XML 20 R10.htm IDEA: XBRL DOCUMENT
v3.21.2

General | 6 Months Ended
--- | ---
Jun. 30, 2021
Accounting Policies [Abstract] |
General |
NOTE 1 - GENERAL
NATURE OF OPERATIONS In this report, "Occidental" means Occidental Petroleum Corporation, a Delaware corporation, and one or more entities in which it owns a controlling interest (subsidiaries). Occidental conducts its operations through various subsidiaries and affiliates. Occidental has made its disclosures in accordance with United States generally accepted accounting principles as they apply to interim reporting, and condensed or omitted, as permitted by the U.S. Securities and Exchange Commission’s rules and regulations, certain information and disclosures normally included in consolidated financial statements and the notes thereto. These unaudited consolidated condensed financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto in Occidental’s Annual Report on Form 10-K for the year ended December 31, 2020 (the 2020 Form 10-K). In the opinion of Occidental’s management, the accompanying unaudited consolidated condensed financial statements contain all adjustments (consisting of normal recurring adjustments) necessary to fairly present Occidental’s consolidated condensed balance sheets as of June 30, 2021 and December 31, 2020, and the consolidated condensed statements of operations, comprehensive income (loss), cash flows and equity for the three and six months ended June 30, 2021 and 2020. Certain data in the financial statements and notes for prior periods have been reclassified to conform to the current presentation. The income and cash flows for the periods ended June 30, 2021 and 2020 are not necessarily indicative of the income or cash flows to be expected for the full year. CASH EQUIVALENTS AND RESTRICTED CASH EQUIVALENTS Occidental considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents or restricted cash equivalents. The cash equivalents and restricted cash equivalents balances at June 30, 2021 and 2020 included investments in government money market funds in which the carrying value approximates fair value. The following table provides a reconciliation of cash, cash equivalents, restricted cash and restricted cash equivalents as reported at the end of the period in the consolidated condensed statements of cash flows for the six months ended June 30, 2021 and 2020, respectively.
millions |  | 2021 |  | 2020
Cash and cash equivalents |  | $ | 4,569 |  |  | $ | 1,011 |
Restricted cash and restricted cash equivalents |  | 180 |  |  | 124 |
Restricted cash and restricted cash equivalents included in long-term receivables and other assets, net |  | 17 |  |  | 78 |
Cash, cash equivalents, restricted cash and restricted cash equivalents |  | $ | 4,766 |  |  | $ | 1,213 |
Total restricted cash and restricted cash equivalents are primarily associated with international joint ventures, a benefits trust and a judicially controlled account related to a Brazilian tax dispute. SUPPLEMENTAL CASH FLOW INFORMATION The following table represents U.S. federal, domestic state and international income taxes paid, tax refunds received and interest paid related to continuing operations during the six months ended June 30, 2021 and 2020, respectively.
millions |  | 2021 |  | 2020
Income tax payments |  | $ | (302) |  |  | $ | (281) |
Income tax refunds received |  | $ | 45 |  |  | $ | 96 |
Interest paid (a) |  | $ | (793) |  |  | $ | (728) |
(a) Net of capitalized interest of $29 million and $47 million for the six months ended June 30, 2021 and 2020, respectively. WES INVESTMENT In March 2021, Occidental sold 11.5 million limited partner units of Western Midstream Partners, LP (WES) for proceeds of approximately $200 million, resulting in a gain of $102 million. As of June 30, 2021, Occidental owned all of the 2% non-voting general partner interest and 49.1% of the limited partner units in WES. On a combined basis, with its 2.0% non-voting limited partner interest in WES Operating, a WES subsidiary, Occidental's total effective economic interest in WES and its subsidiaries was 51.2%. The following table presents the related-party transactions between Occidental and WES for the six months ended June 30, 2021 and 2020.
millions |  |  |  |  | 2021 |  | 2020
Sales |  |  |  |  | $ | 91 |  |  | $ | 119 |
Purchases |  |  |  |  | $ | 17 |  |  | $ | 311 |
Transportation, gathering and other fees paid |  |  |  |  | $ | 472 |  |  | $ | 546 |
DISCONTINUED OPERATIONS Occidental is continuing to actively market its Ghana assets. The results of operations in Ghana, after-tax income of $7 million for the three months ended June 30, 2021 and after-tax losses of $35 million for the six months ended June 30, 2021, continue to be presented as discontinued operations. The amounts related to the Ghana assets, of which approximately $1.2 billion and $1.4 billion are related to property, plant and equipment, net, as of June 30, 2021 and December 31, 2020, respectively, and the amounts related to Ghana liabilities, of which approximately $600 million and $670 million are related to deferred income taxes, asset retirement obligations and a finance lease liability as of June 30, 2021 and December 31, 2020, respectively, are presented as assets and liabilities held for sale. During the first quarter of 2021, Occidental recorded a $403 million after-tax loss contingency in discontinued operations associated with its former operations in Ecuador, see Note 8 - Lawsuits, Claims, Commitments and Contingencies.

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

X
- Definition The entire disclosure for the general note to the financial statements for the reporting entity which may include, descriptions of the basis of presentation, business description, significant accounting policies, consolidations, reclassifications, new pronouncements not yet adopted and changes in accounting principles. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -URI http://asc.fasb.org/topic&trid=2197479 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 275 -URI http://asc.fasb.org/topic&trid=2134479 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -URI http://asc.fasb.org/topic&trid=2122394 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -URI http://asc.fasb.org/topic&trid=2122369 + Details
Name: | us-gaap_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration