XML 39 R13.htm IDEA: XBRL DOCUMENT
v3.19.3

Acquisitions, Dispositions, and Other Transactions | 9 Months Ended
--- | ---
Sep. 30, 2019
Discontinued Operations and Disposal Groups and Equity Method And Joint Ventures [Abstract] |
Acquisitions, Dispositions, and Other Transactions | Acquisitions, Dispositions and Other Transactions On September 27, 2019, Occidental completed the sale of Anadarko’s Mozambique LNG assets to Total for $4.2 billion, with proceeds used to pay down a portion of the Term Loans. Occidental and Total continue to work toward completing the sales of the remaining Africa Assets. Occidental anticipates that the remaining sales will be completed before June 2020. The carrying amount of the remaining Africa Assets will be adjusted in future periods based on changes in fair value. The results of the Africa Assets are presented as discontinued operations in the Consolidated Condensed Statements of Operations and Cash Flows. The following table presents the amounts reported in discontinued operations, net of income taxes, related to the Africa Assets subsequent to the Merger closing date through September 30, 2019:
millions |  | 2019
REVENUES AND OTHER INCOME |  |
Net sales |  | $ | 228 |
COSTS AND OTHER DEDUCTIONS |  |
Oil and gas operating expense |  | $ | 32 |
Transportation and marketing expense |  | 4 |
Taxes other than on income |  | 46 |
Fair value adjustment on assets held for sale |  | 65 |
Selling, general and administrative |  | 8 |
Other |  | 4 |
|  | $ | 159 |
Income before income taxes |  | $ | 69 |
Income tax expense |  | (84 | )
Discontinued operations, net of tax |  | $ | (15 | )
The following table presents the amounts reported in the Consolidated Condensed Balance Sheets as held for sale related to the Africa Assets and other corporate property.
millions |  | September 30, 2019
Cash and cash equivalents |  | $ | 16 |
Inventories |  | 207 |
Other current assets |  | 110 |
Property, plant and equipment, net |  | 5,863 |
Operating lease assets |  | 29 |
Long-term receivables and other assets, net |  | 220 |
Assets held for sale |  | $ | 6,445 |
Current maturities of debt - finance leases |  | 13 |
Current operating lease liabilities |  | 11 |
Accounts payable |  | 217 |
Accrued liabilities |  | 152 |
Long-term debt, net - finance leases |  | 187 |
Deferred income taxes |  | 1,281 |
Asset retirement obligations |  | 142 |
Other |  | 200 |
Liabilities of assets held for sale |  | $ | 2,203 |
Net assets held for sale |  | $ | 4,242 |
Sale of Plains Investment On September 23, 2019, Occidental sold its remaining equity investment in Plains All American Pipeline, L.P. and Plains GP Holdings, L.P. (together, Plains) for net proceeds of $646 million, which resulted in a pre-tax gain of $111 million. The proceeds were used to pay down a portion of the Term Loans. Ecopetrol Joint Venture On July 31, 2019, Occidental and Ecopetrol entered into definitive agreements to form a joint venture to develop approximately 97,000 net acres of Occidental’s Midland Basin properties in the Permian Basin. Ecopetrol will pay $750 million in cash at closing and $750 million of carried capital in exchange for a 49-percent interest in the new venture. Occidental will own a 51-percent interest and operate the joint venture. During the carry period, Ecopetrol will pay 75-percent of Occidental’s share of capital expenditures, up to $750 million. The joint venture allows Occidental to accelerate its development plans in the Midland Basin, where it currently has minimal activity. Occidental will retain production and cash flow from its existing operations in the Midland Basin. This transaction is expected to close in the fourth quarter of 2019.

X
- Definition Discontinued Operations and Disposal Groups and Equity Method And Joint Ventures [Abstract] + References No definition available. + Details
Name: | oxy_DiscontinuedOperationsandDisposalGroupsandEquityMethodAndJointVenturesAbstract
Namespace Prefix: | oxy_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Disposal Group, Including Discontinued Operations And Investments, Equity Method And Joint Ventures [Text Block] + References No definition available. + Details
Name: | oxy_DisposalGroupIncludingDiscontinuedOperationsAndInvestmentsEquityMethodAndJointVenturesTextBlock
Namespace Prefix: | oxy_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration