DOMESTIC AND FOREIGN INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2014

DOMESTIC AND FOREIGN INCOME TAXES

Domestic and foreign components of income from continuing operations before domestic and foreign income taxes

For the years ended December 31, (in millions)	Domestic			Foreign		Total
2014	$	(732	)	$	2,273	$	1,541
2013	$	3,399		$	4,747	$	8,146
2012	$	852		$	5,636	$	6,488

Provisions (credits) for domestic and foreign income taxes on continuing operations

For the years ended December 31, (in millions)	United States Federal			State and Local			Foreign			Total
2014
Current	$	870		$	81		$	1,912		$	2,863
Deferred	(1,037		)	(71		)	(70		)	(1,178		)
	$	(167	)	$	10		$	1,842		$	1,685
2013
Current	$	113		$	17		$	2,170		$	2,300
Deferred	883			48			(17		)	914
	$	996		$	65		$	2,153		$	3,214
2012
Current	$	(308	)	$	4		$	2,383		$	2,079
Deferred	519			20			41			580
	$	211		$	24		$	2,424		$	2,659

Reconciliation of the United States federal statutory income tax rate to Occidental's worldwide effective tax rate on income from continuing operations stated as a percentage of pre-tax income

For the years ended December 31,	2014		2013		2012
United States federal statutory tax rate	35	%	35	%	35	%
Other than temporary loss on available for sale investment in California Resources stock	12		—		—
Operations outside the United States	65		5		6
State income taxes, net of federal benefit	1		1		1
Other	(4	)	(1	)	(1	)
Worldwide effective tax rate	109	%	40	%	41	%

Tax effects of temporary differences resulting in deferred income taxes

	2014					2013
Tax effects of temporary differences (in millions)	Deferred Tax Assets			Deferred Tax Liabilities		Deferred Tax Assets			Deferred Tax Liabilities
Property, plant and equipment differences	$	—		$	4,081	$	—		$	8,363
Equity investments, partnerships and foreign subsidiaries	—			—		—			225
Environmental reserves	123			—		121			—
Postretirement benefit accruals	379			—		376			—
Deferred compensation and benefits	208			—		222			—
Asset retirement obligations	307			—		407			—
Foreign tax credit carryforwards	1,765			—		1,091			—
Federal benefit of state income taxes	85			—		136			—
All other	274			221		344			82
Subtotal	3,141			4,302		2,697			8,670
Valuation allowance	(1,744		)	—		(1,074		)	—
Total deferred taxes	$	1,397		$	4,302	$	1,623		$	8,670

Reconciliation of the beginning and ending amount of unrecognized tax benefits

For the years ended December 31, (in millions)	2014		2013
Balance at January 1,	$	61	$	76
Reductions based on tax positions related to prior years and settlements	—		(15		)
Balance at December 31,	$	61	$	61