THE ACQUISITION (Tables)

12 Months Ended

Dec. 31, 2020

Business Combinations [Abstract]

Schedule of Purchase Consideration

The following table presents the Acquisition consideration paid to Anadarko stockholders as a result of the Acquisition:

millions except per-share amounts	As of August 8, 2019
Total shares of Anadarko common stock eligible for Acquisition consideration		491.6
Cash consideration (per share of common stock and shares underlying Anadarko stock-based awards eligible for Acquisition consideration)		$	59.00
Cash portion of Acquisition consideration		$	29,002
Total shares of Anadarko common stock eligible for Acquisition consideration		491.6
Exchange ratio (per share of Anadarko common stock)		0.2934
Total shares of Occidental common stock issued to Anadarko stockholders		144
Average share price of Occidental common stock at August 8, 2019		$	46.31
Stock portion of Acquisition consideration		$	6,679
Acquisition consideration attributable to Anadarko stock-based awards		$	23
Total Acquisition consideration		$	35,704

Schedule of Preliminary Purchase Price Allocation

The following table sets forth the allocation of the Acquisition consideration. Occidental finalized the purchase price allocation during the 12 month period following the Acquisition date, those measurement period adjustments recorded were immaterial and did not result in a material impact to the statements of operations.

millions	As of August 8, 2019
Fair value of assets acquired:
Current assets		$	3,586
Assets held for sale (a)		10,616
Investments in unconsolidated entities		194
Property, plant and equipment		49,125
Other assets		836
Amount attributable to assets acquired		$	64,357
Fair value of liabilities assumed:
Current liabilities		$	3,467
Liabilities of assets held for sale (a)		2,200
Long-term debt		13,240
Deferred income taxes		8,591
Asset retirement obligations		2,724
Pension and post-retirement obligations		1,072
Non-current derivative liabilities		1,280
Other long-term liabilities		2,323
Amount attributable to liabilities assumed		$	34,897
Net assets		$	29,460
Fair value of WES net assets acquired less noncontrolling interests (a)		$	6,244
Total Acquisition consideration		$	35,704

(a)See Note 1 - Summary of Significant Accounting Policies for a discussion for the purchase and sale agreement with Total and for a discussion of the WES investment.

The following table summarizes the fair value of the major categories of WES assets acquired and liabilities assumed at the Acquisition date as well as the noncontrolling interest, which primarily consisted of the 44.6% limited partner interest in WES owned by the public. The fair value of Occidental’s controlling interest in WES is calculated based on the market capitalization value at the Acquisition date.

millions	As of August 8, 2019
Fair value of WES assets acquired:
Current assets		$	499
Investments in unconsolidated entities		2,425
Property, plant and equipment		10,160
Intangible assets - customer relationships		1,800
Goodwill		5,772
Other assets		342
Amount attributable to assets acquired		$	20,998
Fair value of WES liabilities assumed:
Current liabilities		$	815
Long-term debt		7,407
Deferred income taxes		1,174
Asset retirement obligations		321
Other long-term liabilities		142
Amount attributable to liabilities assumed		$	9,859
Net assets		$	11,139
Less: Fair value of noncontrolling interests in WES		$	4,895
Fair value of WES net assets acquired less noncontrolling interests		$	6,244

Pro Forma Information

The following table summarizes the unaudited pro forma condensed financial information of Occidental for the year ended December 31 as if the Acquisition had occurred on January 1, 2018:

	Year ended December 31,
millions except per-share amounts	2019		2018
Revenues	$	28,723	$	31,206
Net income (loss) attributable to common stockholders (a)	$	(769)	$	2,965
Net income (loss) attributable to common stockholders per share—basic	$	(0.95)	$	3.26
Net income (loss) attributable to common stockholders per share—diluted	$	(0.95)	$	3.25

(a)Excluding the pro-forma results of WES, net income (loss) attributable to common stockholders would be $(1.1) billion and $2.8 billion for the year ended December 31, 2019 and 2018, respectively.

Schedule of Merger-Related Costs

The following table summarizes the Acquisition-related costs incurred for the year ended December 31:

millions	2020		2019
Employee severance and related employee cost	$	314	$	1,033
Licensing fees for critical seismic data	—		401
Bank, legal, consulting and other	25		213
Total	$	339	$	1,647