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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ___________ to ___________
Commission file number 1-9210
_____________________
OCCIDENTAL PETROLEUM CORPORATION
(Exact name of registrant as specified in its charter)
Delaware95-4035997
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
5 Greenway Plaza, Suite 110
Houston,Texas77046
(Address of principal executive offices) (Zip Code)
(713) 215-7000
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.20 par valueOXYNew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
þ Yes   o No
   
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
þ Yes   o No
  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer  þ Accelerated Filer  o Non-Accelerated Filer  o
Smaller Reporting Company  Emerging Growth Company 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). 
Yes   þ No

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Class Outstanding at April 3, 2020 
 Common Stock $0.20 par value 900,018,184

1


OCCIDENTAL PETROLEUM CORPORATION AND SUBSIDIARIES
TABLE OF CONTENTSPAGE
Part I
Item 1.
Note 3—Dispositions and Other Transactions
Item 2.
Item 3.
Item 4.
Part II
Item 1.
Item 1A.
Item 6.

1


PART I    FINANCIAL INFORMATION
 

Item 1.Financial Statements (unaudited)


Consolidated Condensed Balance SheetsOccidental Petroleum Corporation and Subsidiaries
millionsMarch 31, 2020December 31, 2019
ASSETS  
CURRENT ASSETS  
Cash and cash equivalents  $2,021  $3,032  
Restricted cash and restricted cash equivalents  242  480  
Trade receivables, net  2,458  6,373  
Inventories  1,436  1,447  
Assets held for sale  5,732  6,026  
Other current assets  2,220  1,323  
Total current assets  14,109  18,681  
INVESTMENTS IN UNCONSOLIDATED ENTITIES  6,050  6,389  
PROPERTY, PLANT AND EQUIPMENT  
Oil and gas segment  107,014  105,881  
Chemical segment  7,187  7,172  
Midstream and marketing segment  8,189  8,176  
Corporate  1,072  1,118  
Gross property, plant and equipment123,462  122,347  
Accumulated depreciation, depletion and amortization  (44,389) (41,878) 
Net property, plant and equipment79,073  80,469  
OPERATING LEASE ASSETS  1,193  1,385  
LONG-TERM RECEIVABLES AND OTHER ASSETS, NET  1,218  2,406  
TOTAL ASSETS  $101,643  $109,330  
The accompanying notes are an integral part of these Consolidated Condensed Financial Statements.  

2



Consolidated Condensed Balance SheetsOccidental Petroleum Corporation and Subsidiaries
millions except share amountsMarch 31, 2020December 31, 2019
LIABILITIES AND EQUITY  
CURRENT LIABILITIES  
Current maturities of long-term debt  $2,464  $51  
Current operating lease liabilities  453  569  
Accounts payable  3,845  7,017  
Accrued liabilities  3,310  5,302  
Liabilities of assets held for sale  1,891  2,010  
Total current liabilities  11,963  14,949  
LONG-TERM DEBT, NET  
Long-term debt, net  36,058  38,537  
DEFERRED CREDITS AND OTHER LIABILITIES  
Deferred income taxes, net  9,403  9,717  
Asset retirement obligations  4,428  4,385  
Pension and postretirement obligations  1,968  1,807  
Environmental remediation liabilities  1,017  1,035  
Operating lease liabilities  768  854  
Other  4,743  3,814  
Total deferred credits and other liabilities   22,327  21,612  
STOCKHOLDERS' EQUITY  
Preferred stock at par value, 100,000 shares at March 31, 2020 and December 31, 2019
9,762  9,762  
Common stock at par value, 1,048,430,898 issued shares at March 31, 2020 and 1,044,434,893 shares at December 31, 2019
210  209  
Treasury stock, 148,416,051 shares at March 31, 2020 and 150,323,151 shares at December 31, 2019
(10,653) (10,653) 
Additional paid-in capital  15,081  14,955  
Retained earnings  17,229  20,180  
Accumulated other comprehensive loss  (334) (221) 
Total stockholders' equity  31,295  34,232  
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY  $101,643  $109,330  
The accompanying notes are an integral part of these Consolidated Condensed Financial Statements.  

