OXY

OCCIDENTAL PETROLEUM CORP

Energy | Large Cap

$0.90

EPS Forecast

$7,397

Revenue Forecast

The company already released most recent quarter's earnings. We will publish our AI's next quarter's forecast around 2024-12-31
EX-99.1 2 oxyex99112-31x2021earnings.htm EX-99.1 Document
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PRESS RELEASE


Occidental Announces 4th Quarter 2021 Results

•Announced new shareholder return framework and additional debt reduction target
•Earnings per share of $1.37 per diluted share and adjusted earnings per share of $1.48 per diluted share
•Cash flow from continuing operations of $3.2 billion and cash flow from continuing operations, before working capital of $3.9 billion
•Capital spending of $937 million, resulting in record free cash flow, excluding working capital of over $2.9 billion
•Reduced debt maturities by $2.2 billion through debt tender and 2022 maturity call provisions resulting in total year debt maturity reduction of over $6.7 billion
•OxyChem generated record quarterly pre-tax earnings of $574 million, increasing total year pre-tax earnings to over $1.5 billion
•Exceeded production guidance midpoint by 49 Mboed, with production of 1,189 Mboed from continuing operations

HOUSTON — February 24, 2022 — Occidental (NYSE: OXY) today announced net income attributable to common stockholders for the fourth quarter of 2021 of $1.3 billion, or $1.37 per diluted share, and adjusted income attributable to common stockholders of $1.4 billion, or $1.48 per diluted share. Fourth quarter after-tax items affecting comparability of $111 million included net derivative losses of $107 million and $130 million of charges for non-core expiring domestic onshore undeveloped oil and gas leases and inventory impairments, partially offset by a positive state tax rate revaluation of $88 million and gains on sale of $68 million.

“Occidental's focus on operational efficiencies in the fourth quarter enabled us to leverage the increases in commodity prices to further improve our balance sheet and liquidity position, and set us on a path toward continued debt reduction and the implementation of a new shareholder return framework in 2022,” said President and Chief Executive Officer Vicki Hollub. “Our employees delivered strong operational results, setting new records and efficiency benchmarks in the Permian, Rockies, Gulf of Mexico and Oman in 2021. Additionally, OxyChem recorded its highest annual earnings in 30 years.”

QUARTERLY RESULTS
Oil and Gas
Oil and gas pre-tax income on continuing operations for the fourth quarter was $2.1 billion, compared to pre-tax income of $1.5 billion for the third quarter of 2021. The fourth quarter results included $109 million of charges for non-core expiring domestic onshore undeveloped oil and gas leases and inventory impairments, partially offset by gains on sale of $68 million. Excluding items affecting comparability, fourth quarter oil and gas income improved over the third quarter due to higher worldwide crude oil and domestic natural gas prices and higher crude oil volumes, partially offset by


higher exploration and overhead expenses. For the fourth quarter of 2021, average WTI and Brent marker prices were $77.19 per barrel and $79.76 per barrel, respectively. Average worldwide realized crude oil prices increased by approximately 10 percent from the prior quarter to $75.39 per barrel. Average worldwide realized natural gas liquids (NGL) prices increased by approximately 7 percent from the prior quarter to $36.52 per barrel. Average domestic realized gas prices increased by approximately 39 percent from the prior quarter to $4.64 per Mcf.

Total average global production from continuing operations of 1,189 thousand of barrels of oil equivalent per day (Mboed) for the fourth quarter exceeded the midpoint of guidance by 49 Mboed. Permian Resources, Rockies and Gulf of Mexico all exceeded the high end of guidance with production of 490 Mboed, 313 Mboed and 149 Mboed, respectively. International average daily production volumes came within guidance at 237 Mboed.

Oil and Gas Proved Reserves
As of December 31, 2021, Occidental's worldwide proved reserves totaled 3.5 billion barrels of oil equivalent (BOE), compared to 2.9 billion BOE for the same period in the prior year. Proved reserve additions were mainly driven by positive price and other revisions of 829 million BOE and extensions and discoveries of 145 million BOE. Revisions of proved reserves included 421 million BOE of positive price revisions and 208 million BOE of positive revisions related to additions associated with infill development projects, primarily in the Permian and DJ basins, and further positive revisions of 101 million BOE associated with updates based on reservoir performance. The remaining revisions were associated with various other cost related revisions and management changes in development plans.

OxyChem
Chemical pre-tax income of $574 million for the fourth quarter exceeded guidance by $94 million. Compared to prior quarter income of $407 million, the improvement in fourth quarter income resulted primarily from higher realized prices, volumes and margins across most product lines, partially offset by higher energy costs.

Midstream and Marketing
Midstream and marketing pre-tax loss for the fourth quarter was $15 million, compared to income of $20 million for the third quarter of 2021. The fourth quarter results included $76 million of derivative losses and $21 million of valuation adjustments to inventory. WES equity income for the fourth quarter was $131 million. Midstream and marketing's fourth quarter pre-tax loss, excluding WES equity income, exceeded guidance by over $100 million. Excluding items affecting comparability, midstream and marketing pre-tax fourth quarter results reflected higher margins from the marketing business due to timing of crude sales, optimizations in gas transportation capacities and improved gas transportation spreads, partially offset by higher operating expenses and energy costs in domestic gas processing due to increased NGL production.

Supplemental Non-GAAP Measures
This press release refers to adjusted income (loss), cash flow from continuing operations before working capital and free cash flow, which are supplemental measures not calculated in accordance with generally accepted accounting principles in the United States (GAAP). These non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as an alternative to the comparable GAAP financial measures. Definitions of adjusted income (loss) and a reconciliation to net income (loss), along with cash flow


from continuing operations before working capital and free cash flow and a reconciliation to the comparable GAAP financial measures, are included in the financial schedules of this press release. Occidental’s definition of adjusted income (loss), cash flow from continuing operations before working capital and free cash flow may differ from similarly titled measures provided by other companies in our industry and as a result may not be comparable.

This press release also refers to finding and development cost (F&D Cost) and reserves replacement ratio, which are non-GAAP measures that Occidental believes are widely used in our industry, as well as by analysts and investors, to measure and evaluate the cost of replacing annual production and adding proved reserves. Occidental's definitions of these non-GAAP measures may differ from similarly titled measures provided by other companies and as a result may not be comparable. F&D Cost - All-In is calculated by dividing total costs incurred for the year as defined by GAAP by the sum of proved reserve revisions, improved recovery, extensions and discoveries and purchases of minerals in place for the year. F&D Cost - Organic is F&D Cost - All-In excluding both the property acquisition costs and purchase of minerals in place, and F&D Cost - Program Additions further excludes other revisions that are not infills. Reserves Replacement - All-In is calculated by dividing the sum of proved reserve revisions, improved recovery, extensions and discoveries and purchases and sales of minerals in place for the year by current year production. Reserves Replacement - Organic is Reserves Replacement - All-In, excluding purchases and sales of minerals in place for the year.

About Occidental
Occidental is an international energy company with assets primarily in the United States, the Middle East and North Africa. We are one of the largest oil producers in the U.S., including a leading producer in the Permian and DJ basins, and offshore Gulf of Mexico. Our midstream and marketing segment provides flow assurance and maximizes the value of our oil and gas. Our chemical subsidiary OxyChem manufactures the building blocks for life-enhancing products. Our Oxy Low Carbon Ventures subsidiary (OLCV) is advancing leading-edge technologies and business solutions that economically grow our business while reducing emissions. We are committed to using our global leadership in carbon management to advance a lower-carbon world. Visit oxy.com for more information.

Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to statements about Occidental’s expectations, beliefs, plans or forecasts. All statements other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws, and they include, but are not limited to: any projections of earnings, revenue or other financial items or future financial position or sources of financing; any statements of the plans, strategies and objectives of management for future operations or business strategy; any statements regarding future economic conditions or performance; any statements of belief; and any statements of assumptions underlying any of the foregoing. Words such as “estimate,” “project,” “predict,” “will,” “would,” “should,” “could,” “may,” “might,” “anticipate,” “plan,” “intend,” “believe,” “expect,” “aim,” “goal,” “target,” “objective,” "commit," "advance," “likely” or similar expressions that convey the prospective nature of events or outcomes are generally indicative of forward-looking statements. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Unless legally required, Occidental does not undertake any obligation to update, modify or withdraw any forward-looking statements as a result of new information, future events or otherwise.

