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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2022
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ___________ to ___________

Commission file number 1-9210
_____________________

OCCIDENTAL PETROLEUM CORPORATION
(Exact name of registrant as specified in its charter)
Delaware95-4035997
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
5 Greenway Plaza, Suite 110
Houston,Texas77046
(Address of principal executive offices) (Zip Code)
(713) 215-7000
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.20 par valueOXYNew York Stock Exchange
Warrants to Purchase Common Stock, $0.20 par value
OXY WSNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
þ Yes    No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
þ Yes    No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer        þ    Accelerated Filer            Non-Accelerated Filer     
Smaller Reporting Company        Emerging Growth Company    
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes   þ No

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Class Outstanding as of September 30, 2022 
 Common Stock, $0.20 par value 908,914,149




TABLE OF CONTENTSPAGE
Part IFinancial Information
Item 1.
Consolidated Condensed Balance Sheets — September 30, 2022 and December 31, 2021
Consolidated Condensed Statements of Operations — Three and nine months ended September 30, 2022 and 2021
Consolidated Condensed Statements of Comprehensive Income (Loss) — Three and nine months ended September 30, 2022 and 2021
6
Consolidated Condensed Statements of Cash Flows — Nine months ended September 30, 2022 and 2021
Consolidated Condensed Statements of Equity — Three and nine months ended September 30, 2022 and 2021
Note 4—Divestitures and Other Transactions
Note 7Income Taxes
Item 2.
Item 3.
Item 4.
Part IIOther Information
Item 1.
Item 1A.
Item 2.
Item 6.

1



ABBREVIATIONS USED WITHIN THIS DOCUMENT    
$/Bblprice per barrel
AnadarkoAnadarko Petroleum Corporation and its consolidated subsidiaries
AndesAndes Petroleum Ecuador Ltd.
AOCAdministrative Order on Consent
Bcfbillions of cubic feet
Berkshire HathawayBerkshire Hathaway Inc
Boebarrels of oil equivalent
CERCLAComprehensive Environmental Response, Compensation, and Liability Act
CO2
carbon dioxide
DD&Adepreciation, depletion and amortization
EPAEnvironmental Protection Agency
EPSearnings per share
LIFOlast-in, first-out
MaxusMaxus Energy Corporation
Mbblthousands of barrels
Mboethousands of barrels equivalent
Mboe/dthousands of barrels equivalent per day
Mcfthousand cubic feet
MMbblmillions of barrels
MMcfmillions of cubic feet
NGLnatural gas liquids
NPLNational Priorities List
OccidentalOccidental Petroleum Corporation, a Delaware corporation and one or more entities in which it owns a controlling interest (subsidiaries)
OEPCOccidental Exploration and Production Company
OPECOrganization of the Petroleum Exporting Countries
OxyChemOccidental Chemical Corporation
PVCpolyvinyl chloride
RCFrevolving credit facility
RepsolRepsol, S.A.
RODRecord of Decision
SonatrachThe national oil and gas company of Algeria
WESWestern Midstream Partners, LP
WES OperatingWestern Midstream Operating, LP
WTIWest Texas Intermediate
YPFYPF S.A.
Zero CouponsZero Coupon senior notes due 2036
2021 Form 10-KOccidental’s Annual Report on Form 10-K for the year ended December 31, 2021
2



PART I    FINANCIAL INFORMATION

Item 1. Financial Statements (unaudited)
Consolidated Condensed Balance SheetsOccidental Petroleum Corporation and Subsidiaries
millionsSeptember 30, 2022December 31, 2021
ASSETS
CURRENT ASSETS
Cash and cash equivalents$1,233 $2,764 
Trade receivables, net4,046 4,208 
Inventories1,937 1,846 
Assets held for sale 72 
Other current assets1,533 1,321 
Total current assets8,749 10,211 
INVESTMENTS IN UNCONSOLIDATED ENTITIES3,156 2,938 
PROPERTY, PLANT AND EQUIPMENT
Oil and gas103,236 101,251 
Chemical7,685 7,571 
Midstream and marketing7,669 8,371 
Corporate864 964 
Gross property, plant and equipment119,454 118,157 
Accumulated depreciation, depletion and amortization(61,183)(58,227)
Net property, plant and equipment58,271 59,930 
OPERATING LEASE ASSETS825 726 
LONG-TERM RECEIVABLES AND OTHER ASSETS, NET1,143 1,231 
TOTAL ASSETS$72,144 $75,036 
The accompanying notes are an integral part of these Consolidated Condensed Financial Statements.

