LEASE COMMITMENTS

12 Months Ended

Dec. 31, 2016

NOTE 6

LEASE COMMITMENTS

Operating lease agreements include leases for transportation equipment, power plants, machinery, terminals, storage facilities, land and office space. Occidental’s operating lease agreements frequently include renewal or purchase options and require the Company to pay for utilities, taxes, insurance and maintenance expenses. At December 31, 2016, future net minimum lease payments for noncancelable operating leases (excluding oil and gas and other mineral leases, utilities, taxes, insurance and maintenance expense) were the following:

(in millions)	Amount
2017	$	255
2018	230
2019	134
2020	100
2021	86
Thereafter	469
Total minimum lease payments	$	1,274

Rental expense for operating leases was $237 million in 2016, $197 million in 2015 and $155 million in 2014.