(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||||||||
(Address of principal executive offices) (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Class | Outstanding as of September 30, 2022 | |||||||||||||
Common Stock, $0.20 par value |
TABLE OF CONTENTS | PAGE | |||||||
Part I | Financial Information | |||||||
Item 1. | ||||||||
Consolidated Condensed Balance Sheets — September 30, 2022 and December 31, 2021 | ||||||||
Consolidated Condensed Statements of Operations — Three and nine months ended September 30, 2022 and 2021 | ||||||||
Consolidated Condensed Statements of Comprehensive Income (Loss) — Three and nine months ended September 30, 2022 and 2021 | 6 | |||||||
Consolidated Condensed Statements of Cash Flows — Nine months ended September 30, 2022 and 2021 | ||||||||
Consolidated Condensed Statements of Equity — Three and nine months ended September 30, 2022 and 2021 | ||||||||
Note 4—Divestitures and Other Transactions | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Part II | Other Information | |||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | |||||||
Item 6. |
$/Bbl | price per barrel | ||||
Anadarko | Anadarko Petroleum Corporation and its consolidated subsidiaries | ||||
Andes | Andes Petroleum Ecuador Ltd. | ||||
AOC | Administrative Order on Consent | ||||
Bcf | billions of cubic feet | ||||
Berkshire Hathaway | Berkshire Hathaway Inc | ||||
Boe | barrels of oil equivalent | ||||
CERCLA | Comprehensive Environmental Response, Compensation, and Liability Act | ||||
CO2 | carbon dioxide | ||||
DD&A | depreciation, depletion and amortization | ||||
EPA | Environmental Protection Agency | ||||
EPS | earnings per share | ||||
LIFO | last-in, first-out | ||||
Maxus | Maxus Energy Corporation | ||||
Mbbl | thousands of barrels | ||||
Mboe | thousands of barrels equivalent | ||||
Mboe/d | thousands of barrels equivalent per day | ||||
Mcf | thousand cubic feet | ||||
MMbbl | millions of barrels | ||||
MMcf | millions of cubic feet | ||||
NGL | natural gas liquids | ||||
NPL | National Priorities List | ||||
Occidental | Occidental Petroleum Corporation, a Delaware corporation and one or more entities in which it owns a controlling interest (subsidiaries) | ||||
OEPC | Occidental Exploration and Production Company | ||||
OPEC | Organization of the Petroleum Exporting Countries | ||||
OxyChem | Occidental Chemical Corporation | ||||
PVC | polyvinyl chloride | ||||
RCF | revolving credit facility | ||||
Repsol | Repsol, S.A. | ||||
ROD | Record of Decision | ||||
Sonatrach | The national oil and gas company of Algeria | ||||
WES | Western Midstream Partners, LP | ||||
WES Operating | Western Midstream Operating, LP | ||||
WTI | West Texas Intermediate | ||||
YPF | YPF S.A. | ||||
Zero Coupons | Zero Coupon senior notes due 2036 | ||||
2021 Form 10-K | Occidental’s Annual Report on Form 10-K for the year ended December 31, 2021 |
Consolidated Condensed Balance Sheets | Occidental Petroleum Corporation and Subsidiaries |
millions | September 30, 2022 | December 31, 2021 | ||||||||||||
ASSETS | ||||||||||||||
CURRENT ASSETS | ||||||||||||||
Cash and cash equivalents | $ | $ | ||||||||||||
Trade receivables, net | ||||||||||||||
Inventories | ||||||||||||||
Assets held for sale | ||||||||||||||
Other current assets | ||||||||||||||
Total current assets | ||||||||||||||
INVESTMENTS IN UNCONSOLIDATED ENTITIES | ||||||||||||||
PROPERTY, PLANT AND EQUIPMENT | ||||||||||||||
Oil and gas | ||||||||||||||
Chemical | ||||||||||||||
Midstream and marketing | ||||||||||||||
Corporate | ||||||||||||||
Gross property, plant and equipment | ||||||||||||||
Accumulated depreciation, depletion and amortization | ( | ( | ||||||||||||
Net property, plant and equipment | ||||||||||||||
OPERATING LEASE ASSETS | ||||||||||||||
LONG-TERM RECEIVABLES AND OTHER ASSETS, NET | ||||||||||||||
TOTAL ASSETS | $ | $ | ||||||||||||
The accompanying notes are an integral part of these Consolidated Condensed Financial Statements. |
Consolidated Condensed Balance Sheets | Occidental Petroleum Corporation and Subsidiaries |
millions, except share and per-share amounts | September 30, 2022 | December 31, 2021 | ||||||||||||
LIABILITIES AND EQUITY | ||||||||||||||
CURRENT LIABILITIES | ||||||||||||||
Current maturities of long-term debt (a) | $ | $ | ||||||||||||
Current operating lease liabilities | ||||||||||||||
Accounts payable | ||||||||||||||
Accrued liabilities | ||||||||||||||
Liabilities of assets held for sale | ||||||||||||||
Total current liabilities | ||||||||||||||
LONG-TERM DEBT, NET | ||||||||||||||
Long-term debt, net (b) | ||||||||||||||
DEFERRED CREDITS AND OTHER LIABILITIES | ||||||||||||||
Deferred income taxes, net | ||||||||||||||
Asset retirement obligations | ||||||||||||||
Pension and postretirement obligations | ||||||||||||||
Environmental remediation liabilities | ||||||||||||||
Operating lease liabilities | ||||||||||||||
Other | ||||||||||||||
Total deferred credits and other liabilities | ||||||||||||||
STOCKHOLDERS' EQUITY | ||||||||||||||
Preferred stock, at $ | ||||||||||||||
Common stock, at $ | ||||||||||||||
Treasury stock: 2022 — | ( | ( | ||||||||||||
Additional paid-in capital | ||||||||||||||
Retained earnings | ||||||||||||||
Accumulated other comprehensive loss | ( | ( | ||||||||||||
Total stockholders' equity | ||||||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | $ | ||||||||||||
Consolidated Condensed Statements of Operations | Occidental Petroleum Corporation and Subsidiaries |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||
millions, except per-share amounts | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
REVENUES AND OTHER INCOME | ||||||||||||||||||||||||||
Net sales | $ | $ | $ | $ | ||||||||||||||||||||||
Interest, dividends and other income | ||||||||||||||||||||||||||
Gains on sales of assets and equity investments, net | ||||||||||||||||||||||||||
Total | ||||||||||||||||||||||||||
COSTS AND OTHER DEDUCTIONS | ||||||||||||||||||||||||||
Oil and gas operating expense | ||||||||||||||||||||||||||
Transportation and gathering expense | ||||||||||||||||||||||||||
Chemical and midstream cost of sales | ||||||||||||||||||||||||||
Purchased commodities | ||||||||||||||||||||||||||
Selling, general and administrative expenses | ||||||||||||||||||||||||||
Other operating and non-operating expense | ||||||||||||||||||||||||||
Taxes other than on income | ||||||||||||||||||||||||||
Depreciation, depletion and amortization | ||||||||||||||||||||||||||
Asset impairments and other charges | ||||||||||||||||||||||||||
Anadarko acquisition-related costs | ||||||||||||||||||||||||||
Exploration expense | ||||||||||||||||||||||||||
Interest and debt expense, net | ||||||||||||||||||||||||||
Total | ||||||||||||||||||||||||||
Income before income taxes and other items | ||||||||||||||||||||||||||
OTHER ITEMS | ||||||||||||||||||||||||||
Gains (losses) on interest rate swaps, net | ( | |||||||||||||||||||||||||
Income from equity investments | ||||||||||||||||||||||||||
Total | ||||||||||||||||||||||||||
Income from continuing operations before income taxes | ||||||||||||||||||||||||||
Income tax expense | ( | ( | ( | ( | ||||||||||||||||||||||
Income from continuing operations | ||||||||||||||||||||||||||
Loss from discontinued operations, net of tax | ( | ( | ||||||||||||||||||||||||
NET INCOME | ||||||||||||||||||||||||||
Less: Preferred stock dividends | ( | ( | ( | ( | ||||||||||||||||||||||
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ | $ | $ | $ | ||||||||||||||||||||||
PER COMMON SHARE | ||||||||||||||||||||||||||
Income from continuing operations—basic | $ | $ | $ | $ | ||||||||||||||||||||||
Loss from discontinued operations—basic | $ | $ | $ | $ | ( | |||||||||||||||||||||
Net income attributable to common stockholders—basic | $ | $ | $ | $ | ||||||||||||||||||||||
Income from continuing operations—diluted | $ | $ | $ | $ | ||||||||||||||||||||||
Loss from discontinued operations—diluted | $ | $ | $ | $ | ( | |||||||||||||||||||||
Net income attributable to common stockholders—diluted | $ | $ | $ | $ | ||||||||||||||||||||||
The accompanying notes are an integral part of these Consolidated Condensed Financial Statements. |
Consolidated Condensed Statements of Comprehensive Income (Loss) | Occidental Petroleum Corporation and Subsidiaries |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||
millions | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Net income | $ | $ | $ | $ | ||||||||||||||||||||||
Other comprehensive income (loss) items: | ||||||||||||||||||||||||||
Gains on derivatives (a) | ||||||||||||||||||||||||||
Pension and postretirement gains (losses) (b) | ( | |||||||||||||||||||||||||
Other | ( | ( | ( | ( | ||||||||||||||||||||||
Other comprehensive income (loss), net of tax | ( | |||||||||||||||||||||||||
Comprehensive income attributable to preferred and common stockholders | $ | $ | $ | $ |
Consolidated Condensed Statements of Cash Flows | Occidental Petroleum Corporation and Subsidiaries |
Nine months ended September 30, | ||||||||||||||
millions | 2022 | 2021 | ||||||||||||
CASH FLOW FROM OPERATING ACTIVITIES | ||||||||||||||
Net income | $ | $ | ||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||
Discontinued operations, net | ||||||||||||||
Depreciation, depletion and amortization of assets | ||||||||||||||
Deferred income tax benefit | ( | ( | ||||||||||||
Asset impairments and other charges | ||||||||||||||
Gain on sales of assets, net | ( | ( | ||||||||||||
Other noncash reconciling items | ( | |||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||
(Increase) decrease in receivables | ( | |||||||||||||
(Increase) decrease in inventories | ( | |||||||||||||
Increase in other current assets | ( | ( | ||||||||||||
Increase (decrease) in accounts payable and accrued liabilities | ( | |||||||||||||
Increase (decrease) in current domestic and foreign income taxes | ( | |||||||||||||
Operating cash flow from continuing operations | ||||||||||||||
Operating cash flow from discontinued operations, net of taxes | ||||||||||||||
Net cash provided by operating activities | ||||||||||||||
CASH FLOW FROM INVESTING ACTIVITIES | ||||||||||||||
Capital expenditures | ( | ( | ||||||||||||
Change in capital accrual | ( | |||||||||||||
Purchases of businesses and assets, net | ( | ( | ||||||||||||
Proceeds from sales of assets, net | ||||||||||||||
Equity investments and other, net | ( | ( | ||||||||||||
Investing cash flow from continuing operations | ( | ( | ||||||||||||
Investing cash flow from discontinued operations | ( | |||||||||||||
Net cash used by investing activities | ( | ( | ||||||||||||
CASH FLOW FROM FINANCING ACTIVITIES | ||||||||||||||
Draws on receivables securitization facility | ||||||||||||||
Payment of receivables securitization facility | ( | |||||||||||||
Payments of long-term debt | ( | ( | ||||||||||||
Proceeds from issuance of common stock | ||||||||||||||
Purchases of treasury stock | ( | |||||||||||||
Cash dividends paid on common and preferred stock | ( | ( | ||||||||||||
Financing portion of net cash received (paid) for derivative instruments | ( | |||||||||||||
Other financing, net | ( | ( | ||||||||||||
Financing cash flow from continuing operations | ( | ( | ||||||||||||
Financing cash flow from discontinued operations | ( | |||||||||||||
Net cash used by financing activities | ( | ( | ||||||||||||
Increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents | ( | |||||||||||||
Cash, cash equivalents, restricted cash and restricted cash equivalents — beginning of period | ||||||||||||||
Cash, cash equivalents, restricted cash and restricted cash equivalents — end of period | $ | $ | ||||||||||||
The accompanying notes are an integral part of these Consolidated Condensed Financial Statements. |
Consolidated Condensed Statements of Equity | Occidental Petroleum Corporation and Subsidiaries |
Equity Attributable to Common Stock | ||||||||||||||||||||||||||||||||||||||||||||
millions, except per-share amounts | Preferred Stock | Common Stock | Treasury Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total Equity | |||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2021 | $ | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | — | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||
Dividends on common stock, $ | — | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||
Dividends on preferred stock, $ | — | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||
Issuance of common stock and other, net | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2021 | $ | $ | $ | ( | $ | $ | $ | ( | $ |
Equity Attributable to Common Stock | ||||||||||||||||||||||||||||||||||||||||||||
millions, except per-share amounts | Preferred Stock | Common Stock | Treasury Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total Equity | |||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2022 | $ | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Dividends on common stock, $ | — | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||
Dividends on preferred stock, $ | — | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||
Shareholder warrants exercised | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Options exercised | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Issuance of common stock and other, net | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Purchases of treasury stock | — | — | ( | — | — | — | ( | |||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2022 | $ | $ | $ | ( | $ | $ | $ | ( | $ |
