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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, 2021
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 June 30, 2021 
 Common Stock, $0.20 par value 933,734,637




TABLE OF CONTENTSPAGE
Part IFinancial Information
Item 1.
Consolidated Condensed Balance Sheets — June 30, 2021 and December 31, 2020
Consolidated Condensed Statements of Operations — Three and six months ended June 30, 2021 and 2020
5
Consolidated Condensed Statements of Equity — Three and six months ended June 30, 2021 and 2020
Note 2—Divestitures and Other Transactions
Item 2.
Item 3.
Item 4.
Part IIOther Information
Item 1.
Item 1A.
Item 6.

1


PART I    FINANCIAL INFORMATION

Item 1. Financial Statements (unaudited)
Consolidated Condensed Balance SheetsOccidental Petroleum Corporation and Subsidiaries
millionsJune 30, 2021December 31, 2020
ASSETS
CURRENT ASSETS
Cash and cash equivalents$4,569 $2,008 
Restricted cash and restricted cash equivalents180 170 
Trade receivables, net3,288 2,115 
Inventories1,837 1,898 
Other current assets1,196 1,195 
Assets held for sale1,774 1,433 
Total current assets12,844 8,819 
INVESTMENTS IN UNCONSOLIDATED ENTITIES3,249 3,250 
PROPERTY, PLANT AND EQUIPMENT
Oil and gas segment99,926 102,454 
Chemical segment7,433 7,356 
Midstream and marketing segment8,276 8,232 
Corporate931 922 
Gross property, plant and equipment116,566 118,964 
Accumulated depreciation, depletion and amortization(54,720)(53,075)
Net property, plant and equipment61,846 65,889 
OPERATING LEASE ASSETS860 1,062 
LONG-TERM RECEIVABLES AND OTHER ASSETS, NET1,138 1,044 
TOTAL ASSETS$79,937 $80,064 
The accompanying notes are an integral part of these consolidated condensed financial statements.

2


Consolidated Condensed Balance SheetsOccidental Petroleum Corporation and Subsidiaries
millions, except share and per-share amountsJune 30, 2021December 31, 2020
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Current maturities of long-term debt$651 $440 
Current operating lease liabilities331 473 
Accounts payable3,544 2,987 
Accrued liabilities4,325 3,570 
Liabilities of assets held for sale735 753 
Total current liabilities9,586 8,223 
LONG-TERM DEBT, NET
Long-term debt, net35,352 35,745 
DEFERRED CREDITS AND OTHER LIABILITIES
Deferred income taxes, net6,808 7,113 
Asset retirement obligations3,949 3,977 
Pension and postretirement obligations1,551 1,763 
Environmental remediation liabilities1,020 1,028 
Operating lease liabilities583 641 
Other2,844 3,001 
Total deferred credits and other liabilities16,755 17,523 
STOCKHOLDERS' EQUITY
Preferred stock at par value, 100,000 shares at June 30, 2021 and December 31, 2020
9,762 9,762 
Common stock at par value, 1,082,934,567 shares at June 30, 2021 and 1,080,564,947 shares at December 31, 2020
217 216 
Treasury stock, 149,199,930 shares at June 30, 2021 and 149,051,634 shares at December 31, 2020
(10,668)(10,665)
Additional paid-in capital16,638 16,552 
Retained earnings2,533 2,996 
Accumulated other comprehensive loss(238)(288)
Total stockholders' equity18,244 18,573 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$79,937 $80,064 
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 amounts2021202020212020
REVENUES AND OTHER INCOME
Net sales$5,958 $2,928 $11,251 $9,541 
Interest, dividends and other income49 33 124 67 
Gains on sales of equity investments and other assets, net3 15 114 22 
Total6,010 2,976 11,489 9,630 
COSTS AND OTHER DEDUCTIONS
Oil and gas operating expense712 631 1,488 1,700 
Transportation and gathering expense364 367 693 932 
Chemical and midstream cost of sales676 577 1,270 1,189 
Purchased commodities487 214 1,045 607 
Selling, general and administrative expense177 225 343 489 
Other operating and non-operating expense248 114 506 311 
Taxes other than on income244 68 454 293 
Depreciation, depletion and amortization2,371 2,119 4,565 4,428 
Asset impairments and other charges21 6,470 156 8,273 
Anadarko acquisition-related costs52 149 93 297 
Exploration expense86 33 114 70 
Interest and debt expense, net385 310 780 662 
Total5,823 11,277 11,507 19,251 
Income (loss) before income taxes and other items187 (8,301)(18)(9,621)
OTHER ITEMS
Gains (losses) on interest rate swaps and warrants, net(223)(76)176 (661)
Income from equity investments179 193 300 60 
Total(44)117 476 (601)
Income (loss) from continuing operations before income taxes143 (8,184)458 (10,222)
Income tax benefit (expense)(43)1,468 (59)1,493 
Income (loss) from continuing operations100 (6,716)399 (8,729)
Income (loss) from discontinued operations, net of tax3 (1,415)(442)(1,415)
NET INCOME (LOSS)103 (8,131)(43)(10,144)
Less: Preferred stock dividends(200)(222)(400)(441)
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS$(97)$(8,353)$(443)$(10,585)
PER COMMON SHARE
Loss from continuing operations—basic$(0.11)$(7.58)$ $(10.12)
Income (loss) from discontinued operations—basic0.01 (1.54)(0.47)(1.56)
Net loss attributable to common stockholders—basic$(0.10)$(9.12)$(0.47)$(11.68)
Loss from continuing operations—diluted$(0.11)$(7.58)$ $(10.12)
Income (loss) from discontinued operations—diluted0.01 (1.54)(0.47)(1.56)
Net loss attributable to common stockholders—diluted$(0.10)$(9.12)$(0.47)$(11.68)
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,
millions2021202020212020
Net income (loss)$103 $(8,131)$(43)$(10,144)
Other comprehensive income (loss) items:
Pension and postretirement gains
 (losses) (a)
(3)20 49 (91)
Losses on derivatives 1 1 1 
Other 1  (1)
Other comprehensive income (loss), net of tax(3)22 50 (91)
Comprehensive income (loss) attributable to preferred and common stockholders$100 $(8,109)$7 $(10,235)
The accompanying notes are an integral part of these consolidated condensed financial statements.
(a) Net of tax (expense) benefit of $1 million and $(5) million for the three months ended June 30, 2021 and 2020, respectively, and $(14) million and $26 million for the six months ended June 30, 2021 and 2020, respectively.


