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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2023
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ___________ to ___________

Commission file number 1-9210
_____________________

OCCIDENTAL PETROLEUM CORPORATION
(Exact name of registrant as specified in its charter)
Delaware95-4035997
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
5 Greenway Plaza, Suite 110
Houston,Texas77046
(Address of principal executive offices) (Zip Code)
(713) 215-7000
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.20 par valueOXYNew York Stock Exchange
Warrants to Purchase Common Stock, $0.20 par value
OXY WSNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
þ Yes    No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
þ Yes    No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer        þ    Accelerated Filer            Non-Accelerated Filer     
Smaller Reporting Company        Emerging Growth Company    
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes   þ No

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Class Outstanding as of September 30, 2023 
 Common Stock, $0.20 par value 880,370,837




TABLE OF CONTENTSPAGE
Part I - Financial Information
Consolidated Condensed Balance Sheets — September 30, 2023 and December 31, 2022
Consolidated Condensed Statements of Operations — Three and nine months ended September 30, 2023 and 2022
Consolidated Condensed Statements of Comprehensive Income (Loss) — Three and nine months ended September 30, 2023 and 2022
6
Consolidated Condensed Statements of Cash Flows — Nine months ended September 30, 2023 and 2022
Consolidated Condensed Statements of Equity — Three and nine months ended September 30, 2023 and 2022
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits

1



ABBREVIATIONS USED WITHIN THIS DOCUMENT    
$/Bblprice per barrel
AnadarkoAnadarko Petroleum Corporation and its consolidated subsidiaries
AndesAndes Petroleum Ecuador Ltd.
AOCAdministrative Order on Consent
Bcfbillions of cubic feet
Berkshire HathawayBerkshire Hathaway Inc
Boebarrels of oil equivalent
CERCLAComprehensive Environmental Response, Compensation, and Liability Act
CO2
carbon dioxide
DASSDiamond Alkali Superfund Site
District CourtFederal District Court in the State of New Jersey
DSCCDiamond Shamrock Chemicals Company
DOJU.S. Department of Justice
EPAU.S. Environmental Protection Agency
EPSearnings per share
LIFOlast-in, first-out
MaxusMaxus Energy Corporation
Mbblthousands of barrels
Mboethousands of barrels equivalent
Mboe/dthousands of barrels equivalent per day
Mcfthousand cubic feet
MMbblmillions of barrels
MMcfmillions of cubic feet
NGLnatural gas liquids
NPLNational Priorities List
OccidentalOccidental Petroleum Corporation, a Delaware corporation and one or more entities in which it owns a controlling interest (subsidiaries)
OEPCOccidental Exploration and Production Company
OPECOrganization of the Petroleum Exporting Countries
OUOperable Unit
OU4 UAOOperable Unit 4 Unilateral Administrative Order
OxyChemOccidental Chemical Corporation
PVCpolyvinyl chloride
RCFrevolving credit facility
RepsolRepsol, S.A.
RODRecord of Decision
TrustMaxus Liquidating Trust
WESWestern Midstream Partners, LP
WES OperatingWestern Midstream Operating, LP
WTIWest Texas Intermediate
YPFYPF S.A.
Zero CouponsZero Coupon senior notes due 2036
2022 Form 10-KOccidental’s Annual Report on Form 10-K for the year ended December 31, 2022, including any amendments thereto
2



PART I    FINANCIAL INFORMATION

Item 1. Financial Statements (unaudited)
Consolidated Condensed Balance SheetsOccidental Petroleum Corporation and Subsidiaries
millionsSeptember 30, 2023December 31, 2022
ASSETS
CURRENT ASSETS
Cash and cash equivalents$611 $984 
Trade receivables, net of reserves of $24 in 2023 and $37 in 2022
3,674 4,281 
Inventories1,975 2,059 
Other current assets2,006 1,562 
Total current assets8,266 8,886 
INVESTMENTS IN UNCONSOLIDATED ENTITIES3,320 3,176 
PROPERTY, PLANT AND EQUIPMENT
Oil and gas107,888 104,487 
Chemical8,049 7,808 
Midstream and marketing7,993 7,550 
Corporate1,011 889 
Gross property, plant and equipment124,941 120,734 
Accumulated depreciation, depletion and amortization(66,671)(62,350)
Net property, plant and equipment58,270 58,384 
OPERATING LEASE ASSETS854 903 
LONG-TERM RECEIVABLES AND OTHER ASSETS, NET1,117 1,260 
TOTAL ASSETS$71,827 $72,609 
The accompanying notes are an integral part of these Consolidated Condensed Financial Statements.

