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ACQUISITIONS, DIVESTITURES AND OTHER TRANSACTIONS | 12 Months Ended
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Dec. 31, 2022
Business Combinations, Asset Acquisitions, Dispositions and Other Disclosure [Abstract] |
ACQUISITIONS, DIVESTITURES AND OTHER TRANSACTIONS |
NOTE 5 - ACQUISITIONS, DIVESTITURES AND OTHER TRANSACTIONS
ACQUISITIONS, DIVESTITURES AND OTHER TRANSACTIONS 2022 Throughout 2022, Occidental entered into non-monetary exchange agreements, primarily in the Permian Basin. These exchanges were recorded as acquisitions and divestitures at a total combined fair value of $340 million. In 2022, Occidental acquired additional interests in emerging low-carbon businesses to advance net-zero pathway for a combined net purchase price of approximately $350 million. In November 2022 and December 2022, Occidental acquired additional primarily producing assets in the Permian Basin for a combined net purchase price of approximately $400 million. In November 2021, Occidental entered into an agreement to sell certain non-strategic assets in the Permian Basin. The transaction closed in January 2022 for net cash proceeds of approximately $190 million. The difference in the proved assets' net book value and adjusted purchase price was treated as a normal retirement, which resulted in no gain or loss being recognized. The difference in the unproved assets' net book value and adjusted purchase price resulted in a gain on sale of approximately $123 million. The gain has been presented within gains on sales of assets and equity investments, net in the Consolidated Statements of Operations. In 2022, Occidental sold 14.0 million limited partner units of WES for proceeds of $250 million, resulting in a gain of $102 million, see Note 4 - Investments and Related-Party Transactions. 2021 In November 2021, Occidental acquired additional working interests in certain assets in the Permian EOR business for a net purchase price of approximately $285 million. In October 2021, Occidental closed the sale of its Ghana assets. See below discussion on Discontinued Operations for additional information. This divestiture completed Occidental's large-scale asset divestiture program. In June 2021, Occidental entered into an agreement to sell certain non-strategic assets in the Permian Basin. The transaction closed in July 2021 for net cash proceeds of approximately $475 million. The difference in the assets' net book value and adjusted purchase price was treated as a recovery of cost and normal retirement, which resulted in no gain or loss being recognized. In March 2021, Occidental completed the sale of certain non-operated assets in the DJ Basin for net cash proceeds of approximately $280 million. The difference in the assets' net book value and adjusted purchase price was treated as a recovery of cost and normal retirement, which resulted in no gain or loss being recognized. In 2021, Occidental sold 14 million limited partner units of WES for proceeds of approximately $250 million, see Note 4 - Investments and Related-Party Transactions. 2020 In November 2020 and December 2020, Occidental divested of certain non-core, largely non-operated proved and unproved acreage in the Permian for a loss of approximately $820 million. The losses have been presented within gains (losses) on sale of assets, net in the Consolidated Statement of Operations. In October 2020, Occidental entered into an agreement to sell its onshore oil and gas Colombia assets. The transaction closed in December 2020, and Occidental recorded a loss on sale of approximately $353 million. The loss has been presented within gains (losses) on sale of assets, net in the Consolidated Statement of Operations. In August 2020, Occidental entered into an agreement to sell approximately 4.5 million mineral acres and 1 million fee surface acres located in Wyoming, Colorado and Utah for approximately $1.33 billion. The transaction closed in October 2020 for net cash proceeds of approximately $1.0 billion, after satisfying $329 million of liabilities associated with the sale of future royalties. Occidental recorded a loss on sale of $440 million. The loss has been presented within gains (losses) on sale of assets, net in the Consolidated Statement of Operations. DISCONTINUED OPERATIONS In 2021, Occidental recorded a $437 million after-tax loss contingency in discontinued operations associated with its former operations in Ecuador, see Note 13 - Lawsuits, Claims, Commitments and Contingencies. In October 2021, Occidental closed the sale of its Ghana assets for $750 million and net proceeds of $555 million, after closing adjustments to reflect an April 1, 2021 effective date. In addition, Occidental settled certain tax claims related to historical operations in Ghana for $170 million. Prior to the sale, 2021 operations in Ghana resulted in an after-tax loss of $31 million. The following table presents the amounts reported in discontinued operations, net of income taxes, related to the Ghana assets for the years ended December 31, 2021 and 2020:
millions | 2021 | 2020
Revenues and other income |  |
Net sales | $ | 458 |  | $ | 419 |
Costs and other deductions |  |
Oil and gas lease operating expense | 71 |  | 117 |
Fair value adjustment on assets held for sale (a) | 409 |  | 2,263 |
Other | 24 |  | 48 |
Total costs and other deductions | $ | 504 |  | $ | 2,428 |
Income (loss) before income taxes | $ | (46) |  | $ | (2,009) |
Income tax benefit (expense) | 15 |  | 711 |
Discontinued operations, net of tax | $ | (31) |  | $ | (1,298) |
(a) For 2021, included effective date to close date adjustments as well as settlements of certain tax claims.

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- Definition Business Combinations, Asset Acquisitions, Dispositions and Other Disclosure + References No definition available. + Details
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- Definition Description of significant business acquisitions (or series of individually immaterial business combinations or asset acquisitions) planned, initiated, or completed during the period, including background, timing, and allocation of acquisition costs. Includes description of significant business or asset dispositions completed during the period, including background, timing and disclosures for discontinued operations, if applicable. Also includes description of other applicable transactions. This element may be used as a single block of text to encapsulate all disclosures (including data and tables) regarding business combinations, asset acquisitions, business or asset dispositions, including leverage buyout transactions and other transactions. + References No definition available. + Details
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