3



Consolidated Condensed Balance SheetsOccidental Petroleum Corporation and Subsidiaries
millions, except share and per-share amountsSeptember 30, 2022December 31, 2021
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Current maturities of long-term debt (a)
$546 $186 
Current operating lease liabilities248 186 
Accounts payable3,715 3,899 
Accrued liabilities3,426 4,046 
Liabilities of assets held for sale 7 
Total current liabilities7,935 8,324 
LONG-TERM DEBT, NET
Long-term debt, net (b)
20,478 29,431 
DEFERRED CREDITS AND OTHER LIABILITIES
Deferred income taxes, net5,304 7,039 
Asset retirement obligations3,553 3,687 
Pension and postretirement obligations1,427 1,540 
Environmental remediation liabilities893 944 
Operating lease liabilities616 585 
Other3,218 3,159 
Total deferred credits and other liabilities15,011 16,954 
STOCKHOLDERS' EQUITY
Preferred stock, at $1.00 per share par value (100,000 shares as of September 30, 2022 and December 31, 2021)
9,762 9,762 
Common stock, at $0.20 per share par value, authorized shares: 1.5 billion, issued shares: 2022 — 1,098,408,209 shares and 2021 — 1,083,423,094 shares
220 217 
Treasury stock: 2022 — 190,330,448 shares and 2021 — 149,348,394 shares
(13,192)(10,673)
Additional paid-in capital17,129 16,749 
Retained earnings14,888 4,480 
Accumulated other comprehensive loss(87)(208)
Total stockholders' equity28,720 20,327 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$72,144 $75,036 
(a)    Included $141 million and $85 million of current finance lease liabilities as of September 30, 2022 and December 31, 2021, respectively.
(b)    Included $552 million and $504 million of finance lease liabilities as of September 30, 2022 and December 31, 2021, respectively.

The accompanying notes are an integral part of these Consolidated Condensed Financial Statements.
4



Consolidated Condensed Statements of OperationsOccidental Petroleum Corporation and Subsidiaries
Three months ended September 30, Nine months ended September 30,
millions, except per-share amounts2022202120222021
REVENUES AND OTHER INCOME
Net sales$9,390 $6,792 $28,415 $18,043 
Interest, dividends and other income37 18 122 142 
Gains on sales of assets and equity investments, net74 5 232 119 
Total9,501 6,815 28,769 18,304 
COSTS AND OTHER DEDUCTIONS
Oil and gas operating expense1,056 829 2,925 2,317 
Transportation and gathering expense378 360 1,089 1,053 
Chemical and midstream cost of sales835 731 2,488 2,001 
Purchased commodities785 588 2,627 1,633 
Selling, general and administrative expenses247 240 687 583 
Other operating and non-operating expense319 256 909 762 
Taxes other than on income427 289 1,188 743 
Depreciation, depletion and amortization1,736 1,916 5,107 6,481 
Asset impairments and other charges 17  173 
Anadarko acquisition-related costs4 29 82 122 
Exploration expense47 31 98 145 
Interest and debt expense, net285 449 770 1,229 
Total6,119 5,735 17,970 17,242 
Income before income taxes and other items3,382 1,080 10,799 1,062 
OTHER ITEMS
Gains (losses) on interest rate swaps, net70 (26)332 150 
Income from equity investments196 163 586 463 
Total266 137 918 613 
Income from continuing operations before income taxes3,648 1,217 11,717 1,675 
Income tax expense(902)(387)(340)(446)
Income from continuing operations2,746 830 11,377 1,229 
Loss from discontinued operations, net of tax (2) (444)
NET INCOME2,746 828 11,377 785 
Less: Preferred stock dividends(200)(200)(600)(600)
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS$2,546 $628 $10,777 $185 
PER COMMON SHARE
Income from continuing operations—basic$2.74 $0.67 $11.47 $0.67 
Loss from discontinued operations—basic$ $ $ $(0.47)
Net income attributable to common stockholders—basic$2.74 $0.67 $11.47 $0.20 
Income from continuing operations—diluted$2.52 $0.65 $10.64 $0.65 
Loss from discontinued operations—diluted$ $ $ $(0.46)
Net income attributable to common stockholders—diluted$2.52 $0.65 $10.64 $0.19 
The accompanying notes are an integral part of these Consolidated Condensed Financial Statements.

5



Consolidated Condensed Statements of Comprehensive Income (Loss)Occidental Petroleum Corporation and Subsidiaries
Three months ended September 30, Nine months ended September 30,
millions2022202120222021
Net income$2,746 $828 $11,377 $785 
Other comprehensive income (loss) items:
Gains on derivatives (a)
1 2 65 3 
Pension and postretirement gains (losses) (b)
48 (45)57 4 
Other(1)(1)(1)(1)
Other comprehensive income (loss), net of tax48 (44)121 6 
Comprehensive income attributable to preferred and common stockholders$2,794 $784 $11,498 $791 
(a)     Net of tax expense of zero for the three months ended September 30, 2022 and 2021, and $18 million and zero for the nine months ended September 30, 2022 and 2021, respectively.
(b)     Net of tax expense of $13 million and zero for the three months ended September 30, 2022 and 2021, respectively, and $16 million and $13 million for the nine months ended September 30, 2022 and 2021, respectively.

The accompanying notes are an integral part of these Consolidated Condensed Financial Statements.
6



Consolidated Condensed Statements of Cash FlowsOccidental Petroleum Corporation and Subsidiaries
Nine months ended September 30,
millions20222021
CASH FLOW FROM OPERATING ACTIVITIES
Net income$11,377 $785 
Adjustments to reconcile net income to net cash provided by operating activities:
Discontinued operations, net 444 
Depreciation, depletion and amortization of assets5,107 6,481 
Deferred income tax benefit(1,765)(192)
Asset impairments and other charges 173 
Gain on sales of assets, net(232)(119)
Other noncash reconciling items(461)240 
Changes in operating assets and liabilities:
(Increase) decrease in receivables138 (1,366)
(Increase) decrease in inventories(96)92 
Increase in other current assets(313)(172)
Increase (decrease) in accounts payable and accrued liabilities(815)593 
Increase (decrease) in current domestic and foreign income taxes(105)63 
Operating cash flow from continuing operations12,835 7,022 
Operating cash flow from discontinued operations, net of taxes 320 
Net cash provided by operating activities12,835 7,342 
CASH FLOW FROM INVESTING ACTIVITIES
Capital expenditures(2,977)(1,933)
Change in capital accrual2 (83)
Purchases of businesses and assets, net(466)(122)
Proceeds from sales of assets, net562 1,005 
Equity investments and other, net(95)(21)
Investing cash flow from continuing operations(2,974)(1,154)
Investing cash flow from discontinued operations (48)
Net cash used by investing activities(2,974)(1,202)
CASH FLOW FROM FINANCING ACTIVITIES
Draws on receivables securitization facility400  
Payment of receivables securitization facility(400) 
Payments of long-term debt(8,325)(4,555)
Proceeds from issuance of common stock291 24 
Purchases of treasury stock(2,467) 
Cash dividends paid on common and preferred stock(863)(630)
Financing portion of net cash received (paid) for derivative instruments61 (824)
Other financing, net(82)(48)
Financing cash flow from continuing operations(11,385)(6,033)
Financing cash flow from discontinued operations (7)
Net cash used by financing activities(11,385)(6,040)
Increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents(1,524)100 
Cash, cash equivalents, restricted cash and restricted cash equivalents — beginning of period2,803 2,194 
Cash, cash equivalents, restricted cash and restricted cash equivalents — end of period$1,279 $2,294 
The accompanying notes are an integral part of these Consolidated Condensed Financial Statements.
7