3



Consolidated Condensed Statements of OperationsOccidental Petroleum Corporation and Subsidiaries
Three months ended
March 31,
millions, except per-share amounts20202019
REVENUES AND OTHER INCOME
Net sales$6,410  $4,004  
Interest, dividends and other income34  78  
Gain on sale of equity investments and other assets, net7  7  
Total6,451  4,089  
COSTS AND OTHER DEDUCTIONS
Oil and gas operating expense1,046  645  
Transportation and gathering expense558  31  
Chemical and midstream cost of sales612  669  
Purchased commodities393  365  
Selling, general and administrative260  140  
Other operating and non-operating expense195  238  
Depreciation, depletion and amortization2,242  973  
Asset impairments and other charges (a)
1,803    
Taxes other than on income182  111  
Anadarko acquisition-related costs148    
Exploration expense37  36  
Interest and debt expense, net352  98  
Total7,828  3,306  
Income (loss) before income taxes and other items(1,377) 783  
OTHER ITEMS
Losses on interest rate swaps and warrants, net(585)   
Income (loss) from equity investments(133) 73  
Total(718) 73  
Income (loss) from continuing operations before income taxes(2,095) 856  
Income tax benefit (expense)82  (225) 
Income (loss) from continuing operations(2,013) 631  
NET INCOME (LOSS)(2,013) 631  
Less: Preferred stock dividends(219)   
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS$(2,232) $631  
PER COMMON SHARE
Income (loss) from continuing operations—basic$(2.49) $0.84  
Net income (loss) attributable to common stockholders—basic$(2.49) $0.84  
Income (loss) from continuing operations—diluted$(2.49) $0.84  
Net income (loss) attributable to common stockholders—diluted$(2.49) $0.84  
DIVIDENDS PER COMMON SHARE$0.79  $0.78  
(a) Includes $1.2 billion of impairment related to the write-off of goodwill.
The accompanying notes are an integral part of these Consolidated Condensed Financial Statements.  

4








Consolidated Condensed Statements of Comprehensive Income (Loss)Occidental Petroleum Corporation and Subsidiaries
Three months ended
March 31,
millions20202019
Net income (loss) $(2,013) $631  
Other comprehensive income (loss) items:
Foreign currency translation loss(2)   
Gains (losses) on derivatives (a)
(2) 2  
Pension and postretirement (losses) gains (b)
(111) 2  
Reclassification of losses on derivatives (c)
2    
Other comprehensive (loss) income, net of tax(113) 4  
Comprehensive income (loss) attributable to preferred and common stockholders$(2,126) $635  
(a) Net of tax of $1 million and zero for the three months ended March 31, 2020 and 2019, respectively.
(b) Net of tax of $31 million and $(1) million for the three months ended March 31, 2020 and 2019, respectively.
(c) Net of tax of $(1) million and zero for the three months ended March 31, 2020 and 2019, respectively.

The accompanying notes are an integral part of these Consolidated Condensed Financial Statements.
5



Consolidated Condensed Statements of Cash FlowsOccidental Petroleum Corporation and Subsidiaries
Three months ended
March 31,
millions20202019
CASH FLOW FROM OPERATING ACTIVITIES
Net income (loss)$(2,013) $631  
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation, depletion and amortization of assets2,242  973  
Deferred income tax (benefit) provision(218) 10  
Other noncash (gains) charges to income (550) 239  
Asset impairments and other items1,768    
Gain on sales of equity investments and other assets, net(7) (7) 
Undistributed losses (income) from affiliates174  (24) 
Dry hole expenses18  10  
Changes in operating assets and liabilities:
(Increase) decrease in receivables3,909  (417) 
Increase in inventories(70) (221) 
Decrease (increase) in other current assets324  (199) 
Decrease in accounts payable and accrued liabilities(4,401) (40) 
Increase (decrease) in current domestic and foreign income taxes48  (7) 
Operating cash flow from continuing operations1,224  948  
Operating cash flow from discontinued operations, net of taxes115    
Net cash provided by operating activities1,339  948  
CASH FLOW FROM INVESTING ACTIVITIES
Capital expenditures(1,293) (1,259) 
Change in capital accrual(435) (51) 
Purchase of businesses and assets, net(35) (69) 
Proceeds from sale of assets and equity investments, net112  16  
Equity investments and other, net142  (52) 
Investing cash flow from continuing operations(1,509) (1,415) 
Investing cash flow from discontinued operations, net of taxes(21)   
Net cash used by investing activities(1,530) (1,415) 
CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from issuance of common stock90  16  
Purchases of treasury stock  (237) 
Cash dividends paid(913) (591) 
Other financing, net(196) (2) 
Net cash used by financing activities(1,019) (814) 
Decrease in cash, cash equivalents, restricted cash and restricted cash equivalents(1,210) (1,281) 
Cash, cash equivalents, restricted cash and restricted cash equivalents — beginning of period3,574  3,033  
Cash, cash equivalents, restricted cash and restricted cash equivalents — end of period$2,364  $1,752  
The accompanying notes are an integral part of these Consolidated Condensed Financial Statements.

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Consolidated Condensed Statements of EquityOccidental Petroleum Corporation and Subsidiaries
Equity Attributable to Common Stock
millions, except per share amounts  Common StockPreferred StockTreasury StockAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive LossTotal Equity
Balance at December 31, 2019  $209  $9,762  $(10,653) $14,955  $20,180  $(221) $34,232  
Net loss  —  —  —  —  (2,013) —  (2,013) 
Other comprehensive loss, net of tax  —  —  —  —  —  (113) (113) 
Dividends on common stock, $0.79 per share  —  —  —  —  (719) —  (719) 
Dividends on preferred stock, $2,222 per share  —  —  —  —  (219) —  (219) 
Issuance of common stock, net  1  —  —  126  —  —  127  
Balance at March 31, 2020  $210  $9,762  $(10,653) $15,081  $17,229  $(334) $31,295  

Equity Attributable to Common Stock
millions, except per share amounts  Common StockPreferred StockTreasury StockAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive LossTotal Equity
Balance at December 31, 2018  $179  $  $(10,473) $8,046  $23,750  $(172) $21,330  
Net income   —  —  —  —  631  —  631  
Other comprehensive income, net of tax  —  —  —  —  —  4  4  
Dividends on common stock, $0.78 per share  —  —  —  —  (586) —  (586) 
Issuance of common stock, net  —  —  —  37  —  —  37  
Purchases of treasury stock  —  —  (180) —  —  —  (180) 
Balance at March 31, 2019  $179  $  $(10,653) $8,083  $23,795  $(168) $21,236  
The accompanying notes are an integral part of these consolidated condensed financial statements.
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Notes to Consolidated Condensed Financial StatementsOccidental Petroleum Corporation and Subsidiaries
NOTE 1 - GENERAL

NATURE OF OPERATIONS
In this report, "Occidental" means Occidental Petroleum Corporation, a Delaware corporation (OPC), or OPC and one or more entities in which it owns a controlling interest (subsidiaries). Occidental conducts its operations through various subsidiaries and affiliates. Occidental has made its disclosures in accordance with United States generally accepted accounting principles (GAAP) as they apply to interim reporting, and condensed or omitted, as permitted by the U.S. Securities and Exchange Commission’s rules and regulations, certain information and disclosures normally included in consolidated financial statements and the notes thereto. These unaudited consolidated condensed financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto in Occidental’s Annual Report on Form 10-K for the year ended December 31, 2019 (the 2019 Form 10-K).
In the opinion of Occidental’s management, the accompanying unaudited consolidated condensed financial statements contain all adjustments (consisting of normal recurring adjustments) necessary to fairly present Occidental’s consolidated financial position as of March 31, 2020, and December 31, 2019, and the consolidated condensed statements of operations, comprehensive income, cash flows and stockholders' equity for the three months ended March 31, 2020, and 2019. Certain data in the financial statements and notes for prior periods have been reclassified to conform to the current presentation. The income and cash flows for the periods ended March 31, 2020, and 2019, are not necessarily indicative of the income or cash flows to be expected for the full year.

THE ACQUISITION
On August 8, 2019, pursuant to the Agreement and Plan of Merger dated May 9, 2020, Occidental acquired all of the outstanding shares of Anadarko Petroleum Corporation (the Acquisition). The Acquisition added to Occidental's oil and gas portfolio, primarily in the Permian Basin, DJ Basin and Gulf of Mexico, and an interest in Western Midstream Partners, L.P. (WES). The Acquisition constituted a business combination, and under the acquisition method of accounting, the acquisition consideration is allocated to tangible and intangible assets acquired and liabilities assumed based on their fair values.
As of March 31, 2020, Occidental has substantially completed the allocation of the consideration; however, Occidental continues to gather information related to the evaluation of certain properties due to ongoing appraisal efforts. Estimates were recorded as of the Acquisition date related to these remaining items and the valuations could change as additional information is received. For the three months ended March 31, 2020 there were no material changes to the allocation presented in the 2019 Form 10-K.
Occidental expensed $148 million in acquisition-related costs for the three months ended March 31, 2020, primarily related to one-time severance costs and the accelerated vesting of certain Anadarko share-based awards for former Anadarko employees based on the terms of the underlying Acquisition agreement and existing change of control provisions within the former Anadarko employment or award agreements.

DISCONTINUED OPERATIONS
In connection with the Acquisition, Occidental entered into a purchase and sale agreement with TOTAL S.A. (Total) to sell all of the assets, liabilities, businesses, and operations of Anadarko's operations in Algeria, Ghana, Mozambique and South Africa (collectively, the Africa Assets) for $8.8 billion, subject to certain purchase price adjustments. Occidental completed the sale of the Mozambique assets in September 2019 and the South Africa assets in January 2020. The closing of the sale of the remaining Africa Assets, in Algeria and Ghana, remained conditioned on the receipt of required regulatory and government approvals, as well as other customary closing conditions. The assets and liabilities for Algeria and Ghana are presented as held for sale at March 31, 2020. The results of operations of the Africa Assets are presented as discontinued operations, see Note 3 - Dispositions and Other Transactions.
In April 2020, subsequent to communications with Algerian government officials, Occidental determined that the sale of the Algeria assets to Total will likely not be consummated. As such, beginning in the second quarter of 2020, Occidental will no longer classify the Algeria operations as a discontinued operation and will reclassify prior periods to reflect the Algerian operations as continuing operations. In addition, the carrying value of the Algeria assets will be remeasured at the lower of its fair value or the carrying amount as if depreciation, depletion and amortization (DD&A) were recorded from the date of the Acquisition. Any adjustment to reflect this remeasurement will be recorded in the second quarter of 2020.
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In addition, if the Algeria asset sale is not completed, Total will not be obligated to complete the acquisition of the Ghana assets under the purchase and sale agreement; however, Occidental and Total are continuing to have discussions regarding the potential sale of the Ghana assets.
Unless otherwise indicated, information presented in the Notes to the Consolidated Condensed Financial Statements relates only to Occidental's continuing operations. Information related to discontinued operations is included in Note 3 - Dispositions and Other Transactions, and in some instances, where appropriate, is included as a separate disclosure within the individual Notes to the Consolidated Condensed Financial Statements.
SUPPLEMENTAL CASH FLOW INFORMATION
Occidental paid U.S. federal, domestic state and foreign income taxes for continuing operations of $111 million and $223 million during the three months ended March 31, 2020, and 2019, respectively. Occidental received tax refunds of $26 million and $1 million during the three months ended March 31, 2020, and 2019, respectively, related to continuing operations. Interest paid for continuing operations totaled $572 million and $114 million during the three months ended March 31, 2020, and 2019, respectively.

