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GENERAL | 6 Months Ended
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Jun. 30, 2023
Accounting Policies [Abstract] |
General |
NOTE 1 - GENERAL
NATURE OF OPERATIONS 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 the 2022 Form 10-K. In the opinion of Occidental’s management, the accompanying unaudited Consolidated Condensed Financial Statements in this report reflect all adjustments (consisting of normal recurring adjustments) that are necessary to fairly present Occidental’s results of operations and cash flows for the six months ended June 30, 2023 and 2022 and Occidental’s financial position as of June 30, 2023 and December 31, 2022. The income and cash flows for the periods ended June 30, 2023 and 2022 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 for the periods presented 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 in the Consolidated Condensed Statements of Cash Flows as of June 30, 2023 and 2022:
millions | 2023 | 2022
Cash and cash equivalents | $ | 486 |  | $ | 1,362 |
Restricted cash and restricted cash equivalents included in other current assets | 29 |  | 23 |
Restricted cash and restricted cash equivalents included in long-term receivables and other assets, net | 18 |  | 16 |
Cash, cash equivalents, restricted cash and restricted cash equivalents | $ | 533 |  | $ | 1,401 |
SUPPLEMENTAL CASH FLOW INFORMATION The following table represents U.S. federal, domestic, state and international income taxes paid, tax refunds received and interest paid during the six months ended June 30, 2023 and 2022, respectively:
millions | 2023 | 2022
Income tax payments | $ | 632 |  | $ | 962 |
Income tax refunds received | $ | 3 |  | $ | 70 |
Interest paid (a) | $ | 509 |  | $ | 846 |
(a) Net of capitalized interest of $42 million and $30 million for the six months ended June 30, 2023 and 2022, respectively. WES INVESTMENT As of June 30, 2023, Occidental owned all of the 2.3% non-voting general partner interest and 49.5% of the limited partner units in WES. On a combined basis, with its 2% non-voting limited partner interest in WES Operating, Occidental's total effective economic interest in WES and its subsidiaries was 51.6%. IMPAIRMENT For the three and six months ended June 30, 2023, Occidental recorded a pre-tax impairment of $180 million related to undeveloped acreage in the northern non-core area of the Powder River Basin where Occidental has decided not to pursue future exploration and appraisal activities. Impairment expense for the three and six months ended June 30, 2023 also includes a $29 million impairment related to an equity method investment in Black Butte Coal Company.

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