<SEC-DOCUMENT>0000797468-17-000022.txt : 20171027
<SEC-HEADER>0000797468-17-000022.hdr.sgml : 20171027
<ACCEPTANCE-DATETIME>20170908144341
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000797468-17-000022
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20170908

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			OCCIDENTAL PETROLEUM CORP /DE/
		CENTRAL INDEX KEY:			0000797468
		STANDARD INDUSTRIAL CLASSIFICATION:	CRUDE PETROLEUM & NATURAL GAS [1311]
		IRS NUMBER:				954035997
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		5 GREENWAY PLAZA
		STREET 2:		SUITE 110
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77046
		BUSINESS PHONE:		7132157000

	MAIL ADDRESS:	
		STREET 1:		5 GREENWAY PLAZA
		STREET 2:		SUITE 110
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77046
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
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<div><a name="sA60B4066B092F45D8893539AE05922A9"></a></div><div><div style="line-height:120%;text-align:left;font-size:16pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="4"></td></tr><tr><td style="width:2%;"></td><td style="width:6%;"></td><td style="width:58%;"></td><td style="width:34%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div><img src="oxylogoa03.jpg" alt="oxylogoa03.jpg" style="height:34px;width:33px;"></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:14pt;"><font style="font-family:Arial Narrow;font-size:14pt;font-weight:bold;">&#160;&#160;&#160;&#160;Occidental Petroleum Corporation</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:Arial Narrow;font-size:8pt;">Greenway Plaza, Suite 110, Houston, Texas 77046-0521</font></div><div style="padding-top:0px;text-align:left;font-size:8pt;"><font style="font-family:Arial Narrow;font-size:8pt;">P.O. Box 27570, Houston, Texas 77227-7570</font></div><div style="padding-top:0px;text-align:left;font-size:8pt;"><font style="font-family:Arial Narrow;font-size:8pt;">713.215.7000</font></div><div style="text-align:left;font-size:16pt;"><font style="font-family:Arial Narrow;font-size:16pt;"><br></font></div></td></tr></table></div></div></div><div><br></div><div style="padding:24px 24px 24px 24px; border:1.5pt solid #ffffff;"><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-style:italic;font-weight:bold;">Via Edgar</font></div><div style="line-height:120%;text-align:left;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;font-weight:bold;">&#160;</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">September 8, 2017</font></div><div style="line-height:120%;text-align:left;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;font-weight:bold;">&#160;</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">United States Securities and Exchange Commission</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Division of Corporation Finance</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">100 F Street NE, Stop 4628</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Washington, D.C. 20549</font></div><div style="line-height:120%;text-align:left;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;font-weight:bold;">&#160;</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Attention:&#160;&#160;&#160;&#160;H. Roger Schwall</font></div><div style="line-height:120%;text-align:left;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Assistant Director</font></div><div style="line-height:120%;text-align:left;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Office of Natural Resources</font></div><div style="line-height:120%;text-align:left;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;font-weight:bold;">&#160;</font></div><div style="line-height:120%;text-align:left;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Re:&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Occidental Petroleum Corporation</font></div><div style="line-height:120%;text-align:left;text-indent:144px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Form 10-K for the Fiscal Year Ended December 31, 2016</font></div><div style="line-height:120%;text-align:left;text-indent:144px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Filed February 23, 2017</font></div><div style="line-height:120%;text-align:left;text-indent:144px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">File No. 001-09210</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Dear Mr. Schwall:</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">We are responding to your comment letter dated August 28, 2017 related to our Form 10-K for the Fiscal Year Ended December 31, 2016. For ease of reference, we have repeated the Staff&#8217;s comments in bolded text preceding each response.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;padding-bottom:10px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Form 10-K for the Fiscal Year Ended December 31, 2016</font></div><div style="line-height:120%;padding-bottom:10px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations, page 12</font></div><div style="line-height:120%;padding-bottom:10px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Business Review, page 15</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Proved Undeveloped Reserves, page 18</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:12pt;padding-left:24px;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">1.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">We note from your response to prior comment 2 that, to ensure compliance with Rule 4-10(a)(31) of Regulation S-X, you remove proved undeveloped reserves (&#8220;PUDs&#8221;) which remain undeveloped after five years from initial disclosure. Tell us the steps routinely taken to review your development plan annually and to evaluate interim and annual changes in the development schedule to determine whether your PUDs continue to meet the requirements for disclosure. For additional guidance, refer to Question 131.04 in our Compliance and Disclosure Interpretations.</font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;padding-bottom:10px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Response to Comment 1:</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">We acknowledge the Staff&#8217;s comment and advise the following relevant to our annual review of our development plan and related review of our PUDs locations.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div></div><hr style="page-break-after:always"><div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:30px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;color:#2c2c2c;">Occidental Petroleum Corporation</font></div><div style="line-height:120%;text-align:justify;text-indent:36px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;color:#2c2c2c;">Page 2 of 3</font></div></div><div><br></div><div style="padding:24px 24px 24px 24px; border:1.5pt solid #ffffff;"><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">We maintain a five year detailed field-level development plan, which includes the timing, location and capital commitment of wells to be drilled. The development plan is reviewed and approved annually by senior management with input from our asset managers. Per the guidance associated with Question 131.04 of the Compliance and Disclosure Interpretations, only PUDs which are reasonably certain to be drilled within five years of booking and are supported by a final investment decision to drill them are included in the development plan.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Annually a detailed review is performed by the Reserves Group and our asset managers of all PUDs on a lease-by-lease basis to assess whether PUDs are being converted on a timely basis within five years from the initial disclosure date. Any leases not showing timely transfers from PUDs to proved developed reserves are reviewed by senior management to determine if the remaining balance will be developed in a timely manner and has sufficient capital committed in the development plan in accordance with Rule 4-10(a)(31) of Regulation S-X. In the interim, two reviews are performed, which would identify any PUDs aging issues and changes from the development plan. If we determine that a PUDs location is not reasonably certain to be drilled within five years of initial booking and/or no longer has the capital commitment, we remove that PUDs location from our proved reserves.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">We have a Corporate Reserves Review Committee (Reserves Committee), consisting of senior corporate officers, to review and approve the Company&#8217;s oil and gas reserves. The Reserves Committee reports to the Audit Committee of the Company's Board of Directors. We have retained Ryder Scott Company, L.P., independent petroleum engineering consultants, to annually review our oil and gas reserve estimation processes. </font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;padding-bottom:10px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Critical Accounting Policies and Estimates, page 32</font></div><div style="line-height:120%;padding-bottom:10px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Oil and Gas Properties, page 33</font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:12pt;padding-left:24px;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">2.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">The revised disclosure provided in response to prior comment 4 states that observable forward strip prices for oil and natural gas are used as your basis for estimating future product prices in impairment testing. Further revise this disclosure to describe how you estimate future prices for production expected to occur beyond the period covered by forward strip prices.</font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;padding-bottom:10px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Response to Comment 2:</font></div><div style="line-height:120%;padding-bottom:10px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">We acknowledge the Staff&#8217;s comment. We will further revise our disclosure provided in prior comment 4 to describe how we estimate future prices for production expected to occur beyond the period covered by forward strip prices by including the following, to be modified as appropriate:</font></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-style:italic;">&#8220;&#8230;with prices subsequent to the last period covered by forward strip prices held constant as the benchmark price in our undiscounted future net cash flows, unless prices were contractually fixed.&#8221; </font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;padding-bottom:10px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></div><div><br></div><div></div><hr style="page-break-after:always"><div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:30px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;color:#2c2c2c;">Occidental Petroleum Corporation</font></div><div style="line-height:120%;text-align:justify;text-indent:36px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;color:#2c2c2c;">Page 3 of 3</font></div></div><div><br></div><div style="padding:24px 24px 24px 24px; border:1.5pt solid #ffffff;"><div style="line-height:120%;padding-bottom:10px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">If you need any further information or elaboration, or if you wish to discuss any of the information presented above, please call me at your convenience at (713) 215-7011. </font></div><div style="line-height:120%;padding-bottom:10px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Very truly yours,</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;padding-bottom:24px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">/s/ Cedric W. Burgher</font></div><div style="line-height:120%;text-align:left;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">_____________________________________________________</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Cedric W. Burgher</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-style:italic;">Senior Vice President and Chief Financial Officer</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-style:italic;">Occidental Petroleum Corporation </font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></div><div><br></div><div></div>	</body>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