CASH EQUIVALENTS AND RESTRICTED CASH EQUIVALENTS
Occidental considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents or restricted cash equivalents. The cash equivalents and restricted cash equivalents balance at March 31, 2020, includes investments in government money market funds in which the carrying value approximates fair value.
The following table provides a reconciliation of cash, cash equivalents, restricted cash and restricted cash equivalents as reported at the end of the period in the Consolidated Condensed Statements of Cash Flows for the three months ended March 31, 2020, to the line items within the Consolidated Condensed Balance Sheet at March 31, 2020. There was no restricted cash or restricted cash equivalents at March 31, 2019.

millions
Cash and cash equivalents$2,021  
Restricted cash and restricted cash equivalents242  
Cash and restricted cash included in assets held for sale27  
Restricted cash and restricted cash equivalents included in long-term receivables and other assets, net74  
Cash, cash equivalents, restricted cash, and restricted cash equivalents$2,364  

Total restricted cash and restricted cash equivalents are primarily associated with a benefits trust for former Anadarko employees that was funded as part of the Acquisition, payments of future hard-minerals royalties conveyed, and a judicially controlled account related to a Brazilian tax dispute.

EQUITY METHOD INVESTMENT-WES
Occidental's loss of control of WES on December 31, 2019 resulted in Occidental recognizing, at fair value, an equity method investment of $5.1 billion based on the closing market price of WES. As of March 31, 2020, the carrying amount of the investment in WES was $4.8 billion. The decline in the equity method investment from December 31, 2019 to March 31, 2020 was primarily attributable to Occidental's interest in WES's approximately $400 million impairment of its goodwill. Occidental has concluded that the short-term loss in value did not meet the other-than-temporary criteria under accounting literature governing equity method investments as of March 31, 2020. However, if WES’s unit price remains significantly below its year-end 2019 unit price for a sustained period of time, Occidental would be required to reduce the carrying amount of its equity method investment in WES. WES owns gathering systems, plants and pipelines and earns revenue from fee-based and service-based contracts with Occidental and third parties which could be impacted by lower demand for oil and gas associated with the ongoing COVID-19 pandemic.
The period ended March 31, 2020, was the first quarter subsequent to the Acquisition where transactions between Occidental and WES were not eliminated upon consolidation. For the three months ended March 31, 2020 Occidental had sales of $113 million to WES and purchased $219 million and $310 million of commodities and services from WES, respectively.

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NOTE 2 - ACCOUNTING AND DISCLOSURE CHANGES

In January 2020, Occidental adopted Accounting Standards Update (ASU) 2016-13 Financial Instruments - Credit Losses (Topic 326). The new standard makes significant changes to the accounting for credit losses on financial assets and disclosures regarding credit losses. For trade receivables, loans and held-to-maturity debt securities, entities will be required to estimate lifetime expected credit losses. This will result in the earlier recognition of credit losses than the current incurred loss model. The acceleration of the recognition of losses is more material for entities whose receivables and other held-to-maturity debt investments are (1) long dated and (2) with less credit worthy counterparties.
The vast majority of Occidental's receivables are short dated with maturities of less than 60 days with creditworthy counterparties, including refiners, pipelines and resellers. Given Occidental’s continued effort to maintain a strong credit portfolio, there have been no negative indications regarding the collectability of these receivables as of the date of this filing. Therefore, adoption of this standard has no material impact for the quarter. Occidental will continue to assess the risk to its receivables in the future.
In January 2020, Occidental adopted ASU 2017-4 Intangibles, Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. The new standard simplifies the accounting for goodwill impairment by requiring a single step impairment test, whereby the impairment equals the difference between the carrying amount and the estimated fair value of the specified units in their entirety, see Note 7 - Fair-Value Measurements for the results of this simplified goodwill impairment test.

NOTE 3 - DISPOSITIONS AND OTHER TRANSACTIONS

AFRICA ASSETS - DISCONTINUED OPERATIONS
In January 2020, Occidental completed the sale of the South Africa assets to Total. The carrying amount of Africa Assets that meet the held for sale criteria will be adjusted in future periods based on changes in fair value. The results of the Africa Assets are presented as discontinued operations in the Consolidated Condensed Statements of Operations and Cash Flows.
The following table presents the amounts reported in discontinued operations, net of income taxes, related to the Africa Assets for the three months ended March 31, 2020:

millions
Revenues and other income
Net sales$332  
 
Costs and other deductions
Oil and gas lease operating expense$46  
Transportation expense7  
Taxes other than on income43  
Fair value adjustment on assets held for sale139  
Other16  
Total costs and other deductions$251  
Income before income taxes $