5


Consolidated Condensed Statements of Cash FlowsOccidental Petroleum Corporation and Subsidiaries
Six months ended June 30,
millions20212020
CASH FLOW FROM OPERATING ACTIVITIES
Net loss$(43)$(10,144)
Adjustments to reconcile net loss to net cash provided by operating activities:
Discontinued operations, net442 1,415 
Depreciation, depletion and amortization of assets4,565 4,428 
Deferred income tax benefit(212)(1,743)
Asset impairments and other charges156 8,220 
Gains on sales of equity investments and other assets, net(114)(22)
Other noncash reconciling items51 (83)
Changes in operating assets and liabilities:
(Increase) decrease in receivables(1,179)3,999 
Decrease in inventory58 41 
(Increase) decrease in other current assets(105)192 
Increase (decrease) in accounts payable and accrued liabilities475 (4,708)
Increase in current domestic and international income taxes18 65 
Operating cash flow from continuing operations4,112 1,660 
Operating cash flow from discontinued operations, net of taxes112 39 
Net cash provided by operating activities4,224 1,699 
CASH FLOW FROM INVESTING ACTIVITIES
Capital expenditures(1,277)(1,675)
Change in capital accrual(94)(742)
Purchases of businesses and assets, net(113)(48)
Proceeds from sales of equity investments and other assets, net503 181 
Equity investments and other, net(27)203 
Investing cash flow from continuing operations(1,008)(2,081)
Investing cash flow from discontinued operations(28)(25)
Net cash used by investing activities(1,036)(2,106)
CASH FLOW FROM FINANCING ACTIVITIES
Payments of long-term debt(174) 
Proceeds from issuance of common stock11 108 
Cash dividends paid on common and preferred stock(420)(1,627)
Financing portion of net cash received (paid) for derivative instruments2 (367)
Other financing, net(30)(64)
Financing cash flow from continuing operations(611)(1,950)
Financing cash flow from discontinued operations(5)(4)
Net cash used by financing activities(616)(1,954)
Increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents2,572 (2,361)
Cash, cash equivalents, restricted cash and restricted cash equivalents — beginning of period2,194 3,574 
Cash, cash equivalents, restricted cash and restricted cash equivalents — end of period$4,766 $1,213 
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 LossTotal Equity
Balance at March 31, 2020$9,762 $210 $(10,653)$15,081 $17,229 $(334)$31,295 
Net loss— — — — (8,131)— (8,131)
Other comprehensive income, net of tax— — — — — 22 22 
Dividends on common stock, $0.01 per share
— — — — (8)— (8)
Dividends on preferred stock, $2,222 per share
— 3 — 219 (222)—  
Stock warrants issued— — — 870 (763)— 107 
Issuance of common stock and other, net— — — 65 — — 65 
Purchases of treasury stock— — (4)— — — (4)
Balance at June 30, 2020$9,762 $213 $(10,657)$16,235 $8,105 $(312)$23,346 
Equity Attributable to Common Stock
millions, except per-share amountsPreferred StockCommon StockTreasury StockAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive LossTotal Equity
Balance at March 31, 2021$9,762 $217 $(10,668)$16,585 $2,639 $(235)$18,300 
Net income    103  103 
Other comprehensive loss, net of tax     (3)(3)
Dividends on common stock, $0.01 per share
    (9) (9)
Dividends on preferred stock, $2,000 per share
    (200) (200)
Issuance of common stock and other, net   53   53 
Balance at June 30, 2021$9,762 $217 $(10,668)$16,638 $2,533 $(238)$18,244 
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 LossTotal Equity
Balance at December 31, 2019$9,762 $209 $(10,653)$14,955 $20,180 $(221)$34,232 
Net loss— — — — (10,144)— (10,144)
Other comprehensive loss, net of tax— — — — — (91)(91)
Dividends on common stock, $0.80 per share
— — — — (727)— (727)
Dividends on preferred stock, $4,444 per share
— 3 — 219 (441)— (219)
Stock warrants issued— — — 870 (763)— 107 
Issuance of common stock and other, net— 1 — 191 — — 192 
Purchases of treasury stock— — (4)— — — (4)
Balance at June 30, 2020$9,762 $213 $(10,657)$16,235 $8,105 $(312)$23,346 
Equity Attributable to Common Stock
millions, except per-share amountsPreferred StockCommon StockTreasury StockAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive LossTotal Equity
Balance at December 31, 2020$9,762 $216 $(10,665)$16,552 $2,996 $(288)$18,573 
Net loss    (43) (43)
Other comprehensive income, net of tax     50 50 
Dividends on common stock, $0.02 per share
    (20) (20)
Dividends on preferred stock, $4,000 per share
    (400) (400)
Issuance of common stock and other, net 1  86   87 
Purchases of treasury stock  (3)   (3)
Balance at June 30, 2021$9,762 $217 $(10,668)$16,638 $2,533 $(238)$18,244 
The accompanying notes are an integral part of these consolidated condensed financial statements.
8


Notes to Consolidated Condensed Financial StatementsOccidental Petroleum Corporation and Subsidiaries
NOTE 1 - GENERAL

NATURE OF OPERATIONS
In this report, "Occidental" means Occidental Petroleum Corporation, a Delaware corporation, and one or more entities in which it owns a controlling interest (subsidiaries). Occidental conducts its operations through various subsidiaries and affiliates. Occidental has made its disclosures in accordance with United States generally accepted accounting principles as they apply to interim reporting, and condensed or omitted, as permitted by the U.S. Securities and Exchange Commission’s rules and regulations, certain information and disclosures normally included in consolidated financial statements and the notes thereto. These unaudited consolidated condensed financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto in Occidental’s Annual Report on Form 10-K for the year ended December 31, 2020 (the 2020 Form 10-K).
In the opinion of Occidental’s management, the accompanying unaudited consolidated condensed financial statements contain all adjustments (consisting of normal recurring adjustments) necessary to fairly present Occidental’s consolidated condensed balance sheets as of June 30, 2021 and December 31, 2020, and the consolidated condensed statements of operations, comprehensive income (loss), cash flows and equity for the three and six months ended June 30, 2021 and 2020. Certain data in the financial statements and notes for prior periods have been reclassified to conform to the current presentation. The income and cash flows for the periods ended June 30, 2021 and 2020 are not necessarily indicative of the income or cash flows to be expected for the full year.

CASH EQUIVALENTS AND RESTRICTED CASH EQUIVALENTS
Occidental considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents or restricted cash equivalents. The cash equivalents and restricted cash equivalents balances at June 30, 2021 and 2020 included investments in government money market funds in which the carrying value approximates fair value.
The following table provides a reconciliation of cash, cash equivalents, restricted cash and restricted cash equivalents as reported at the end of the period in the consolidated condensed statements of cash flows for the six months ended June 30, 2021 and 2020, respectively.
millions20212020
Cash and cash equivalents$4,569 $1,011 
Restricted cash and restricted cash equivalents180 124 
Restricted cash and restricted cash equivalents included in long-term receivables and other assets, net17 78 
Cash, cash equivalents, restricted cash and restricted cash equivalents$4,766 $1,213 

Total restricted cash and restricted cash equivalents are primarily associated with international joint ventures, a benefits trust and a judicially controlled account related to a Brazilian tax dispute.

SUPPLEMENTAL CASH FLOW INFORMATION
The following table represents U.S. federal, domestic state and international income taxes paid, tax refunds received and interest paid related to continuing operations during the six months ended June 30, 2021 and 2020, respectively.
millions20212020
Income tax payments$(302)$(281)
Income tax refunds received$45 $96 
Interest paid (a)
$(793)$(728)
(a) Net of capitalized interest of $29 million and $47 million for the six months ended June 30, 2021 and 2020, respectively.

9


WES INVESTMENT
In March 2021, Occidental sold 11.5 million limited partner units of Western Midstream Partners, LP (WES) for proceeds of approximately $200 million, resulting in a gain of $102 million. As of June 30, 2021, Occidental owned all of the 2% non-voting general partner interest and 49.1% of the limited partner units in WES. On a combined basis, with its 2.0% non-voting limited partner interest in WES Operating, a WES subsidiary, Occidental's total effective economic interest in WES and its subsidiaries was 51.2%.
The following table presents the related-party transactions between Occidental and WES for the six months ended June 30, 2021 and 2020.
millions20212020
Sales$91 $119 
Purchases$17 $311 
Transportation, gathering and other fees paid$472 $546 

DISCONTINUED OPERATIONS
Occidental is continuing to actively market its Ghana assets. The results of operations in Ghana, after-tax income of $7 million for the three months ended June 30, 2021 and after-tax losses of $35 million for the six months ended June 30, 2021, continue to be presented as discontinued operations. The amounts related to the Ghana assets, of which approximately $1.2 billion and $1.4 billion are related to property, plant and equipment, net, as of June 30, 2021 and December 31, 2020, respectively, and the amounts related to Ghana liabilities, of which approximately $600 million and $670 million are related to deferred income taxes, asset retirement obligations and a finance lease liability as of June 30, 2021 and December 31, 2020, respectively, are presented as assets and liabilities held for sale.
During the first quarter of 2021, Occidental recorded a $403 million after-tax loss contingency in discontinued operations associated with its former operations in Ecuador, see Note 8 - Lawsuits, Claims, Commitments and Contingencies.

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.

NOTE 3 - REVENUE

Revenue from customers is recognized when obligations under the terms of a contract with our customers are satisfied, which generally occurs with the delivery of oil, natural gas liquids (NGL), gas, chemicals or services, such as transportation. As of June 30, 2021, trade receivables, net, of $3.3 billion represented rights to payment, for which Occidental has satisfied its obligations under a contract and its right to payment is conditioned only on the passage of time.
The following table presents a reconciliation of revenue from customers to total net sales for the three and six months ended June 30, 2021 and 2020:
Three months ended June 30, Six months ended June 30,
millions2021202020212020
Revenue from customers$6,102 $3,308 $11,286 $8,558 
All other revenues (a)
(144)(380)(35)983 
Net sales$5,958 $2,928 $11,251 $9,541 
(a) Includes net marketing derivatives, natural gas collars, oil collars and calls and chemical exchange contracts.
10



DISAGGREGATION OF REVENUE FROM CONTRACTS WITH CUSTOMERS
The table below presents Occidental's revenue from customers by segment, product and geographical area. The oil and gas segment typically sells its oil, NGL and gas at the lease or concession area. Chemical and midstream and marketing segment revenues are shown by geographic area based on the location of the sale.
millionsUnited StatesInternationalEliminationsTotal
Three months ended June 30, 2021
Oil and gas
Oil$3,028 $683 $ $3,711 
NGL472 78  550 
Gas311 76  387 
Other23 1  24 
Segment total$3,834 $838 $ $4,672 
Chemical$1,128 $59 $ $1,187 
Midstream and marketing$322 $152 $ $474 
Eliminations$ $ $(231)$(231)
Consolidated$5,284 $1,049 $(231)$6,102 

millionsUnited StatesInternationalEliminationsTotal
Three months ended June 30, 2020
Oil and gas
Oil$1,166 $455 $ $1,621 
NGL127 40  167 
Gas138 86  224 
Other20 1  21 
Segment total$1,451 $582 $ $2,033 
Chemical$793 $46 $ $839 
Midstream and marketing$375 $223 $ $598