GENERAL

3 Months Ended

Mar. 31, 2023


NOTE 1 - 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 the 2022 Form 10-K.

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 months ended March 31, 2023 and 2022 and Occidental’s financial position as of March 31, 2023 and December 31, 2022. The income and cash flows for the periods ended March 31, 2023 and 2022 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 March 31, 2023 and 2022:


	As of March 31,
millions	2023		2022
Cash and cash equivalents	$	1,165	$	1,909
Restricted cash and restricted cash equivalents included in other current assets	36		25
Restricted cash and restricted cash equivalents included in long-term receivables and other assets, net	17		17
Cash, cash equivalents, restricted cash and restricted cash equivalents	$	1,218	$	1,951

SUPPLEMENTAL CASH FLOW INFORMATION

The following table represents U.S. federal, domestic, state and international income taxes paid, tax refunds received and interest paid during the three months ended March 31, 2023 and 2022, respectively:


	Three months ended March 31,
millions	2023		2022
Income tax payments	$	164	$	208
Income tax refunds received	$	—	$	70
Interest paid (a)	$	410	$	598

(a) Net of capitalized interest of $19 million and $11 million for the three months ended March 31, 2023 and 2022, respectively.

WES INVESTMENT

As of March 31, 2023, Occidental owned all of the 2.3% non-voting general partner interest and 49.5% 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 51.6%.