3



Consolidated Condensed Balance SheetsOccidental Petroleum Corporation and Subsidiaries
millions, except share and per-share amountsSeptember 30, 2023December 31, 2022
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Current maturities of long-term debt (a)
$1,224 $165 
Current operating lease liabilities312 273 
Accounts payable3,908 4,029 
Accrued liabilities3,497 3,290 
Total current liabilities8,941 7,757 
LONG-TERM DEBT, NET (b)
18,597 19,670 
DEFERRED CREDITS AND OTHER LIABILITIES
Deferred income taxes, net5,666 5,512 
Asset retirement obligations3,636 3,636 
Pension and postretirement obligations910 1,055 
Environmental remediation liabilities860 905 
Operating lease liabilities577 657 
Other3,328 3,332 
Total deferred credits and other liabilities14,977 15,097 
STOCKHOLDERS' EQUITY
Preferred stock, at $1.00 per share par value: 2023 — 84,897 shares and 2022 —100,000 shares(c)
8,287 9,762 
Common stock, at $0.20 per share par value, authorized shares: 1.5 billion, issued shares: 2023 — 1,105,568,314 shares and 2022 — 1,098,512,626 shares
221 220 
Treasury stock: 2023 — 227,866,830 shares and 2022 — 198,653,682 shares
(15,573)(13,772)
Additional paid-in capital17,326 17,181 
Retained earnings18,758 16,499 
Accumulated other comprehensive income293 195 
Total stockholders' equity29,312 30,085 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$71,827 $72,609 
(a)    Included $169 million and $143 million of current finance lease liabilities as of September 30, 2023 and December 31, 2022, respectively.
(b)    Included $593 million and $546 million of finance lease liabilities as of September 30, 2023 and December 31, 2022, respectively.
(c)    See Note 9 - Earnings Per Share and Stockholders' Equity in the notes to the Consolidated Condensed Financial Statements in Part I, Item 1 of this Form 10-Q.

The accompanying notes are an integral part of these Consolidated Condensed Financial Statements.
4



Consolidated Condensed Statements of OperationsOccidental Petroleum Corporation and Subsidiaries
Three months ended September 30,Nine months ended September 30,
millions, except per-share amounts2023202220232022
REVENUES AND OTHER INCOME
Net sales$7,158 $9,390 $21,085 $28,415 
Interest, dividends and other income50 37 107 122 
Gains on sales of assets, net192 74 197 232 
Total7,400 9,501 21,389 28,769 
COSTS AND OTHER DEDUCTIONS
Oil and gas operating expense1,189 1,056 3,400 2,925 
Transportation and gathering expense363 378 1,122 1,089 
Chemical and midstream cost of sales682 835 2,218 2,488 
Purchased commodities520 785 1,508 2,627 
Selling, general and administrative expenses258 247 776 687 
Other operating and non-operating expense328 319 646 909 
Taxes other than on income290 427 862 1,188 
Depreciation, depletion and amortization1,712 1,736 5,142 5,107 
Asset impairments and other charges  209  
Anadarko acquisition-related costs 4  82 
Exploration expense125 47 329 98 
Interest and debt expense, net230 285 698 770 
Total5,697 6,119 16,910 17,970 
Income before income taxes and other items1,703 3,382 4,479 10,799 
OTHER ITEMS
Gains on interest rate swaps, net 70  332 
Income from equity investments and other106 196 391 586 
Total106 266 391 918 
Income before income taxes1,809 3,648 4,870 11,717 
Income tax expense (434)(902)(1,372)(340)
NET INCOME1,375 2,746 3,498 11,377 
Less: Preferred stock dividends and redemption premiums(219)(200)(754)(600)
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS$1,156 $2,546 $2,744 $10,777 
PER COMMON SHARE
Net income attributable to common stockholders—basic$1.30 $2.74 $3.06 $11.47 
Net income attributable to common stockholders—diluted$1.20 $2.52 $2.83 $10.64 
The accompanying notes are an integral part of these Consolidated Condensed Financial Statements.

5



Consolidated Condensed Statements of Comprehensive Income (Loss)Occidental Petroleum Corporation and Subsidiaries
Three months ended September 30,Nine months ended September 30,
millions2023202220232022
Net income$1,375 $2,746 $3,498 $11,377 
Other comprehensive income (loss) items:
Gains on derivatives (a)
1 1 59 65 
Pension and postretirement gains (b)
46 48 39 57 
Other(1)(1) (1)
Other comprehensive income, net of tax46 48 98 121 
Comprehensive income attributable to preferred and common stockholders$1,421 $2,794 $3,596 $11,498 
(a)     Net of tax expense of zero for the three months ended September 30, 2023 and 2022, and zero and $18 million for the nine months ended September 30, 2023 and 2022, respectively.
(b)     Net of tax expense of $12 million and $13 million for the three months ended September 30, 2023 and 2022, respectively, and $10 million and $16 million for the nine months ended September 30, 2023 and 2022, respectively.

The accompanying notes are an integral part of these Consolidated Condensed Financial Statements.
6



Consolidated Condensed Statements of Cash FlowsOccidental Petroleum Corporation and Subsidiaries
Nine months ended September 30,
millions20232022
CASH FLOW FROM OPERATING ACTIVITIES
Net income$3,498 $11,377 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization of assets5,142 5,107 
Deferred income tax provision (benefit)148 (1,765)
Asset impairments and other charges209  
Gains on sales of assets, net(197)(232)
Noncash charges (benefit) to income and other343 (461)
Changes in operating assets and liabilities:
Decrease in receivables609 138 
Increase in inventories(44)(96)
Increase in other current assets(367)(313)
Decrease in accounts payable and accrued liabilities(583)(815)
Increase (decrease) in current domestic and foreign income taxes311 (105)
Net cash provided by operating activities9,069 12,835 
CASH FLOW FROM INVESTING ACTIVITIES
Capital expenditures(4,726)(2,977)
Change in capital accrual(48)2 
Purchases of businesses and assets, net(220)(466)
Proceeds from sales of assets, net405 562 
Equity investments and other, net(422)(95)
Net cash used by investing activities(5,011)(2,974)
CASH FLOW FROM FINANCING ACTIVITIES
Draws on receivables securitization facility900 400 
Payment of receivables securitization facility(900)(400)
Payments of long-term debt, net(22)(8,325)
Proceeds from issuance of common stock92 291 
Redemption of preferred stock(1,661) 
Purchases of treasury stock(1,611)(2,467)
Cash dividends paid on common and preferred stock(1,035)(863)
Financing portion of net cash received for derivative instruments 61 
Other financing, net(198)(82)
Net cash used by financing activities(4,435)(11,385)
Decrease in cash, cash equivalents, restricted cash and restricted cash equivalents(377)(1,524)
Cash, cash equivalents, restricted cash and restricted cash equivalents — beginning of period1,026 2,803 
Cash, cash equivalents, restricted cash and restricted cash equivalents — end of period$649 $1,279 
The accompanying notes are an integral part of these Consolidated Condensed Financial Statements.
7



Consolidated Condensed Statements of EquityOccidental Petroleum Corporation and Subsidiaries
Equity Attributable to Common Stock
millions, except per-share amountsPreferred StockCommon StockTreasury StockAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss)Total Equity
Balance as of June 30, 2022$9,762 $218 $(11,391)$16,914 $12,462 $(135)$27,830 
Net income— — — — 2,746 — 2,746 
Other comprehensive income, net
of tax
— — — — — 48 48 
Dividends on common stock,
  $0.13 per share
— — — — (120)— (120)
Dividends on preferred stock,
  $2,000 per share
— — — — (200)— (200)
Shareholder warrants exercised— 1 — 162 — — 163 
Options exercised— — — 10 — — 10 
Issuance of common stock and
  other, net of cancellations
— 1 — 43 — — 44 
Purchases of treasury stock— — (1,801)— — — (1,801)
Balance as of September 30, 2022$9,762 $220 $(13,192)$17,129 $14,888 $(87)$28,720 

