs & Options (000’s)		Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (yrs)	Aggregate Intrinsic Value (000’s)
Beginning balance, January 1	494		$	24.66				537		$	31.88
Exercised	(142	)	$	24.66				(391	)	$	28.12
Forfeitures	—		$	—				(1	)	$	15.57
Ending balance, December 31	352		$	24.66	0.5	$	24,783	145		$	42.11	1.9	$	7,701
Exercisable at December 31	352		$	24.66	0.5	$	24,783	145		$	42.11	1.9	$	7,701

TSRIs

STOCK-BASED INCENTIVE PLANS

Summary of Occidental's unvested awards

	TSRIs
	Awards (000’s)		Weighted-Average Grant-Date Fair Value of Occidental Stock
Unvested at January 1 (a)	1,930		$	80.39
Granted (a)	135		91.97
Vested (a)	(1,143	)	72.44
Forfeitures	(90	)	87.05
Unvested at December 31 (a)	832		92.49

(a)   Presented at the target or mid-point payouts.