Although Occidental believes that the expectations reflected in any of its forward-looking statements are reasonable, actual results may differ from anticipated results, sometimes materially. In addition, historical, current and forward-looking sustainability-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve and assumptions that are subject to change in the future. Factors that could cause results to differ from those projected or assumed in any forward-looking statement include, but are not limited to: the scope and duration of the COVID-19 pandemic


and ongoing actions taken by governmental authorities and other third parties in response to the pandemic; Occidental’s indebtedness and other payment obligations, including the need to generate sufficient cash flows to fund operations; Occidental’s ability to successfully monetize select assets and repay or refinance debt and the impact of changes in Occidental’s credit ratings; assumptions about energy markets; global and local commodity and commodity-futures pricing fluctuations; supply and demand considerations for, and the prices of, Occidental’s products and services; actions by the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC oil producing countries; results from operations and competitive conditions; future impairments of our proved and unproved oil and gas properties or equity investments, or write-downs of productive assets, causing charges to earnings; unexpected changes in costs; availability of capital resources, levels of capital expenditures and contractual obligations; the regulatory approval environment, including Occidental's ability to timely obtain or maintain permits or other governmental approvals, including those necessary for drilling and/or development projects; Occidental's ability to successfully complete, or any material delay of, field developments, expansion projects, capital expenditures, efficiency projects, acquisitions or dispositions; risks associated with acquisitions, mergers and joint ventures, such as difficulties integrating businesses, uncertainty associated with financial projections, projected synergies, restructuring, increased costs and adverse tax consequences; uncertainties and liabilities associated with acquired and divested properties and businesses; uncertainties about the estimated quantities of oil, NGL and natural gas reserves; lower-than-expected production from development projects or acquisitions; Occidental’s ability to realize the anticipated benefits from prior or future streamlining actions to reduce fixed costs, simplify or improve processes and improve Occidental’s competitiveness; exploration, drilling and other operational risks; disruptions to, capacity constraints in, or other limitations on the pipeline systems that deliver Occidental’s oil and natural gas and other processing and transportation considerations; general economic conditions, including slowdowns, domestically or internationally, and volatility in the securities, capital or credit markets; inflation; governmental actions, war, and political conditions and events; legislative or regulatory changes, including changes relating to hydraulic fracturing or other oil and natural gas operations, retroactive royalty or production tax regimes, deep-water and onshore drilling and permitting regulations, and environmental regulation (including regulations related to climate change); environmental risks and liability under federal, regional, state, provincial, tribal, local and international environmental laws and regulations (including remedial actions); Occidental's ability to recognize intended benefits from its business strategies and initiatives, such as OLCV or announced greenhouse gas emissions reduction targets or net-zero goals; potential liability resulting from pending or future litigation; disruption or interruption of production or manufacturing or facility damage due to accidents, chemical releases, labor unrest, weather, power outages, natural disasters, cyber-attacks or insurgent activity; the creditworthiness and performance of Occidental's counterparties, including financial institutions, operating partners and other parties; failure of risk management; Occidental’s ability to retain and hire key personnel; supply, transportation and labor constraints; reorganization or restructuring of Occidental’s operations; changes in state, federal or international tax rates; and actions by third parties that are beyond Occidental’s control.

Additional information concerning these and other factors can be found in Occidental’s filings with the U.S. Securities and Exchange Commission, including Occidental’s Annual Report on Form 10-K for the year ended December 31, 2021, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.


Contacts
Media
 Investors
Eric Moses
Jeff Alvarez
713-497-2017
713-215-7864
eric_moses@oxy.com
jeff_alvarez@oxy.com



Occidental Petroleum Corporation
Fourth Quarter and Full-Year 2021
Earnings Release Schedules Index

Schedule # and Description

•Before Tax Allocations
•After Tax Allocations    
•Reported Results
•Items Affecting Comparability
•Adjusted Results (non-GAAP)
•Reported Results
•Items Affecting Comparability
•Adjusted Results (non-GAAP)
•Reconciliation - Diluted EPS
•Detail of Capital Expenditures and Depreciation, Depletion and Amortization
•MBOE/D
•By Commodity
•MBOE/D
•Realized Prices and Related Index Prices




SCHEDULE 1
Occidental Petroleum Corporation
Summary Highlights
20202021
QuarterlyQtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4TY
Net Income (Loss) ($ millions)
Reported income (loss) attributable to common stockholders$(2,232)$(8,353)$(3,778)$(1,312)$(15,675)$(346)$(97)$628 $1,337 $1,522 
Reported EPS - Diluted ($/share)$(2.49)$(9.12)$(4.07)$(1.41)$(17.06)$(0.36)$(0.10)$0.65 $1.37 $1.58 
Effective tax rate on reported income (loss) (%)1 %18 %10 %19 %14 %5 %30 %32 %23 %25 %
Adjusted income (loss) attributable to common stockholders (Non-GAAP)(a)$(598)$(1,692)$(788)$(610)$(3,688)$(136)$311 $836 $1,448 $2,459 
Adjusted EPS - Diluted (Non-GAAP) ($/share)(b)$(0.67)$(1.85)$(0.85)$(0.65)$(4.01)$(0.15)$0.32 $0.87 $1.48 $2.55 
Effective tax rate on adjusted income (loss) (%)2 %15 %8 %8 %11 %(327)%31 %30 %27 %27 %
Average Shares Outstanding - Reported Income (Loss)
Basic (millions)896.7 915.5 929.3 933.0 918.7 933.1 934.2 935.4 936.5 935.0 
Diluted (millions)896.7 915.5 929.3 933.0 918.7 947.9 934.2 957.7 972.7 958.8 
Average Shares Outstanding - Adjusted Income (Loss)(b)
Basic (millions)896.7 915.5 929.3 933.0 918.7 933.1 934.2 935.4 936.5 935.0 
Diluted (millions)896.7 915.5 929.3 933.0 918.7 933.1 956.8 957.7 972.7 958.8 
Daily Production Volumes
Total US (MBOE/D)1,175 1,116 960 900 1,037 904 961 918 952 933 
US Oil (MBBL/D)662 603 508 477 561 488 517 483 506 498 
Worldwide - Reported (MBOE/D)1,497 1,434 1,265 1,195 1,347 1,139 1,225 1,176 1,192 1,183 
Worldwide - Continuing Operations (MBOE/D)1,437 1,373 1,204 1,143 1,289 1,117 1,203 1,160 1,189 1,167 
Worldwide Sales - Continuing Operations (MBOE/D)1,432 1,386 1,192 1,158 1,291 1,113 1,199 1,158 1,193 1,166 
Commodity Price Realizations
Worldwide oil ($/BBL)$46.96 $23.14 $38.51 $40.76 $37.34 $55.65 $64.18 $68.74 $75.39 $66.14 
Worldwide NGL ($/BOE)$13.09 $7.79 $15.02 $14.95 $12.58 $23.44 $25.06 $34.01 $36.52 $30.01 
Domestic gas ($/MCF)$1.18 $0.90 $1.18 $1.55 $1.18 $2.56 $2.59 $3.35 $4.64 $3.30 
Cash Flows - Continuing Operations ($ millions)
Operating cash flow before working capital (Non-GAAP)(c)$1,484 $587 $1,644 $1,405 $5,120 $2,135 $2,710 $2,967 $3,867 $11,679 
Working capital changes$(189)$(222)$(829)$(38)$(1,278)$(1,347)$614 $(57)$(636)$(1,426)
Operating cash flow$1,295 $365 $815 $1,367 $3,842 $788 $3,324 $2,910 $3,231 $10,253 
Capital expenditures$(1,300)$(375)$(246)$(614)$(2,535)$(579)$(698)$(656)$(937)$(2,870)
20202021
Year-to-dateMarJunSepDecMarJunSepDec
Net Income (Loss) ($ millions)
Reported income (loss) attributable to common stockholders$(2,232)$(10,585)$(14,363)$(15,675)$(346)$(443)$185 $1,522 
Reported EPS - Diluted ($/share)$(2.49)$(11.68)$(15.72)$(17.06)$(0.36)$(0.47)$0.19 $1.58 
Effective tax rate on reported income (loss) (%)1 %15 %14 %14 %5 %13 %27 %25 %
Adjusted income (loss) attributable to common stockholders (Non-GAAP)(a)$(598)$(2,290)$(3,078)$(3,688)$(136)$175 $1,011 $2,459 
Adjusted EPS - Diluted (Non-GAAP) ($/share)(b)$(0.67)$(2.53)$(3.37)$(4.01)$(0.15)$0.18 $1.05 $2.55 
Effective tax rate on adjusted income (loss) (%)2 %13 %12 %11 %(327)%24 %28 %27 %
Average Shares Outstanding - Reported Loss
Basic (millions)896.7 906.2 913.9 918.7 933.1 933.8 934.4 935.0 
Diluted (millions)896.7 906.2 913.9 918.7 947.9 933.8 954.2 958.8 
Average Shares Outstanding - Adjusted Income (Loss)(b)
Basic (millions)896.7 906.2 913.9 918.7 933.1 933.8 934.4 935.0 
Diluted (millions)896.7 906.2 913.9 918.7 933.1 952.4 954.2 958.8 
Daily Production Volumes
Total US (MBOE/D)1,175 1,146 1,083 1,037,000,000 904 932 927 933 
US Oil (MBBL/D)662 633 591 561 488 502 496 498 
Worldwide - Reported (MBOE/D)1,497 1,466 1,398 1,347,000,000 1,139 1,182 1,180 1,183 
Worldwide - Continuing Operations (MBOE/D)1,437 1,405 1,337 1,289,000,000 1,117 1,160 1,160 1,167 
Worldwide Sales - Continuing Operations (MBOE/D)1,432 1,409 1,336 1,291 1,113 1,156 1,157 1,166 
Commodity Price Realizations
Worldwide oil ($/BBL)$46.96 $35.52 $36.44 $37.34 $55.65 $60.05 $62.94 $66.14 
Worldwide NGL ($/BOE)$13.09 $10.43 $11.84 $12.58 $23.44 $24.31 $27.68 $30.01 
Domestic gas ($/MCF)$1.18 $1.04 $1.09 $1.18 $2.56 $2.58 $2.84 $3.30 
Cash Flows - Continuing Operations ($ millions)
Operating cash flows before working capital (Non-GAAP)(c)$1,484 $2,071 $3,715 $5,120 $2,135 $4,845 $7,812 $11,679 
Working capital changes$(189)$(411)$(1,240)$(1,278)$(1,347)$(733)$(790)$(1,426)
Operating cash flow$1,295 $1,660 $2,475 $3,842 $788 $4,112 $7,022 $10,253 
Capital expenditures$(1,300)$(1,675)$(1,921)$(2,535)$(579)$(1,277)$(1,933)$(2,870)
(a) See schedule 3 for non-GAAP reconciliation.
(b) See schedule 4 for non-GAAP reconciliation. The adjusted diluted EPS (Non-GAAP) calculations include the dilutive effect of potential common stocks since Occidental generated adjusted income for the three and six months ended June 30, 2021. For the three and six months ended June 30, 2021, dilutive securities for adjusted diluted EPS were 22.6 million and 18.6 million, respectively, resulting in total dilutive weighted-average shares of 956.8 million and 952.4 million shares, respectively. The reported EPS (GAAP) calculations do not include dilutive effect of potential common stocks as their effect is anti-dilutive since Occidental generated net losses from continuing operations.
(c) See schedule 7 for non-GAAP reconciliation.