Consolidated Condensed Statements of Equity | Occidental Petroleum Corporation and Subsidiaries |
Equity Attributable to Common Stock | ||||||||||||||||||||||||||||||||||||||||||||
millions, except per-share amounts | Preferred Stock | Common Stock | Treasury Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total Equity | |||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2020 | $ | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Dividends on common stock, $ | — | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||
Dividends on preferred stock, $ | — | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||
Issuance of common stock and other, net | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Purchases of treasury stock | — | — | ( | — | — | — | ( | |||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2021 | $ | $ | $ | ( | $ | $ | $ | ( | $ |
Equity Attributable to Common Stock | ||||||||||||||||||||||||||||||||||||||||||||
millions, except per-share amounts | Preferred Stock | Common Stock | Treasury Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total Equity | |||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2021 | $ | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Dividends on common stock, $ | — | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||
Dividends on preferred stock, $ | — | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||
Shareholder warrants exercised | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Options exercised | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Issuance of common stock and other, net | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Purchases of treasury stock | — | — | ( | — | — | — | ( | |||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2022 | $ | $ | $ | ( | $ | $ | $ | ( | $ |
Notes to Consolidated Condensed Financial Statements | Occidental Petroleum Corporation and Subsidiaries |
NOTE 1 - GENERAL |
millions | 2022 | 2021 | ||||||||||||
Cash and cash equivalents | $ | $ | ||||||||||||
Restricted cash and restricted cash equivalents included in other current assets | ||||||||||||||
Restricted cash and restricted cash equivalents included in long-term receivables and other assets, net | ||||||||||||||
Cash, cash equivalents, restricted cash and restricted cash equivalents | $ | $ |
millions | 2022 | 2021 | ||||||||||||
Income tax payments | $ | $ | ||||||||||||
Income tax refunds received | $ | $ | ||||||||||||
Interest paid (a) | $ | $ |
NOTE 2 - REVENUE |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||
millions | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Revenue from customers | $ | $ | $ | $ | ||||||||||||||||||||||
All other revenues (a) | ( | ( | ||||||||||||||||||||||||
Net sales | $ | $ | $ | $ |
millions | United States | International | Eliminations | Total | ||||||||||||||||||||||
Three months ended September 30, 2022 | ||||||||||||||||||||||||||
Oil and gas | ||||||||||||||||||||||||||
Oil | $ | $ | $ | $ | ||||||||||||||||||||||
NGL | ||||||||||||||||||||||||||
Gas | ||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||
Segment total | $ | $ | $ | $ | ||||||||||||||||||||||
Chemical | $ | $ | $ | $ | ||||||||||||||||||||||
Midstream and marketing | $ | $ | $ | $ | ||||||||||||||||||||||
Eliminations | $ | $ | $ | ( | $ | ( | ||||||||||||||||||||
Consolidated | $ | $ | $ | ( | $ | |||||||||||||||||||||
millions | United States | International | Eliminations | Total | ||||||||||||||||||||||
Three months ended September 30, 2021 | ||||||||||||||||||||||||||
Oil and gas | ||||||||||||||||||||||||||
Oil | $ | $ | $ | $ | ||||||||||||||||||||||
NGL | ||||||||||||||||||||||||||
Gas | ||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||
Segment total | $ | $ | $ | $ | ||||||||||||||||||||||
Chemical | $ | $ | $ | $ | ||||||||||||||||||||||
Midstream and marketing | $ | $ | $ | $ | ||||||||||||||||||||||
Eliminations | $ | $ | $ | ( | $ | ( | ||||||||||||||||||||
Consolidated | $ | $ | $ | ( | $ |
millions | United States | International | Eliminations | Total | ||||||||||||||||||||||
Nine months ended September 30, 2022 | ||||||||||||||||||||||||||
Oil and gas | ||||||||||||||||||||||||||
Oil | $ | $ | $ | $ | ||||||||||||||||||||||
NGL | ||||||||||||||||||||||||||
Gas | ||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||
Segment total | $ | $ | $ | $ | ||||||||||||||||||||||
Chemical | $ | $ | $ | $ | ||||||||||||||||||||||
Midstream and marketing | $ | $ | $ | $ | ||||||||||||||||||||||
Eliminations | $ | $ | $ | ( | $ | ( | ||||||||||||||||||||
Consolidated | $ | $ | $ | ( | $ |
millions | United States | International | Eliminations | Total | ||||||||||||||||||||||
Nine months ended September 30, 2021 | ||||||||||||||||||||||||||
Oil and gas | ||||||||||||||||||||||||||
Oil | $ | $ | $ | $ | ||||||||||||||||||||||
NGL | ||||||||||||||||||||||||||
Gas | ||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||
Segment total | $ | $ | $ | $ | ||||||||||||||||||||||
Chemical | $ | $ | $ | $ | ||||||||||||||||||||||
Midstream and marketing | $ | $ | $ | $ | ||||||||||||||||||||||
Eliminations | $ | $ | $ | ( | $ | ( | ||||||||||||||||||||
Consolidated | $ | $ | $ | ( | $ |
NOTE 3 - INVENTORIES |
millions | September 30, 2022 | December 31, 2021 | ||||||||||||
Raw materials | $ | $ | ||||||||||||
Materials and supplies | ||||||||||||||
Commodity inventory and finished goods | ||||||||||||||
Revaluation to LIFO | ( | ( | ||||||||||||
Total | $ | $ |
NOTE 4 - DIVESTITURES AND OTHER TRANSACTIONS |
NOTE 5 - LONG-TERM DEBT |
millions | September 30, 2022 | December 31, 2021 | ||||||||||||
Total borrowings at face value | $ | $ | ||||||||||||
Adjustments to book value: | ||||||||||||||
Unamortized premium, net | ||||||||||||||
Debt issuance costs | ( | ( | ||||||||||||
Net book value of debt | $ | $ | ||||||||||||
Long-term finance leases | ||||||||||||||
Current finance leases | ||||||||||||||
Total debt and finance leases | $ | $ | ||||||||||||
Less: current maturities of financing leases | ( | ( | ||||||||||||
Less: current maturities of long-term debt | ( | ( | ||||||||||||
Long-term debt, net | $ | $ |
NOTE 6 - DERIVATIVES |
long (short) | September 30, 2022 | December 31, 2021 | ||||||||||||
Oil commodity contracts | ||||||||||||||
Volume (MMbbl) | ( | ( | ||||||||||||
Natural gas commodity contracts | ||||||||||||||
Volume (Bcf) | ( | ( |
millions, except percentages | Mandatory | Weighted-Average | |||||||||||||||||||||
Notional Principal Amount | Reference Period | Termination Date | Interest Rate | ||||||||||||||||||||
$ | September 2017 - 2047 | September 2023 | % | ||||||||||||||||||||
millions | Fair Value Measurements Using | Netting (a) | Total Fair Value | ||||||||||||||||||||||||||
Balance Sheet Classifications | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||
September 30, 2022 | |||||||||||||||||||||||||||||
Marketing Derivatives | |||||||||||||||||||||||||||||
Other current assets | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||
Long-term receivables and other assets, net | ( | ||||||||||||||||||||||||||||
Accrued liabilities | ( | ( | ( | ||||||||||||||||||||||||||
Deferred credits and other liabilities - other | ( | ||||||||||||||||||||||||||||
Interest Rate Swaps | |||||||||||||||||||||||||||||
Accrued liabilities | ( | ( | |||||||||||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||||||||
Marketing Derivatives | |||||||||||||||||||||||||||||
Other current assets | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||
Long-term receivables and other assets, net | ( | ||||||||||||||||||||||||||||
Accrued liabilities | ( | ( | ( | ||||||||||||||||||||||||||
Deferred credits and other liabilities - other | ( | ||||||||||||||||||||||||||||
Interest Rate Swaps | |||||||||||||||||||||||||||||
Accrued liabilities | ( | ( | |||||||||||||||||||||||||||
Deferred credits and other liabilities - other | ( | ( | |||||||||||||||||||||||||||
millions | Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||||
Income Statement Classification | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Interest Rate Swaps | ||||||||||||||||||||||||||
Gains (losses) on interest rate swaps, net | $ | $ | ( | $ | $ | |||||||||||||||||||||
Marketing Derivatives | ||||||||||||||||||||||||||
Net sales (a) | $ | $ | $ | $ | ||||||||||||||||||||||
Collars and Calls | ||||||||||||||||||||||||||
Net sales (b) | $ | $ | ( | $ | $ | ( | ||||||||||||||||||||
NOTE 7 - INCOME TAXES |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
millions | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Income from continuing operations before income taxes | $ | $ | $ | $ | |||||||||||||||||||
Current | |||||||||||||||||||||||
Federal | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
State and Local | ( | ( | ( | ( | |||||||||||||||||||
Foreign | ( | ( | ( | ( | |||||||||||||||||||
Total current tax expense | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Deferred | |||||||||||||||||||||||
Federal | ( | ||||||||||||||||||||||
State and Local | |||||||||||||||||||||||
Foreign | ( | ( | ( | ||||||||||||||||||||
Total deferred tax benefit (expense) | $ | ( | $ | ( | $ | $ | |||||||||||||||||
Total income tax expense | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Income from continuing operations | $ | $ | $ | $ | |||||||||||||||||||
Worldwide effective tax rate | % | % | % | % |
NOTE 8 - ENVIRONMENTAL LIABILITIES AND EXPENDITURES |
millions, except number of sites | Number of Sites | Remediation Balance | ||||||||||||
NPL sites | $ | |||||||||||||
Third-party sites | ||||||||||||||
Occidental-operated sites | ||||||||||||||
Closed or non-operated Occidental sites | ||||||||||||||
Total | $ |
NOTE 9 - LAWSUITS, CLAIMS, COMMITMENTS AND CONTINGENCIES |
NOTE 10 - EARNINGS PER SHARE AND STOCKHOLDERS' EQUITY |
Period | Exercise of Warrants and Options | (a) | Other | (b) | Treasury Stock Purchases | (c) | Common Stock Outstanding | (d) | |||||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||||||||
First Quarter 2022 | ( | ||||||||||||||||||||||||||||
Second Quarter 2022 | ( | ||||||||||||||||||||||||||||
Third Quarter 2022 | ( | ||||||||||||||||||||||||||||
Total 2022 | ( |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||
millions except per-share amounts | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Income from continuing operations | $ | $ | $ | $ | ||||||||||||||||||||||
Loss from discontinued operations | ( | ( | ||||||||||||||||||||||||
Net income | $ | $ | $ | $ | ||||||||||||||||||||||
Less: Preferred stock dividends | ( | ( | ( | ( | ||||||||||||||||||||||
Net income attributable to common stock | $ | $ | $ | $ | ||||||||||||||||||||||
Less: Net income allocated to participating securities | ( | ( | ( | ( | ||||||||||||||||||||||
Net income, net of participating securities | $ | $ | $ | $ | ||||||||||||||||||||||
Weighted-average number of basic shares | ||||||||||||||||||||||||||
Basic income per common share | $ | $ | $ | $ | ||||||||||||||||||||||
Net income attributable to common stock | $ | $ | $ | $ | ||||||||||||||||||||||
Less: Net income allocated to participating securities | ( | ( | ( | ( | ||||||||||||||||||||||
Net income, net of participating securities | ||||||||||||||||||||||||||
Weighted-average number of basic shares | ||||||||||||||||||||||||||
Dilutive securities | ||||||||||||||||||||||||||
Dilutive effect of potentially dilutive securities | ||||||||||||||||||||||||||
Diluted income per common share | $ | $ | $ | $ |
NOTE 11 - SEGMENTS |
millions | Oil and gas (a) | Chemical | Midstream and marketing (b) | Corporate and eliminations (c) | Total | |||||||||||||||||||||||||||
Three months ended September 30, 2022 | ||||||||||||||||||||||||||||||||
Net sales | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||
Income (loss) from continuing operations before income taxes | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||
Income tax expense | ( | ( | ||||||||||||||||||||||||||||||
Income (loss) from continuing operations | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||
Three months ended September 30, 2021 | ||||||||||||||||||||||||||||||||
Net sales | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||
Income (loss) from continuing operations before income taxes | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||
Income tax expense | ( | ( | ||||||||||||||||||||||||||||||
Income (loss) from continuing operations | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||
millions | Oil and gas (a) | Chemical | Midstream and marketing (b) | Corporate and eliminations (c) | Total | |||||||||||||||||||||||||||
Nine months ended September 30, 2022 | ||||||||||||||||||||||||||||||||
Net sales | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||
Income (loss) from continuing operations before income taxes | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||
Income tax expense | ( | ( | ||||||||||||||||||||||||||||||
Income (loss) from continuing operations | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||
Nine months ended September 30, 2021 | ||||||||||||||||||||||||||||||||
Net sales | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||
Income (loss) from continuing operations before income taxes | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||
Income tax expense | ( | ( | ||||||||||||||||||||||||||||||
Income (loss) from continuing operations | $ | $ | $ | $ | ( | $ |
INDEX | PAGE | ||||
