Leases (Tables)

6 Months Ended

Jun. 30, 2019

Leases [Abstract]

Schedule of Lease Related Assets and Liabilities

The following table presents Occidental's lease balances and their location on the consolidated condensed balance sheet at June 30, 2019 (in millions):

	Balance sheet location	2019
Assets:
Operating	Operating lease assets, net	$	681
Finance	Property, plant, and equipment, net	19
Total lease assets		$	700
Liabilities:
Current
Operating	Current lease liabilities	$	242
Finance	Current lease liabilities	10
Non-current
Operating	Deferred credits and other liabilities - Lease liabilities	437
Finance	Deferred credits and other liabilities - Lease liabilities	8
Total lease liabilities		$	697

Schedule of Operating Lease Maturities

At June 30, 2019, Occidental's leases matured on the following schedule (in millions):

	Operating			Finance
	Leases (a)			Leases (b)			Total
Remainder of 2019	$	122		$	6		$	128
2020	190			12			202
2021	116			1			117
2022	81			—			81
2023	61			—			61
Thereafter	170			—			170
Total lease payments	740			19			759
Less: Interest	(61		)	(1		)	(62		)
Present value of lease liabilities	$	679		$	18		$	697

(a) The weighted average remaining lease term is 5.5 years and the weighted average discount rate is 3.03%.

(b)

The weighted average remaining lease term is 1.8 years and the weighted average discount rate is 2.93%.

Schedule of Finance Lease Maturities

At June 30, 2019, Occidental's leases matured on the following schedule (in millions):

	Operating			Finance
	Leases (a)			Leases (b)			Total
Remainder of 2019	$	122		$	6		$	128
2020	190			12			202
2021	116			1			117
2022	81			—			81
2023	61			—			61
Thereafter	170			—			170
Total lease payments	740			19			759
Less: Interest	(61		)	(1		)	(62		)
Present value of lease liabilities	$	679		$	18		$	697

(a) The weighted average remaining lease term is 5.5 years and the weighted average discount rate is 3.03%.

(b)

The weighted average remaining lease term is 1.8 years and the weighted average discount rate is 2.93%.

Schedule of Future Net Minimum Fixed Lease Payments

At December 31, 2018, future undiscounted net minimum fixed lease payments for non-cancellable operating leases, prepared in accordance with accounting standards prior to the adoption of ASC 842, were as follows (in millions):

	Amount
2019	$	186
2020	147
2021	96
2022	68
2023	49
Thereafter	158
Total minimum lease payments	$	704

Schedule of Lease Costs

The following tables present Occidental's total lease cost and classifications as well as cash paid for amounts included in the measurement of operating lease liabilities. Lease costs and amounts paid associated with finance leases were immaterial for the three and six months ended June 30, 2019 (in millions):

Lease cost classification(a,b)	Three months ended June 30, 2019		Six months ended June 30, 2019
Property, plant and equipment, net	$	91	$	182
Cost of sales	61		138
Selling, general and administrative expenses	19		35
Total	$	171	$	355

(a) Includes short-term lease costs of $70 million and variable lease costs of $29 million for the three months ended June 30, 2019. Includes short-term lease costs of $156 million and variable lease costs of $60 million for the six months ended June 30, 2019.

(b) Amounts reflected are gross before joint interest recoveries.

Cash paid on operating leases(a)	Six months ended June 30, 2019
Cash flow from operating activities	$	95
Cash flow from investing activities	$	44

(a)

Amounts reflected are gross before joint interest recoveries.