<SEC-DOCUMENT>0001140361-20-015310.txt : 20200821
<SEC-HEADER>0001140361-20-015310.hdr.sgml : 20200821
<ACCEPTANCE-DATETIME>20200701185138
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001140361-20-015310
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20200701

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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            <td style="width: 50%; vertical-align: top;"><img src="image00002.jpg"></td>
            <td style="width: 50%; vertical-align: top;">
              <div style="text-align: right;">Occidental Petroleum Corporation</div>
              <div style="text-align: right;">5 Greenway Plaza, Suite 110</div>
              <div style="text-align: right;">Houston, Texas&#160; 77046</div>
            </td>
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      <div style="font-style: italic; font-weight: bold;"> <br>
      </div>
      <div style="font-style: italic; font-weight: bold;">Via Edgar</div>
      <div><br>
      </div>
      <div>June 29, 2020</div>
      <div><br>
      </div>
      <div>United States Securities and Exchange Commission</div>
      <div>Division of Corporation Finance</div>
      <div>100 F Street NE, Stop 4628</div>
      <div>Washington, D.C. 20549</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" border="0" id="za0fddda8672343c7a278aaa981fb6e79" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);">

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            <td style="width: 12%; vertical-align: top;">
              <div>Attention:</div>
            </td>
            <td style="vertical-align: top;" colspan="2">
              <div>Brad Skinner</div>
            </td>
          </tr>
          <tr>
            <td style="width: 12%; vertical-align: top;">&#160;</td>
            <td style="vertical-align: top;" colspan="2">
              <div>Senior Assistant Chief Accountant</div>
            </td>
          </tr>
          <tr>
            <td style="width: 12%; vertical-align: top;">&#160;</td>
            <td style="vertical-align: top;" colspan="2">
              <div>Office of Natural Resources</div>
            </td>
          </tr>
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            <td style="width: 12%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 83%; vertical-align: top;">&#160;</td>
          </tr>
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            <td style="width: 12%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">
              <div>Re:</div>
            </td>
            <td style="width: 83%; vertical-align: top;">
              <div style="font-weight: bold;">Occidental Petroleum Corporation</div>
            </td>
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            <td style="width: 12%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 83%; vertical-align: top;">
              <div style="font-weight: bold;">Form 10-K for the fiscal year ended December 31, 2019</div>
            </td>
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            <td style="width: 12%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 83%; vertical-align: top;">
              <div style="font-weight: bold;">Filed February 28, 2020</div>
            </td>
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            <td style="width: 12%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 83%; vertical-align: top;">
              <div style="font-weight: bold;">File No. 001-09210</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div>Dear Mr. Skinner:</div>
      <div><br>
      </div>
      <div>We are responding to your comment letter dated June 18, 2020 related to our Form 10-K for the Fiscal Year Ended December 31, 2019. For ease of reference, we have repeated
        the Staff&#8217;s comments in bolded text preceding each response.</div>
      <div><br>
      </div>
      <div style="color: #000000; font-weight: bold;"><u>Form 10-K for the fiscal year ended December 31, 2019</u></div>
      <div>&#160;</div>
      <div style="color: #000000; font-weight: bold;"><u>Management&#8217;s Discussion and Analysis</u></div>
      <div>&#160;</div>
      <div style="color: #000000; font-weight: bold;"><u>Changes in Proved Reserves, page 27</u></div>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" id="z64e7acc2ce1643b59764b5b7e73684c8" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right; font-weight: bold;">1.</td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-weight: bold;">Your disclosure under this section identifies multiple factors impacting your proved reserves without indicating the amount attributable to each factor.&#160; For
                example, you indicate that 200 MMBOE of negative revisions of previous estimates primarily related to negative price revisions, changes to development plans and reservoir performance in the Permian Basin without indicating the amount
                attributable to each factor.&#160; Separately, you indicate that 293 MMBOE positive revisions due to improved recovery are due to multiple factors.&#160; If multiple factors materially contribute to changes in reported reserve quantities, indicate
                the quantity attributable to each factor.&#160; Note that this comment also applies to your discussion of changes in proved undeveloped reserves appearing on page 28 as well as your presentation of changes in proved reserves appearing on pages
                110 to 113.</div>
            </td>
          </tr>

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      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div>June 30, 2020</div>
      <div>Page 2</div>
      <div><br>
      </div>
      <div style="font-weight: bold;">Response to Comment 1:</div>
      <div><br>
      </div>
      <div>We advise that in future filings we will expand our disclosure to provide additional explanation of significant changes in proved reserves. We propose to revise our
        future disclosures in a manner similar to the following for each instance referenced above.</div>
      <div><br>
      </div>
      <div>Revisions of Previous Estimates, page 27</div>
      <div><br>
      </div>
      <div style="font-style: italic;">&#8220;In 2019, Occidental&#8217;s revisions of previous estimates of proved reserves were negative 200 MMBOE, of which approximately 91 MMBOE were negative price
        revisions. The negative price revisions were primarily associated with the Permian Basin (103 MMBOE), which were partially offset by positive price revisions of 14 MMBOE on international production sharing contracts.</div>
      <div><br>
      </div>
      <div style="font-style: italic;">An additional 84 MMBOE of the negative revisions were related to management changes in development plans due to lower average commodity prices
        compared to the prior year and the reallocation of capital to higher return projects. These changes were primarily associated with Permian Basin (65 MMBOE).</div>
      <div><br>
      </div>
      <div style="font-style: italic;">Further negative revisions of 35 MMBOE were associated with updates based on reservoir performance. The remaining 10 MMBOE of offsetting positive
        revisions were associated with various other cost related revisions.&#8221;</div>
      <div><br>
      </div>
      <div>Improved Recovery, page 27</div>
      <div><br>
      </div>
      <div style="font-style: italic;">&#8220;In 2019, Occidental added proved reserves of 293 MMBOE from improved recovery primarily due to additional development projects in the Permian Basin,
        which accounted for approximately two-thirds of the reserve additions.&#160; Further positive additions of 63 MMBOE came from development drilling in the DJ Basin.&#8221;</div>
      <div><br>
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      </div>
      <div>June 30, 2020</div>
      <div>Page 3</div>
      <div><br>
      </div>
      <div>Proved Undeveloped Reserves, page 28</div>
      <div><br>
      </div>
      <div><font style="font-style: italic;">&#8220;Purchases of proved undeveloped reserves added 317 MMBOE, of which two thirds were
          related to the DJ Basin with the remaining split between the Permian Basin and Gulf of Mexico. Total improved recovery additions of 192 MMBOE were primarily the result of additional development drilling in the Permian Basin (105 MMBOE) and DJ
          Basin (63 MMBOE). The 2019 additions to proved undeveloped reserves were partially offset by transfers to proved developed reserves and negative revisions of previous estimates. Transfers to proved developed reserves were a total of 196 MMBOE</font>.<font style="font-style: italic;"> More than half of the transfers were in the Permian Basin (121 MMBOE) with another 61 MMBOE occurring in the DJ Basin. Revisions of previous estimates were a negative
          166 MMBOE.</font>&#160;<font style="font-style: italic;">Approximately 79 MMBOE of the negative revisions were related to management changes in development plans, mainly in the Permian Basin due to
          lower average commodity prices versus the prior year and the reallocation of capital. An additional 61 MMBOE of negative revisions were associated with updates based on reservoir performance. The remaining negative revisions were primarily price
          revisions, mainly in the Permian Basin.&#8221;</font></div>
      <div><br>
      </div>
      <div>Oil Reserves - Revisions of Previous Estimates, page 110</div>
      <div><br>
      </div>
      <div style="font-style: italic;">&#8220;Revisions of previous estimates in 2019 primarily reflected negative price revisions of 52 MMBOE associated with the Permian Basin, partially offset
        by positive price revisions on international production sharing contracts. Another 47 MMBOE and 64 MMBOE in negative revisions were related to changes in development plans and reservoir performance, primarily in the Permian Basin.&#8221;</div>
      <div><font style="font-style: italic;"> </font><br>
      </div>
      <div>NGL Reserves &#8211; Revisions of Previous Estimates, page 111</div>
      <div><br>
      </div>
      <div style="font-style: italic;">&#8220;Revisions of previous estimates in 2019 reflected negative price revisions of 20 MMBOE in the Permian Basin and DJ Basin partially offset by positive
        price revisions on international production sharing contracts.&#160; Another 24 MMBOE in negative revisions were related to changes in development plans, which were offset by 27 MMBOE in positive revisions related to updates based on reservoir
        performance.&#8221;</div>
      <div><br>
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      </div>
      <div>June 30, 2020</div>
      <div>Page 4</div>
      <div><br>
      </div>
      <div>Natural Gas Reserves &#8211; Revisions of Previous Estimates, page 112</div>
      <div><br>
      </div>
      <div style="font-style: italic;">&#8220;Revisions of previous estimates in 2019 reflected negative price revisions of 187 BCF in the Permian Basin, partially offset by positive price
        revisions on international production sharing contracts. Another 79 BCF in negative revisions were related to changes in development plans primarily in the Permian Basin.&#8221;</div>
      <div> <br>
      </div>
      <div>&#160;Total Reserves &#8211; Revisions of Previous Estimates, page 113</div>
      <div style="font-style: italic;"> <br>
      </div>
      <div style="font-style: italic;">&#8220;Revisions of previous estimates in 2019 reflected negative price revisions of 103 MMBOE in the Permian Basin, partially offset by positive
        price revisions on international production sharing contracts. Another 84 MMBOE and 35 MMBOE in negative revisions were related to changes in development plans and reservoir performance, primarily in the Permian Basin.&#8221;</div>
      <div><br>
      </div>
      <div style="color: #000000; font-weight: bold;"><u>Proved Undeveloped Reserves, page 28</u></div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="za3601a9cd7bd4e1c8b68865d90e734cc" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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            </td>
            <td style="width: 18pt; vertical-align: top; align: right; font-weight: bold;">2.</td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-weight: bold;">Revise your disclosure under this section to explain the reasons why material amounts of proved undeveloped reserves in individual fields or countries remain
                undeveloped for five years or more after disclosure as proved reserves.&#160; See Item 1203(d) of Regulation S-K. Please note the statement that your "proved undeveloped reserves in international locations are associated with approved long-term
                international development projects" does not appear to provide the required disclosure.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="font-weight: bold;">Response to Comment 2:</div>
      <div><br>
      </div>
      <div>We propose that in any future filings in which we disclose proved undeveloped reserves, we will expand our disclosure to explain the reasons why material amounts remain
        undeveloped for five years or more. In future filings, we propose to revise any such disclosure in a manner similar to the following:</div>
      <div><br>
      </div>
      <div style="font-style: italic;">&#8220;At December 31, 2019, Occidental had 210 MMBOE of pre-2015 proved undeveloped reserves that remained undeveloped. These proved undeveloped reserves
        relate to approved long-term development plans, 185 MMBOE of which are associated with international development projects with physical limitations in existing gas processing capacity and 25 MMBOE associated with certain Permian EOR projects.
        Occidental remains committed to these projects and continues to actively progress the development of these volumes. Occidental also had an additional 68 MMBOE of proved undeveloped reserves scheduled to be developed more than five years from their
        initial date of booking, primarily related to approved long-term development plans in other Permian EOR projects associated with physical limitations in existing gas processing capacity.&#8221;</div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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      </div>
      <div>June 30, 2020</div>
      <div>Page 5</div>
      <div>&#160;</div>
      <div>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)
        366-5149.</div>
      <div>&#160;</div>
      <div>Very truly yours,</div>
      <div><br>
      </div>
      <div>/s/ Robert Peterson</div>
      <div>&#160;</div>
      <div>
        <hr noshade="noshade" align="left" style="background-color: #000000; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0px auto 0px 0px; height: 2px; width: 30%; color: #000000;"> </div>
      <div>Robert Peterson</div>
      <div style="font-style: italic;">Senior Vice President and Chief Financial Officer</div>
      <div style="font-style: italic;">Occidental Petroleum Corporation</div>
      <div><br>
      </div>
    </div>
    <div> <br>
    </div>
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