SCHEDULE 2
Occidental Petroleum Corporation
Items Affecting Comparability Detail
(amounts in millions)
20202021
Before Tax AllocationsQtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4TY
Oil & Gas
Domestic
Asset impairments$(282)$(5,514)$(21)$(87)$(5,904)$(135)$(21)$(17)$(109)$(282)
Asset sales gains (losses), net— 14 (439)(850)(1,275)— — 14 13 27 
Rig termination and others(35)(3)(23)2 (59)— — — — — 
Oil, gas and CO2 derivative gains (losses), net870 53 136 31 1,090 (40)(140)(97)(3)(280)
Total Domestic553 (5,450)(347)(904)(6,148)(175)(161)(100)(99)(535)
International
Asset impairments(264)(931)— — (1,195)— — — — — 
Asset sales gains (losses), net— — (356)3 (353)— — (12)55 43 
Rig termination and others— (6)(4)(3)(13)— — — — — 
Total International(264)(937)(360)— (1,561)— — (12)55 43 
Total Oil and Gas289 (6,387)(707)(904)(7,709)(175)(161)(112)(44)(492)
Chemical
No items affecting comparability— — — — — — — — — — 
Total Chemical— — — — — — — — — — 
Midstream & Marketing
Asset sales gains (losses) and others, net— — (46)— (46)102 22 — — 124 
Goodwill impairment and other charges(1,458)(7)(2,729)— (4,194)— — — (21)(21)
Derivative gains (losses), net251 54 (20)(188)97 15 (180)(11)(76)(252)
Total Midstream & Marketing(1,207)47 (2,795)(188)(4,143)117 (158)(11)(97)(149)
Corporate
Anadarko acquisition-related costs (148)(149)(5)(37)(339)(41)(52)(29)(31)(153)
Acquisition-related pension & termination benefits— 114 — — 114 — — — — — 
Interest rate swap gains (losses), net(669)4 88 149 (428)399 (223)(26)(28)122 
Early debt extinguishment expenses — — — — — — — (88)(30)(118)
Warrants gains (losses), net84 (79)— — 5 — — — — — 
Total Corporate(733)(110)83 112 (648)358 (275)(143)(89)(149)
Valuation allowance on tax assets— — (37)2 (35)— — — — — 
State tax rate revaluation— — — — — — 55 — 88 143 
Income taxes17 1,204 386 239 1,846 (65)128 60 55 178 
Income (loss) from continuing operations(1,634)(5,246)(3,070)(739)(10,689)235 (411)(206)(87)(469)
Discontinued operations, net of taxes (a)— (1,415)80 37 (1,298)(445)3 (2)(24)(468)
Total$(1,634)$(6,661)$(2,990)$(702)$(11,987)$(210)$(408)$(208)$(111)$(937)
20202021
After Tax AllocationsQtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4TY
Oil & Gas
Domestic
Asset impairments$(219)$(4,299)$(17)$(67)$(4,602)$(106)$(16)$(12)$(90)$(224)
Asset sales gains (losses), net— 11 (342)(663)(994)— — 11 $10 21 
Rig termination and others(27)5 (18)2 (38)— — — — — 
Oil, gas and CO2 derivative gains (losses), net677 42 105 24 848 (31)(110)(75)(2)(218)
Total Domestic431 (4,241)(272)(704)(4,786)(137)(126)(76)(82)(421)
International
Asset impairments(264)(931)— — (1,195)— — — — — 
Asset sales gains (losses), net— — (356)3 (353)— — (12)55 43 
Rig termination and others— (6)(4)(3)(13)— — — — — 
Total International(264)(937)(360)— (1,561)— — (12)55 43 
Total Oil and Gas167 (5,178)(632)(704)(6,347)(137)(126)(88)(27)(378)
Chemical
No items affecting comparability— — — — — — — — — — 
Total Chemical— — — — — — — — — — 
Midstream & Marketing
Asset sales gains (losses) and others, net— — (50)— (50)79 17 1 (2)95 
Goodwill impairment and other charges(1,443)(6)(2,402)23 (3,828)— — — (16)(16)
Derivative gains (losses), net195 42 (15)(147)75 12 (141)(8)(60)(197)
Total Midstream & Marketing(1,248)36 (2,467)(124)(3,803)91 (124)(7)(78)(118)
Corporate
Anadarko acquisition-related costs(115)(117)(3)(29)(264)(31)(41)(23)(26)(121)
Acquisition-related pension & termination benefits— 89 — — 89 — — — — — 
Interest rate swap gains (losses), net(522)3 69 116 (334)312 (175)(19)(21)97 
Early debt extinguishment expenses— — — — — — — (69)(23)(92)
Warrants gains (losses), net84 (79)— — 5 — — — — — 
Total Corporate(553)(104)66 87 (504)281 (216)(111)(70)(116)
Valuation allowance on tax assets— — (37)2 (35)— — — — — 
State tax rate revaluation— — — — — — 55 — 88 143 
Income (loss) from continuing operations(1,634)(5,246)(3,070)(739)(10,689)235 (411)(206)(87)(469)
Discontinued operations, net of taxes (a)— (1,415)80 37 (1,298)(445)3 (2)(24)(468)
Total$(1,634)$(6,661)$(2,990)$(702)$(11,987)$(210)$(408)$(208)$(111)$(937)
(a) The pre-tax impairment for the second quarter of 2020 was $2.2 billion.



