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THE ACQUISITION (Tables) | 12 Months Ended
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Dec. 31, 2019
Business Combinations [Abstract] |
Schedule of Purchase Consideration | The following table presents the Acquisition consideration paid to Anadarko stockholders as a result of the Acquisition:
millions except per-share amounts | As of August 8, 2019
Total shares of Anadarko common stock eligible for Acquisition consideration |  | 491.6 |
Cash consideration (per share of common stock and shares underlying Anadarko stock-based awards eligible for Acquisition consideration) |  | $ | 59.00 |
Cash portion of Acquisition consideration |  | $ | 29,002 |
Total shares of Anadarko common stock eligible for Acquisition consideration |  | 491.6 |
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 Acquisition consideration |  | $ | 6,679 |
Acquisition consideration attributable to Anadarko stock-based awards |  | $ | 23 |
Total Acquisition consideration |  | $ | 35,704 |
Schedule of Preliminary Purchase Price Allocation | The following table sets forth the preliminary allocation of the Acquisition consideration. Certain data necessary to complete the purchase price allocation is not yet available, including, but not limited to, final appraisals of certain assets acquired and liabilities assumed, valuation of pre-Acquisition 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 Acquisition 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 |  | $ | 3,596 |
Africa Assets held for sale |  | 10,616 |
Investments in unconsolidated entities |  | 194 |
Property, plant and equipment |  | 49,074 |
Other assets |  | 836 |
Amount attributable to assets acquired |  | $ | 64,316 |
Fair value of liabilities assumed: |  |
Current liabilities |  | $ | 3,410 |
Liabilities of Africa Assets held for sale |  | 2,200 |
Long-term debt |  | 13,240 |
Deferred income taxes |  | 8,607 |
Asset retirement obligations |  | 2,724 |
Pension and post-retirement obligations |  | 1,072 |
Non-current derivative liabilities |  | 1,280 |
Other long-term liabilities |  | 2,323 |
Amount attributable to liabilities assumed |  | $ | 34,856 |
Net assets |  | $ | 29,460 |
Fair value of WES net assets acquired less noncontrolling interests (a) |  | $ | 6,244 |
Total Acquisition consideration |  | $ | 35,704 |
(a) | See Note 1 - Summary of Significant Accounting Policies for a discussion of the WES investment.
The following table summarizes the fair value of the major categories of WES assets acquired and liabilities assumed at the Acquisition date as well as the noncontrolling interest, which primarily consists of the 44.6% limited partner interest in WES owned by the public. The fair value of Occidental’s controlling interest in WES is calculated based on the market capitalization value at the Acquisition date.
millions | As of August 8, 2019 |
Fair value of WES assets acquired: |  |
Current assets |  | $ | 499 |
Investments in unconsolidated entities |  | 2,425 |
Property, plant and equipment |  | 10,160 |
Intangible assets - customer relationships |  | 1,800 |
Goodwill |  | 5,772 |
Other assets |  | 342 |
Amount attributable to assets acquired |  | $ | 20,998 |
Fair value of WES liabilities assumed: |  |
Current liabilities |  | $ | 815 |
Long-term debt |  | 7,407 |
Deferred income taxes |  | 1,174 |
Asset retirement obligations |  | 321 |
Other long-term liabilities |  | 142 |
Amount attributable to liabilities assumed |  | $ | 9,859 |
Net assets |  | $ | 11,139 |
Less: Fair value of noncontrolling interests in WES |  | $ | 4,895 |
Fair value of WES net assets acquired less noncontrolling interests |  | $ | 6,244 |
Pro Forma Information | The following table summarizes the unaudited pro forma condensed financial information of Occidental as if the Acquisition had occurred on January 1, 2018:
|  | Year ended December 31,
millions except per-share amounts |  | 2019 |  |  | 2018 |
Revenues |  | $ | 28,723 |  |  | $ | 31,206 |
Net income (loss) attributable to common stockholders (a) |  | $ | (769 | ) |  | $ | 2,965 |
Net income (loss) attributable to common stockholders per share—basic |  | $ | (0.95 | ) |  | $ | 3.26 |
Net income (loss) attributable to common stockholders per share—diluted |  | $ | (0.95 | ) |  | $ | 3.25 |
(a) Excluding the pro-forma results of WES, net income (loss) attributable to common stockholders would be $(1.1) billion and $2.8 billion for the years ended December 31, 2019 and 2018, respectively.
Schedule of Merger-Related Costs | The following table summarizes the Acquisition-related costs incurred for the year ended December 31:
millions |  | 2019 |
Employee severance and related employee cost |  | $ | 1,033 |
Licensing fees for critical seismic data |  | 401 |
Bank, legal, consulting and other |  | 213 |
Total |  | $ | 1,647 |

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