Divestitures and Other Transactions

6 Months Ended

Jun. 30, 2021

Discontinued Operations and Disposal Groups [Abstract]


NOTE 2 - DIVESTITURES AND OTHER TRANSACTIONS

DIVESTITURES

In June 2021, Occidental entered into an agreement to sell certain non-strategic assets in the Permian Basin. The transaction closed on July 29, 2021 for net proceeds of approximately $475 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. The disposal group’s assets and liabilities, of which approximately $525 million is related to property, plant and equipment, net and approximately $50 million is related to asset retirement obligations, were presented as held for sale as of June 30, 2021.

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.