STOCK-BASED INCENTIVE PLANS (Tables)

12 Months Ended

Dec. 31, 2023

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 for 2023, is presented below:

	Cash-Settled			Stock-Settled
thousands, except fair values	RSUs			RSUs
Unvested as of January 1	298	$	37.96	8,894	$	36.70
Granted	131	$	60.43	3,342	$	59.85
Vested	(148)	$	36.33	(4,330)	$	35.81
Forfeitures	(10)	$	42.19	(174)	$	44.37
Unvested as of December 31	271	$	49.53	7,732	$	47.03

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
	2023		2022		2021
Assumptions used:
Risk-free interest rate	4.6%		1.7%		0.2%
Volatility factor	64%		80%		75%
Expected life, years	2.84		2.89		2.88
Grant-date fair value of underlying Occidental common stock	$	59.71	$	42.98	$	25.39

Summary of the changes of awards

A summary of changes in Occidental’s unvested TSRIs in 2023 is presented below:

	TSRIs
thousands, except fair values	Awards	Weighted-Average Grant-Date Fair Value of Occidental Stock
Unvested as of January 1	1,643		$	35.51
Granted	459		$	59.71
Vested (a)	(591)		$	41.60
Forfeitures	(4)		$	59.71
Unvested as of December 31	1,507		$	40.43

(a)Presented at the target payouts. In 2023, the weighted-average payout at vesting was 122% of the target, resulting in the issuance of approximately 721,000 shares of Occidental common stock.

A summary of changes in Occidental’s unvested CROCEI in 2023 is presented below:

	CROCEI
thousands, except fair values	Awards	Weighted-Average Grant-Date Fair Value of Occidental Stock
Unvested as of January 1	574		$	35.73
Granted	130		$	59.71
Vested (a)	(197)		$	41.60
Unvested as of December 31	507		$	39.59

(a)     Presented at the target payouts. The weighted-average payout at vesting was 200% of the target, resulting in the issuance of approximately 395,000 shares of Occidental common stock.

Summary of stock options

A summary of Occidental’s outstanding stock options as of December 31, 2023 and changes during the year ended December 31, 2023 is presented below:

	Vested			Unvested
thousands, except fair values	Options	Weighted Average Strike Price		Options	Weighted Average Strike Price
January 1	1,653	$	38.83	1,075	$	36.82
Vested	781	$	37.36	(781)	$	37.36
Exercised	(340)	$	37.81	—	$	—
December 31	2,094	$	38.45	294	$	35.37