ACQUISITIONS, DIVESTITURES AND OTHER TRANSACTIONS (Tables)

12 Months Ended

Dec. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Schedule of preliminary purchase price

Occidental allocated the preliminary purchase price to the fair value of Carbon Engineering’s assets as follows:

millions	2023
Fair value of assets acquired:
Cash and other current assets	$	154
Property, plant and equipment	11
Intangible assets related to developed technology	845
Goodwill	668
Total fair value of assets acquired	$	1,678
Fair value of liabilities acquired:
Liabilities acquired	110
Deferred tax liability	190
Total liabilities assumed	$	300
Fair value of previously held interest	371
Total acquisition consideration	$	1,007

Schedule of discontinued operations

The following table presents the amounts reported in discontinued operations, net of income taxes, related to the Ghana assets for the years ended December 31, 2021:

millions	2021
Revenues and other income
Net sales	$	458
Costs and other deductions
Oil and gas lease operating expense	71
Fair value adjustment on assets held for sale (a)	409
Other	24
Total costs and other deductions	$	504
Loss before income taxes	$	(46)
Income tax benefit	15
Discontinued operations, net of tax	$	(31)

(a)    For 2021, included effective date to close date adjustments as well as settlements of certain tax claims.