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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 June 30, 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
Warrants to Purchase Common Stock, $0.20 par value
OXY WSNew 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 July 31, 2020 
 Common Stock $0.20 par value 930,142,153





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 2.
Item 6.

1


PART I    FINANCIAL INFORMATION
Item 1. Financial Statements (unaudited)

Consolidated Condensed Balance SheetsOccidental Petroleum Corporation and Subsidiaries
millionsJune 30, 2020December 31, 2019
ASSETS
CURRENT ASSETS
Cash and cash equivalents$1,011  $3,032  
Restricted cash and restricted cash equivalents124  485  
Trade receivables, net2,359  6,373  
Inventories1,477  1,581  
Other current assets2,054  1,432  
Assets held for sale1,412  3,870  
Total current assets8,437  16,773  
INVESTMENTS IN UNCONSOLIDATED ENTITIES6,128  6,389  
PROPERTY, PLANT AND EQUIPMENT
Oil and gas segment109,026  107,801  
Chemical segment7,204  7,172  
Midstream and marketing segment8,210  8,176  
Corporate1,083  1,118  
Gross property, plant and equipment125,523  124,267  
Accumulated depreciation, depletion and amortization(52,919) (42,037) 
Net property, plant and equipment72,604  82,230  
OPERATING LEASE ASSETS1,129  1,411  
LONG-TERM RECEIVABLES AND OTHER ASSETS, NET1,154  2,527  
TOTAL ASSETS$89,452  $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 per-share amountsJune 30, 2020December 31, 2019
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Current maturities of long-term debt$2,460  $51  
Current operating lease liabilities420  579  
Accounts payable3,034  7,050  
Accrued liabilities3,215  5,447  
Liabilities of assets held for sale790  1,718  
Total current liabilities9,919  14,845  
LONG-TERM DEBT, NET
Long-term debt, net36,034  38,537  
DEFERRED CREDITS AND OTHER LIABILITIES
Deferred income taxes, net7,887  9,717  
Asset retirement obligations4,316  4,411  
Pension and postretirement obligations1,816  1,823  
Environmental remediation liabilities1,000  1,035  
Operating lease liabilities740  872  
Other4,394  3,858  
Total deferred credits and other liabilities20,153  21,716  
STOCKHOLDERS' EQUITY
Preferred stock at par value, 100,000 shares at June 30, 2020 and December 31, 2019
9,762  9,762  
Common stock at par value, 1,066,776,168 issued shares at June 30, 2020 and 1,044,434,893 shares at December 31, 2019
213  209  
Treasury stock, 148,573,859 shares at June 30, 2020 and 150,323,151 shares at December 31, 2019
(10,657) (10,653) 
Additional paid-in capital16,235  14,955  
Retained earnings8,105  20,180  
Accumulated other comprehensive loss(312) (221) 
Total stockholders' equity23,346  34,232  
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$89,452  $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
June 30,
Six months ended
June 30,
millions, except per-share amounts2020201920202019
REVENUES AND OTHER INCOME
Net sales$2,928  $4,420  $9,541  $8,424  
Interest, dividends and other income33  41  67  119  
Gain on sale of assets, net15  15  22  22  
Total2,976  4,476  9,630  8,565  
COSTS AND OTHER DEDUCTIONS
Oil and gas operating expense631  717  1,700  1,362  
Transportation and gathering expense367  33  932  64  
Chemical and midstream cost of sales577  636  1,189  1,305  
Purchased commodities214  431  607  796  
Selling, general and administrative expenses225  163  489  303  
Other operating and non-operating expense114  260  311  498  
Depreciation, depletion and amortization2,119  1,031  4,428  2,004  
Asset impairments and other charges6,470    8,273    
Taxes other than on income68  123  293  234  
Anadarko acquisition-related costs149  50  297  50  
Exploration expense33  35  70  71  
Interest and debt expense, net310  153  662  251  
Total11,277  3,632  19,251  6,938  
Income (loss) before income taxes and other items(8,301) 844  (9,621) 1,627  
OTHER ITEMS
Losses on interest rate swaps and Berkshire warrants, net(76)   (661)   
Income from equity investments193  97  60  170  
Total117  97  (601) 170  
Income (loss) from continuing operations before income taxes(8,184) 941  (10,222) 1,797  
Income tax benefit (expense)1,468  (306) 1,493  (531) 
Income (loss) from continuing operations(6,716) 635  (8,729) 1,266  
Loss from discontinued operations, net of tax(1,415)   (1,415)   
NET INCOME (LOSS)(8,131) 635  (10,144) 1,266  
Less: Preferred stock dividends(222)   (441)   
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS$(8,353) $635  $(10,585) $1,266  
PER COMMON SHARE
Income (loss) from continuing operations—basic$(7.58) $0.84  $(10.12) $1.68  
Loss from discontinued operations—basic$(1.54) $  $(1.56) $  
Net income (loss) attributable to common stockholders—basic$(9.12) $0.84  $(11.68) $1.68  
Income (loss) from continuing operations—diluted$(7.58) $0.84  $(10.12) $1.68  
Loss from discontinued operations—diluted$(1.54) $  $(1.56) $  
Net income (loss) attributable to common stockholders—diluted$(9.12) $0.84  $(11.68) $1.68  
DIVIDENDS PER COMMON SHARE$0.01  $0.78  $0.80  $1.56  
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
June 30,
Six months ended
June 30,
millions2020201920202019
Net income (loss) $(8,131) $635  $(10,144) $1,266  
Other comprehensive income (loss) items:
Foreign currency translation gains (losses)1    (1)   
Losses on derivatives (a)
  (18) (2) (16) 
Pension and postretirement gains (losses) (b)
20  2  (91) 4  
Reclassification of losses on derivatives (c)
1    3    
Other comprehensive (loss) income, net of tax22  (16) (91) (12) 
Comprehensive income (loss) attributable to preferred and common stockholders$(8,109) $619  $(10,235) $1,254  
The accompanying notes are an integral part of these Consolidated Condensed Financial Statements.
(a) Net of tax of zero and $5 million for the three months ended June 30, 2020 and 2019, respectively, and $1 million and $5 million for the six months ended June 30, 2020 and 2019, respectively.
(b) Net of tax of $(5) million and zero for the three months ended June 30, 2020 and 2019, respectively, and $26 million and $(1) million for the six months ended June 30, 2020 and 2019, respectively.
(c) Net of tax of