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS |
CURRENT BUSINESS OUTLOOK |
CONSOLIDATED RESULTS OF OPERATIONS AND ITEMS AFFECTING COMPARABILITY |
millions | Three months ended September 30, 2022 | % Change | Three months ended June 30, 2022 | |||||||||||||||||
Net sales (a) | ||||||||||||||||||||
Oil and gas | $ | 7,098 | (8) | % | $ | 7,696 | ||||||||||||||
Chemical | 1,691 | (11) | % | 1,909 | ||||||||||||||||
Midstream and marketing | 1,005 | (32) | % | 1,474 | ||||||||||||||||
Eliminations | (404) | — | % | (403) | ||||||||||||||||
Total | 9,390 | (12) | % | 10,676 | ||||||||||||||||
Income from continuing operations | ||||||||||||||||||||
Oil and gas (b) | 3,345 | (18) | % | 4,094 | ||||||||||||||||
Chemical | 580 | (28) | % | 800 | ||||||||||||||||
Midstream and marketing (b) | 104 | (61) | % | 264 | ||||||||||||||||
Total | 4,029 | (22) | % | 5,158 | ||||||||||||||||
Unallocated Corporate Items (b) | ||||||||||||||||||||
Interest expense, net | (285) | (150) | % | (114) | ||||||||||||||||
Income tax expense | (902) | 27 | % | (1,231) | ||||||||||||||||
Other items, net | (96) | (66) | % | (58) | ||||||||||||||||
Income from continuing operations | $ | 2,746 | (27) | % | $ | 3,755 |
millions | Nine months ended September 30, 2022 | % Change | Nine months ended September 30, 2021 | |||||||||||||||||
Net sales (a) | ||||||||||||||||||||
Oil and gas | $ | 20,869 | 59 | % | $ | 13,124 | ||||||||||||||
Chemical | 5,284 | 44 | % | 3,671 | ||||||||||||||||
Midstream and marketing | 3,361 | 68 | % | 2,006 | ||||||||||||||||
Eliminations | (1,099) | (45) | % | (758) | ||||||||||||||||
Total | 28,415 | 57 | % | 18,043 | ||||||||||||||||
Income from continuing operations | ||||||||||||||||||||
Oil and gas (b) | 10,337 | 408 | % | 2,036 | ||||||||||||||||
Chemical | 2,051 | 111 | % | 970 | ||||||||||||||||
Midstream and marketing (b) | 318 | 17 | % | 272 | ||||||||||||||||
Total | 12,706 | 288 | % | 3,278 | ||||||||||||||||
Unallocated Corporate Items (b) | ||||||||||||||||||||
Interest expense, net | (770) | 37 | % | (1,229) | ||||||||||||||||
Income tax expense | (340) | 24 | % | (446) | ||||||||||||||||
Other items, net | (219) | 41 | % | (374) | ||||||||||||||||
Income from continuing operations | $ | 11,377 | 826 | % | $ | 1,229 |
Three months ended | Nine months ended September 30, | |||||||||||||||||||||||||
millions | September 30, 2022 | June 30, 2022 | 2022 | 2021 | ||||||||||||||||||||||
Oil and gas | ||||||||||||||||||||||||||
Asset impairments - domestic | $ | — | $ | — | $ | — | $ | (173) | ||||||||||||||||||
Asset sales gains, net | 10 | 22 | 157 | 2 | ||||||||||||||||||||||
Oil, gas and CO2 derivative losses, net | — | — | — | (277) | ||||||||||||||||||||||
Total oil and gas | 10 | 22 | 157 | (448) | ||||||||||||||||||||||
Midstream and marketing | ||||||||||||||||||||||||||
Asset sales gains, net | 62 | — | 62 | 124 | ||||||||||||||||||||||
Derivative gains (losses), net | (84) | 96 | (186) | (176) | ||||||||||||||||||||||
Total midstream and marketing | (22) | 96 | (124) | (52) | ||||||||||||||||||||||
Corporate | ||||||||||||||||||||||||||
Anadarko acquisition-related costs | (4) | (13) | (82) | (122) | ||||||||||||||||||||||
Interest rate swap gains, net | 70 | 127 | 332 | 150 | ||||||||||||||||||||||
Maxus environmental reserve adjustment | — | (22) | (22) | — | ||||||||||||||||||||||
Early debt extinguishment gains (losses) | (18) | 179 | 143 | (88) | ||||||||||||||||||||||
Total corporate | 48 | 271 | 371 | (60) | ||||||||||||||||||||||
Income tax impact of legal entity reorganization | 42 | — | 2,636 | — | ||||||||||||||||||||||
Exploration license expiration tax benefit | 10 | 13 | 23 | — | ||||||||||||||||||||||
State tax rate revaluation | — | — | (29) | 55 | ||||||||||||||||||||||
Income taxes | (7) | (87) | (89) | 123 | ||||||||||||||||||||||
Income (loss) from continuing operations | 81 | 315 | 2,945 | (382) | ||||||||||||||||||||||
Discontinued operations, net of taxes (a) | — | — | — | (444) | ||||||||||||||||||||||
Total | 81 | 315 | 2,945 | (826) |
SEGMENT RESULTS OF OPERATIONS |
Three months ended | Nine months ended September 30, | |||||||||||||||||||||||||
September 30, 2022 | June 30, 2022 | 2022 | 2021 | |||||||||||||||||||||||
Sales Volumes per Day | ||||||||||||||||||||||||||
Oil (Mbbl) | ||||||||||||||||||||||||||
United States | 508 | 495 | 495 | 496 | ||||||||||||||||||||||
International | 114 | 121 | 111 | 118 | ||||||||||||||||||||||
NGL (Mbbl) | ||||||||||||||||||||||||||
United States | 233 | 225 | 223 | 214 | ||||||||||||||||||||||
International | 38 | 34 | 31 | 33 | ||||||||||||||||||||||
Natural Gas (MMcf) | ||||||||||||||||||||||||||
United States | 1,217 | 1,191 | 1,210 | 1,303 | ||||||||||||||||||||||
International | 497 | 458 | 437 | 471 | ||||||||||||||||||||||
Total Continuing Operations Volumes (Mboe) (a) | 1,179 | 1,150 | 1,135 | 1,157 | ||||||||||||||||||||||
Operations Exited or Exiting (b) | — | — | — | 24 | ||||||||||||||||||||||
Total Sales Volumes (Mboe) (a) | 1,179 | 1,150 | 1,135 | 1,181 |
Three months ended | Nine months ended September 30, | |||||||||||||||||||||||||
September 30, 2022 | June 30, 2022 | 2022 | 2021 | |||||||||||||||||||||||
Average Realized Prices | ||||||||||||||||||||||||||
Oil ($/Bbl) | ||||||||||||||||||||||||||
United States | $ | 93.43 | $ | 108.64 | $ | 98.43 | $ | 63.16 | ||||||||||||||||||
International | $ | 101.46 | $ | 103.99 | $ | 97.72 | $ | 61.98 | ||||||||||||||||||
Total Worldwide | $ | 94.89 | $ | 107.72 | $ | 98.30 | $ | 62.94 | ||||||||||||||||||
NGL ($/Bbl) | ||||||||||||||||||||||||||
United States | $ | 35.04 | $ | 42.80 | $ | 39.38 | $ | 28.20 | ||||||||||||||||||
International | $ | 36.32 | $ | 36.92 | $ | 35.14 | $ | 24.32 | ||||||||||||||||||
Total Worldwide | $ | 35.22 | $ | 42.04 | $ | 38.85 | $ | 27.68 | ||||||||||||||||||
Natural Gas ($/Mcf) | ||||||||||||||||||||||||||
United States | $ | 7.06 | $ | 6.25 | $ | 5.83 | $ | 2.84 | ||||||||||||||||||
International | $ | 1.92 | $ | 1.89 | $ | 1.89 | $ | 1.68 | ||||||||||||||||||
Total Worldwide | $ | 5.57 | $ | 5.03 | $ | 4.79 | $ | 2.53 | ||||||||||||||||||
Average Index Prices | ||||||||||||||||||||||||||
WTI oil ($/Bbl) | $ | 91.55 | $ | 108.41 | $ | 98.09 | $ | 64.82 | ||||||||||||||||||
Brent oil ($/Bbl) | $ | 97.59 | $ | 111.69 | $ | 102.21 | $ | 67.78 | ||||||||||||||||||
NYMEX gas ($/Mcf) | $ | 7.86 | $ | 6.62 | $ | 6.21 | $ | 3.06 | ||||||||||||||||||
Average Realized Prices as Percentage of Average Index Prices | ||||||||||||||||||||||||||
Worldwide oil as a percentage of average WTI | 104 | % | 99 | % | 100 | % | 97 | % | ||||||||||||||||||
Worldwide oil as a percentage of average Brent | 97 | % | 96 | % | 96 | % | 93 | % | ||||||||||||||||||
Worldwide NGL as a percentage of average WTI | 38 | % | 39 | % | 40 | % | 43 | % | ||||||||||||||||||
Domestic natural gas as a percentage of average NYMEX | 90 | % | 94 | % | 94 | % | 93 | % |
Increase (Decrease) Related to | |||||||||||||||||||||||||||||
millions | Three Months Ended June 30, 2022 | (b) | Price Realizations | Net Sales Volumes | Three Months Ended September 30, 2022 | (b) | |||||||||||||||||||||||
United States Revenue | |||||||||||||||||||||||||||||
Oil | $ | 4,894 | $ | (712) | $ | 187 | $ | 4,369 | |||||||||||||||||||||
NGL | 783 | (163) | 38 | 658 | |||||||||||||||||||||||||
Natural gas | 675 | 91 | 20 | 786 | |||||||||||||||||||||||||
Total | $ | 6,352 | $ | (784) | $ | 245 | $ | 5,813 | |||||||||||||||||||||
International Revenue | |||||||||||||||||||||||||||||
Oil (a) | $ | 1,146 | $ | (29) | $ | (56) | $ | 1,061 | |||||||||||||||||||||
NGL | 113 | (8) | 22 | 127 | |||||||||||||||||||||||||
Natural gas | 79 | 2 | 7 | 88 | |||||||||||||||||||||||||
Total | $ | 1,338 | $ | (35) | $ | (27) | $ | 1,276 |
Increase (Decrease) Related to | |||||||||||||||||||||||||||||
millions | Nine Months Ended September 30, 2021 | (b) | Price Realizations | Net Sales Volumes | Nine Months Ended September 30, 2022 | (b) | |||||||||||||||||||||||
United States Revenue | |||||||||||||||||||||||||||||
Oil | $ | 8,548 | $ | 4,763 | $ | — | $ | 13,311 | |||||||||||||||||||||
NGL | 1,498 | 574 | 67 | 2,139 | |||||||||||||||||||||||||
Natural gas | 963 | 988 | (35) | 1,916 | |||||||||||||||||||||||||
Total | $ | 11,009 | $ | 6,325 | $ | 32 | $ | 17,366 | |||||||||||||||||||||
International Revenue | |||||||||||||||||||||||||||||
Oil (a) | $ | 1,998 | $ | 762 | $ | 198 | $ | 2,958 | |||||||||||||||||||||
NGL | 220 | 86 | (4) | 302 | |||||||||||||||||||||||||
Natural gas | 216 | 19 | (10) | 225 | |||||||||||||||||||||||||
Total | $ | 2,434 | $ | 867 | $ | 184 | $ | 3,485 |
INCOME TAXES |
Three months ended | Nine months ended September 30, | |||||||||||||||||||||||||
millions, except percentages | September 30, 2022 | June 30, 2022 | 2022 | 2021 | ||||||||||||||||||||||
Income from continuing operations before income taxes | $ | 3,648 | $ | 4,986 | $ | 11,717 | $ | 1,675 | ||||||||||||||||||
Income tax benefit (expense) | ||||||||||||||||||||||||||
Domestic - federal and state | (599) | (916) | 522 | (41) | ||||||||||||||||||||||
International | (303) | (315) | (862) | (405) | ||||||||||||||||||||||
Total income tax expense | (902) | (1,231) | (340) | (446) | ||||||||||||||||||||||
Income from continuing operations | $ | 2,746 | $ | 3,755 | $ | 11,377 | $ | 1,229 | ||||||||||||||||||
Worldwide effective tax rate | 25 | % | 25 | % | 3 | % | 27 | % |
LIQUIDITY AND CAPITAL RESOURCES |
ENVIRONMENTAL LIABILITIES AND EXPENDITURES |
LAWSUITS, CLAIMS, COMMITMENTS AND CONTINGENCIES |
Period | Total Number of Shares Purchased | (a) | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Value of Shares that May Yet Be Purchased Under the Plans or Programs (millions) | (b) | ||||||||||||||||||||
First Quarter 2022 | 730,746 | $ | 50.05 | — | $ | 3,000 | ||||||||||||||||||||
Second Quarter 2022 | 11,679,732 | $ | 58.38 | 11,190,640 | ||||||||||||||||||||||
July 1 - 31, 2022 | 6,427,771 | $ | 61.08 | 6,427,771 | ||||||||||||||||||||||
Aug 1 - 31, 2022 | 7,974,189 | $ | 64.58 | 7,811,712 | ||||||||||||||||||||||
Sept 1 - 30, 2022 | 14,169,616 | $ | 63.02 | 14,169,616 | ||||||||||||||||||||||
Third Quarter 2022 | 28,571,576 | $ | 63.02 | 28,409,099 | ||||||||||||||||||||||
Total 2022 (c) | 40,982,054 | $ | 61.47 | 39,599,739 | $ | 562 |
10.1#* | |||||
10.2#* | |||||
10.3#* | |||||
31.1* | |||||
31.2* | |||||
32.1** | |||||
101.INS* | Inline XBRL Instance Document. | ||||
101.SCH* | Inline XBRL Taxonomy Extension Schema Document. | ||||
101.CAL* | Inline XBRL Taxonomy Extension Calculation Linkbase Document. | ||||
101.LAB* | Inline XBRL Taxonomy Extension Label Linkbase Document. | ||||
101.PRE* | Inline XBRL Taxonomy Extension Presentation Linkbase Document. | ||||
101.DEF* | Inline XBRL Taxonomy Extension Definition Linkbase Document. | ||||
104* | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |
SIGNATURES |
OCCIDENTAL PETROLEUM CORPORATION |
November 8, 2022 | /s/ Christopher O. Champion | |||||||
Christopher O. Champion | ||||||||
Vice President, Chief Accounting Officer and Controller |
/s/ Vicki Hollub | ||||||||
Vicki Hollub | ||||||||
President and Chief Executive Officer |
/s/ Robert Peterson | ||||||||
Robert Peterson | ||||||||
Senior Vice President and Chief Financial Officer |
/s/ Vicki Hollub | ||||||||
Name: | Vicki Hollub | |||||||
Title: | President and Chief Executive Officer | |||||||
Date: | November 8, 2022 |
/s/ Robert Peterson | ||||||||
Name: | Robert Peterson | |||||||
Title: | Senior Vice President and Chief Financial Officer | |||||||
Date: | November 8, 2022 |
CONSOLIDATED CONDENSED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 1.00 | $ 1.00 |
Preferred stock, outstanding (in shares) | 100,000 | 100,000 |
Common stock, par value (in dollars per share) | $ 0.20 | $ 0.20 |
Common stock, authorized (in shares) | 1,500,000,000 | 1,500,000,000 |
Common stock, issued (in shares) | 1,098,408,209 | 1,083,423,094 |
Treasury stock (in shares) | 190,330,448 | 149,348,394 |
Current finance lease liabilities | $ 141 | $ 85 |
Non-current finance lease liabilities | $ 552 | $ 504 |
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
REVENUES AND OTHER INCOME | ||||
Net sales | $ 9,390 | $ 6,792 | $ 28,415 | $ 18,043 |
Interest, dividends and other income | 37 | 18 | 122 | 142 |
Gains on sales of assets and equity investments, net | 74 | 5 | 232 | 119 |
Total | 9,501 | 6,815 | 28,769 | 18,304 |
COSTS AND OTHER DEDUCTIONS | ||||
Oil and gas operating expense | 1,056 | 829 | 2,925 | 2,317 |
Transportation and gathering expense | 378 | 360 | 1,089 | 1,053 |
Chemical and midstream cost of sales | 835 | 731 | 2,488 | 2,001 |
Purchased commodities | 785 | 588 | 2,627 | 1,633 |
Selling, general and administrative expenses | 247 | 240 | 687 | 583 |
Other operating and non-operating expense | 319 | 256 | 909 | 762 |
Taxes other than on income | 427 | 289 | 1,188 | 743 |
Depreciation, depletion and amortization | 1,736 | 1,916 | 5,107 | 6,481 |
Asset impairments and other charges | 0 | 17 | 0 | 173 |
Anadarko acquisition-related costs | 4 | 29 | 82 | 122 |
Exploration expense | 47 | 31 | 98 | 145 |
Interest and debt expense, net | 285 | 449 | 770 | 1,229 |
Total | 6,119 | 5,735 | 17,970 | 17,242 |
Income before income taxes and other items | 3,382 | 1,080 | 10,799 | 1,062 |
OTHER ITEMS | ||||
Gains (losses) on interest rate swaps, net | 70 | (26) | 332 | 150 |
Income from equity investments | 196 | 163 | 586 | 463 |
Total | 266 | 137 | 918 | 613 |
Income from continuing operations before income taxes | 3,648 | 1,217 | 11,717 | 1,675 |
Income tax expense | (902) | (387) | (340) | (446) |
Income from continuing operations | 2,746 | 830 | 11,377 | 1,229 |
Loss from discontinued operations, net of tax | 0 | (2) | 0 | (444) |
NET INCOME | 2,746 | 828 | 11,377 | 785 |
Less: Preferred stock dividends | (200) | (200) | (600) | (600) |
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ 2,546 | $ 628 | $ 10,777 | $ 185 |
PER COMMON SHARE | ||||
Income from continuing operations—basic (in usd per share) | $ 2.74 | $ 0.67 | $ 11.47 | $ 0.67 |
Loss from discontinued operations—basic (in usd per share) | 0 | 0 | 0 | (0.47) |
Net income attributable to common stockholders—basic (in usd per share) | 2.74 | 0.67 | 11.47 | 0.20 |
PER COMMON SHARE, DILUTED | ||||
Income from continuing operations—diluted (in usd per share) | 2.52 | 0.65 | 10.64 | 0.65 |
Loss from discontinued operations—diluted (in usd per share) | 0 | 0 | 0 | (0.46) |
Net income attributable to common stockholders—diluted (in usd per share) | $ 2.52 | $ 0.65 | $ 10.64 | $ 0.19 |
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|||||
Statement of Comprehensive Income [Abstract] | ||||||||
Net income | $ 2,746 | $ 828 | $ 11,377 | $ 785 | ||||
Other comprehensive income (loss) items: | ||||||||
Gains on derivatives | [1] | 1 | 2 | 65 | 3 | |||
Pension and postretirement gains (losses) | [2] | 48 | (45) | 57 | 4 | |||
Other | (1) | (1) | (1) | (1) | ||||
Other comprehensive income (loss), net of tax | 48 | (44) | 121 | 6 | ||||
Comprehensive income attributable to preferred and common stockholders | $ 2,794 | $ 784 | $ 11,498 | $ 791 | ||||
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CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
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Statement of Comprehensive Income [Abstract] | ||||
Gains on derivatives, tax expense | $ 0 | $ 0 | $ 18 | $ 0 |
Pension and postretirement gains, tax expense | $ 13 | $ 0 | $ 16 | $ 13 |
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
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CASH FLOW FROM OPERATING ACTIVITIES | ||
Net income | $ 11,377 | $ 785 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Discontinued operations, net | 0 | 444 |
Depreciation, depletion and amortization of assets | 5,107 | 6,481 |
Deferred income tax benefit | (1,765) | (192) |
Asset impairments and other charges | 0 | 173 |
Gain on sales of assets, net | (232) | (119) |
Other noncash reconciling items | (461) | 240 |
Changes in operating assets and liabilities: | ||
(Increase) decrease in receivables | 138 | (1,366) |
(Increase) decrease in inventories | (96) | 92 |
Increase in other current assets | (313) | (172) |
Increase (decrease) in accounts payable and accrued liabilities | (815) | 593 |
Increase (decrease) in current domestic and foreign income taxes | (105) | 63 |
Operating cash flow from continuing operations | 12,835 | 7,022 |
Operating cash flow from discontinued operations, net of taxes | 0 | 320 |
Net cash provided by operating activities | 12,835 | 7,342 |
CASH FLOW FROM INVESTING ACTIVITIES | ||
Capital expenditures | (2,977) | (1,933) |
Change in capital accrual | 2 | (83) |
Purchases of businesses and assets, net | (466) | (122) |
Proceeds from sales of assets, net | 562 | 1,005 |
Equity investments and other, net | (95) | (21) |
Investing cash flow from continuing operations | (2,974) | (1,154) |
Investing cash flow from discontinued operations | 0 | (48) |
Net cash used by investing activities | (2,974) | (1,202) |
CASH FLOW FROM FINANCING ACTIVITIES | ||
Draws on receivables securitization facility | 400 | 0 |
Payment of receivables securitization facility | (400) | 0 |
Payments of long-term debt | (8,325) | (4,555) |
Proceeds from issuance of common stock | 291 | 24 |
Purchases of treasury stock | (2,467) | 0 |
Cash dividends paid on common and preferred stock | (863) | (630) |
Financing portion of net cash received (paid) for derivative instruments | 61 | (824) |
Other financing, net | (82) | (48) |
Financing cash flow from continuing operations | (11,385) | (6,033) |
Financing cash flow from discontinued operations | 0 | (7) |
Net cash used by financing activities | (11,385) | (6,040) |
Increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents | (1,524) | 100 |
Cash, cash equivalents, restricted cash and restricted cash equivalents — beginning of period | 2,803 | 2,194 |
Cash, cash equivalents, restricted cash and restricted cash equivalents — end of period | $ 1,279 | $ 2,294 |
CONSOLIDATED CONDENSED STATEMENTS OF EQUITY - USD ($) $ in Millions |
Total |
Preferred Stock |
Common Stock |
Treasury Stock |
Additional Paid-in Capital |
Retained Earnings |
Accumulated Other Comprehensive Income (Loss) |
---|---|---|---|---|---|---|---|
Beginning balance at Dec. 31, 2020 | $ 18,573 | $ 9,762 | $ 216 | $ (10,665) | $ 16,552 | $ 2,996 | $ (288) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 785 | 785 | |||||
Other comprehensive loss (income), net of tax | 6 | 6 | |||||
Dividends on common stock | (29) | (29) | |||||
Dividends on preferred stock | (600) | (600) | |||||
Issuance of common stock and other, net | 141 | 1 | 140 | ||||
Purchases of treasury stock | (3) | (3) | |||||
Ending balance at Sep. 30, 2021 | 18,873 | 9,762 | 217 | (10,668) | 16,692 | 3,152 | (282) |
Beginning balance at Jun. 30, 2021 | 18,244 | 9,762 | 217 | (10,668) | 16,638 | 2,533 | (238) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 828 | 828 | |||||
Other comprehensive loss (income), net of tax | (44) | (44) | |||||
Dividends on common stock | (9) | (9) | |||||
Dividends on preferred stock | (200) | (200) | |||||
Issuance of common stock and other, net | 54 | 54 | |||||
Ending balance at Sep. 30, 2021 | 18,873 | 9,762 | 217 | (10,668) | 16,692 | 3,152 | (282) |
Beginning balance at Dec. 31, 2021 | 20,327 | 9,762 | 217 | (10,673) | 16,749 | 4,480 | (208) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 11,377 | 11,377 | |||||
Other comprehensive loss (income), net of tax | 121 | 121 | |||||
Dividends on common stock | (369) | (369) | |||||
Dividends on preferred stock | (600) | (600) | |||||
Shareholder warrants exercised | 253 | 2 | 251 | ||||
Options exercised | 27 | 27 | |||||
Issuance of common stock and other, net | 103 | 1 | 102 | ||||
Purchases of treasury stock | (2,519) | (2,519) | |||||
Ending balance at Sep. 30, 2022 | 28,720 | 9,762 | 220 | (13,192) | 17,129 | 14,888 | (87) |
Beginning balance at Jun. 30, 2022 | 27,830 | 9,762 | 218 | (11,391) | 16,914 | 12,462 | (135) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 2,746 | 2,746 | |||||
Other comprehensive loss (income), net of tax | 48 | 48 | |||||
Dividends on common stock | (120) | (120) | |||||
Dividends on preferred stock | (200) | (200) | |||||
Shareholder warrants exercised | 163 | 1 | 162 | ||||
Options exercised | 10 | 10 | |||||
Issuance of common stock and other, net | 44 | 1 | 43 | ||||
Purchases of treasury stock | (1,801) | (1,801) | |||||
Ending balance at Sep. 30, 2022 | $ 28,720 | $ 9,762 | $ 220 | $ (13,192) | $ 17,129 | $ 14,888 | $ (87) |
CONSOLIDATED CONDENSED STATEMENTS OF EQUITY (Parenthetical) - $ / shares |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
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Statement of Stockholders' Equity [Abstract] | ||||
Dividends on common stock (in usd per share) | $ 0.13 | $ 0.01 | $ 0.39 | $ 0.03 |
Dividends on preferred stock (in usd per share) | $ 2,000 | $ 2,000 | $ 6,000 | $ 6,000 |
General |
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Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
General |
NATURE OF OPERATIONS 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, 2021. In the opinion of Occidental’s management, the accompanying unaudited Consolidated Condensed Financial Statements in this report reflect all adjustments (consisting of normal recurring adjustments) that are necessary to fairly present Occidental’s results of operations and cash flows for the three and nine months ended September 30, 2022 and 2021 and Occidental’s financial position as of September 30, 2022 and December 31, 2021. Certain data in the Consolidated Condensed 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 September 30, 2022 and 2021 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 for the periods presented 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 in the Consolidated Condensed Statements of Cash Flows as of September 30, 2022 and 2021:
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 nine months ended September 30, 2022 and 2021, respectively:
(a) Net of capitalized interest of $50 million and $46 million for the nine months ended September 30, 2022 and 2021, respectively. BERKSHIRE HATHAWAY OWNERSHIP Berkshire Hathaway is a related party of Occidental due to its ownership of Occidental's common stock. During the third quarter of 2022, Berkshire Hathaway increased its ownership in Occidental to approximately 194 million shares of common stock. Occidental has, from time to time, contracted with Berkshire Hathaway for the provision of electricity, rail and insurance. In addition, certain Berkshire Hathaway subsidiaries purchase various chemicals from our chemical segment. While these types of transactions between Berkshire Hathaway and Occidental have not been significant, Occidental will continue to assess the financial significance of our transactions with Berkshire Hathaway and its subsidiaries. WES INVESTMENT In July 2022, Occidental sold 10.0 million limited partner units of WES for proceeds of $253 million, resulting in a gain of $62 million. As of September 30, 2022, Occidental owned all of the 2.3% non-voting general partner interest and 49.4% of the limited partner units in WES. On a combined basis, with its 2% non-voting limited partner interest in WES Operating, Occidental's total effective economic interest in WES and its subsidiaries was 51.5%. DISCONTINUED OPERATIONS The nine months ended 2021 included a $412 million after-tax loss contingency in discontinued operations associated with its former operations in Ecuador, which was primarily recorded in the first quarter of 2021. See Note 9 - Lawsuits, Claims, Commitments and Contingencies. In addition, the results of operations for Ghana for the nine months ended September 30, 2021, an after-tax loss of $32 million, are presented as discontinued operations. The Ghana assets were sold in October 2021.
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Revenue |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue |
Revenue from customers is recognized when obligations under the terms of a contract with our customers are satisfied; this generally occurs with the delivery of oil, NGL, gas, chemicals or services, such as transportation. As of September 30, 2022, trade receivables, net, of $4.0 billion represent 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 shows a reconciliation of revenue from customers to total net sales for the three and nine months ended September 30, 2022 and 2021:
(a) Includes net marketing derivatives, collars and calls and chemical exchange contracts in 2021 and the same in 2022 with the exception of the collars and calls which expired on or before December 31, 2021. 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 segment revenues are shown by geographic area based on the location of the sale. Excluding net marketing revenue, midstream and marketing segment revenues are shown by the location of sale:
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Inventories |
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Inventory Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories |
Finished goods primarily represent oil, which is carried at the lower of weighted-average cost or net realizable value, and caustic soda and chlorine, which are valued under the LIFO method. Inventories consisted of the following:
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Divestitures and Other Transactions |
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Sep. 30, 2022 | |||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||
Divestitures and Other Transactions |
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Long-Term Debt |
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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt |
The following table summarizes Occidental's outstanding debt, including finance lease liabilities:
DEBT ACTIVITY In the third quarter of 2022, Occidental repaid debt with maturities ranging from 2024 through 2048 and a face value of $1.3 billion. For the nine months ended September 30, 2022, Occidental used $8.3 billion of cash to repay debt maturities ranging from 2022 through 2049 with a face value of $9.4 billion and a net book value of $8.7 billion, which resulted in a gain of $143 million. Subsequent to September 30, 2022, but before the date of this filing, Occidental repaid additional debt principal of $191 million with maturities ranging from 2024 to 2049. Following these repayments, the face value of Occidental's debt was $18.9 billion. In October, Occidental exercised a par call for all $340 million of its 2.70% Senior Notes due February 2023. The 2.70% Senior Notes will be redeemed on November 15, 2022. FAIR VALUE OF DEBT The estimated fair value of Occidental’s debt as of September 30, 2022 and December 31, 2021, substantially all of which was classified as Level 1, was approximately $18.6 billion and $31.1 billion, respectively.