Equity Attributable to Common Stock
millions, except per-share amountsPreferred StockCommon StockTreasury StockAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive IncomeTotal Equity
Balance as of June 30, 2023$8,621 $221 $(14,958)$17,218 $17,762 $247 $29,111 
Net income    1,375  1,375 
Other comprehensive income, net
  of tax
     46 46 
Dividends on common stock,
  $0.18 per share
    (160) (160)
Dividends on preferred stock,
  $2,000 per share
    (177) (177)
Preferred stock redemption - face
  value
(342)     (342)
Preferred stock redemption -
  premium
    (34) (34)
Preferred stock redemption value in
  excess of carrying value
8    (8)  
Shareholder warrants exercised   54   54 
Issuance of common stock and
  other, net of cancellations
   54   54 
Purchases of treasury stock  (615)   (615)
Balance as of September 30, 2023$8,287 $221 $(15,573)$17,326 $18,758 $293 $29,312 
The accompanying notes are an integral part of these Consolidated Condensed Financial Statements.
8



Consolidated Condensed Statements of EquityOccidental Petroleum Corporation and Subsidiaries
Equity Attributable to Common Stock
millions, except per-share amountsPreferred StockCommon StockTreasury StockAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss)Total Equity
Balance as of December 31, 2021$9,762 $217 $(10,673)$16,749 $4,480 $(208)$20,327 
Net income— — — — 11,377 — 11,377 
Other comprehensive income, net of
tax
— — — — — 121 121 
Dividends on common stock,
$0.39 per share
— — — — (369)— (369)
Dividends on preferred stock,
 $6,000 per share
— — — — (600)— (600)
Shareholder warrants exercised— 2 — 251 — — 253 
Options exercised— — — 27 — — 27 
Issuance of common stock and
other, net of cancellations
— 1 — 102 — — 103 
Purchases of treasury stock— — (2,519)— — — (2,519)
Balance as of September 30, 2022$9,762 $220 $(13,192)$17,129 $14,888 $(87)$28,720 

Equity Attributable to Common Stock
millions, except per-share amountsPreferred StockCommon StockTreasury StockAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive Income Total Equity
Balance as of December 31, 2022$9,762 $220 $(13,772)$17,181 $16,499 $195 $30,085 
Net income    3,498  3,498 
Other comprehensive income, net
  of tax
     98 98 
Dividends on common stock,
  $0.54 per share
    (485) (485)
Dividends on preferred stock,
  $6,000 per share
    (567) (567)
Preferred stock redemption - face
  value
(1,511)     (1,511)
Preferred stock redemption -
  premium
    (151) (151)
Preferred stock redemption value in
  excess of carrying value
36    (36)  
Shareholder warrants exercised   57   57 
Options exercised   13   13 
Issuance of common stock and
  other, net of cancellations
 1  75   76 
Purchases of treasury stock  (1,801)   (1,801)
Balance as of September 30, 2023$8,287 $221 $(15,573)$17,326 $18,758 $293 $29,312 
The accompanying notes are an integral part of these Consolidated Condensed Financial Statements.
9



Notes to Consolidated Condensed Financial StatementsOccidental Petroleum Corporation and Subsidiaries
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 nine months ended September 30, 2023 and 2022 and Occidental’s financial position as of September 30, 2023 and December 31, 2022. The income and cash flows for the periods ended September 30, 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 include 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, 2023 and 2022:

millions20232022
Cash and cash equivalents$611 $1,233 
Restricted cash and restricted cash equivalents included in other current assets22 31 
Restricted cash and restricted cash equivalents included in long-term receivables and other assets, net16 15 
Cash, cash equivalents, restricted cash and restricted cash equivalents$649 $1,279 

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 nine months ended September 30, 2023 and 2022, respectively:

millions20232022
Income tax payments$806 $1,885 
Income tax refunds received$12 $89 
Interest paid (a)
$906 $1,236 
(a)    Net of capitalized interest of $69 million and $50 million for the nine months ended September 30, 2023 and 2022, respectively.

10



WES INVESTMENT
As of September 30, 2023, Occidental owned all of the 2.3% non-voting general partner interest and 48.8% 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 51.0%. In September 2023, WES purchased 5.1 million of its limited partner units from Occidental at a price of $25.00 per unit, resulting in a gain on sale of $51 million for Occidental.

IMPAIRMENT
Occidental did not record any impairments for the three months ended September 30, 2023. For the nine months ended September 30, 2023, Occidental recorded a pre-tax impairment of $180 million related to undeveloped acreage in the northern non-core area of the Powder River Basin where Occidental has decided not to pursue future exploration and appraisal activities. Impairment expense for the nine months ended September 30, 2023 also included a $29 million impairment related to an equity method investment in Black Butte Coal Company.

ACQUISITIONS AND DIVESTITURES
In September 2023, Occidental sold certain non-core proved and unproved properties in the Permian Basin for $202 million and recorded a gain on sale of assets of $142 million.

SUBSEQUENT EVENTS
In November 2023, Occidental entered into a joint venture agreement with BlackRock, through a fund managed by its Diversified Infrastructure business, for the development of Occidental’s first large-scale Direct Air Capture plant in Ector County, Texas. The agreement provides $550 million of committed investment from BlackRock's fund.
In August 2023, Occidental entered into an agreement with Carbon Engineering Ltd., its equity method investee, to purchase the remaining 67.83% interest not already owned by Occidental or its affiliates for total cash consideration of approximately $1.1 billion, resulting in Carbon Engineering becoming a wholly owned subsidiary of Occidental. The purchase price will be made in three approximately equal annual payments, with the first payment to be made at closing. This transaction closed on November 3, 2023, and Occidental made the first payment of $355 million. The remaining two payments will be paid on the first and second anniversaries of closing. With this purchase Occidental intends to accelerate technological innovation and cost reductions in Carbon Engineering's direct-air-capture technology. The transaction qualifies as a business combination and will be accounted for using the acquisition method of accounting. Occidental's purchase price allocation is currently in process and as such was incomplete as of the issuance of these unaudited Consolidated Condensed Financial Statements.

NOTE 2 - REVENUE

Revenue from customers is recognized when obligations under the terms of a contract with customers are satisfied; this generally occurs with the delivery of oil, NGL, gas, chemicals or services, such as transportation. As of September 30, 2023, trade receivables, net of $3.7 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, 2023 and 2022:

Three months ended September 30,Nine months ended September 30,
millions2023202220232022
Revenue from customers$7,271 $9,359 $20,987 $27,923 
All other revenues (a)
(113)31 98 492 
Net sales$7,158 $9,390 $21,085 $28,415 
(a)    Includes net marketing derivatives and chemical exchange contracts.

11



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:

millionsUnited StatesInternationalEliminationsTotal
Three months ended September 30, 2023
Oil and gas
Oil$3,997 $742 $ $4,739 
NGL419 91  510 
Gas221 87  308 
Other37   37 
Segment total$4,674 $920 $ $5,594 
Chemical$1,234 $74 $ $1,308 
Midstream and marketing$563 $103 $ $666 
Eliminations$ $ $(297)$(297)
Consolidated$6,471 $1,097 $(297)$7,271 
millionsUnited StatesInternationalEliminationsTotal
Three months ended September 30, 2022
Oil and gas
Oil$4,369 $1,061 $ $5,430 
NGL658 127  785 
Gas786 88  874 
Other8 1  9 
Segment total$5,821 $1,277 $ $7,098 
Chemical$1,572 $102 $ $1,674 
Midstream and marketing$859 $132 $ $991 
Eliminations$ $ $(404)$(404)
Consolidated$8,252 $1,511 $(404)$9,359 

12



millionsUnited StatesInternationalEliminationsTotal
Nine months ended September 30, 2023
Oil and gas
Oil$11,093 $2,255 $ $13,348 
NGL1,231 266  1,497 
Gas737 246  983 
Other31 1  32 
Segment total$13,092 $2,768 $ $15,860 
Chemical$3,834 $250 $ $4,084 
Midstream and marketing$1,524 $302 $ $1,826 
Eliminations$ $ $(783)$(783)
Consolidated$18,450 $3,320 $(783)$20,987 
        
millionsUnited StatesInternationalEliminationsTotal
Nine months ended September 30, 2022
Oil and gas
Oil$13,311 $2,958 $ $16,269 
NGL2,139 302  2,441 
Gas1,916 225  2,141 
Other15 3  18 
Segment total$17,381 $3,488 $ $20,869 
Chemical$4,984 $281 $ $5,265 
Midstream and marketing$2,410 $478 $ $2,888 
Eliminations$ $ $(1,099)$(1,099)
Consolidated$24,775 $4,247 $(1,099)$27,923 


NOTE 3 - 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. As of September 30, 2023 and December 31, 2022, inventories consisted of the following:

millionsSeptember 30, 2023December 31, 2022
Raw materials$85 $120 
Materials and supplies895 913 
Commodity inventory and finished goods1,116 1,147 
2,096 2,180 
Revaluation to LIFO(121)(121)
Total
$1,975 $2,059 
13



NOTE 4 - LONG-TERM DEBT

As of September 30, 2023 and December 31, 2022, Occidental’s debt consisted of the following:

millionsSeptember 30, 2023December 31, 2022
8.750% medium-term notes due 2023
$ $22 
2.900% senior notes due 2024
654 654 
6.950% senior notes due 2024
291 291 
3.450% senior notes due 2024
111 111 
5.875% senior notes due 2025
606 606 
3.500% senior notes due 2025
137 137 
5.500% senior notes due 2025
465 465 
5.550% senior notes due 2026
870 870 
3.200% senior notes due 2026
182 182 
3.400% senior notes due 2026
284 284 
7.500% debentures due 2026
112 112 
8.500% senior notes due 2027
489 489 
3.000% senior notes due 2027
216 216 
7.125% debentures due 2027
150 150 
7.000% debentures due 2027
48 48 
6.625% debentures due 2028
14 14 
7.150% debentures due 2028
232 232 
7.200% senior debentures due 2028
82 82 
6.375% senior notes due 2028
578 578 
7.200% debentures due 2029
135 135 
7.950% debentures due 2029
116 116 
8.450% senior notes due 2029
116 116 
3.500% senior notes due 2029
286 286 
Variable rate bonds due 2030 (5.610% and 5.320% as of September 30, 2023 and December 31, 2022, respectively)
68 68 
8.875% senior notes due 2030
1,000 1,000 
6.625% senior notes due 2030
1,449 1,449 
6.125% senior notes due 2031
1,143 1,143 
7.500% senior notes due 2031
900 900 
7.875% senior notes due 2031
500 500 
6.450% senior notes due 2036
1,727 1,727 
Zero Coupon senior notes due 2036673 673 
4.300% senior notes due 2039
247 247 
7.950% senior notes due 2039
325 325 
6.200% senior notes due 2040
737 737 
4.500% senior notes due 2044
191 191 
4.625% senior notes due 2045
296 296 
6.600% senior notes due 2046
1,117 1,117 
4.400% senior notes due 2046
424 424 
4.100% senior notes due 2047
258 258 
(continued on next page)
14



millions (continued)20232022
4.200% senior notes due 2048
304 304 
4.400% senior notes due 2049
280 280 
7.730% debentures due 2096
58 58 
7.500% debentures due 2096
60 60 
7.250% debentures due 2096
5 5 
Total borrowings at face value$17,936 $17,958 

The following table summarizes Occidental's outstanding debt, including finance lease liabilities:

millionsSeptember 30, 2023December 31, 2022
Total borrowings at face value$17,936 $17,958 
Adjustments to book value:
Unamortized premium, net1,187 1,261 
Debt issuance costs(64)(73)
Net book value of debt$19,059 $19,146 
Long-term finance leases593 546 
Current finance leases169 143 
Total debt and finance leases$19,821 $19,835 
Less: current maturities of financing leases(169)(143)
Less: current maturities of long-term debt(1,055)(22)
Long-term debt, net$18,597 $19,670 

DEBT ACTIVITY
In the first quarter of 2023, Occidental used cash on hand to repay $22 million of its 8.750% medium-term notes upon maturity. Occidental has no remaining debt maturities in 2023.

