STOCK-BASED INCENTIVE PLANS (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

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

A summary of changes in Occidental’s unvested cash- and stock-settled RSUs during the year ended December 31, 2022, is presented below:

	Cash-Settled				Stock-Settled
thousands, except fair values	RSUs	Weighted-Average Grant-Date Fair Value			RSUs	Weighted-Average Grant-Date Fair Value
Unvested as of January 1	5,375		$	41.44	8,589		$	33.10
Granted	150		$	47.41	4,362		$	45.14
Vested	(5,188)		$	41.86	(3,654)		$	38.04
Forfeitures	(39)		$	35.80	(403)		$	39.09
Unvested as of December 31	298		$	37.96	8,894		$	36.70

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

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

	TSRIs
	2022		2021		2020
Assumptions used:
Risk-free interest rate	1.7%		0.2%		1.4%
Volatility factor	80%		75%		26%
Expected life (years)	2.89		2.88		3.00
Grant-date fair value of underlying Occidental common stock	$	42.98	$	25.39	$	41.60

Summary of the changes of awards

A summary of changes in Occidental’s unvested TSRIs during the year ended December 31, 2022 is presented below:

	TSRIs
thousands, except fair values	Awards	Weighted-Average Grant-Date Fair Value of Occidental Stock
Unvested as of January 1	1,769		$	43.12
Granted	403		$	42.98
Vested (a)	(520)		$	67.19
Forfeitures	(9)		$	35.43
Unvested as of December 31	1,643		$	35.51

(a)Presented at the target payouts. No payouts occurred in 2022.

A summary of changes in Occidental’s unvested CROCEI during the year ended December 31, 2022 is presented below:

	CROCEI
thousands, except fair values	Awards	Weighted-Average Grant-Date Fair Value of Occidental Stock
Unvested as of January 1	418		$	33.03
Granted	156		$	42.98
Unvested as of December 31	574		$	35.73

Summary of stock options

The inputs to this and results of this model are presented below:

	Options
	2022		2021		2020
Assumptions used:
Risk-free interest rate	1.87%		0.7%		1.4%
Volatility factor	58%		55%		25%
Expected life (years)	6.02		6.00		6.00
Dividend yield	0.09%		0.16%		7.60%
Exercise price	$	42.98	$	25.39	$	41.60
Grant-date fair value of underlying Occidental common stock	$	23.39	$	12.72	$	3.19

A summary of Occidental’s outstanding stock options as of December 31, 2022 and changes during the year ended December 31, 2022 is presented below:

	Vested			Unvested
thousands, except fair values	Options	Weighted Average Strike Price		Options	Weighted Average Strike Price
January 1	2,236	$	49.13	1,430	$	35.52
Granted	—	$	—	286	$	42.98
Vested	641	$	36.68	(641)	$	36.68
Forfeited	(551)	$	76.96	—	$	—
Exercised	(673)	$	39.78	—	$	—
December 31	1,653	$	38.83	1,075	$	36.82