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Derivatives |
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Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives |
OBJECTIVE AND STRATEGY Occidental uses a variety of derivative financial instruments and physical contracts to manage its exposure to commodity price fluctuations, interest rate risks and transportation commitments and to fix margins on the future sale of stored commodity volumes. Occidental also enters into derivative financial instruments for trading purposes. Derivatives are carried at fair value and on a net basis when a legal right of offset exists with the same counterparty. Occidental may elect normal purchases and normal sales exclusions when physically delivered commodities are purchased or sold to a customer. Occidental occasionally applies cash flow hedge accounting treatment to derivative financial instruments to lock in margins on the forecasted sales of its natural gas storage volumes, and at times for other strategies, such as to lock in rates on debt issuances. The value of cash flow hedges was insignificant for all periods presented. DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS As of September 30, 2022, Occidental’s derivatives not designated as hedges consisted of marketing derivatives and interest rate swaps. Derivative instruments that are not designated as hedging instruments are required to be recorded on the balance sheet at fair value. Changes in fair value will impact Occidental’s earnings through mark-to-market adjustments until the physical commodity is delivered or the financial instrument is settled. MARKETING DERIVATIVES Occidental's marketing derivative instruments not designated as hedges are short-duration physical and financial forward contracts. As of September 30, 2022, the weighted-average settlement price of these forward contracts was $86.82 per barrel and $6.11 per Mcf for crude oil and natural gas, respectively. The weighted-average settlement price was $74.85 per barrel and $4.61 per Mcf for crude oil and natural gas, respectively, as of December 31, 2021. Net gains and losses associated with marketing derivative instruments not designated as hedging instruments are recognized currently in net sales. The following table summarizes net short volumes associated with the outstanding marketing commodity derivatives not designated as hedging instruments:
INTEREST RATE SWAPS Occidental's interest rate swap contracts lock in a fixed interest rate in exchange for a floating interest rate indexed to the three-month London InterBank Offered Rate throughout the reference period. Net gains and losses associated with interest rate swaps are recognized currently in gains (losses) on interest rate swaps, net in the Consolidated Condensed Statements of Operations. Occidental had the following outstanding interest rate swaps as of September 30, 2022:
Depending on market conditions, liability management actions or other factors, Occidental may enter into offsetting interest rate swap positions as well as amend or settle certain or all of the currently outstanding interest rate swaps. Derivative settlements and collateralization are classified as cash flow from operating activities unless the derivatives contain an other-than-insignificant financing element, in which case the settlements and collateralization are classified as cash flows from financing activities. Net cash receipts for the nine months ended September 30, 2022 related to interest rate swap agreements were $61 million, which included $86 million paid to settle interest rate swaps, periodic interest settlements of $34 million and the return of $181 million of collateral. FAIR VALUE OF DERIVATIVES The following tables present the fair values of Occidental’s outstanding derivatives. Fair values are presented at gross amounts below, including when the derivatives are subject to netting arrangements, and are presented on a net basis in the Consolidated Condensed Balance Sheets:
(a)These amounts do not include collateral. As of September 30, 2022 and December 31, 2021, $64 million and $323 million of collateral related to interest rate swaps had been netted against derivative liabilities, respectively. Occidental netted $16 million of collateral received from brokers against derivative assets related to marketing derivatives as of September 30, 2022 and netted $110 million of collateral deposited with brokers against derivative liabilities related to marketing derivatives as of December 31, 2021. GAINS AND LOSSES ON DERIVATIVES The following table presents gains and (losses) related to Occidental's derivative instruments on the Consolidated Condensed Statements of Operations:
(a) Includes derivative and non-derivative marketing activity. (b) All of Occidental's calls and collars expired on or before December 31, 2021. CREDIT RISK Certain of Occidental's over-the-counter derivative instruments contain credit-risk-contingent features, primarily tied to credit ratings for Occidental or its counterparties, which may affect the amount of collateral that each party would need to post. The aggregate fair value of derivative instruments with credit-risk-related contingent features for which a net liability position existed as of September 30, 2022 was $21 million (net of $64 million of collateral), which was primarily related to interest rate swaps. The aggregate fair value of derivative instruments with credit-risk-contingent features for which a net liability position existed as of December 31, 2021 was $107 million (net of $323 million of collateral), which was primarily related to interest rate swaps.
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Income Taxes |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes |
LEGAL ENTITY REORGANIZATION To align Occidental’s legal entity structure with the nature of its business activities after completing the acquisition of Anadarko and subsequent large scale post-acquisition divestiture program, management undertook a legal entity reorganization that was completed in the first quarter of 2022. As a result of this legal entity reorganization, management made an adjustment to the tax basis in a portion of its operating assets, thus reducing Occidental’s deferred tax liabilities. Accordingly, in the first quarter of 2022, Occidental recorded an estimated non-cash tax benefit of $2.6 billion in connection with this reorganization. The timing of any reduction in Occidental’s future cash taxes as a result of this legal entity reorganization will be dependent on a number of factors, including prevailing commodity prices, capital activity level and production mix. Further refinement of the non-cash tax benefit may be necessary as Occidental finalizes its tax basis calculations, its 2022 tax returns and other information. INFLATION REDUCTION ACT In August 2022, Congress passed the Inflation Reduction Act which contains, among other provisions, a corporate book minimum tax on financial statement income, an excise tax on stock buybacks and certain tax incentives related to climate change and clean energy. Occidental is currently evaluating the provisions of this act. The ultimate impact of the Inflation Reduction Act to Occidental will depend on a number of factors including future commodity prices, interpretations and assumptions as well as additional regulatory guidance. The following summarizes components of income tax expense on continuing operations for the three and nine months ended September 30, 2022 and 2021:
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Environmental Liabilities and Expenditures |
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Environmental Remediation Obligations [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Environmental Liabilities and Expenditures |
Occidental’s operations are subject to stringent federal, regional, state, provincial, tribal, local and international laws and regulations related to improving or maintaining environmental quality. The laws that require or address environmental remediation, including CERCLA and similar federal, regional, state, provincial, tribal, local and international laws, may apply retroactively and regardless of fault, the legality of the original activities or the current ownership or control of sites. Occidental or certain of its subsidiaries participate in or actively monitor a range of remedial activities and government or private proceedings under these laws with respect to alleged past practices at operating, closed and third-party sites. Remedial activities may include one or more of the following: investigation involving sampling, modeling, risk assessment or monitoring; cleanup measures including removal, treatment or disposal; or operation and maintenance of remedial systems. The environmental proceedings seek funding or performance of remediation and, in some cases, compensation for alleged property damage, punitive damages, civil penalties, injunctive relief and government oversight costs. ENVIRONMENTAL REMEDIATION As of September 30, 2022, Occidental participated in or monitored remedial activities or proceedings at 166 sites. The following table presents Occidental’s current and non-current environmental remediation liabilities as of September 30, 2022. The current portion, $155 million, is included in accrued liabilities and the non-current portion, $893 million, in deferred credits and other liabilities-environmental remediation liabilities. Occidental’s environmental remediation sites are grouped into four categories: sites listed or proposed for listing by the U.S. EPA on the CERCLA NPL and three categories of non-NPL sites—third-party sites, Occidental-operated sites and closed or non-operated Occidental sites.
As of September 30, 2022, Occidental’s environmental liabilities exceeded $10 million each at 16 of the 166 sites described above and 99 of the sites had liabilities from zero to $1 million each. Based on current estimates, Occidental expects to expend funds corresponding to approximately 40% of the period-end remediation balance at the sites described above over the next three years to four years and the remaining balance at these sites over the subsequent 10 or more years. Occidental believes its range of reasonably possible additional losses beyond those liabilities recorded for environmental remediation at these sites could be up to $1.2 billion. The status of Occidental's involvement with the sites and related significant assumptions, including those sites indemnified by Maxus, has not changed materially since December 31, 2021. MAXUS ENVIRONMENTAL SITES When Occidental acquired Diamond Shamrock Chemicals Company in 1986, Maxus, a subsidiary of YPF, agreed to indemnify Occidental for a number of environmental sites, including the Diamond Alkali Superfund Site along a portion of the Passaic River. On June 17, 2016, Maxus and several affiliated companies filed for Chapter 11 bankruptcy in Federal District Court in the State of Delaware. Prior to filing for bankruptcy, Maxus defended and indemnified Occidental in connection with cleanup and other costs associated with the sites subject to the indemnity, including the Diamond Alkali Superfund Site. In March 2016, the EPA issued a ROD specifying remedial actions required for the lower 8.3 miles of the Lower Passaic River (OU-2 ROD). This ROD did not address any potential remedial action for the upper nine miles of the Lower Passaic River or Newark Bay. During the third quarter of 2016, and following Maxus’s bankruptcy filing, OxyChem and the EPA entered into an AOC to complete the design of the proposed cleanup plan outlined in the ROD at an estimated cost of $165 million. The EPA announced that it would pursue similar agreements with other potentially responsible parties. Occidental has accrued a reserve relating to its estimated allocable share of the costs to perform the design and remediation called for in the AOC and the OU-2 ROD as well as for certain other Maxus-indemnified sites. Occidental's accrued estimated environmental reserve does not consider any recoveries for indemnified costs. Occidental’s ultimate share of this liability may be higher or lower than the reserved amount, and is subject to final design plans and the resolution of Occidental's allocable share with other potentially responsible parties. Occidental continues to evaluate the costs to be incurred to comply with the AOC and the OU-2 ROD and to perform remediation at other Maxus-indemnified sites in light of the Maxus bankruptcy and the share of ultimate liability of other potentially responsible parties. In June 2018, OxyChem filed a complaint under CERCLA in Federal District Court in the State of New Jersey against numerous potentially responsible parties for reimbursement of amounts incurred or to be incurred to comply with the AOC and the OU-2 ROD, or to perform other remediation activities at the Diamond Alkali Superfund Site. In September 2021, the EPA issued a ROD with an estimated cost of $441 million for an interim remedy plan for the upper nine miles of the Lower Passaic River (OU-4 ROD). At this time, Occidental's role or responsibilities under the OU-4 ROD, and those of other potentially responsible parties, have not been determined with the EPA. In January 2022, OxyChem offered to design and implement the interim remedy for OU-4 subject to certain conditions. In March 2022, the EPA sent a notice letter to OxyChem and other parties requesting good faith offers to implement the selected remedies at OU-2 and OU-4. OxyChem responded to the EPA's letter in June 2022, reaffirming the offer to design the remedy for OU-4 and offering to enter into additional sequential agreements to remediate OU-2 and OU-4, subject to certain conditions. The EPA has not responded to OxyChem's June 2022 response. In June 2017, the court overseeing the Maxus bankruptcy approved a Plan of Liquidation to liquidate Maxus and create a trust to pursue claims against current and former parents and certain of their respective subsidiaries and affiliates of YPF and Repsol, as well as others to satisfy claims by Occidental and other creditors for past and future cleanup and other costs. In July 2017, the court-approved Plan of Liquidation became final and the trust became effective. The trust is pursuing claims against YPF, Repsol and others and is expected to distribute assets to Maxus' creditors in accordance with the trust agreement and Plan. In June 2018, the trust filed its complaint against YPF and Repsol in Delaware bankruptcy court asserting claims based upon, among other things, fraudulent transfer and alter ego. During 2019, the bankruptcy court denied Repsol's and YPF's motions to dismiss the complaint as well as their motions to move the case away from the bankruptcy court. The trust, YPF, and Repsol each filed motions for summary judgment, and the bankruptcy court denied all but one motion in the second quarter of 2022. Trial is set for March 2023.
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Lawsuits, Claims, Commitments and Contingencies |
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Sep. 30, 2022 | |||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||
Lawsuits, Claims, Commitments and Contingencies |
LEGAL MATTERS Occidental or certain of its subsidiaries are involved, in the normal course of business, in lawsuits, claims and other legal proceedings that seek, among other things, compensation for alleged personal injury, breach of contract, property damage or other losses, punitive damages, civil penalties, or injunctive or declaratory relief. Occidental or certain of its subsidiaries also are involved in proceedings under CERCLA and similar federal, regional, state, provincial, tribal, local and international environmental laws. These environmental proceedings seek funding or performance of remediation and, in some cases, compensation for alleged property damage, punitive damages, civil penalties and injunctive relief. Usually Occidental or such subsidiaries are among many companies in these environmental proceedings and have to date been successful in sharing response costs with other financially sound companies. Further, some lawsuits, claims and legal proceedings involve acquired or disposed assets with respect to which a third party or Occidental retains liability or indemnifies the other party for conditions that existed prior to the transaction. In accordance with applicable accounting guidance, Occidental accrues reserves for outstanding lawsuits, claims and proceedings when it is probable that a liability has been incurred and the liability can be reasonably estimated. Reserves for matters, other than for environmental remediation and the arbitration award disclosed below, that satisfy this criteria as of September 30, 2022 and 2021 were not material to Occidental’s Consolidated Condensed Balance Sheets. In 2016, Occidental received payments from the Republic of Ecuador of approximately $1.0 billion pursuant to a November 2015 arbitration award for Ecuador’s 2006 expropriation of Occidental’s Participation Contract for Block 15. The awarded amount represented a recovery of Occidental's 60% of the value of Block 15. In 2017, Andes filed a demand for arbitration, claiming it is entitled to a 40% share of the judgment amount obtained by Occidental. Occidental contends that Andes is not entitled to any of the amounts paid under the 2015 arbitration award because Occidental’s recovery was limited to Occidental’s own 60% economic interest in the block. On March 26, 2021, the arbitration tribunal issued an award in favor of Andes and against OEPC in the amount of $391 million plus interest. In June 2021, OEPC filed a motion to vacate the award due to concerns regarding the validity of the award. In addition, OEPC has made a demand for significant additional claims not addressed by the arbitration tribunal that OEPC has against Andes relating to Andes' 40% share of costs, liabilities, losses and expenses due under the farmout agreement and joint operating agreement to which Andes and OEPC are parties. In December 2021, the U.S. District Court Southern District of New York confirmed the arbitration award, plus prejudgment interest, in the aggregate amount of $558 million. OEPC has appealed the judgment. If unfavorable outcomes of these matters were to occur, future results of operations or cash flows for any particular quarterly or annual period could be materially adversely affected. Occidental’s estimates are based on information known about the legal matters and its experience in contesting, litigating and settling similar matters. Occidental reassesses the probability and estimability of contingent losses as new information becomes available. TAX MATTERS During the course of its operations, Occidental is subject to audit by tax authorities for varying periods in various federal, state, local and international tax jurisdictions. Tax years through 2020 for U.S. federal income tax purposes have been audited by the IRS pursuant to its Compliance Assurance Program and subsequent taxable years are currently under review. Tax years through 2014 have been audited for state income tax purposes. Significant audit matters in international jurisdictions have been resolved through 2010. During the course of tax audits, disputes have arisen and other disputes may arise as to facts and matters of law. For Anadarko, its taxable years through 2014 and tax year 2016 for U.S. federal tax purposes have been audited by the IRS. Tax years through 2008 have been audited for state income tax purposes. There is one outstanding significant tax matter in an international jurisdiction related to a discontinued operation. As stated above, during the course of tax audits, disputes have arisen and other disputes may arise as to facts and matters of law. Other than the matter discussed below, Occidental believes that the resolution of these outstanding tax matters would not have a material adverse effect on its consolidated financial position or results of operations. Anadarko received an $881 million tentative refund in 2016 related to its $5.2 billion Tronox Adversary Proceeding settlement payment in 2015. In September 2018, Anadarko received a statutory notice of deficiency from the IRS disallowing the net operating loss carryback and rejecting Anadarko’s refund claim. As a result, Anadarko filed a petition with the U.S. Tax Court to dispute the disallowances in November 2018. The case was in the IRS appeals process until the second quarter of 2020, however it has since been returned to the U.S. Tax Court, where a trial date has been set for May 2023 and Occidental expects to continue pursuing resolution. In accordance with ASC 740’s guidance on the accounting for uncertain tax positions, Occidental has recorded no tax benefit on the tentative cash tax refund of $881 million. As a result, should Occidental not ultimately prevail on the issue, there would be no additional tax expense recorded relative to this position for financial statement purposes other than future interest. However, in that event, Occidental would be required to repay approximately $1.3 billion in federal taxes, $28 million in state taxes and accrued interest of $369 million. A liability for this amount plus interest is included in deferred credits and other liabilities-other. INDEMNITIES TO THIRD PARTIES Occidental, its subsidiaries, or both, have indemnified various parties against specified liabilities those parties might incur in the future in connection with purchases and other transactions that they have entered into with Occidental. These indemnities usually are contingent upon the other party incurring liabilities that reach specified thresholds. As of September 30, 2022, Occidental is not aware of circumstances that it believes would reasonably be expected to lead to indemnity claims that would result in payments materially in excess of reserves.
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Earnings Per Share and Stockholders' Equity |
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Stockholders' Equity Note [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share and Stockholders' Equity |
The following table presents the effects of Occidental's share repurchases as part of the $3.0 billion stock repurchase plan announced in February 2022, along with other transactions in Occidental's stock:
(a) Approximately $280 million of cash was received as a result of the exercise of common stock warrants and options. (b) Consists of issuances from the 2015 long-term incentive plan, the OPC savings plan, dividend reinvestment plan and Anadarko restricted stock awards. (c) In addition to the 39.6 million shares that Occidental repurchased under its share repurchase plan during the nine months ended September 30, 2022, Occidental subsequently repurchased an additional 2.2 million shares under its share repurchase plan in the period from October 1, 2022, through November 7, 2022. (d) As of September 30, 2022, Occidental has 104.1 million outstanding warrants with a strike of $22 per share and 83.9 million of warrants with a strike of $59.62 per share. The following table presents the calculation of basic and diluted EPS attributable to common stockholders:
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Segments |
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Segments |
Occidental conducts its operations through three segments: (1) oil and gas; (2) chemical; and (3) midstream and marketing. Income taxes, interest income, interest expense, environmental remediation expenses, Anadarko acquisition-related costs and unallocated corporate expenses are included under corporate and eliminations. Intersegment sales eliminate upon consolidation and are generally made at prices approximating those that the selling entity would be able to obtain in third-party transactions. The following table presents Occidental’s industry segments:
(a) The three months ended September 30, 2021 included $97 million of oil, gas and CO2 net derivative losses. The nine months ended September 30, 2022 included $147 million of gains, primarily related to the sale of certain non-strategic assets in the Permian Basin. The nine months ended September 30, 2021 included $277 million of oil, gas and CO2 net derivative losses and $173 million of asset impairments. (b) The three and nine months ended September 30, 2022 included $84 million and $186 million of net derivative mark-to-market losses, respectively, and $62 million of gain on the sale of 10 million limited partner units in WES. The nine months ended September 30, 2021 included $124 million of gains on sales, primarily from the sale of 11.5 million limited partner units in WES, and $176 million in net derivative mark-to-market losses. (c) The three months ended September 30, 2022 included a $70 million net gain on interest rate swaps. The nine months ended September 30, 2022 included a non-cash tax benefit of $2.6 billion in connection with Occidental's legal entity reorganization, which is further discussed in the Income Taxes section of the Management’s Discussion and Analysis of Financial Condition and Results of Operations in Part I, Item 2 of this Form 10-Q, as well as $332 million of net gains on interest rate swaps, $143 million of net gains on early debt extinguishment and $82 million of Anadarko acquisition-related costs. The three months ended September 30, 2021 included $88 million of losses on debt tenders. The nine months ended September 30, 2021 also included $150 million of net gains on interest rate swaps and $122 million of Anadarko acquisition-related costs.
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General (Policies) |
9 Months Ended |
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Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
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. |
Revenue | Revenue from customers is recognized when obligations under the terms of a contract with our customers are satisfied; this generally occurs with the delivery of oil, NGL, gas, chemicals or services, such as transportation. |
General (Tables) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Restrictions on Cash and Cash Equivalents | The following table provides a reconciliation of cash, cash equivalents, restricted cash and restricted cash equivalents as reported in the Consolidated Condensed Statements of Cash Flows as of September 30, 2022 and 2021:
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Schedule of Cash and Cash Equivalents | The following table provides a reconciliation of cash, cash equivalents, restricted cash and restricted cash equivalents as reported in the Consolidated Condensed Statements of Cash Flows as of September 30, 2022 and 2021:
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Schedule of Supplemental Cash Flows | 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 nine months ended September 30, 2022 and 2021, respectively:
(a) Net of capitalized interest of $50 million and $46 million for the nine months ended September 30, 2022 and 2021, respectively.
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Revenue (Tables) |
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Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Reconciliation of Revenue from Customers to Total Net Sales | The following table shows a reconciliation of revenue from customers to total net sales for the three and nine months ended September 30, 2022 and 2021:
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Schedule of Revenue from Customers by Segment, Product, and Geographical Area | 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 segment revenues are shown by geographic area based on the location of the sale. Excluding net marketing revenue, midstream and marketing segment revenues are shown by the location of sale:
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Inventories (Tables) |
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Sep. 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Inventories | Inventories consisted of the following:
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Long-Term Debt (Tables) |
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Sep. 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long-term Debt | The following table summarizes Occidental's outstanding debt, including finance lease liabilities:
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Derivatives (Tables) |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Net Sales Related to the Outstanding Commodity Derivative Instruments | The following table summarizes net short volumes associated with the outstanding marketing commodity derivatives not designated as hedging instruments:
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Summary of Derivative Instruments | Occidental had the following outstanding interest rate swaps as of September 30, 2022:
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Gross and Net Fair Values of Outstanding Derivatives | The following tables present the fair values of Occidental’s outstanding derivatives. Fair values are presented at gross amounts below, including when the derivatives are subject to netting arrangements, and are presented on a net basis in the Consolidated Condensed Balance Sheets:
(a)These amounts do not include collateral. As of September 30, 2022 and December 31, 2021, $64 million and $323 million of collateral related to interest rate swaps had been netted against derivative liabilities, respectively. Occidental netted $16 million of collateral received from brokers against derivative assets related to marketing derivatives as of September 30, 2022 and netted $110 million of collateral deposited with brokers against derivative liabilities related to marketing derivatives as of December 31, 2021.
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Schedule of Gains and Losses on Derivatives | The following table presents gains and (losses) related to Occidental's derivative instruments on the Consolidated Condensed Statements of Operations:
(a) Includes derivative and non-derivative marketing activity. (b) All of Occidental's calls and collars expired on or before December 31, 2021.
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Income Taxes (Tables) |
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Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Components of Income Tax Expense (Benefit) | The following summarizes components of income tax expense on continuing operations for the three and nine months ended September 30, 2022 and 2021:
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Environmental Liabilities and Expenditures (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Environmental Remediation Obligations [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Current and Non-Current Environmental Remediation Reserves by Categories of Sites | The following table presents Occidental’s current and non-current environmental remediation liabilities as of September 30, 2022. The current portion, $155 million, is included in accrued liabilities and the non-current portion, $893 million, in deferred credits and other liabilities-environmental remediation liabilities. Occidental’s environmental remediation sites are grouped into four categories: sites listed or proposed for listing by the U.S. EPA on the CERCLA NPL and three categories of non-NPL sites—third-party sites, Occidental-operated sites and closed or non-operated Occidental sites.
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Earnings Per Share and Stockholders' Equity (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Repurchase Agreements | The following table presents the effects of Occidental's share repurchases as part of the $3.0 billion stock repurchase plan announced in February 2022, along with other transactions in Occidental's stock:
(a) Approximately $280 million of cash was received as a result of the exercise of common stock warrants and options. (b) Consists of issuances from the 2015 long-term incentive plan, the OPC savings plan, dividend reinvestment plan and Anadarko restricted stock awards. (c) In addition to the 39.6 million shares that Occidental repurchased under its share repurchase plan during the nine months ended September 30, 2022, Occidental subsequently repurchased an additional 2.2 million shares under its share repurchase plan in the period from October 1, 2022, through November 7, 2022. (d) As of September 30, 2022, Occidental has 104.1 million outstanding warrants with a strike of $22 per share and 83.9 million of warrants with a strike of $59.62 per share.
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Calculation of Basic and Diluted EPS | The following table presents the calculation of basic and diluted EPS attributable to common stockholders:
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Segments (Tables) |
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Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Industry Segments | The following table presents Occidental’s industry segments:
(a) The three months ended September 30, 2021 included $97 million of oil, gas and CO2 net derivative losses. The nine months ended September 30, 2022 included $147 million of gains, primarily related to the sale of certain non-strategic assets in the Permian Basin. The nine months ended September 30, 2021 included $277 million of oil, gas and CO2 net derivative losses and $173 million of asset impairments. (b) The three and nine months ended September 30, 2022 included $84 million and $186 million of net derivative mark-to-market losses, respectively, and $62 million of gain on the sale of 10 million limited partner units in WES. The nine months ended September 30, 2021 included $124 million of gains on sales, primarily from the sale of 11.5 million limited partner units in WES, and $176 million in net derivative mark-to-market losses. (c) The three months ended September 30, 2022 included a $70 million net gain on interest rate swaps. The nine months ended September 30, 2022 included a non-cash tax benefit of $2.6 billion in connection with Occidental's legal entity reorganization, which is further discussed in the Income Taxes section of the Management’s Discussion and Analysis of Financial Condition and Results of Operations in Part I, Item 2 of this Form 10-Q, as well as $332 million of net gains on interest rate swaps, $143 million of net gains on early debt extinguishment and $82 million of Anadarko acquisition-related costs. The three months ended September 30, 2021 included $88 million of losses on debt tenders. The nine months ended September 30, 2021 also included $150 million of net gains on interest rate swaps and $122 million of Anadarko acquisition-related costs.
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General - Cash, Cash Equivalents and Restricted Cash Equivalents (Details) - USD ($) $ in Millions |
Sep. 30, 2022 |
Dec. 31, 2021 |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|---|---|
Accounting Policies [Abstract] | ||||
Cash and cash equivalents | $ 1,233 | $ 2,764 | $ 2,059 | |
Restricted cash and restricted cash equivalents included in other current assets | 31 | 220 | ||
Restricted cash and restricted cash equivalents included in long-term receivables and other assets, net | 15 | 15 | ||
Cash, cash equivalents, restricted cash and restricted cash equivalents | $ 1,279 | $ 2,803 | $ 2,294 | $ 2,194 |
General - Supplemental Cash Flow Information (Details) - Continuing Operations - USD ($) $ in Millions |
9 Months Ended | |
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Sep. 30, 2022 |
Sep. 30, 2021 |
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SUPPLEMENTAL CASH FLOW INFORMATION | ||
Income tax payments | $ 1,885 | $ 502 |
Income tax refunds received | 89 | 70 |
Interest paid | 1,236 | 1,432 |
Capitalized interest | $ 50 | $ 46 |
General - Narrative (Details) - USD ($) $ in Millions |
1 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Jul. 31, 2022 |
Sep. 30, 2022 |
Dec. 31, 2021 |
Sep. 30, 2021 |
Jun. 30, 2022 |
Mar. 31, 2022 |
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Summary of Significant Accounting Policies [Line Items] | ||||||
Common stock, outstanding (in shares) | 908,077,761 | 934,074,700 | 928,963,512 | 937,190,982 | ||
Limited partner interest | 49.40% | |||||
Non-voting limited partner interest | 2.00% | |||||
Effective economic interest | 51.50% | |||||
WES | ||||||
Summary of Significant Accounting Policies [Line Items] | ||||||
Non-voting general partner interest | 2.30% | |||||
Berkshire Hathaway | ||||||
Summary of Significant Accounting Policies [Line Items] | ||||||
Common stock, outstanding (in shares) | 194,000,000 | |||||
Discontinued Operations | Ecuador Operations | ||||||
Summary of Significant Accounting Policies [Line Items] | ||||||
Loss from discontinued operations | $ 412 | |||||
Discontinued Operations | Ghana Operations | ||||||
Summary of Significant Accounting Policies [Line Items] | ||||||
Loss from discontinued operations | $ 32 | |||||
Disposed of by Sale, Not Discontinued Operations | WES | ||||||
Summary of Significant Accounting Policies [Line Items] | ||||||
Number of limited partner units sold (in units) | 10,000,000 | |||||
Proceeds from sale of limited partner units | $ 253 | |||||
Gain on sale | $ 62 |
Revenue - Narrative (Details) - USD ($) $ in Millions |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Revenue from Contract with Customer [Abstract] | ||
Trade receivables, net | $ 4,046 | $ 4,208 |
Revenue - Reconciliation (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
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Revenue from Contract with Customer [Abstract] | ||||
Revenue from customers | $ 9,359 | $ 6,880 | $ 27,923 | $ 18,166 |
All other revenues | 31 | (88) | 492 | (123) |
Net sales | $ 9,390 | $ 6,792 | $ 28,415 | $ 18,043 |
Revenue - Disaggregation of revenue (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Disaggregation of revenue | ||||
Revenue from customers | $ 9,359 | $ 6,880 | $ 27,923 | $ 18,166 |
United States | ||||
Disaggregation of revenue | ||||
Revenue from customers | 8,252 | 5,995 | 24,775 | 15,883 |
International | ||||
Disaggregation of revenue | ||||
Revenue from customers | 1,511 | 1,146 | 4,247 | 3,041 |
Eliminations | ||||
Disaggregation of revenue | ||||
Revenue from customers | (404) | (261) | (1,099) | (758) |
Eliminations | United States | ||||
Disaggregation of revenue | ||||
Revenue from customers | 0 | 0 | 0 | 0 |
Eliminations | International | ||||
Disaggregation of revenue | ||||
Revenue from customers | 0 | 0 | 0 | 0 |
Oil and gas | ||||
Disaggregation of revenue | ||||
Revenue from customers | 7,098 | 5,056 | 20,869 | 13,463 |
Oil and gas | Oil | ||||
Disaggregation of revenue | ||||
Revenue from customers | 5,430 | 3,822 | 16,269 | 10,546 |
Oil and gas | NGL | ||||
Disaggregation of revenue | ||||
Revenue from customers | 785 | 732 | 2,441 | 1,718 |
Oil and gas | Gas | ||||
Disaggregation of revenue | ||||
Revenue from customers | 874 | 475 | 2,141 | 1,179 |
Oil and gas | Other | ||||
Disaggregation of revenue | ||||
Revenue from customers | 9 | 27 | 18 | 20 |
Oil and gas | United States | ||||
Disaggregation of revenue | ||||
Revenue from customers | 5,821 | 4,123 | 17,381 | 11,027 |
Oil and gas | United States | Oil | ||||
Disaggregation of revenue | ||||
Revenue from customers | 4,369 | 3,056 | 13,311 | 8,548 |
Oil and gas | United States | NGL | ||||
Disaggregation of revenue | ||||
Revenue from customers | 658 | 642 | 2,139 | 1,498 |
Oil and gas | United States | Gas | ||||
Disaggregation of revenue | ||||
Revenue from customers | 786 | 399 | 1,916 | 963 |
Oil and gas | United States | Other | ||||
Disaggregation of revenue | ||||
Revenue from customers | 8 | 26 | 15 | 18 |
Oil and gas | International | ||||
Disaggregation of revenue | ||||
Revenue from customers | 1,277 | 933 | 3,488 | 2,436 |
Oil and gas | International | Oil | ||||
Disaggregation of revenue | ||||
Revenue from customers | 1,061 | 766 | 2,958 | 1,998 |
Oil and gas | International | NGL | ||||
Disaggregation of revenue | ||||
Revenue from customers | 127 | 90 | 302 | 220 |
Oil and gas | International | Gas | ||||
Disaggregation of revenue | ||||
Revenue from customers | 88 | 76 | 225 | 216 |
Oil and gas | International | Other | ||||
Disaggregation of revenue | ||||
Revenue from customers | 1 | 1 | 3 | 2 |
Oil and gas | Eliminations | ||||
Disaggregation of revenue | ||||
Revenue from customers | 0 | 0 | 0 | 0 |
Oil and gas | Eliminations | Oil | ||||
Disaggregation of revenue | ||||
Revenue from customers | 0 | 0 | 0 | 0 |
Oil and gas | Eliminations | NGL | ||||
Disaggregation of revenue | ||||
Revenue from customers | 0 | 0 | 0 | 0 |
Oil and gas | Eliminations | Gas | ||||
Disaggregation of revenue | ||||
Revenue from customers | 0 | 0 | 0 | 0 |
Oil and gas | Eliminations | Other | ||||
Disaggregation of revenue | ||||
Revenue from customers | 0 | 0 | 0 | 0 |
Chemical | ||||
Disaggregation of revenue | ||||
Revenue from customers | 1,674 | 1,395 | 5,265 | 3,669 |
Chemical | United States | ||||
Disaggregation of revenue | ||||
Revenue from customers | 1,572 | 1,329 | 4,984 | 3,494 |
Chemical | International | ||||
Disaggregation of revenue | ||||
Revenue from customers | 102 | 66 | 281 | 175 |
Chemical | Eliminations | ||||
Disaggregation of revenue | ||||
Revenue from customers | 0 | 0 | 0 | 0 |
Midstream and marketing | ||||
Disaggregation of revenue | ||||
Revenue from customers | 991 | 690 | 2,888 | 1,792 |
Midstream and marketing | United States | ||||
Disaggregation of revenue | ||||
Revenue from customers | 859 | 543 | 2,410 | 1,362 |
Midstream and marketing | International | ||||
Disaggregation of revenue | ||||
Revenue from customers | 132 | 147 | 478 | 430 |
Midstream and marketing | Eliminations | ||||
Disaggregation of revenue | ||||
Revenue from customers | $ 0 | $ 0 | $ 0 | $ 0 |
Inventories (Details) - USD ($) $ in Millions |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Raw materials | $ 110 | $ 96 |
Materials and supplies | 882 | 783 |
Commodity inventory and finished goods | 1,044 | 1,066 |
Inventories, gross | 2,036 | 1,945 |
Revaluation to LIFO | (99) | (99) |
Total | $ 1,937 | $ 1,846 |
Divestitures and Other Transactions (Details) - Discontinued Operations, Disposed of by Sale - Permian Basin $ in Millions |
1 Months Ended |
---|---|
Jan. 31, 2022
USD ($)
| |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Net proceeds from sale | $ 190 |
Gain on sale | $ 123 |
Long-Term Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Millions |
Sep. 30, 2022 |
Dec. 31, 2021 |
||
---|---|---|---|---|
Debt Disclosure [Abstract] | ||||
Total borrowings at face value | $ 19,089 | $ 28,493 | ||
Adjustments to book value: | ||||
Unamortized premium, net | 1,321 | 670 | ||
Debt issuance costs | (79) | (135) | ||
Net book value of debt | 20,331 | 29,028 | ||
Long-term finance leases | 552 | 504 | ||
Current finance leases | 141 | 85 | ||
Total debt and finance leases | 21,024 | 29,617 | ||
Less: current maturities of financing leases | (141) | (85) | ||
Less: current maturities of long-term debt | (405) | (101) | ||
Long-term debt, net | [1] | $ 20,478 | $ 29,431 | |
|
Long-Term Debt - Narrative (Details) - USD ($) $ in Millions |
1 Months Ended | 3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|---|
Nov. 08, 2022 |
Sep. 30, 2022 |
Sep. 30, 2022 |
Sep. 30, 2021 |
Oct. 31, 2022 |
Dec. 31, 2021 |
|
Long-term Debt | ||||||
Payments of long-term debt | $ 8,325 | $ 4,555 | ||||
Long-term debt, gross | $ 19,089 | 19,089 | $ 28,493 | |||
Net book value of debt | 20,331 | 20,331 | 29,028 | |||
Level 1 | Estimate of Fair Value Measurement | ||||||
Long-term Debt | ||||||
Fair value of long-term debt | 18,600 | 18,600 | $ 31,100 | |||
Senior Notes Due from 2024 Through 2048 | Senior Notes | ||||||
Long-term Debt | ||||||
Payments of long-term debt | 1,300 | |||||
Senior Notes Due from 2022 Through 2049 | Senior Notes | ||||||
Long-term Debt | ||||||
Payments of long-term debt | 8,300 | |||||
Long-term debt, gross | 9,400 | 9,400 | ||||
Net book value of debt | $ 8,700 | 8,700 | ||||
Loss on debt extinguished | $ 143 | |||||
Senior Notes Due from 2024 Through 2049 | Senior Notes | Subsequent Event | ||||||
Long-term Debt | ||||||
Payments of long-term debt | $ 18,900 | |||||
Debt issuance, face amount | $ 191 | |||||
Senior Notes Due February 2023 | Senior Notes | Subsequent Event | ||||||
Long-term Debt | ||||||
Debt issuance, face amount | $ 340 | |||||
Interest rate | 2.70% |
Derivatives - Marketing Derivatives (Details) |
9 Months Ended | 12 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Sep. 30, 2022
$ / bbl
|
Sep. 30, 2022
$ / MillionCubicFeet
|
Sep. 30, 2022
MMBbls
|
Sep. 30, 2022
Bcf
|
Dec. 31, 2021
$ / bbl
|
Dec. 31, 2021
$ / MillionCubicFeet
|
Dec. 31, 2021
MMBbls
|
Dec. 31, 2021
Bcf
|
|
Marketing Derivatives | Not Designated as Hedging Instruments | ||||||||
Outstanding commodity derivatives contracts not designated as hedging instruments | ||||||||
Weighted average sales price (in dollars per barrel) | 86.82 | 6.11 | 74.85 | 4.61 | ||||
Oil commodity contracts | Short position | ||||||||
Outstanding commodity derivatives contracts not designated as hedging instruments | ||||||||
Outstanding net volumes on derivatives not designated as hedges (mmbls/bcf) | MMBbls | (28) | (28) | ||||||
Natural gas commodity contracts | Short position | ||||||||
Outstanding commodity derivatives contracts not designated as hedging instruments | ||||||||
Outstanding net volumes on derivatives not designated as hedges (mmbls/bcf) | Bcf | (141) | (136) |
Derivatives - Interest-Rate Swaps (Details) $ in Millions |
9 Months Ended |
---|---|
Sep. 30, 2022
USD ($)
| |
Interest Rate Swap, 6.445% | |
Derivative [Line Items] | |
Derivative, notional amount | $ 450 |
Weighted-average interest rate | 6.445% |
Interest Rate Swaps | |
Derivative [Line Items] | |
Net cash receipts for interest rate swap agreements | $ 61 |
Payments for mandatory termination | 86 |
Periodic interest settlement amount | 34 |
Collateral paid with respect to interest rate swap agreements | $ 181 |
Derivatives - Fair Value Derivatives (Details) - USD ($) $ in Millions |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Marketing Derivatives | ||
Gross and net fair values of outstanding derivatives (in millions) | ||
Collateral related to marketing derivatives | $ 16 | $ 110 |
Interest Rate Swaps | ||
Gross and net fair values of outstanding derivatives (in millions) | ||
Netting and collateral, liability | 0 | |
Total net fair value, liability | (221) | |
Collateral paid netted against derivative liabilities | 64 | 323 |
Other current assets | Marketing Derivatives | ||
Gross and net fair values of outstanding derivatives (in millions) | ||
Netting, asset | (1,970) | (1,645) |
Total net fair value, asset | 161 | 44 |
Long-term receivables and other assets, net | Marketing Derivatives | ||
Gross and net fair values of outstanding derivatives (in millions) | ||
Netting, asset | (84) | (4) |
Total net fair value, asset | 1 | 1 |
Accrued liabilities | Marketing Derivatives | ||
Gross and net fair values of outstanding derivatives (in millions) | ||
Netting and collateral, liability | 1,970 | 1,645 |
Total net fair value, liability | (17) | (159) |
Accrued liabilities | Interest Rate Swaps | ||
Gross and net fair values of outstanding derivatives (in millions) | ||
Netting and collateral, liability | 0 | |
Total net fair value, liability | (315) | |
Deferred credits and other liabilities - other | Marketing Derivatives | ||
Gross and net fair values of outstanding derivatives (in millions) | ||
Netting and collateral, liability | 84 | 4 |
Total net fair value, liability | 0 | 0 |
Deferred credits and other liabilities - other | Interest Rate Swaps | ||
Gross and net fair values of outstanding derivatives (in millions) | ||
Netting and collateral, liability | 0 | |
Total net fair value, liability | (436) | |
Level 1 | Interest Rate Swaps | ||
Gross and net fair values of outstanding derivatives (in millions) | ||
Commodity contract derivative liability, gross | 0 | |
Level 1 | Other current assets | Marketing Derivatives | ||
Gross and net fair values of outstanding derivatives (in millions) | ||
Commodity contract derivative asset, gross | 1,921 | 1,516 |
Level 1 | Long-term receivables and other assets, net | Marketing Derivatives | ||
Gross and net fair values of outstanding derivatives (in millions) | ||
Commodity contract derivative asset, gross | 84 | 4 |
Level 1 | Accrued liabilities | Marketing Derivatives | ||
Gross and net fair values of outstanding derivatives (in millions) | ||
Commodity contract derivative liability, gross | (1,828) | (1,608) |
Level 1 | Accrued liabilities | Interest Rate Swaps | ||
Gross and net fair values of outstanding derivatives (in millions) | ||
Commodity contract derivative liability, gross | 0 | |
Level 1 | Deferred credits and other liabilities - other | Marketing Derivatives | ||
Gross and net fair values of outstanding derivatives (in millions) | ||
Commodity contract derivative liability, gross | (84) | (4) |
Level 1 | Deferred credits and other liabilities - other | Interest Rate Swaps | ||
Gross and net fair values of outstanding derivatives (in millions) | ||
Commodity contract derivative liability, gross | 0 | |
Level 2 | Interest Rate Swaps | ||
Gross and net fair values of outstanding derivatives (in millions) | ||
Commodity contract derivative liability, gross | (221) | |
Level 2 | Other current assets | Marketing Derivatives | ||