FAIR VALUE OF DEBT
The estimated fair value of Occidental’s debt as of September 30, 2023 and December 31, 2022, substantially all of which was classified as Level 1, was approximately $17.2 billion and $17.6 billion, respectively.

15



NOTE 5 - DERIVATIVES

OBJECTIVE AND STRATEGY
Occidental uses a variety of derivative financial instruments and physical contracts to manage its exposure to commodity price fluctuations and transportation commitments and to fix margins on the future sale of stored commodity volumes. Derivatives are carried at fair value and on a net basis when a legal right of offset exists with the same counterparty. Occidental may occasionally use a variety of derivative financial instruments to manage its exposure to foreign currency fluctuations and interest rate risks. Occidental also enters into derivative financial instruments for trading purposes.
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 is insignificant for all periods presented. As of September 30, 2023, Occidental’s marketing derivatives are not designated as hedges. Occidental retired all remaining outstanding interest rate swaps in the twelve months ended December 31, 2022.

MARKETING DERIVATIVES
Occidental's marketing derivative instruments are short-duration physical and financial forward contracts. As of September 30, 2023, the weighted-average settlement price of these forward contracts was $83.94 per barrel and $2.99 per Mcf for crude oil and natural gas, respectively. The weighted-average settlement price was $81.37 per barrel and $7.89 per Mcf for crude oil and natural gas, respectively, as of December 31, 2022. 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. Net gains and losses associated with marketing derivative instruments are recognized currently in net sales.
The following table summarizes net short volumes associated with the outstanding marketing commodity derivatives as of:

long (short)September 30, 2023December 31, 2022
 Oil commodity contracts
Volume (MMbbl)(43)(33)
Natural gas commodity contracts
Volume (Bcf)(93)(112)

16



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:

millionsFair Value Measurements Using
Netting (a)
Total Fair Value
Balance Sheet ClassificationsLevel 1Level 2Level 3
September 30, 2023
Marketing Derivatives
Other current assets$2,317 $76 $ $(2,359)$34 
Long-term receivables and other assets, net81 1  (77)5 
Accrued liabilities(2,447)(65) 2,359 (153)
Deferred credits and other liabilities - other(77)  77  
December 31, 2022
Marketing Derivatives
Other current assets$920 $127 $ $(980)$67 
Long-term receivables and other assets, net1 2  (1)2 
Accrued liabilities(938)(96) 980 (54)
Deferred credits and other liabilities - other(1)(1) 2  
(a)These amounts do not include collateral. Occidental netted $4 million of collateral received from brokers against derivative assets and $130 million of collateral deposited with brokers against derivatives liabilities related to marketing derivatives as of September 30, 2023 and netted $15 million of collateral deposited with brokers against derivative liabilities related to marketing derivatives as of December 31, 2022.

GAINS AND LOSSES ON DERIVATIVES
The following table presents net gains related to Occidental's derivative instruments on the Consolidated Condensed Statements of Operations:

millionsThree months ended September 30,Nine months ended September 30,
Income Statement Classification2023202220232022
Marketing Derivatives
Net sales (losses) (a)
$(114)$14 $93 $473 
Interest Rate Swaps
Gains on interest rate swaps, net (b)
$ $70 $ $332 
(a)     Includes derivative and non-derivative marketing activity.
(b)     Occidental retired all remaining outstanding interest rate swaps in the twelve months ended December 31, 2022.

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, 2023, was $126 million. The aggregate fair value of derivative instruments with credit-risk-contingent features, for which a net liability position existed as of December 31, 2022, was $18 million.

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NOTE 6 - INCOME TAXES

The following table summarizes components of income tax expense:

Three months ended September 30,Nine months ended September 30,
millions2023202220232022
Income before income taxes$1,809$3,648$4,870