SCHEDULE 3
Occidental Petroleum Corporation
Segment Results Before Tax Allocations
(amounts in millions, except per share and effective tax rate amounts)
20202021
Reported Income (Loss)Qtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4TY
Oil & Gas
Domestic$233 $(6,841)$(885)$(1,265)$(8,758)$(214)$367 $1,078 $1,669 $2,900 
International40 (860)(158)236 (742)180 350 420 547 1,497 
Exploration(37)(33)(29)(33)(132)(28)(86)(31)(107)(252)
Total Oil & Gas236 (7,734)(1,072)(1,062)(9,632)(62)631 1,467 2,109 4,145 
Chemical186 108 178 192 664 251 312 407 574 1,544 
Midstream & Marketing(1,287)(7)(2,791)(90)(4,175)282 (30)20 (15)257 
Segment income (loss)(865)(7,633)(3,685)(960)(13,143)471 913 1,894 2,668 5,946 
Corporate
Interest (352)(310)(353)(409)(1,424)(395)(385)(449)(385)(1,614)
Other(821)(241)(20)(56)(1,138)239 (385)(228)(253)(627)
Income (loss) from continuing operations before taxes(2,038)(8,184)(4,058)(1,425)(15,705)315 143 1,217 2,030 3,705 
Taxes
Federal and state90 1,577 511 429 2,607 102 8 (151)(206)(247)
International(65)(109)(108)(153)(435)(118)(51)(236)(263)(668)
Income (loss) from continuing operations(2,013)(6,716)(3,655)(1,149)(13,533)299 100 830 1,561 2,790 
Discontinued operations, net of taxes— (1,415)80 37 (1,298)(445)3 (2)(24)(468)
Net income (loss)(2,013)(8,131)(3,575)(1,112)(14,831)(146)103 828 1,537 2,322 
Less: Preferred stock dividends(219)(222)(203)(200)(844)(200)(200)(200)(200)(800)
Net income (loss) attributable to common stockholders$(2,232)$(8,353)$(3,778)$(1,312)$(15,675)$(346)$(97)$628 $1,337 $1,522 
Reported diluted income (loss) per share$(2.49)$(9.12)$(4.07)$(1.41)$(17.06)$(0.36)$(0.10)$0.65 $1.37 $1.58 
Effective Tax Rate1 %18 %10 %19 %14 %5 %30 %32 %23 %25 %
Items Affecting ComparabilityQtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4TY
Oil & Gas
Domestic$553 $(5,450)$(347)$(904)$(6,148)$(175)$(161)$(100)$(99)$(535)
International(264)(937)(360)— (1,561)— — (12)55 43 
Exploration— — — — — — — — — — 
Total Oil & Gas289 (6,387)(707)(904)(7,709)(175)(161)(112)(44)(492)
Chemical— — — — — — — — — — 
Midstream & Marketing(1,207)47 (2,795)(188)(4,143)117 (158)(11)(97)(149)
Segment loss(918)(6,340)(3,502)(1,092)(11,852)(58)(319)(123)(141)(641)
Corporate
Interest — — — — — — — (88)(30)(118)
Other(733)(110)83 112 (648)358 (275)(55)(59)(31)
Income (loss) from continuing operations before taxes(1,651)(6,450)(3,419)(980)(12,500)300 (594)(266)(230)(790)
Taxes
Federal and state17 1,204 349 241 1,811 (65)183 60 143 321 
International— — — — — — — — — — 
Income (loss) from continuing operations (1,634)(5,246)(3,070)(739)(10,689)235 (411)(206)(87)(469)
Discontinued operations, net of taxes— (1,415)80 37 (1,298)(445)3 (2)(24)(468)
Net loss(1,634)(6,661)(2,990)(702)(11,987)(210)(408)(208)(111)(937)
Less: Preferred stock dividends— — — — — — — — — — 
Net loss attributable to common stockholders$(1,634)$(6,661)$(2,990)$(702)$(11,987)$(210)$(408)$(208)$(111)$(937)
Adjusted Income (Loss) (Non-GAAP) (a)Qtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4TY
Oil & Gas
Domestic$(320)$(1,391)$(538)$(361)$(2,610)$(39)$528 $1,178 $1,768 $3,435 
International304 77 202 236 819 180 350 432 492 1,454 
Exploration(37)(33)(29)(33)(132)(28)(86)(31)(107)(252)
Total Oil & Gas(53)(1,347)(365)(158)(1,923)113 792 1,579 2,153 4,637 
Chemical186 108 178 192 664 251 312 407 574 1,544 
Midstream & Marketing(80)(54)4 98 (32)165 128 31 82 406 
Adjusted segment income (loss)53 (1,293)(183)132 (1,291)529 1,232 2,017 2,809 6,587 
Corporate
Interest (352)(310)(353)(409)(1,424)(395)(385)(361)(355)(1,496)
Other(88)(131)(103)(168)(490)(119)(110)(173)(194)(596)
Adjusted income (loss) from continuing operations before taxes(387)(1,734)(639)(445)(3,205)15 737 1,483 2,260 4,495 
Taxes
Federal and state73 373 162 188 796 167 (175)(211)(349)(568)
International(65)(109)(108)(153)(435)(118)(51)(236)(263)(668)
Adjusted income (loss)(379)(1,470)(585)(410)(2,844)64 511 1,036 1,648 3,259 
Less: Preferred stock dividends(219)(222)(203)(200)(844)(200)(200)(200)(200)(800)
Adjusted income (loss) attributable to common stockholders$(598)$(1,692)$(788)$(610)$(3,688)$(136)$311 $836 $1,448 $2,459 
Adjusted diluted earnings (loss) per share (Non-GAAP)$(0.67)$(1.85)$(0.85)$(0.65)$(4.01)$(0.15)$0.32 $0.87 $1.48 $2.55 
Effective Tax Rate2 %15 %8 %8 %11 %(327)%31 %30 %27 %27 %
(a) Non-GAAP Measure Adjusted income is a non-GAAP measure. Occidental defines adjusted income as net income excluding the effects of significant transactions and events that affect earnings but vary widely and unpredictably in nature, timing and amount. These events may recur, even across successive reporting periods. This non-GAAP measure is not meant to disassociate those items from management’s performance, but rather is meant to provide useful information to investors interested in comparing Occidental’s earnings performance between periods. Reported net income is considered representative of management’s performance over the long term, and adjusted income is not considered to be an alternative to net income reported in accordance with GAAP.




SCHEDULE 4
Occidental Petroleum Corporation
Segment Results After Tax Allocations
(Amounts in millions, except per share and effective tax rate amounts)
20202021
Reported Income (Loss)Qtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4TY
Oil & Gas
Domestic$182 $(5,336)$(690)$(987)$(6,831)$(167)$286 $841 $1,302 $2,262 
International(85)(926)(233)98 (1,146)69 193 252 339 853 
Exploration(32)(26)(26)(29)(113)(23)(72)(26)(96)(217)
Total Oil & Gas65 (6,288)(949)(918)(8,090)(121)407 1,067 1,545 2,898 
Chemical142 82 137 146 507 193 240 314 440 1,187 
Midstream & Marketing(1,306)2 (2,455)(64)(3,823)251 (3)35 5 288 
Segment income (loss)(1,099)(6,204)(3,267)(836)(11,406)323 644 1,416 1,990 4,373 
Corporate
Interest (352)(310)(353)(409)(1,424)(395)(385)(449)(385)(1,614)
Other(641)(235)(20)(56)(952)162 (271)(228)(253)(590)
Taxes79 33 (15)152 249 209 112 91 209 621 
Income (loss) from continuing operations(2,013)(6,716)(3,655)(1,149)(13,533)299 100 830 1,561 2,790 
Discontinued operations, net of taxes— (1,415)80 37 (1,298)(445)3 (2)(24)(468)
Net income (loss)(2,013)(8,131)(3,575)(1,112)(14,831)(146)103 828 1,537 2,322 
Less: Preferred stock dividends(219)(222)(203)(200)(844)(200)(200)(200)(200)(800)
Net income (loss) attributable to common stockholders$(2,232)$(8,353)$(3,778)$(1,312)$(15,675)$(346)$(97)$628 $1,337 $1,522 
Reported diluted income (loss) per share$(2.49)$(9.12)$(4.07)$(1.41)$(17.06)$(0.36)$(0.10)$0.65 $1.37 $1.58 
Items Affecting ComparabilityQtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4TY
Oil & Gas
Domestic$431 $(4,241)$(272)$(704)$(4,786)$(137)$(126)$(76)$(82)$(421)
International(264)(937)(360)— (1,561)— — (12)55 43 
Exploration— — — — — — — — — — 
Total Oil & Gas167 (5,178)(632)(704)(6,347)(137)(126)(88)(27)(378)
Chemical— — — — — — — — — — 
Midstream & Marketing(1,248)36 (2,467)(124)(3,803)91 (124)(7)(78)(118)
Segment loss(1,081)(5,142)(3,099)(828)(10,150)(46)(250)(95)(105)(496)
Corporate
Interest — — — — — — — (69)(23)(92)
Other(553)(104)66 87 (504)281 (216)(42)(47)(24)
Taxes— — (37)2 (35)— 55 — 88 143 
Income (loss) from continuing operations(1,634)(5,246)(3,070)(739)(10,689)235 (411)(206)(87)(469)
Discontinued operations, net of taxes— (1,415)80 37 (1,298)(445)3 (2)(24)(468)
Net loss(1,634)(6,661)(2,990)(702)(11,987)(210)(408)(208)(111)(937)
Less: Preferred stock dividends— — — — — — — — — — 
Net loss attributable to common stockholders$(1,634)$(6,661)$(2,990)$(702)$(11,987)$(210)$(408)$(208)$(111)$(937)
Adjusted Income (Loss) (Non-GAAP)Qtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4TY
Oil & Gas
Domestic$(249)$(1,095)$(418)$(283)$(2,045)$(30)$412 $917 $1,384 $2,683 
International179 11 127 98 415 69 193 264 284 810 
Exploration(32)(26)(26)(29)(113)(23)(72)(26)(96)(217)
Total Oil & Gas(102)(1,110)(317)(214)(1,743)16 533 1,155 1,572 3,276 
Chemical142 82 137 146 507 193 240 314 440 1,187 
Midstream & Marketing(58)(34)12 60 (20)160 121 42 83 406 
Segment income (18)(1,062)(168)(8)(1,256)369 894 1,511 2,095 4,869 
Corporate
Interest (352)(310)(353)(409)(1,424)(395)(385)(380)(362)(1,522)
Other(88)(131)(86)(143)(448)(119)(55)(186)(206)(566)
Taxes79 33 22 150 284 209 57 91 121 478 
Income (loss) from continuing operations(379)(1,470)(585)(410)(2,844)64 511 1,036 1,648 3,259 
Less: Preferred stock dividends(219)(222)(203)(200)(844)(200)(200)(200)(200)(800)
Adjusted income (loss) attributable to common stockholders$(598)$(1,692)$(788)$(610)$(3,688)$(136)$311 $836 $1,448 $2,459 
Adjusted diluted earnings (loss) per share (Non-GAAP)$(0.67)$(1.85)$(0.85)$(0.65)$(4.01)$(0.15)$0.32 $0.87 $1.48 $2.55 
Reconciliation - Diluted Earnings (Loss) Per Share (a)
Reported Diluted Earnings (Loss) Per Share (GAAP)$(2.49)$(9.12)$(4.07)$(1.41)$(17.06)$(0.36)$(0.10)$0.65 $1.37 $1.58 
After-Tax Adjustments for Items Affecting Comparability
Oil & Gas
Domestic$0.48 $(4.63)$(0.30)$(0.76)$(5.21)$(0.14)$(0.13)$(0.08)$(0.08)$(0.43)
International(0.29)(1.02)(0.39)— (1.70)— — (0.01)0.06 0.04 
Exploration— — — — — — — — — — 
Chemical— — — — — — — — — — 
Midstream & Marketing(1.39)0.04 (2.65)(0.13)(4.14)0.10 (0.13)(0.01)(0.08)(0.12)
Corporate
Interest — — — — — — — (0.07)(0.02)(0.09)
Other(0.62)(0.11)0.07 0.09 (0.55)0.30 (0.22)(0.04)(0.06)(0.03)
Taxes— — (0.04)— (0.04)— 0.06 — 0.09 0.15 
Discontinued Operations— (1.55)0.09 0.04 (1.41)(0.47)— (0.01)(0.02)(0.49)
Total After-Tax Adjustments for Items Affecting Comparability$(1.82)$(7.27)$(3.22)$(0.76)$(13.05)$(0.21)$(0.42)$(0.22)$(0.11)$(0.97)
Adjusted Diluted Earnings (Loss) Per Share (Non-GAAP)$(0.67)$(1.85)$(0.85)$(0.65)$(4.01)$(0.15)$0.32 $0.87 $1.48 $2.55 
Average Diluted Shares Outstanding - Reported (millions)896.7915.5929.3933.0918.7947.9934.2957.7972.7958.8
(a) The adjusted diluted EPS (Non-GAAP) calculations include the dilutive effect of potential common stocks since Occidental generated adjusted income for the three and six months ended June 30, 2021. For the three and six months ended June 30, 2021, dilutive securities for adjusted diluted EPS were 22.6 million and 18.6 million, respectively, resulting in total dilutive weighted-average shares of 956.8 million and 952.4 million shares, respectively. The reported EPS (GAAP) calculations do not include dilutive effect of potential common stocks as their effect is anti-dilutive since Occidental generated net losses from continuing operations.



SCHEDULE 5
Occidental Petroleum Corporation
Consolidated Condensed Statements of Operations
(amounts in millions, except per-share amounts)
20202021
Qtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4TY
REVENUES AND OTHER INCOME
Net sales
Oil & Gas$5,060 $2,040 $2,989 $2,977 $13,066 $3,664 $4,505 $4,955 $5,817 $18,941 
Chemical 962 846 937 988 3,733 1,088 1,187 1,396 1,575 5,246 
Midstream & Marketing790 204 364 410 1,768 807 497 702 857 2,863 
Eliminations(199)(162)(182)(215)(758)(266)(231)(261)(336)(1,094)
Total6,613 2,928 4,108 4,160 17,809 5,293 5,958 6,792 7,913 25,956 
Interest, dividends and other income34 33 21 30 118 75 49 18 24 166 
Gains (losses) on sale of assets, net7 15 (846)(842)(1,666)111 3 5 73 192 
Total6,654 2,976 3,283 3,348 16,261 5,479 6,010 6,815 8,010 26,314 
COSTS AND OTHER DEDUCTIONS
Oil and gas operating expense1,069 631 656 709 3,065 776 712 829 843 3,160 
Transportation and gathering expense565 367 343 325 1,600 329 364 360 366 1,419 
Chemical and midstream costs of sales612 577 618 601 2,408 594 676 731 771 2,772 
Purchased commodities393 214 333 455 1,395 558 487 588 675 2,308 
Selling, general and administrative264 225 166 209 864 166 177 240 280 863 
Other operating and non-operating expense197 114 231 342 884 258 248 256 303 1,065 
Taxes other than on income225 68 180 149 622 210 244 289 262 1,005 
Depreciation, depletion and amortization2,309 2,119 1,915 1,754 8,097 2,194 2,371 1,916 1,966 8,447 
Asset impairments and other charges1,803 6,470 2,723 87 11,083 135 21 17 131 304 
Anadarko acquisition-related costs148 149 5 37 339 41 52 29 31 153 
Exploration expense37 33 29 33 132 28 86 31 107 252 
Interest and debt expense, net352 310 353 409 1,424 395 385 449 385 1,614 
Total7,974 11,277 7,552 5,110 31,913 5,684 5,823 5,735 6,120 23,362 
INCOME (LOSS) BEFORE INCOME TAXES AND OTHER ITEMS(1,320)(8,301)(4,269)(1,762)(15,652)(205)187 1,080 1,890 2,952 
OTHER ITEMS
Gains (losses) on interest rate swaps and warrants, net(585)(76)88 150 (423)399 (223)(26)(28)122 
Income (loss) from equity investments(133)193 123 187 370 121 179 163 168 631 
Total(718)117 211 337 (53)520 (44)137 140 753 
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES(2,038)(8,184)(4,058)(1,425)(15,705)315 143 1,217 2,030 3,705 
Income tax benefit (expense) 25 1,468 403 276 2,172 (16)(43)(387)(469)(915)
INCOME (LOSS) FROM CONTINUING OPERATIONS(2,013)(6,716)(3,655)(1,149)(13,533)299 100 830 1,561 2,790 
Discontinued operations, net of taxes— (1,415)80 37 (1,298)(445)3 (2)(24)(468)
NET INCOME (LOSS)(2,013)(8,131)(3,575)(1,112)(14,831)(146)103 828 1,537 2,322 
Less: Preferred stock dividend(219)(222)(203)(200)(844)(200)(200)(200)(200)(800)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS$(2,232)$(8,353)$(3,778)$(1,312)$(15,675)$(346)$(97)$628 $1,337 $1,522 
EARNINGS PER SHARE
BASIC EARNINGS PER COMMON SHARE
Income (loss) from continuing operations$(2.49)$(7.58)$(4.16)$(1.45)$(15.65)$0.11 $(0.11)$0.67 $1.44 $2.12 
Discontinued operations, net— (1.54)0.09 0.04 (1.41)(0.48)0.01 — (0.02)(0.50)
BASIC EARNINGS PER COMMON SHARE $(2.49)$(9.12)$(4.07)$(1.41)$(17.06)$(0.37)$(0.10)$0.67 $1.42 $1.62 
DILUTED EARNINGS PER COMMON SHARE $(2.49)$(9.12)$(4.07)$(1.41)$(17.06)$(0.36)$(0.10)$0.65 $1.37 $1.58 
DIVIDENDS PER COMMON SHARE$0.79 $0.01 $0.01 $0.01 $0.82 $0.01 $0.01 $0.01 $0.01 $0.04 
AVERAGE COMMON SHARES OUTSTANDING
BASIC896.7 915.5 929.3 933.0 918.7 933.1 934.2 935.4 936.5 935.0 
DILUTED896.7 915.5 929.3 933.0 918.7 947.9 934.2 957.7 972.7 958.8 









SCHEDULE 6
Occidental Petroleum Corporation
Consolidated Condensed Balance Sheets
(amounts in millions)
20202021
MARJUNSEPDECMARJUNSEPDEC
CURRENT ASSETS
Cash and cash equivalents $2,021 $1,011 $1,896 $2,008 $2,270 $4,569 $2,059 $2,764 
Restricted cash and restricted cash equivalents269 124 51 170 183 180 220 24 
Trade receivables, net2,458 2,359 2,083 2,115 3,046 3,288 3,477 4,208 
Inventories1,567 1,477 1,660 1,898 2,173 1,837 1,773 1,846 
Assets held for sale3,606 1,412 3,559 1,433 1,249 1,774 1,098 72 
Other current assets2,398 2,054 1,445 1,195 1,153 1,196 1,272 1,297 
Total current assets12,319 8,437 10,694 8,819 10,074 12,844 9,899 10,211 
INVESTMENTS IN UNCONSOLIDATED ENTITIES 6,050 6,128 3,125 3,250 3,170 3,249 3,266 2,938 
PROPERTY, PLANT AND EQUIPMENT
Gross property, plant and equipment125,388 125,523 120,459 118,964 119,278 116,566 117,192 118,157 
Accumulated depreciation, depletion and amortization(44,615)(52,919)(52,038)(53,075)(55,205)(54,720)(56,548)(58,227)
Net property, plant and equipment80,773 72,604 68,421 65,889 64,073 61,846 60,644 59,930 
OPERATING LEASE ASSETS1,216 1,129 1,196 1,062 949 860 804 726 
LONG-TERM RECEIVABLES AND OTHER ASSETS, NET 1,285 1,154 998 1,044 1,089 1,138 1,145 1,231 
TOTAL ASSETS$101,643 $89,452 $84,434 $80,064 $79,355 $79,937 $75,758 $75,036 
CURRENT LIABILITIES
Current maturities of long-term debt$2,464 $2,460 $2,558 $440 $559 $651 $780 $186 
Current operating lease liabilities461 420 459 473 369 331 265 186 
Accounts payable3,888 3,034 2,682 2,987 3,416 3,544 3,713 3,899 
Accrued liabilities 3,504 3,215 3,470 3,570 3,566 4,325 3,654 4,046 
Liabilities of assets held for sale1,589 790 1,331 753 721 735 714 7 
Total current liabilities11,906 9,919 10,500 8,223 8,631 9,586 9,126 8,324 
LONG-TERM DEBT, NET36,058 36,034 35,899 35,745 35,466 35,352 30,915 29,431 
DEFERRED CREDITS AND OTHER LIABILITIES
Deferred income taxes,net9,403 7,887 7,508 7,113 6,941 6,808 6,825 7,039 
Asset retirement obligations4,454 4,316 4,135 3,977 4,030 3,949 3,942 3,687 
Pension and postretirement obligations1,983 1,816 1,728 1,763 1,553 1,551 1,595 1,540 
Environmental remediation liabilities1,017 1,000 975 1,028 1,029 1,020 1,000 944 
Operating lease liabilities784 740 786 641 628 583 593 585 
Other4,743 4,394 3,043 3,001 2,777 2,844 2,889 3,159 
Total deferred credits and other liabilities22,384 20,153 18,175 17,523 16,958 16,755 16,844 16,954 
EQUITY
Preferred stock, $1.00 per share par value 9,762 9,762 9,762 9,762 9,762 9,762 9,762 9,762 
Common stock, $0.20 per share par value210 213 216 216 217 217 217 217 
Treasury stock(10,653)(10,657)(10,657)(10,665)(10,668)(10,668)(10,668)(10,673)
Additional paid-in capital15,081 16,235 16,505 16,552 16,585 16,638 16,692 16,749 
Retained earnings17,229 8,105 4,317 2,996 2,639 2,533 3,152 4,480 
Accumulated other comprehensive loss(334)(312)(283)(288)(235)(238)(282)(208)
Total equity31,295 23,346 19,860 18,573 18,300 18,244 18,873 20,327 
TOTAL LIABILITIES AND EQUITY$101,643 $89,452 $84,434 $80,064 $79,355 $79,937 $75,758 $75,036 