Consolidated Condensed Statements of EquityOccidental Petroleum Corporation and Subsidiaries
Equity Attributable to Common Stock
millions, except per-share amountsPreferred StockCommon StockTreasury StockAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss)Total Equity
Balance as of June 30, 2021$9,762 $217 $(10,668)$16,638 $2,533 $(238)$18,244 
Net income— — — — 828 — 828 
Other comprehensive loss, net of
tax
— — — — — (44)(44)
Dividends on common stock, $0.01 per share
— — — — (9)— (9)
Dividends on preferred stock, $2,000 per share
— — — — (200)— (200)
Issuance of common stock and
other, net
— — — 54 — — 54 
Balance as of September 30, 2021$9,762 $217 $(10,668)$16,692 $3,152 $(282)$18,873 

Equity Attributable to Common Stock
millions, except per-share amountsPreferred StockCommon StockTreasury StockAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss)Total Equity
Balance as of June 30, 2022$9,762 $218 $(11,391)$16,914 $12,462 $(135)$27,830 
Net income    2,746  2,746 
Other comprehensive income, net
  of tax
     48 48 
Dividends on common stock,
  $0.13 per share
    (120) (120)
Dividends on preferred stock,
  $2,000 per share
    (200) (200)
Shareholder warrants exercised 1  162   163 
Options exercised   10   10 
Issuance of common stock and
  other, net
 1  43   44 
Purchases of treasury stock  (1,801)   (1,801)
Balance as of September 30, 2022$9,762 $220 $(13,192)$17,129 $14,888 $(87)$28,720 
The accompanying notes are an integral part of these Consolidated Condensed Financial Statements.
8



Consolidated Condensed Statements of EquityOccidental Petroleum Corporation and Subsidiaries
Equity Attributable to Common Stock
millions, except per-share amountsPreferred StockCommon StockTreasury StockAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss)Total Equity
Balance as of December 31, 2020$9,762 $216 $(10,665)$16,552 $2,996 $(288)$18,573 
Net income— — — — 785 — 785 
Other comprehensive income, net of
tax
— — — — — 6 6 
Dividends on common stock, $0.03 per share
— — — — (29)— (29)
Dividends on preferred stock, $6,000 per share
— — — — (600)— (600)
Issuance of common stock and
other, net
— 1 — 140 — — 141 
Purchases of treasury stock— — (3)— — — (3)
Balance as of September 30, 2021$9,762 $217 $(10,668)$16,692 $3,152 $(282)$18,873 

Equity Attributable to Common Stock
millions, except per-share amountsPreferred StockCommon StockTreasury StockAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss)Total Equity
Balance as of December 31, 2021$9,762 $217 $(10,673)$16,749 $4,480 $(208)$20,327 
Net income    11,377  11,377 
Other comprehensive income, net
  of tax
     121 121 
Dividends on common stock,
  $0.39 per share
    (369) (369)
Dividends on preferred stock,
  $6,000 per share
    (600) (600)
Shareholder warrants exercised 2  251   253 
Options exercised   27   27 
Issuance of common stock and
  other, net
 1  102   103 
Purchases of treasury stock  (2,519)   (2,519)
Balance as of September 30, 2022$9,762 $220 $(13,192)$17,129 $14,888 $(87)$28,720 
The accompanying notes are an integral part of these Consolidated Condensed Financial Statements.
9



Notes to Consolidated Condensed Financial StatementsOccidental Petroleum Corporation and Subsidiaries
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 Occidental's Annual Report on Form 10-K for the year ended December 31, 2021.
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 three and nine months ended September 30, 2022 and 2021 and Occidental’s financial position as of September 30, 2022 and December 31, 2021. Certain data in the Consolidated Condensed Financial Statements and notes for prior periods have been reclassified to conform to the current presentation. The income and cash flows for the periods ended September 30, 2022 and 2021 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 September 30, 2022 and 2021:

millions20222021
Cash and cash equivalents$1,233 $2,059 
Restricted cash and restricted cash equivalents included in other current assets31 220 
Restricted cash and restricted cash equivalents included in long-term receivables and other assets, net15 15 
Cash, cash equivalents, restricted cash and restricted cash equivalents$1,279 $2,294 

SUPPLEMENTAL CASH FLOW INFORMATION
The following table represents U.S. federal, domestic, state and international income taxes paid, tax refunds received and interest paid related to continuing operations during the nine months ended September 30, 2022 and 2021, respectively:

millions20222021
Income tax payments$1,885 $502 
Income tax refunds received$89 $70 
Interest paid (a)
$1,236 $1,432 
(a)    Net of capitalized interest of $50 million and $46 million for the nine months ended September 30, 2022 and 2021, respectively.

BERKSHIRE HATHAWAY OWNERSHIP
Berkshire Hathaway is a related party of Occidental due to its ownership of Occidental's common stock. During the third quarter of 2022, Berkshire Hathaway increased its ownership in Occidental to approximately 194 million shares of common stock. Occidental has, from time to time, contracted with Berkshire Hathaway for the provision of electricity, rail and insurance. In addition, certain Berkshire Hathaway subsidiaries purchase various chemicals from our chemical segment. While these types of transactions between Berkshire Hathaway and Occidental have not been significant, Occidental will continue to assess the financial significance of our transactions with Berkshire Hathaway and its subsidiaries.
10




WES INVESTMENT
In July 2022, Occidental sold 10.0 million limited partner units of WES for proceeds of $253 million, resulting in a gain of $62 million. As of September 30, 2022, Occidental owned all of the 2.3% non-voting general partner interest and 49.4% 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 51.5%.

DISCONTINUED OPERATIONS
The nine months ended 2021 included a $412 million after-tax loss contingency in discontinued operations associated with its former operations in Ecuador, which was primarily recorded in the first quarter of 2021. See Note 9 - Lawsuits, Claims, Commitments and Contingencies. In addition, the results of operations for Ghana for the nine months ended September 30, 2021, an after-tax loss of $32 million, are presented as discontinued operations. The Ghana assets were sold in October 2021.

NOTE 2 - REVENUE

Revenue from customers is recognized when obligations under the terms of a contract with our customers are satisfied; this generally occurs with the delivery of oil, NGL, gas, chemicals or services, such as transportation. As of September 30, 2022, trade receivables, net, of $4.0 billion represent rights to payment for which Occidental has satisfied its obligations under a contract and its right to payment is conditioned only on the passage of time.
The following table shows a reconciliation of revenue from customers to total net sales for the three and nine months ended September 30, 2022 and 2021:

Three months ended September 30, Nine months ended September 30,
millions2022202120222021
Revenue from customers$9,359 $6,880 $27,923 $18,166 
All other revenues (a)
31 (88)492 (123)
Net sales$9,390 $6,792 $28,415 $18,043 
(a)    Includes net marketing derivatives, collars and calls and chemical exchange contracts in 2021 and the same in 2022 with the exception of the collars and calls which expired on or before December 31, 2021.

11



DISAGGREGATION OF REVENUE FROM CONTRACTS WITH CUSTOMERS
The table below presents Occidental's revenue from customers by segment, product and geographical area. The oil and gas segment typically sells its oil, NGL and gas at the lease or concession area. Chemical segment revenues are shown by geographic area based on the location of the sale. Excluding net marketing revenue, midstream and marketing segment revenues are shown by the location of sale:
millionsUnited StatesInternationalEliminationsTotal
Three months ended September 30, 2022
Oil and gas
Oil$4,369 $1,061 $ $5,430 
NGL658 127  785 
Gas786 88  874 
Other8 1  9 
Segment total$5,821 $1,277 $ $7,098 
Chemical$1,572 $102 $ $1,674 
Midstream and marketing$859 $132 $ $991 
Eliminations$ $ $(404)$(404)
Consolidated$8,252 $1,511 $(404)$9,359 
millionsUnited StatesInternationalEliminationsTotal
Three months ended September 30, 2021
Oil and gas
Oil$3,056 $766 $ $3,822 
NGL642 90  732 
Gas399 76  475 
Other26 1  27 
Segment total$4,123 $