Gross and net fair values of outstanding derivatives (in millions) | ||
Commodity contract derivative asset, gross | 210 | 173 |
Level 2 | Long-term receivables and other assets, net | Marketing Derivatives | ||
Gross and net fair values of outstanding derivatives (in millions) | ||
Commodity contract derivative asset, gross | 1 | 1 |
Level 2 | Accrued liabilities | Marketing Derivatives | ||
Gross and net fair values of outstanding derivatives (in millions) | ||
Commodity contract derivative liability, gross | (159) | (196) |
Level 2 | Accrued liabilities | Interest Rate Swaps | ||
Gross and net fair values of outstanding derivatives (in millions) | ||
Commodity contract derivative liability, gross | (315) | |
Level 2 | Deferred credits and other liabilities - other | Marketing Derivatives | ||
Gross and net fair values of outstanding derivatives (in millions) | ||
Commodity contract derivative liability, gross | 0 | 0 |
Level 2 | Deferred credits and other liabilities - other | Interest Rate Swaps | ||
Gross and net fair values of outstanding derivatives (in millions) | ||
Commodity contract derivative liability, gross | (436) | |
Level 3 | Interest Rate Swaps | ||
Gross and net fair values of outstanding derivatives (in millions) | ||
Commodity contract derivative liability, gross | 0 | |
Level 3 | Other current assets | Marketing Derivatives | ||
Gross and net fair values of outstanding derivatives (in millions) | ||
Commodity contract derivative asset, gross | 0 | 0 |
Level 3 | Long-term receivables and other assets, net | Marketing Derivatives | ||
Gross and net fair values of outstanding derivatives (in millions) | ||
Commodity contract derivative asset, gross | 0 | 0 |
Level 3 | Accrued liabilities | Marketing Derivatives | ||
Gross and net fair values of outstanding derivatives (in millions) | ||
Commodity contract derivative liability, gross | 0 | 0 |
Level 3 | Accrued liabilities | Interest Rate Swaps | ||
Gross and net fair values of outstanding derivatives (in millions) | ||
Commodity contract derivative liability, gross | 0 | |
Level 3 | Deferred credits and other liabilities - other | Marketing Derivatives | ||
Gross and net fair values of outstanding derivatives (in millions) | ||
Commodity contract derivative liability, gross | $ 0 | 0 |
Level 3 | Deferred credits and other liabilities - other | Interest Rate Swaps | ||
Gross and net fair values of outstanding derivatives (in millions) | ||
Commodity contract derivative liability, gross | $ 0 |
Derivatives - Gains and Losses on Derivatives (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on derivative instrument | $ 70 | $ (26) | $ 332 | $ 150 |
Interest Rate Swaps | Gains (losses) on interest rate swaps, net | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on derivative instrument | 70 | (26) | 332 | 150 |
Marketing Derivatives | Net sales | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on derivative instrument | 14 | 12 | 473 | 214 |
Collars and Calls | Net sales | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on derivative instrument | $ 0 | $ (101) | $ 0 | $ (339) |
Derivatives - Credit Risk (Details) - Not Designated as Hedging Instruments - USD ($) $ in Millions |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Derivative [Line Items] | ||
Aggregate fair value of derivative instruments with credit-risk-related contingent features for which a net liability position existed (net of collateral) | $ 21 | $ 107 |
Amount of collateral posted related to derivative instruments with credit-risk-related contingent features | $ 64 | $ 323 |
Income Taxes - Narrative (Details) - USD ($) $ in Billions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Income Tax Disclosure [Abstract] | ||||
Non-cash tax benefit | $ 2.6 | |||
Worldwide effective tax rate | 25.00% | 32.00% | 3.00% | 27.00% |
Income Taxes - Components of Income Tax Benefit (Expense) (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Income Tax Disclosure [Abstract] | ||||
Income from continuing operations before income taxes | $ 3,648 | $ 1,217 | $ 11,717 | $ 1,675 |
Current | ||||
Federal | (297) | (170) | (1,152) | (170) |
State and Local | (43) | (23) | (127) | (12) |
Foreign | (290) | (174) | (826) | (456) |
Total current tax expense | (630) | (367) | (2,105) | (638) |
Deferred | ||||
Federal | (264) | 19 | 1,718 | 35 |
State and Local | 5 | 23 | 83 | 106 |
Foreign | (13) | (62) | (36) | 51 |
Total deferred tax benefit (expense) | (272) | (20) | 1,765 | 192 |
Total income tax expense | (902) | (387) | (340) | (446) |
Income from continuing operations | $ 2,746 | $ 830 | $ 11,377 | $ 1,229 |
Worldwide effective tax rate | 25.00% | 32.00% | 3.00% | 27.00% |
Environmental Liabilities and Expenditures (Details) |
1 Months Ended | 3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|---|
Sep. 30, 2021
USD ($)
mi
|
Mar. 31, 2016
mi
|
Sep. 30, 2016
USD ($)
|
Sep. 30, 2022
USD ($)
site
|
Dec. 31, 2021
USD ($)
|
|
Environmental remediation reserves | |||||
Number of Sites | site | 166 | ||||
Current portion of environmental remediation liabilities | $ 155,000,000 | ||||
Environmental remediation reserves, non-current, included in deferred credits and other liabilities - other | 893,000,000 | $ 944,000,000 | |||
Remediation Balance | 1,048,000,000 | ||||
Environmental reserves, exceeding $ ten million, threshold value | $ 10,000,000 | ||||
Environmental reserves, exceeding $ ten million, threshold value, number of sites | site | 16 | ||||
Environmental reserves, range between zero to $ one million site category, number of sites | site | 99 | ||||
Percent of reserve to be funded over the next three to four years | 40.00% | ||||
Period of expending remaining environmental reserves (or more) | 10 years | ||||
Environmental remediation additional loss range | $ 1,200,000,000 | ||||
Low end of range | |||||
Environmental remediation reserves | |||||
Environmental reserves, range between zero to $ one million site category | $ 0 | ||||
Period of expending first half of environmental reserves | 3 years | ||||
High end of range | |||||
Environmental remediation reserves | |||||
Environmental reserves, range between zero to $ one million site category | $ 1,000,000 | ||||
Period of expending first half of environmental reserves | 4 years | ||||
NPL sites | |||||
Environmental remediation reserves | |||||
Number of Sites | site | 30 | ||||
Environmental remediation contingency, number of site categories | site | 4 | ||||
Remediation Balance | $ 445,000,000 | ||||
Non-National Priorities List Sites | |||||
Environmental remediation reserves | |||||
Environmental remediation contingency, number of site categories | site | 3 | ||||
Third-party sites | |||||
Environmental remediation reserves | |||||
Number of Sites | site | 71 | ||||
Remediation Balance | $ 237,000,000 | ||||
Occidental-operated sites | |||||
Environmental remediation reserves | |||||
Number of Sites | site | 13 | ||||
Remediation Balance | $ 105,000,000 | ||||
Closed or non-operated Occidental sites | |||||
Environmental remediation reserves | |||||
Number of Sites | site | 52 | ||||
Remediation Balance | $ 261,000,000 | ||||
Lower Passaic River | |||||
Environmental remediation reserves | |||||
Stretch of lower passaic river requiring remedial actions | mi | 8.3 | ||||
Stretch of lower passaic river not covered by remedial actions | mi | 9 | 9 | |||
Clean-up estimated cost | $ 441,000,000 | $ 165,000,000 |
Lawsuits, Claims, Commitments and Contingencies (Details) - USD ($) $ in Millions |
1 Months Ended | 12 Months Ended | ||||
---|---|---|---|---|---|---|
Mar. 26, 2021 |
Dec. 31, 2021 |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Sep. 30, 2022 |
|
Federal | ||||||
Lawsuits, commitments and contingencies | ||||||
Potential cash tax | $ 1,300 | |||||
State | ||||||
Lawsuits, commitments and contingencies | ||||||
Potential cash tax | 28 | |||||
Anadarko | ||||||
Lawsuits, commitments and contingencies | ||||||
Tentative cash tax refund | $ 881 | |||||
Potential accrued interest | $ 369 | |||||
Arbitration filed by Andes Petroleum Ecuador Ltd | ||||||
Lawsuits, commitments and contingencies | ||||||
Proceeds from settlement | $ 1,000 | |||||
Recovery of amount awarded in settlement amount (as a percent) | 60.00% | |||||
Percentage of judgment amount claimed | 40.00% | 40.00% | ||||
Own economic interest (as a percent) | 60.00% | |||||
Amount awarded to other party in litigation | $ 391 | $ 558 | ||||
Tronox Settlement | ||||||
Lawsuits, commitments and contingencies | ||||||
Payments for settlement | $ 5,200 |
Earnings Per Share and Stockholders' Equity - Schedule (Details) - USD ($) $ / shares in Units, $ in Millions |
1 Months Ended | 3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|---|
Nov. 07, 2022 |
Sep. 30, 2022 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Sep. 30, 2022 |
Dec. 31, 2021 |
|
Class of Stock [Line Items] | ||||||
Exercise of Warrants and Options (in shares) | 7,667,545 | 3,409,920 | 1,082,282 | 12,159,747 | ||
Other (in shares) | 18,280 | 42,342 | 2,764,746 | 2,825,368 | ||
Treasury Stock Purchases (in shares) | (28,571,576) | (11,679,732) | (730,746) | (40,982,054) | ||
Common stock, outstanding (in shares) | 908,077,761 | 928,963,512 | 937,190,982 | 908,077,761 | 934,074,700 | |
Proceeds from exercise of warrants and options | $ 280 | |||||
Share Repurchase Plan 2022 | ||||||
Class of Stock [Line Items] | ||||||
Treasury Stock Purchases (in shares) | (39,600,000) | |||||
Strike Price One | ||||||
Class of Stock [Line Items] | ||||||
Outstanding warrants (in shares) | 104,100,000 | 104,100,000 | ||||
Exercise price of warrant (in usd per share) | $ 22 | $ 22 | ||||
Strike Price Two | ||||||
Class of Stock [Line Items] | ||||||
Outstanding warrants (in shares) | 83,900,000 | 83,900,000 | ||||
Exercise price of warrant (in usd per share) | $ 59.62 | $ 59.62 | ||||
Subsequent Event | Share Repurchase Plan 2022 | ||||||
Class of Stock [Line Items] | ||||||
Treasury Stock Purchases (in shares) | (2,200,000) |
Earnings Per Share and Stockholders' Equity - Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Basic earnings (loss) per common share | ||||
Income from continuing operations | $ 2,746 | $ 830 | $ 11,377 | $ 1,229 |
Loss from discontinued operations | 0 | (2) | 0 | (444) |
NET INCOME | 2,746 | 828 | 11,377 | 785 |
Less: Preferred stock dividends | (200) | (200) | (600) | (600) |
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | 2,546 | 628 | 10,777 | 185 |
Less: Net income allocated to participating securities | (18) | (5) | (76) | (1) |
Net income, net of participating securities | $ 2,528 | $ 623 | $ 10,701 | $ 184 |
Weighted-average number of basic shares (in shares) | 922.0 | 935.4 | 933.0 | 934.4 |
Basic income per common share (in usd per share) | $ 2.74 | $ 0.67 | $ 11.47 | $ 0.20 |
Less: Net income allocated to participating securities | $ (17) | $ (5) | $ (70) | $ (1) |
Net income, net of participating securities | $ 2,529 | $ 623 | $ 10,707 | $ 184 |
Dilutive securities (in shares) | 80.5 | 22.3 | 72.9 | 19.8 |
Dilutive effect of potentially dilutive securities (in shares) | 1,002.5 | 957.7 | 1,005.9 | 954.2 |
Diluted income per common share (in usd per share) | $ 2.52 | $ 0.65 | $ 10.64 | $ 0.19 |
Earnings Per Share and Stockholders' Equity - Narrative (Details) - USD ($) $ in Billions |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
Feb. 28, 2022 |
|
Class of Stock [Line Items] | |||||
Stock repurchased during period, value | $ 3.0 | ||||
Warrant | |||||
Class of Stock [Line Items] | |||||
Berkshire warrants, common stock warrants, and options excluded from diluted shares (in shares) | 0 | 87,000,000 | 0 | 87,000,000 |
Segments - Schedule of Industry Segments and Eliminations (Details) shares in Millions, $ in Millions |
1 Months Ended | 3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|---|
Jul. 31, 2022
USD ($)
shares
|
Sep. 30, 2022
USD ($)
|
Sep. 30, 2021
USD ($)
|
Sep. 30, 2022
USD ($)
segment
shares
|
Sep. 30, 2021
USD ($)
shares
|
|
Segment Information | |||||
Number of operating segments | segment | 3 | ||||
Net sales | $ 9,390 | $ 6,792 | $ 28,415 | $ 18,043 | |
Income (loss) from continuing operations before income taxes | 3,648 | 1,217 | 11,717 | 1,675 | |
Income tax expense | (902) | (387) | (340) | (446) | |
Income (loss) from continuing operations | 2,746 | 830 | 11,377 | 1,229 | |
Loss on derivative instrument | (70) | 26 | (332) | (150) | |
Anadarko acquisition-related costs | 4 | 29 | 82 | 122 | |
Disposed of by sale, not discontinued operations | WES Midstream segment | |||||
Segment Information | |||||
Gain on sale | $ 62 | ||||
Number of limited partner units sold (in units) | shares | 10.0 | ||||
Operating segments | Oil and gas | |||||
Segment Information | |||||
Net sales | 7,098 | 4,955 | 20,869 | 13,124 | |
Income (loss) from continuing operations before income taxes | 3,345 | 1,467 | 10,337 | 2,036 | |
Income tax expense | 0 | 0 | 0 | 0 | |
Income (loss) from continuing operations | 3,345 | 1,467 | 10,337 | 2,036 | |
Loss on derivative instrument | 97 | 277 | |||
Impairment charge | 173 | ||||
Operating segments | Oil and gas | Disposed of by sale, not discontinued operations | Permian Basin | |||||
Segment Information | |||||
Gain on sale | 147 | ||||
Operating segments | Chemical | |||||
Segment Information | |||||
Net sales | 1,691 | 1,396 | 5,284 | 3,671 | |
Income (loss) from continuing operations before income taxes | 580 | 407 | 2,051 | 970 | |
Income tax expense | 0 | 0 | 0 | 0 | |
Income (loss) from continuing operations | 580 | 407 | 2,051 | 970 | |
Operating segments | Midstream and marketing | |||||
Segment Information | |||||
Net sales | 1,005 | 702 | 3,361 | 2,006 | |
Income (loss) from continuing operations before income taxes | 104 | 20 | 318 | 272 | |
Income tax expense | 0 | 0 | 0 | 0 | |
Income (loss) from continuing operations | 104 | 20 | 318 | 272 | |
Loss on derivative instrument | 176 | ||||
Gain on sale | 62 | $ 124 | |||
Mark to market gain (loss) on interest rate swaps | (84) | $ (186) | |||
Operating segments | Midstream and marketing | Disposed of by sale, not discontinued operations | WES Midstream segment | |||||
Segment Information | |||||
Number of limited partner units sold (in units) | shares | 10.0 | 11.5 | |||
Corporate and eliminations | |||||
Segment Information | |||||
Net sales | (404) | (261) | $ (1,099) | $ (758) | |
Income (loss) from continuing operations before income taxes | (381) | (677) | (989) | (1,603) | |
Income tax expense | (902) | (387) | (340) | (446) | |
Income (loss) from continuing operations | (1,283) | (1,064) | (1,329) | (2,049) | |
Mark to market gain (loss) on interest rate swaps | $ 70 | 332 | 150 | ||
Non-cash income tax benefit from reorganization | 2,600 | ||||
Gain (loss) on extinguishment of debt | $ (88) | 143 | |||
Anadarko acquisition-related costs | $ 82 | $ 122 |
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