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ACQUISITIONS AND DIVESTITURES (Tables) | 6 Months Ended
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Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] |
Schedule of Purchase Consideration | The following table summarizes the cash and common stock components of the purchase price:
in millions of dollars and shares | Total
Cash portion of purchase price | $ | 9,100 |
Closing Adjustments |
Net Working Capital and Other Purchase Price Adjustments | 257 |
Pre-closing dividends declared by Occidental | $ | 13 |
Total Cash Purchase Price | $ | 9,370
Total shares of Occidental common stock issued | 29.6 |
Occidental common stock share price | $ | 59.38 |
Stock portion of purchase price | $ | 1,755
Total purchase price | $ | 11,125
Schedule of Preliminary Purchase Price Allocation | The following table sets forth the preliminary allocation of the acquisition consideration. Certain data necessary to complete the purchase price allocation is not yet available, and includes, but is not limited to, final appraisals of assets acquired and liabilities assumed. Occidental will finalize the purchase price allocation during the 12-month period following the acquisition date, during which time the value of the assets and liabilities may be revised as appropriate.
in millions | August 1, 2024
Fair value of assets acquired: |
Cash and cash equivalents | $ | 581 |
Trade receivables, net | 244 |
Other current assets | 8 |
Property, plant and equipment, Oil and gas | 11,825 |
Amount attributable to assets acquired | $ | 12,658
Fair value of liabilities acquired: |
Current maturities of long-term debt | $ | 868 |
Accounts payable | 130 |
Accrued liabilities | 111 |
Long-term debt | 376 |
Asset retirement obligations | 48 |
Amount attributable to liabilities acquired | $ | 1,533
Fair value of net assets acquired: | $ | 11,125

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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479907/805-20-50-1 + Details
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