STOCK-BASED INCENTIVE PLANS (Tables)

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Summary of changes in Occidental's unvested cash- and stock- settled RSUs

A summary of changes in Occidental’s unvested cash- and stock-settled RSUs during the year ended December 31, 2021, is presented below:

	Cash-Settled				Stock-Settled
thousands, except fair values	RSUs	Weighted-Average Grant-Date Fair Value			RSUs	Weighted-Average Grant-Date Fair Value
Unvested as of January 1	5,457		$	42.41	5,856		$	50.21
Granted	190		$	25.83	5,773		$	25.45
Vested (a)	(166)		$	56.36	(2,750)		$	53.27
Forfeitures	(106)		$	40.08	(290)		$	35.07
Unvested as of December 31	5,375		$	41.44	8,589		$	33.10

(a)Presented at the target payouts. Stock-settled RSU weighted-average payout at vesting was 95% of the target, resulting in the issuance of approximately 2,605,000 shares of Occidental common stock. Cash-settled RSUs do not have performance criteria.

Grant-date assumptions used in the Monte Carlo simulation models for the estimated payout level of TSRIs

The grant-date assumptions used in the Monte Carlo simulation models for the estimated payout level of TSRIs were as follows:

	TSRIs
	2021		2020		2019
Assumptions used:
Risk-free interest rate	0.2%		1.4%		2.5%
Volatility factor	75%		26%		22%
Expected life (years)	2.88		3		3
Grant-date fair value of underlying Occidental common stock	$	25.39	$	41.60	$	67.19

Summary of the changes of awards

A summary of changes in Occidental’s unvested TSRIs during the year ended December 31, 2021 is presented below:

	TSRIs
thousands, except fair values	Awards	Weighted-Average Grant-Date Fair Value of Occidental Stock
Unvested as of January 1	1,534		$	58.02
Granted	665		$	25.39
Vested (a)	(420)		$	69.87
Forfeitures	(10)		$	25.39
Unvested as of December 31	1,769		$	43.12

(a)Presented at the target payouts. The weighted-average payout at vesting was 34% of the target, resulting in the issuance of approximately 145,000 shares of Occidental common stock.

A summary of changes in Occidental’s unvested CROCEI during the year ended December 31, 2021 is presented below:

	CROCEI
thousands, except fair values	Awards	Weighted-Average Grant-Date Fair Value of Occidental Stock
Unvested as of January 1	197		$	41.60
Granted	221		$	25.39
Unvested as of December 31	418		$	33.03

Summary of stock options

The inputs to this model are presented below:

	Options
	2021
Assumptions used:
Risk-free interest rate	0.7%
Volatility factor	55%
Expected life (years)	6.00
Dividend yield	0.16%
Grant-date fair value of underlying Occidental common stock	$	25.39

A summary of Occidental’s outstanding stock options as of December 31, 2021 and changes during the year ended December 31, 2021 is presented below:

	Vested			Unvested
thousands, except fair values	Options	Weighted Average Strike Price		Options	Weighted Average Strike Price
January 1	1,326	$	55.38	1,900	$	40.03
Granted	—	$	—	440	$	25.39
Vested	910	$	40.03	(910)	$	40.03
December 31	2,236	$	49.13	1,430	$	35.52