Dispositions and Other Transactions

6 Months Ended

Jun. 30, 2020

Discontinued Operations and Disposal Groups and Equity Method And Joint Ventures [Abstract]

Dispositions and Other Transactions

NOTE 3 - DISPOSITIONS AND OTHER TRANSACTIONS

ALGERIA ASSETS - RECLASSIFICATION

The following table presents the amounts previously reported in discontinued operations, net of income taxes, which have been reclassified to continuing operations, subsequent to Occidental's decision to operate in Algeria, for the three and six months ended June 30, 2020:

millions	Three months ended June 30, 2020		Six months ended June 30, 2020
Revenues and other income
Net sales	$	116	$	319
Costs and other deductions
Oil and gas lease operating expense	$	21	$	44
Transportation expense	7		14
Taxes other than on income	5		48
Depreciation, depletion and amortization	43		110
Impairment upon reclassification to held for use	931		931
Other	4		10
Total costs and other deductions	$	1,011	$	1,157
Income before income taxes	(895)		(838)
Income tax expense	(38)		(95)
Net income of Algeria Assets, after taxes	$	(933)	$	(933)

The following table presents the amounts previously reported in the Consolidated Condensed Balance Sheets as held for sale related to Algeria that were subsequently reclassified as of December 31, 2019:

millions	December 31, 2019
Current assets	$	249
Property, plant and equipment, net	1,761
Long-term receivables and other assets, net	146
Total Assets	$	2,156
Current liabilities	$	188
Non-current liabilities	104
Total Liabilities	$	292

DISCONTINUED OPERATIONS

In January 2020, Occidental completed the sale of the South Africa assets to Total. The results of the South Africa and Ghana assets are presented as discontinued operations in the Consolidated Condensed Statements of Operations and Cash Flows. The amounts related to the Ghana assets are presented as held for sale on the Consolidated Condensed Balance Sheets as of June 30, 2020 and December 31, 2019, of which approximately $1.3 billion and $3.6 billion are related to property, plant and equipment net, respectively. The amounts presented in liabilities are primarily related to deferred income taxes, asset retirement obligations and a finance lease liability.

The amounts presented in discontinued operations, net of income taxes, for the three and six months ended June 30, 2020, relate to the after-tax impairment of $1.4 billion recorded to adjust the Ghana assets to their fair value as the sale to Total will no longer be consummated.