STOCK-BASED INCENTIVE PLANS (Tables)

12 Months Ended

Dec. 31, 2015

STOCK-BASED INCENTIVE PLANS

Summary of certain stock-based incentive amounts

For the years ended December 31, (in millions)	2015		2014		2013
Compensation expense	$	49	$	129	$	152
Income tax benefit recognized in the income statement	17		46		55
Intrinsic value of options and stock-settled SARs exercised	—		5		24
Cash paid (a)	41		95		96
Fair value of RSUs and TSRIs vested during the year (b)	42		56		83

(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	1,117	$	89.42	1,425	$	88.98
Granted	678		72.64	885		72.54
Vested	(540)		87.06	(388)		87.99
Forfeitures	(125)		84.17	(164)		86.11
Unvested at December 31	1,130		81.06	1,758		81.19

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

	TSRIs
Year Granted	2015		2014		2013
Assumptions used:
Risk-free interest rate	0.9%		1.0%		0.6		%
Dividend yield	4.1%		2.8%		2.8		%
Volatility factor	37%		27%		30		%
Expected life (years)	3		3		3
Grant-date fair value of underlying Occidental common stock	$	72.54	$	101.95	$	91.97

Summary of Option and SAR transactions

	SARs & Options (000’s)	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (yrs)	Aggregate Intrinsic Value (000’s)
Beginning balance, January 1	61	$	45.78
Exercised	(14)	38.72
Granted	669	79.98
Forfeited	(87)	79.98
Ending balance, December 31	629	77.58		5.7	$	936
Exercisable at December 31	64	45.78		2.0	$	936

STOCK-BASED INCENTIVE PLANS

Summary of ROCEI and ROAI awards

Summary of Occidental’s ROCEs and AORIs as of December 31, 2014, and changes during the year ended December 31, 2014, is presented below

	ROCEI / ROAI
	Awards (000’s)	Weighted-Average Grant-Date Fair Value of Occidental Stock
Unvested at January 1	282	$	92.25
Granted	136		72.54
Forfeited	(26)		91.98
Unvested at December 31	392		85.43

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)	573	$	84.22
Granted (a)	147		72.54
Vested (a)	(70)		80.40
Forfeitures	(304)		79.99
Unvested at December 31	346		83.75

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