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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 September 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    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    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            Non-Accelerated Filer     
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.
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 September 30, 2020 
 Common Stock $0.20 par value 931,209,495





TABLE OF CONTENTSPAGE
Part I
Item 1.
Consolidated Condensed Balance Sheets — September 30, 2020 and December 31, 2019
Consolidated Condensed Statements of Operations — Three and nine months ended September 30, 2020 and 2019
Consolidated Condensed Statements of Comprehensive Income (Loss) — Three and nine months ended September 30, 2020 and 2019
5
Consolidated Condensed Statements of Cash Flows — Nine months ended September 30, 2020 and 2019
Consolidated Condensed Statements of Equity — Three and nine months ended September 30, 2020 and 2019
Note 3—Divestitures and Other Transactions
Item 2.
Item 3.
Item 4.
Part II
Item 1.
Item 1A.
Item 2.
Item 5.Other Information
Item 6.

1


PART I    FINANCIAL INFORMATION

Item 1. Financial Statements (unaudited)

Consolidated Condensed Balance SheetsOccidental Petroleum Corporation and Subsidiaries
millionsSeptember 30, 2020December 31, 2019
ASSETS
CURRENT ASSETS
Cash and cash equivalents$1,896 $3,032 
Restricted cash and restricted cash equivalents51 485 
Trade receivables, net2,083 6,373 
Inventories1,660 1,581 
Other current assets1,445 1,432 
Assets held for sale3,559 3,870 
Total current assets10,694 16,773 
INVESTMENTS IN UNCONSOLIDATED ENTITIES3,125 6,389 
PROPERTY, PLANT AND EQUIPMENT
Oil and gas segment103,954 107,801 
Chemical segment7,254 7,172 
Midstream and marketing segment8,211 8,176 
Corporate1,040 1,118 
Gross property, plant and equipment120,459 124,267 
Accumulated depreciation, depletion and amortization(52,038)(42,037)
Net property, plant and equipment68,421 82,230 
OPERATING LEASE ASSETS1,196 1,411 
LONG-TERM RECEIVABLES AND OTHER ASSETS, NET998 2,527 
TOTAL ASSETS$84,434 $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 amountsSeptember 30, 2020December 31, 2019
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Current maturities of long-term debt$2,558 $51 
Current operating lease liabilities459 579 
Accounts payable2,682 7,050 
Accrued liabilities3,470 5,447 
Liabilities of assets held for sale1,331 1,718 
Total current liabilities10,500 14,845 
LONG-TERM DEBT, NET
Long-term debt, net35,899 38,537 
DEFERRED CREDITS AND OTHER LIABILITIES
Deferred income taxes, net7,508 9,717 
Asset retirement obligations4,135 4,411 
Pension and postretirement obligations1,728 1,823 
Environmental remediation liabilities975 1,035 
Operating lease liabilities786 872 
Other3,043 3,858 
Total deferred credits and other liabilities18,175 21,716 
STOCKHOLDERS' EQUITY
Preferred stock at par value, 100,000 shares at September 30, 2020 and December 31, 2019
9,762 9,762 
Common stock at par value, 1,079,959,455 shares at September 30, 2020 and 1,044,434,893 shares at December 31, 2019216 209 
Treasury stock, 148,573,859 shares at September 30, 2020 and 150,323,151 shares at December 31, 2019(10,657)(10,653)
Additional paid-in capital16,505 14,955 
Retained earnings4,317 20,180 
Accumulated other comprehensive loss(283)(221)
Total stockholders' equity19,860 34,232 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$84,434 $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 September 30,Nine months ended September 30,
millions, except per-share amounts2020201920202019
REVENUES AND OTHER INCOME
Net sales$4,108 $5,859 $13,649 $14,283 
Interest, dividends and other income21 56 88 175 
(Losses) gains on sale of assets, net(846)128 (824)150 
Total3,283 6,043 12,913 14,608 
COSTS AND OTHER DEDUCTIONS
Oil and gas operating expense656 974 2,356 2,336 
Transportation and gathering expense343 221 1,275 285 
Chemical and midstream cost of sales618 741 1,807 2,046 
Purchased commodities333 441 940 1,237 
Selling, general and administrative expenses166 245 655 548 
Other operating and non-operating expense231 362 542 860 
Taxes other than on income180 244 473 478 
Depreciation, depletion and amortization1,915 1,767 6,343 3,771 
Asset impairments and other charges2,723 325 10,996 325 
Anadarko acquisition-related costs5 924 302 974 
Exploration expense29 63 99 134 
Interest and debt expense, net353 381 1,015 632 
Total7,552 6,688 26,803 13,626 
Income (loss) before income taxes and other items(4,269)(645)(13,890)982 
OTHER ITEMS
Gains (losses) on interest rate swaps and Berkshire warrants, net88 (33)(573)(33)
Income from equity investments123 104 183 274 
Total211 71 (390)241 
Income (loss) from continuing operations before income taxes(4,058)(574)(14,280)1,223 
Income tax benefit (expense)403 (163)1,896 (694)
Income (loss) from continuing operations(3,655)(737)(12,384)529 
Income (loss) from discontinued operations, net of tax80 (15)(1,335)(15)
NET INCOME (LOSS)(3,575)(752)(13,719)514 
Less: Net income attributable to noncontrolling interest (42) (42)
Less: Preferred stock dividends(203)(118)(644)(118)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS$(3,778)$(912)$(14,363)$354 
PER COMMON SHARE
Income (loss) from continuing operations—basic$(4.16)$(1.06)$(14.26)$0.47 
Income (loss) from discontinued operations—basic$0.09 $(0.02)$(1.46)$(0.02)
Net income (loss) attributable to common stockholders per share—basic$(4.07)$(1.08)$(15.72)$0.45 
Income (loss) from continuing operations—diluted$(4.16)$(1.06)$(14.26)$0.47 
Income (loss) from discontinued operations—diluted$0.09 $(0.02)$(1.46)$(0.02)
Net income (loss) attributable to common stockholders per share—diluted$(4.07)$(1.08)$(15.72)$0.45 
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 September 30,Nine months ended September 30,
millions2020201920202019
Net income (loss) $(3,575)$(752)$(13,719)$514 
Other comprehensive income (loss) items:
Foreign currency translation losses  (1) 
Losses on derivatives (a)
(1)(114)(3)(130)
Pension and postretirement gains (losses) (b)
28 (34)(63)(30)
Reclassification of gains on derivatives (c)
2  5  
Other comprehensive income (loss), net of tax29 (148)(62)(160)
Comprehensive income (loss)$(3,546)$(900)$(13,781)$354 
Comprehensive income (loss) attributable to noncontrolling interest$ $(42)$ $(42)
Comprehensive income (loss) attributable to preferred and common stockholders
$(3,546)$(942)$(13,781)$312 
(a) Net of tax of zero and $32 million for the three months ended September 30, 2020 and 2019, and $1 million and $36 million for the nine months ended September 30, 2020 and 2019, respectively.
(b) Net of tax of $(8) million and $10 million for the three months ended September 30, 2020 and 2019, respectively, and $18 million and $8 million for the nine months ended September 30, 2020 and 2019, respectively.
(c) Net of tax of zero for each of the three months ended September 30, 2020 and 2019, respectively, and $(1) million and zero for the nine months ended September 30, 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
Nine months ended
September 30,
millions20202019
CASH FLOW FROM OPERATING ACTIVITIES
Net income (loss)$(13,719)$514 
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Discontinued operations, net1,335 15 
Depreciation, depletion and amortization of assets6,343 3,771 
Deferred income tax benefit(2,117)(1,050)
Asset impairments and other items10,915 325 
Losses (gains) on sales of assets, net824 (150)
Other noncash charges to income134 568 
Changes in operating assets and liabilities(1,240)1,480 
Operating cash flow from continuing operations2,475 5,473 
Operating cash flow from discontinued operations, net of taxes76 (107)
Net cash provided by operating activities2,551 5,366 
CASH FLOW FROM INVESTING ACTIVITIES
Capital expenditures(1,921)(4,187)
Change in capital accrual(725)(128)
Purchase of businesses and assets, net(102)(27,926)
Proceeds from sale of assets, net193 4,809 
Equity investments and other, net188 (140)
Investing cash flow from continuing operations(2,367)(27,572)
Investing cash flow from discontinued operations, net of taxes(31)(154)
Net cash used by investing activities(2,398)(27,726)
CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from long-term debt, net of issuance costs4,956 21,557 
Payments of long-term debt(4,615)(4,949)
Proceeds from short-term borrowings and revolvers - WES 1,240 
Payment of revolvers - WES (1,000)
Proceeds from issuance of common and preferred stock126 10,010 
Purchases of treasury stock(4)(237)
Cash dividends paid on common and preferred stock(1,634)(1,766)
Distributions paid to noncontrolling interest (127)
Financing portion of net cash paid for derivative instruments(377)11 
Other financing, net(99)(46)
Financing cash flow from continuing operations(1,647)24,693 
Financing cash flow from discontinued operations, net of taxes(6)(1)
Net cash (used) provided by financing activities(1,653)24,692 
(Decrease) increase in cash, cash equivalents, restricted cash and restricted cash equivalents(1,500)2,332 
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$2,074 $5,365 
SUPPLEMENTAL NON-CASH ACTIVITIES:
NON-CASH INVESTING ACTIVITIES
Exchange equity investment in WES (see Note 1)$260 $ 
NON-CASH FINANCING ACTIVITIES
Settlement of long-term debt - WES (see Note 8)$(260)$ 
The accompanying notes are an integral part of these Consolidated Condensed Financial Statements.

6



Consolidated Condensed Statements of EquityOccidental Petroleum Corporation and Subsidiaries
Equity Attributable to Common Stock
millions, except per share amountsPreferred StockCommon StockTreasury StockAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive LossNon-controlling InterestsTotal Equity
Balance at June 30, 2019$ $179 $(10,653)$8,157 $23,848 $(184)$ $21,347 
Net income (loss)— — — — (794)— 42 (752)
Other comprehensive loss, net of tax— — — — — (148)— (148)
Dividends on common stock, $0.79 per share— — — — (709)— — (709)
Dividends on preferred stock, $1,489 per share— — — — (118)— — (118)
Issuance of common stock and other, net— 30 — 6,710 — — — 6,740 
Issuance of preferred stock, net9,762 — — — — — — 9,762 
Fair value of noncontrolling interest acquired— — — — — — 4,875 4,875 
Noncontrolling interest contributions, net— — — — — — 8 8 
Balance at September 30, 2019$9,762 $209 $(10,653)$14,867 $22,227 $(332)$4,925 $41,005 


Equity Attributable to Common Stock
millions, except per share amountsPreferred StockCommon StockTreasury StockAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive LossTotal Equity
Balance at June 30, 2020$9,762 $213 $(10,657)$16,235 $8,105 $(312)$23,346 
Net loss    (3,575) (3,575)
Other comprehensive income, net of tax     29 29 
Dividends on common stock, $0.01 per share    (10) (10)
Dividends on preferred stock, $2,000 per share 3  219 (203) 19 
Issuance of common stock, net   51   51 
Balance at September 30, 2020$9,762 $216 $(10,657)$16,505 $4,317 $(283)$19,860 

The accompanying notes are an integral part of these Consolidated Condensed Financial Statements.
7



Consolidated Condensed Statements of EquityOccidental Petroleum Corporation and Subsidiaries
Equity Attributable to Common Stock
millions, except per share amountsPreferred StockCommon StockTreasury StockAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive LossNon-controlling InterestsTotal Equity
Balance at December 31, 2018$ $179 $(10,473)$8,046 $23,750 $(172)$ $21,330 
Net income— — — — 472 — 42 514 
Other comprehensive loss, net of tax— — — — — (160)— (160)
Dividends on common stock, $2.35 per share— — — — (1,877)— — (1,877)
Dividends on preferred stock, $1,489 per share— — — — (118)— — (118)
Issuance of common stock, net— 30 — 6,821