SCHEDULE 7
Occidental Petroleum Corporation
Consolidated Condensed Statements of Cash Flows and Detail of CAPEX and DD&A
(amounts in millions)
20202021
Qtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4TY
OPERATING CASH FLOW FROM CONTINUING OPERATIONS
Net income (loss)$(2,013)$(8,131)$(3,575)$(1,112)$(14,831)$(146)$103 $828 $1,537 $2,322 
Depreciation, depletion and amortization (see detail below)2,309 2,119 1,915 1,754 8,097 2,194 2,371 1,916 1,966 8,447 
Deferred income tax provision (benefit)(218)(1,525)(374)(400)(2,517)(81)(131)20 238 46 
Asset impairments and other non-cash charges, net1,406 8,124 3,678 1,163 14,371 168 367 203 126 864 
Operating cash flow from continuing operations before
     working capital (NON-GAAP) (see below) (a)		1,484 587 1,644 1,405 5,120 2,135 2,710 2,967 3,867 11,679 
Working capital changes(189)(222)(829)(38)(1,278)(1,347)614 (57)(636)(1,426)
Operating cash flow from continuing operations (GAAP)1,295 365 815 1,367 3,842 788 3,324 2,910 3,231 10,253 
INVESTING CASH FLOW FROM CONTINUING OPERATIONS
Capital expenditures (see detail below)(1,300)(375)(246)(614)(2,535)(579)(698)(656)(937)(2,870)
Payments for purchases of assets and businesses(35)(13)(54)(12)(114)(105)(8)(9)(309)(431)
Sales of assets, net112 69 12 2,088 2,281 496 7 502 619 1,624 
Changes in capital accrual(435)(307)17 206 (519)(75)(19)11 180 97 
Other investing activities 142 61 (15)(79)109 (10)(17)6 427 406 
Investing cash flow from continuing operations(1,516)(565)(286)1,589 (778)(273)(735)(146)(20)(1,174)
FINANCING CASH FLOW FROM CONTINUING OPERATIONS
Cash dividends paid(913)(714)(7)(211)(1,845)(211)(209)(210)(209)(839)
Purchases of treasury stock— — (4)(8)(12)(3)— — (5)(8)
Proceeds from debt— — 4,956 1,980 6,936 — — — — — 
Payments of debt— — (4,615)(4,301)(8,916)(174)— (4,381)(2,279)(6,834)
Other financing activities(106)(217)(27)(321)(671)36 (50)(831)(38)(883)
Financing cash flow from continuing operations(1,019)(931)303 (2,861)(4,508)(352)(259)(5,422)(2,531)(8,564)
Cash Flow From Discontinued Operations30 (20)29 25 64 111 (32)186 (171)94 
Increase (decrease) in cash and cash equivalents and
     restricted cash and restricted cash equivalents		(1,210)(1,151)861 120 (1,380)274 2,298 (2,472)509 609 
Cash and cash equivalents and restricted cash and
     restricted cash equivalents - beginning of period		3,574 2,364 1,213 2,074 3,574 2,194 2,468 4,766 2,294 2,194 
Cash and cash equivalents and restricted cash and
     cash equivalents - end of period		$2,364 $1,213 $2,074 $2,194 $2,194 $2,468 $4,766 $2,294 $2,803 $2,803 
Capital ExpendituresQtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4TY
Oil & Gas(1,244)(317)(186)(461)(2,208)(513)(599)(561)(736)(2,409)
Chemical(41)(41)(55)(118)(255)(47)(67)(60)(134)(308)
Midstream & Marketing(13)(16)(2)(19)(50)(17)(24)(26)(39)(106)
Corporate (2)(1)(3)(16)(22)(2)(8)(9)(28)(47)
Total Capital Expenditures$(1,300)$(375)$(246)$(614)$(2,535)$(579)$(698)$(656)$(937)$(2,870)
Depreciation, Depletion and Amortization Qtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4TY
Oil & Gas
United States$1,881 $1,764 $1,563 $1,403 $6,611 $1,852 $2,024 $1,561 $1,616 $7,053 
International242 206 182 173 803 166 174 173 174 687 
Chemical90 86 90 90 356 84 84 91 85 344 
Midstream & Marketing80 74 78 80 312 82 80 81 82 325 
Corporate 16 (11)2 8 15 10 9 10 9 38 
Total Depreciation, Depletion and Amortization$2,309 $2,119 $1,915 $1,754 $8,097 $2,194 $2,371 $1,916 $1,966 $8,447 
Free Cash Flow (Non-GAAP) (a)Qtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4TY
Operating cash flow from continuing operations (GAAP)$1,295 $365 $815 $1,367 $3,842 $788 $3,324 $2,910 $3,231 $10,253 
Plus: Working capital and other, net189 222 829 38 1,278 1,347 (614)57 636 1,426 
Operating cash flow from continuing operations
  before working capital (Non-GAAP)		1,484 587 1,644 1,405 5,120 2,135 2,710 2,967 3,867 11,679 
Less: Capital Expenditures (GAAP)(1,300)(375)(246)(614)(2,535)(579)(698)(656)(937)(2,870)
Free Cash Flow (Non-GAAP)$184 $212 $1,398 $791 $2,585 $1,556 $2,012 $2,311 $2,930 $8,809 
(a) Non-GAAP Measures. Operating cash flow before working capital and free cash flow are non-GAAP measures. Occidental defines operating cash flow before working capital as operating cash from continuing operations less working capital and free cash flow as operating cash flow before working capital less capital expenditures. These non-GAAP measures are not meant to disassociate those items from management's performance, but rather are meant to provide useful information to investors interested in comparing Occidental's performance between periods. Reported operating cash flow from continuing operations is considered representative of management's performance over the long term, and operating cash flow before working capital and free cash flow are not considered to be alternatives to reported operating cash flow in accordance with GAAP.




SCHEDULE 8
Occidental Petroleum Corporation
Oil & Gas Net Production Volumes Per Day by Geographical Locations
TOTAL REPORTED PRODUCTION
20202021
REPORTED NET MBOED VOLUMES PER DAY:Qtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4TY
United States
Permian625 606 554 517 575 457 504 499 490 487 
Rockies & Other Domestic387 368 297 278 332 296 308 292 313 302 
Gulf of Mexico163 142 109 105 130 151 149 127 149 144 
Total1,175 1,116 960 900 1,037 904 961 918 952 933 
International
Algeria & Other International55 41 42 39 45 39 43 46 48 44 
Al Hosn77 80 76 79 78 57 81 83 81 76 
Dolphin40 49 46 43 44 38 42 40 38 40 
Oman90 87 80 82 85 79 76 73 70 74 
Total262 257 244 243 252 213 242 242 237 234 
TOTAL CONTINUING OPERATIONS PRODUCTION1,437 1,373 1,204 1,143 1,289 1,117 1,203 1,160 1,189 1,167 
OPERATIONS EXITED OR EXITING60 61 61 52 58 22 22 16 3 16 
TOTAL REPORTED PRODUCTION1,497 1,434 1,265 1,195 1,347 1,139 1,225 1,176 1,192 1,183 
REPORTED NET PRODUCTION
VOLUMES PER DAY BY COMMODITY:
United States
Oil (Mbbl)
Permian388 363 324 303 343 271 297 292 284 286 
Rockies & Other Domestic138 122 93 85 109 92 96 85 99 93 
Gulf of Mexico136 118 91 89 109 125 124 106 123 119 
Total662 603 508 477 561 488 517 483 506 498 
NGL (Mbbl)
Permian131 135 126 117 129 97 113 116 114 110 
Rockies & Other Domestic87 85 78 84 83 92 100 94 100 97 
Gulf of Mexico12 10 8 7 9 11 11 9 11 10 
Total230 230 212 208 221 200 224 219 225 217 
Natural Gas (MMCF)
Permian633 647 625 579 620 531 563 548 551 548 
Rockies & Other Domestic972 967 757 656 838 673 674 675 684 676 
Gulf of Mexico90 83 57 54 71 90 85 72 88 84 
Total1,695 1,697 1,439 1,289 1,529 1,294 1,322 1,295 1,323 1,308 
International
Oil (MBBL)
Algeria and Other International50 37 38 37 41 36 39 42 43 40 
Al Hosn13 14 13 14 14 10 14 14 14 13 
Dolphin6 8 8 7 7 6 7 6 6 7 
Oman67 65 61 66 65 64 62 61 58 61 
Total136 124 120 124 127 116 122 123 121 121 
NGL (Mbbl)
Algeria and Other International4 3 3 1 3 2 3 3 4 3 
Al Hosn25 25 24 25 24 18 25 26 25 24 
Dolphin8 10 9 8 9 8 8 8 8 8 
Total37 38 36 34 36 28 36 37 37 35 
Natural Gas (MMCF)
Algeria and Other International8 7 7 7 7 7 7 7 7 7 
Al Hosn234 244 233 240 238 174 252 255 253 234 
Dolphin155 188 176 167 170 146 160 154 146 150 
Oman139 132 111 98 120 89 83 77 69 80 
Total536 571 527 512 535 416 502 493 475 471 




