Divestitures and Other Transactions

9 Months Ended

Sep. 30, 2021

Discontinued Operations and Disposal Groups [Abstract]

Divestitures and Other Transactions

NOTE 2 - DIVESTITURES AND OTHER TRANSACTIONS

DIVESTITURES

In October 2021, Occidental closed the sale of its Ghana assets. See Note 1 - General for additional information. This divestiture completes Occidental's large-scale asset divestiture program.

In June 2021, Occidental entered into an agreement to sell certain non-strategic assets in the Permian Basin. The transaction closed in July 2021 for net cash proceeds of approximately $475 million. The difference in the assets' 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.

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 assets' 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.