DOMESTIC AND FOREIGN INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2016

DOMESTIC AND FOREIGN INCOME TAXES

Domestic and foreign components of income (loss) from continuing operations before domestic and foreign income taxes

For the years ended December 31, (in millions)	Domestic			Foreign			Total
2016	$	(2,698	)	$	1,034		$	(1,664	)
2015	$	(5,810	)	$	(3,666	)	$	(9,476	)
2014	$	(732	)	$	2,273		$	1,541

Provisions (credits) for domestic and foreign income taxes on continuing operations

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For the years ended December 31, (in millions)	United States Federal			State and Local			Foreign			Total
2016
Current	$	(784	)	$	9		$	630		$	(145	)
Deferred	(505		)	(19		)	7			(517		)
	$	(1,289	)	$	(10	)	$	637		$	(662	)
2015
Current	$	(810	)	$	(31	)	$	883		$	42
Deferred	(1,146		)	(83		)	(143		)	(1,372		)
	$	(1,956	)	$	(114	)	$	740		$	(1,330	)
2014
Current	$	870		$	81		$	1,912		$	2,863
Deferred	(1,037		)	(71		)	(70		)	(1,178		)
	$	(167	)	$	10		$	1,842		$	1,685

Reconciliation of the United States federal statutory income tax rate to Occidental's worldwide effective tax rate on income from continuing operations stated as a percentage of pre-tax income

For the years ended December 31,	2016		2015		2014
United States federal statutory tax rate	35	%	35	%	35	%
Other than temporary loss on available for sale investment in California Resources stock	(2	)	(1	)	12
Enhanced oil recovery credit	5		—		—
Tax benefit due to write off of exploration blocks	14		—		—
Operations outside the United States	(14	)	(21	)	65
State income taxes, net of federal benefit	—		1		1
Other	2		—		(4	)
Worldwide effective tax rate	40	%	14	%	109	%

Tax effects of temporary differences resulting in deferred income taxes

	2016					2015
Tax effects of temporary differences (in millions)	Deferred Tax Assets			Deferred Tax Liabilities		Deferred Tax Assets			Deferred Tax Liabilities
Property, plant and equipment differences	$	—		$	3,345	$	—		$	3,232
Equity investments, partnerships and foreign subsidiaries	—			58		—			12
Environmental reserves	314			—		136			—
Postretirement benefit accruals	342			—		346			—
Deferred compensation and benefits	222			—		179			—
Asset retirement obligations	406			—		372			—
Foreign tax credit carryforwards	2,046			—		2,034			—
Alternative minimum tax credit carryforwards	226			—		—			—
General business credit carryforwards	186			—		—			—
Federal benefit of state income taxes	8			—		11			—
All other	370			—		677			—
Subtotal	4,120			3,403		3,755			3,244
Valuation allowance	(1,849		)	—		(1,834		)	—
Total deferred taxes	$	2,271		$	3,403	$	1,921		$	3,244

Reconciliation of the beginning and ending amount of unrecognized tax benefits

For the years ended December 31, (in millions)	2016		2015
Balance at January 1,	$	22	$	61
Reductions based on tax positions related to prior years and settlements	—		(39		)
Balance at December 31,	$	22	$	22