Divestitures and Other Transactions

3 Months Ended

Mar. 31, 2021

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

Divestitures and Other Transactions

NOTE 2 - DIVESTITURES AND OTHER TRANSACTIONS

DIVESTITURES

In March 2021, Occidental completed the sale of certain non-operated assets in the DJ Basin for net cash proceeds of approximately $280 million. The difference in the asset’s net book value and adjusted purchase price was treated as a recovery of cost and normal retirement, which resulted in no gain or loss being recognized.

ALGERIA OPERATIONS - RECLASSIFICATION

In April 2020, Occidental decided to continue to operate within Algeria. As a result, beginning in the second quarter of 2020, the Algerian operations were no longer classified as held for sale or within discontinued operations. The following table presents the amounts previously reported in discontinued operations, net of income taxes, which were reclassified to continuing operations for the three months ended March 31, 2020.

millions	Three months ended March 31, 2020
Revenues and other income
Net sales	$	203
Costs and other deductions
Oil and gas lease operating expense	23
Transportation expense	7
Taxes other than on income	43
Depreciation, depletion and amortization	67
Other	6
Total costs and other deductions	146
Income before income taxes	57
Income tax expense	(57)
Net income of Algeria operations, after taxes	$	—