SCHEDULE 9
Occidental Petroleum Corporation
Oil & Gas Net Sales Volumes Per Day and Realized Prices by Geographical Locations
20202021
NET SALES MBOE VOLUMES PER DAY:Qtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4TY
United States 1,175 1,116 960 900 1,037 904 961 918 952 933 
International
Algeria and Other International51 51 32 51 46 36 39 45 52 43 
Al Hosn77 80 76 79 78 57 81 82 81 76 
Dolphin40 49 46 43 45 37 42 40 38 40 
Oman89 90 78 85 85 79 76 73 70 74 
Total257 270 232 258 254 209 238 240 241 233 
TOTAL CONTINUING OPERATIONS SALES1,432 1,386 1,192 1,158 1,291 1,113 1,199 1,158 1,193 1,166 
OPERATIONS EXITED OR EXITING63 58 64 54 60 28 9 36 — 18 
TOTAL REPORTED SALES1,495 1,444 1,256 1,212 1,351 1,141 1,208 1,194 1,193 1,184 
REALIZED PRICES
United States
Oil ($/BBL)$45.71 $21.27 $38.22 $40.54 $36.39 $56.18 $64.39 $68.76 $75.78 $66.39 
NGL ($/BBL)$11.98 $7.22 $14.62 $14.50 $11.98 $23.62 $25.33 $35.20 $37.43 $30.62 
Natural Gas ($/MCF)$1.18 $0.90 $1.18 $1.55 $1.18 $2.56 $2.59 $3.35 $4.64 $3.30 
International
Oil ($/BBL)$53.24 $31.42 $39.86 $41.52 $41.50 $53.39 $63.26 $68.65 $73.79 $65.08 
NGL ($/BBL)$20.32 $11.23 $16.24 $17.51 $16.22 $22.11 $23.36 $26.85 $30.95 $26.13 
Natural Gas ($/MCF)$1.73 $1.67 $1.64 $1.62 $1.67 $1.70 $1.68 $1.68 $1.70 $1.69 
Total Worldwide
Oil ($/BBL)$46.96 $23.14 $38.51 $40.76 $37.34 $55.65 $64.18 $68.74 $75.39 $66.14 
NGL ($/BBL)$13.09 $7.79 $14.85 $14.95 $12.58 $23.44 $25.06 $34.01 $36.52 $30.01 
Natural Gas ($/MCF)$1.31 $1.10 $1.31 $1.57 $1.31 $2.36 $2.34 $2.89 $3.86 $2.87 
Index Prices
WTI Oil ($/BBL)$46.17 $27.85 $40.93 $42.66 $39.40 $57.84 $66.07 $70.56 $77.19 $67.91 
Brent Oil ($/BBL)$50.95 $33.26 $43.37 $45.24 $43.21 $61.10 $69.02 $73.23 $79.76 $70.78 
NYMEX Natural Gas ($/MCF)$2.05 $1.77 $1.94 $2.66 $2.11 $2.72 $2.76 $3.71 $5.27 $3.61 
Percentage of Index Prices
Worldwide oil as a percentage of WTI102 %83 %94 %96 %95 %96 %97 %97 %98 %97 %
Worldwide oil as a percentage of Brent92 %70 %89 %90 %86 %91 %93 %94 %95 %93 %
Worldwide NGL as a percentage of WTI28 %28 %36 %35 %32 %41 %38 %48 %47 %44 %
Worldwide NGL as a percentage of Brent26 %23 %34 %33 %29 %38 %36 %46 %46 %42 %
Domestic gas as a percentage of NYMEX58 %51 %61 %58 %56 %94 %94 %90 %88 %91 %




SCHEDULE 10
Occidental Petroleum Corporation
Oil & Gas Metrics
20202021
Qtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4TY
Lease operating expenses ($/BOE)
United States$6.70 $4.69 $5.38 $6.05 $5.71 $7.20 $6.00 $7.37 $6.96 $6.87 
International$10.18 $7.42 $8.40 $9.20 $8.80 $11.83 $9.81 $9.53 $10.64 $10.41 
Total Oil and Gas$7.39 $5.27 $6.04 $6.80 $6.38 $8.07 $6.76 $7.82 $7.70 $7.58 
Transportation costs ($/BOE)
United States$4.21 $3.41 $3.66 $3.70 $3.75 $3.81 $3.96 $3.71 $3.85 $3.83 
Total Oil and Gas$3.52 $2.83 $3.02 $2.95 $3.09 $3.24 $3.31 $3.10 $3.23 $3.22 
Taxes other than on income ($/BOE)
United States$1.65 $0.63 $1.70 $1.36 $1.32 $2.11 $2.24 $2.72 $2.15 $2.30 
Total Oil and Gas$1.66 $0.54 $1.56 $1.35 $1.27 $2.06 $2.21 $2.68 $2.39 $2.34 
DD&A expense ($/BOE)
United States$17.72 $17.23 $17.73 $16.91 $17.41 $22.77 $23.16 $18.50 $18.45 $20.70 
International$9.13 $7.52 $7.40 $6.57 $7.66 $8.82 $7.98 $7.83 $7.89 $8.10 
Total Oil and Gas$16.01 $15.17 $15.48 $14.42 $15.31 $20.14 $20.14 $16.29 $16.32 $18.19 
G&A and other operating expenses ($/BOE)$2.34 $2.14 $2.33 $2.98 $2.44 $2.41 $2.37 $2.47 $2.82 $2.52 
O&G MTM (Gain) Loss - Collars, Calls and CO2 ($ millions)$(870)$(54)$(135)$(31)$(1,090)$40 $139 $97 $4 $280 
Exploration Expense ($ millions)
United States$16 $22 $23 $7 $68 $22 $64 $24 $48 $158 
International21 11 6 26 64 6 22 7 59 94 
Total Exploration Expense$37 $33 $29 $33 $132 $28 $86 $31 $107 $252 
Capital Expenditures ($ millions)
Permian$(696)$(122)$(65)$(159)$(1,042)$(223)$(277)$(257)$(331)$(1,088)
Rockies & Other Domestic(194)(20)(25)(109)(348)(122)(112)(108)(109)(451)
Gulf of Mexico(102)(40)(21)(82)(245)(73)(66)(66)(103)(308)
International(152)(107)(77)(108)(444)(84)(88)(103)(124)(399)
Exploration Drilling(100)(28)2 (3)(129)(11)(56)(27)(69)(163)
Total Oil and Gas$(1,244)$(317)$(186)$(461)$(2,208)$(513)$(599)$(561)$(736)$(2,409)





SCHEDULE 11
Occidental Petroleum Corporation
Reserves Replacement and Multi-Year Data - Worldwide

WORLDWIDE20215-Year Avg
Reserves Replacement (MMBOE)
Revisions
Infill208 41 
Other Revisions(A)621 26 
Improved Recovery 20 200 
Extensions and Discoveries145 48 
Total Organic(B)994 315 
Organic Excluding Other Revisions(C)=(B)-(A)373 289 
Purchases44 321 
Sales(D)(11)(74)
Total Reserve Additions (E)1,027 562 
Production (F)426 352 
Costs Incurred ($ millions)
Property acquisition costs(G)$430 $10,111 
Exploration costs290 309 
Development costs2,115 3,237 
Total Organic Costs (H)2,405 3,546 
Total Costs Incurred (I)=(G)+(H)$2,835 $13,657 
Finding & Development Cost per BOE ($/BOE) - Non-GAAP
Organic (H)/(B)$2.42 $11.26 
Program Additions(H)/(C)$6.45 $12.27 
All-In (I)/[(E)-(D)]$2.73 $21.47 
Reserves Replacement Ratio - Non-GAAP
Organic(B)/(F)233 %89 %
All-In (E)/(F)241 %160 %
Non-GAAP Measures
Finding and development cost (F&D Cost) and reserves replacement ratio are non-GAAP measures that Occidental
believes are widely used in our industry, as well as by analysts and investors, to measure and evaluate the cost
of replacing annual production and adding proved reserves. Occidental’s definitions of these non-GAAP measures
may differ from similarly titled measures provided by other companies and as a result may not be comparable.
F&D Cost – All-In is calculated by dividing total costs incurred for the year as defined by GAAP by the sum of
proved reserve revisions, improved recovery, extensions and discoveries and purchases of minerals in place for
the year. F&D Cost – Organic is F&D Cost – All-In excluding both the property acquisition costs and purchases
of minerals in place, and F&D – Program Additions further excludes other revisions that are not infills. Reserves
Replacement – All-In is calculated by dividing the sum of proved reserve revisions, improved recovery, extensions
and discoveries and purchases and sales of minerals in place for the year by current year production. Reserves
Replacement – Organic is Reserves Replacement – All-In, excluding purchases and sales of minerals in place for
the year.




SCHEDULE 12
Occidental Petroleum Corporation
Reserves Replacement and Multi-Year Data - United States Only

UNITED STATES20215-Year Avg
Reserves Replacement (MMBOE)
Revisions
Infill206 41 
Other Revisions(A)615 (2)
Improved Recovery 7 158 
Extensions and Discoveries144 44 
Total Organic(B)972 241 
Organic Excluding Other Revisions(C)=(B)-(A)357 243 
Purchases44 302 
Sales(D)(11)(48)
Total Reserve Additions (E)1,005 495 
Production(F)341 246 
Costs Incurred ($ millions)
Property acquisition costs(G)$429 $10,094 
Exploration costs147 186 
Development costs1,749 2,588 
Total Organic Costs (H)1,896 2,774 
Total Costs Incurred (I)=(G)+(H)$2,325 $12,868 
Finding & Development Cost per BOE ($/BOE) - Non-GAAP
Organic (H)/(B)$1.95 $11.51 
Program Additions(H)/(C)$5.31 $11.42 
All-In (I)/[(E)-(D)]$2.29 $23.70 
Reserves Replacement Ratio - Non-GAAP
Organic(B)/(F)285 %98 %
All-In (E)/(F)295 %201 %
Non-GAAP Measures
Finding and development cost (F&D Cost) and reserves replacement ratio are non-GAAP measures that Occidental
believes are widely used in our industry, as well as by analysts and investors, to measure and evaluate the cost
of replacing annual production and adding proved reserves. Occidental’s definitions of these non-GAAP measures
may differ from similarly titled measures provided by other companies and as a result may not be comparable.
F&D Cost – All-In is calculated by dividing total costs incurred for the year as defined by GAAP by the sum of
proved reserve revisions, improved recovery, extensions and discoveries and purchases of minerals in place for
the year. F&D Cost – Organic is F&D Cost – All-In excluding both the property acquisition costs and purchases
of minerals in place, and F&D – Program Additions further excludes other revisions that are not infills. Reserves
Replacement – All-In is calculated by dividing the sum of proved reserve revisions, improved recovery, extensions
and discoveries and purchases and sales of minerals in place for the year by current year production. Reserves
Replacement – Organic is Reserves Replacement – All-In, excluding purchases and sales of minerals in place for
the year.




SCHEDULE 13
Occidental Petroleum Corporation
Proved Oil Reserves

United
In millions of barrels (MMbbl)StatesInternationalTotal
Proved Developed and Undeveloped Reserves
Balance at December 31, 20181,186 397 1,583 
Revisions of previous estimates(154)11 (143)
Improved recovery128 37 165 
Extensions and discoveries 37 4 41 
Purchases of proved reserves545 84 629 
Sales of proved reserves(17)— (17)
Production(155)(64)(219)
Balance at December 31, 20191,570 469 2,039 
Revisions of previous estimates(283)(1)(284)
Improved recovery82 18 100 
Extensions and discoveries 9 5 14 
Purchases of proved reserves2 — 2 
Sales of proved reserves(31)(101)(132)
Production(205)(59)(264)
Balance at December 31, 20201,144 331 1,475 
Revisions of previous estimates382 4 386 
Improved recovery6 13 19 
Extensions and discoveries 88 1 89 
Purchases of proved reserves33 — 33 
Sales of proved reserves(5)— (5)
Production(182)(44)(226)
Balance at December 31, 20211,466 305 1,771 
Proved Developed Reserves
December 31, 2018843 317 1,160 
December 31, 20191,206 371 1,577 
December 31, 2020917 251 1,168 
December 31, 20211,140 226 1,366 
Proved Undeveloped Reserves
December 31, 2018343 80 423 
December 31, 2019364 98 462 
December 31, 2020227 80 307 
December 31, 2021326 79 405 




SCHEDULE 14
Occidental Petroleum Corporation
Proved NGLs Reserves

United
In millions of barrels (MMbbl)StatesInternationalTotal
Proved Developed and Undeveloped Reserves
Balance at December 31, 2018284 202 486 
Revisions of previous estimates(21)9 (12)
Improved recovery58 — 58 
Extensions and discoveries 11 — 11 
Purchases of proved reserves267 10 277 
Sales of proved reserves(7)— (7)
Production(52)(13)(65)
Balance at December 31, 2019540 208 748 
Revisions of previous estimates(90)10 (80)
Improved recovery32 10 42 
Extensions and discoveries 2 — 2 
Purchases of proved reserves1 — 1 
Sales of proved reserves(20)— (20)
Production(81)(13)(94)
Balance at December 31, 2020384 215 599 
Revisions of previous estimates227 (1)226 
Improved recovery— — — 
Extensions and discoveries 27 — 27 
Purchases of proved reserves7 — 7 
Sales of proved reserves(2)— (2)
Production(79)(12)(91)
Balance at December 31, 2021564 202 766 
Proved Developed Reserves
December 31, 2018196 145 341 
December 31, 2019406 147 553 
December 31, 2020314 138 452 
December 31, 2021433 125 558 
Proved Undeveloped Reserves
December 31, 201888 57 145 
December 31, 2019134 61 195 
December 31, 202070 77 147 
December 31, 2021131 77 208 




SCHEDULE 15
Occidental Petroleum Corporation
Proved Natural Gas Reserves

United
In billions of cubic feet (Bcf)StatesInternationalTotal
Proved Developed and Undeveloped Reserves
Balance at December 31, 20181,445 2,650 4,095 
Revisions of previous estimates(409)89 (320)
Improved recovery393 32 425 
Extensions and discoveries 59 5 64 
Purchases of proved reserves2,996 — 2,996 
Sales of proved reserves(30)— (30)
Production(326)(204)(530)
Balance at December 31, 20194,128 2,572 6,700 
Revisions of previous estimates(823)102 (721)
Improved recovery183 103 286 
Extensions and discoveries 38 — 38 
Purchases of proved reserves4 — 4 
Sales of proved reserves(523)(9)(532)
Production(561)(195)(756)
Balance at December 31, 20202,446 2,573 5,019 
Revisions of previous estimates 1,274 27 1,301 
Improved recovery3 3 6 
Extensions and discoveries 176 — 176 
Purchases of proved reserves22 — 22 
Sales of proved reserves(25)— (25)
Production(477)(172)(649)
Balance at December 31, 20213,419 2,431 5,850 
Proved Developed Reserves
December 31, 2018978 2,026 3,004 
December 31, 20193,198 2,007 5,205 
December 31, 20202,028 1,846 3,874 
December 31, 20212,632 1,705 4,337 
Proved Undeveloped Reserves
December 31, 2018467 624 1,091 
December 31, 2019930 565 1,495 
December 31, 2020418 727 1,145 
December 31, 2021787 726 1,513 




SCHEDULE 16
Occidental Petroleum Corporation
Total Proved Reserves

United
In millions of barrels of oil equivalent (MMBOE) (a)
StatesInternationalTotal
Proved Developed and Undeveloped Reserves
Balance at December 31, 20181,711 1,041 2,752 
Revisions of previous estimates(243)35 (208)
Improved recovery251 42 293 
Extensions and discoveries 58 5 63 
Purchases of proved reserves1,311 94 1,405 
Sales of proved reserves(29)— (29)
Production(261)(111)(372)
Balance at December 31, 20192,798 1,106 3,904 
Revisions of previous estimates(510)26 (484)
Improved recovery145 45 190 
Extensions and discoveries 17 5 22 
Purchases of proved reserves4 — 4 
Sales of proved reserves(138)(103)(241)
Production(380)(104)(484)
Balance at December 31, 20201,936 975 2,911 
Revisions of previous estimates821 8 829 
Improved recovery7 13 20 
Extensions and discoveries 144 1 145 
Purchases of proved reserves44 — 44 
Sales of proved reserves(11)— (11)
Production(341)(85)(426)
Balance at December 31, 20212,600 912 3,512 
Proved Developed Reserves
December 31, 20181,202 800 2,002 
December 31, 20192,145 853 2,998 
December 31, 20201,569 697 2,266 
December 31, 20212,012 635 2,647 
Proved Undeveloped Reserves
December 31, 2018509 241 750 
December 31, 2019653 253 906 
December 31, 2020367 278 645 
December 31, 2021588 277 865 
(a) Natural gas volumes have been converted to barrels of oil equivalent (BOE) based on energy content of six thousand cubic feet (Mcf) of gas to one barrel of oil.




SCHEDULE 17
Occidental Petroleum Corporation
Costs Incurred

United
Amounts in millionsStatesInternationalTotal
FOR THE YEAR ENDED DECEMBER 31, 2021
Property acquisition costs$429 $1 $430 
Exploration costs147 143 290 
Development costs1,749 366 2,115 
Costs Incurred$2,325 $510 $2,835 
FOR THE YEAR ENDED DECEMBER 31, 2020
Property acquisition costs$48 $59 $107 
Exploration costs117 95 212 
Development costs1,376 466 1,842 
Costs Incurred$1,541 $620 $2,161 
FOR THE YEAR ENDED DECEMBER 31, 2019
Property acquisition costs$48,609 $1,927 $50,536 
Exploration costs307 200 507 
Development costs4,449 771 5,220 
Costs Incurred$53,365 $2,898 $56,263