LEASE COMMITMENTS

12 Months Ended

Dec. 31, 2015

LEASE COMMITMENTS

LEASE COMMITMENTS

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, 2015, 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
2016	$	179
2017	148
2018	169
2018	90
2020	81
Thereafter	508
Total minimum lease payments	$	1,175

Rental expense for operating leases was $197 million in 2015, $155 million in 2014 and $196 million in 2013.