XML 69 R27.htm IDEA: XBRL DOCUMENT
v3.19.3

The Merger (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2019
Business Combinations [Abstract] |
Schedule of Purchase Consideration | The following table presents the Merger consideration paid to Anadarko stockholders as a result of the Merger:
millions, except per share amounts |  |
Total shares of Anadarko common stock eligible for Merger consideration |  | 491.6 |
Cash consideration (per share of common stock and shares underlying Anadarko stock-based awards eligible for Merger consideration) |  | $ | 59.00 |
Cash portion of Merger consideration |  | $ | 29,002 |
Total shares of Anadarko common stock and shares underlying Anadarko stock-based awards eligible for Merger consideration |  | 492.0 |
Exchange ratio (per share of Anadarko common stock) |  | 0.2934 |
Total shares of Occidental common stock issued to Anadarko stockholders |  | 144 |
Average share price of Occidental common stock at August 8, 2019 |  | $ | 46.31 |
Stock portion of Merger consideration |  | $ | 6,684 |
Total Merger consideration |  | $ | 35,686 |
Schedule of Preliminary Purchase Price Allocation | The following table sets forth the preliminary allocation of the Merger consideration. Certain data necessary to complete the purchase price allocation is not yet available, and includes, but is not limited to, final appraisals of assets acquired and liabilities assumed, valuation of pre-merger contingencies and final tax returns that provide underlying tax basis of assets acquired and liabilities assumed. Occidental will finalize the purchase price allocation during the 12-month period following the Merger date, during which time the value of the assets and liabilities may be revised as appropriate.
millions |  | As of August 8, 2019
Fair value of assets acquired: |  |
Current assets |  | $ | 3,590 |
Anadarko's Africa Assets held for sale |  | 10,746 |
Investments in unconsolidated entities |  | 2,430 |
Property, plant and equipment, net - Anadarko |  | 48,771 |
Property, plant and equipment, net - WES Midstream |  | 9,475 |
Other assets |  | 797 |
Intangible assets - WES Midstream |  | 2,400 |
Amount attributable to assets acquired |  | $ | 78,209 |
Fair value of liabilities assumed: |  |
Current liabilities |  | $ | 3,677 |
Liabilities of Anadarko's Africa Assets held for sale |  | 2,329 |
Long-term debt - Anadarko |  | 12,829 |
Long-term debt - WES Midstream |  | 7,407 |
Deferred income taxes |  | 10,040 |
Asset retirement obligations |  | 2,728 |
Pension and post retirement obligations |  | 1,125 |
Non-current derivative liabilities |  | 1,279 |
Other long-term liabilities |  | 2,308 |
Amount attributable to liabilities assumed |  | $ | 43,722 |
Net assets |  | $ | 34,487 |
Less: Fair value of noncontrolling interests in WES Midstream |  | 4,875 |
Fair value of net assets acquired |  | 29,612 |
Goodwill - WES Midstream |  | 6,074 |
Total Merger consideration |  | $ | 35,686 |
Pro Forma Information | The following summarizes the unaudited pro forma condensed financial information of Occidental as if the Merger had occurred on January 1, 2018:
|  | Three months ended September 30 |  | Nine months ended September 30
millions, except per-share amounts |  | 2019 |  | 2018 |  | 2019 |  | 2018
Revenues |  | $ | 7,335 |  |  | $ | 8,913 |  |  | $ | 22,419 |  |  | $ | 23,095 |
Net income (loss) attributable to common stockholders |  | $ | (427 | ) |  | $ | 2,060 |  |  | $ | 475 |  |  | $ | 3,405 |
Net income (loss) attributable to common stockholders per share—basic |  | $ | (0.50 | ) |  | $ | 2.27 |  |  | $ | 0.51 |  |  | $ | 3.74 |
Net income (loss) attributable to common stockholders per share—diluted |  | $ | (0.50 | ) |  | $ | 2.26 |  |  | $ | 0.50 |  |  | $ | 3.73 |
Schedule of Merger-Related Costs | The following table summarizes the merger-related costs incurred:
millions |  | Three months ended September 30, 2019 |  | Nine months ended September 30, 2019
Employee severance and related cost |  | $ | 459 |  |  | $ | 459 |
Licensing fees for critical seismic data |  | 329 |  |  | 354 |
Bank, legal and consulting fees |  | 136 |  |  | 161 |
Total |  | $ | 924 |  |  | $ | 974 |

X
- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(3) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
Name: | us-gaap_BusinessAcquisitionProFormaInformationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of transactions that are recognized separately from the acquisition of assets and assumptions of liabilities in the business combination. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
Name: | us-gaap_BusinessCombinationSeparatelyRecognizedTransactionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_BusinessCombinationsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1486-128463 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
Name: | us-gaap_ScheduleOfBusinessAcquisitionsByAcquisitionTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=116869197&loc=d3e4845-128472 + Details
Name: | us-gaap_ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration