XML 56 R32.htm IDEA: XBRL DOCUMENT
v3.22.4

INVESTMENTS AND RELATED-PARTY TRANSACTIONS (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2022
Investments And Related Party Transactions Disclosure [Abstract] |
Schedule of significant equity investments | Occidental’s significant equity investments are presented in investments in unconsolidated entities and in deferred credits and other liabilities - other. As of December 31, 2022 and 2021, investments in unconsolidated entities were $3.2 billion and $2.9 billion, respectively. Occidental’s equity investments presented in investments in unconsolidated entities primarily consist of the following:
millions | % Economic Interest |  | Carrying amount
WES (a) |  | 51.7 | % |  | $ | 2,006 |
OxyChem Ingleside Facility |  | 50.0 | % |  | 566 |
OLCV - related |  | various |  | 416 |
Other |  | various |  | 188 |
Total Investments in unconsolidated entities (b) |  |  |  | $ | 3,176 |
(a) In July 2022, Occidental sold 10.0 million limited partner units of WES for proceeds of approximately $250 million, resulting in a gain of $62 million. In 2021, Occidental sold 14.0 million limited partner units of WES for proceeds of $250 million, resulting in a gain of $102 million. In the first quarter of 2020, Occidental recorded an impairment of $1.2 billion in goodwill related to its ownership in WES and in the third quarter of 2020, recorded an other than temporary impairment of $2.7 billion related to the WES equity method investment. See Note 9 - Fair Value Measurements for more information on the impairments. (b) Not presented in investments in unconsolidated entities is Occidental’s 24.5% ownership in DEL, which had a carrying value of $213 million and is presented in deferred credits and other liabilities - other. Refer to the discussion below regarding the presentation of Occidental’s equity investment in DEL.
Summarized financial information of equity-method investments | The following table presents the summarized financial information of its equity-method investments combined for the years ended and as of December 31:
millions |  | 2022 |  | 2021 |  | 2020
Summarized Results of Operations |  |  |  |  |  |
Revenues and other income |  | $ | 6,342 |  |  | $ | 6,252 |  |  | $ | 5,455 |
Costs and expenses |  | 4,514 |  |  | 4,569 |  |  | 5,455 |
Net income |  | $ | 1,828 |  |  | $ | 1,683 |  |  | $ | — |
Summarized Balance Sheet |  |  |  |  |  |
Current assets |  | $ | 3,482 |  |  | $ | 3,387 |  |  | $ | 1,419 |
Non-current assets |  | $ | 15,282 |  |  | $ | 19,341 |  |  | $ | 18,693 |
Current liabilities |  | $ | 1,342 |  |  | $ | 1,976 |  |  | $ | 1,549 |
Long-term debt |  | $ | 9,512 |  |  | $ | 9,464 |  |  | $ | 7,860 |
Other non-current liabilities |  | $ | 1,289 |  |  | $ | 1,187 |  |  | $ | 866 |
Stockholders’ equity |  | $ | 6,621 |  |  | $ | 10,101 |  |  | $ | 9,837 |
Summary of related-party transactions | During 2022, 2021 and 2020, Occidental entered into the following related-party transactions and had the following amounts due from or to its related parties for the years ended December 31:
millions |  | 2022 |  | 2021 |  | 2020
Sales (a) |  | $ | 337 |  |  | $ | 261 |  |  | $ | 301 |
Purchases (b) |  | $ | 948 |  |  | $ | 773 |  |  | $ | 1,112 |
Services (c) |  | $ | 1,006 |  |  | $ | 942 |  |  | $ | 1,101 |
Advances and amounts due from related parties |  | $ | 40 |  |  | $ | 57 |  |  | $ | 62 |
Amounts due to related parties |  | $ | 306 |  |  | $ | 280 |  |  | $ | 296 |
(a)In 2022 and 2021 and 2020 sales of Occidental-produced oil and NGL to WES accounted for 42% and 58% and 70% of these totals, respectively. (b)In 2022 and 2021 and 2020, purchases of gas and NGL marketed on behalf of WES accounted for 24% and 27% and 59% of related party purchases, respectively, while purchases of ethylene from the OxyChem Ingleside Facility accounted for 64% and 70% in 2022 and 2021 respectively, and, in 2020, for 41% of related party purchases. (c)In 2022 and 2021 and 2020, services primarily related to fees charged by WES to gather, process and treat Occidental produced oil, NGL and natural gas. Excluded charges to WES for shared corporate services.

X
- Definition Investments And Related Party Transactions Disclosure [Abstract] + References No definition available. + Details
Name: | oxy_InvestmentsAndRelatedPartyTransactionsDisclosureAbstract
Namespace Prefix: | oxy_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Schedule of Ownership Interests in Equity Investments [Table Text Block] + References No definition available. + Details
Name: | oxy_ScheduleOfOwnershipInterestsInEquityInvestmentsTableTextBlock
Namespace Prefix: | oxy_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of equity method investments including, but not limited to, name of each investee or group of investments, percentage ownership, difference between recorded amount of an investment and the value of the underlying equity in the net assets, and summarized financial information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571 + Details
Name: | us-gaap_EquityMethodInvestmentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of related party transactions. Examples of related party transactions include, but are not limited to, transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners and (d) affiliates. + References No definition available. + Details
Name: | us-gaap_ScheduleOfRelatedPartyTransactionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration