XML 37 R27.htm IDEA: XBRL DOCUMENT
v3.24.3

ACQUISITIONS AND DIVESTITURES (Tables) | 9 Months Ended
--- | ---
Sep. 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 (except per-share price) | 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 | $ | 589 |
Trade receivables, net | 198 |
Other current assets | 67 |
Property, plant and equipment, oil and gas | 11,838 |
Amount attributable to assets acquired | $ | 12,692
Fair value of liabilities acquired: |
Current maturities of long-term debt | $ | 868 |
Accounts payable | 251 |
Accrued liabilities | 23 |
Long-term debt | 378 |
Asset retirement obligations | 47 |
Amount attributable to liabilities acquired | $ | 1,567
Fair value of net assets acquired: | $ | 11,125
Schedule of Pro Forma Information | The following summarizes the unaudited pro forma condensed financial information of Occidental as if the CrownRock Acquisition had occurred on January 1, 2023:
| Three months ended September 30, |  | Nine months ended September 30,
millions, except per-share amounts | 2024 |  | 2023 |  | 2024 |  | 2023
Revenues | $ | 7,367 |  |  | $ | 7,801 |  |  | $ | 21,424 |  |  | $ | 22,912 |
Net income attributable to common stockholders | $ | 1,075 |  |  | $ | 1,300 |  |  | $ | 3,049 |  |  | $ | 3,139 |
Net income attributable to common stockholders per share—basic | $ | 1.14 |  |  | $ | 1.41 |  |  | $ | 3.28 |  |  | $ | 3.39 |
Net income attributable to common stockholders per share—diluted | $ | 1.09 |  |  | $ | 1.31 |  |  | $ | 3.08 |  |  | $ | 3.14 |

X
- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(2) -SubTopic 10 -Topic 805 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(3) -SubTopic 10 -Topic 805 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-2 + Details
Name: | us-gaap_BusinessAcquisitionProFormaInformationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

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

X
- Definition Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-3 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-2 + Details
Name: | us-gaap_ScheduleOfBusinessAcquisitionsByAcquisitionTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration