DIVESTITURES AND OTHER TRANSACTIONS (Tables)

12 Months Ended

Dec. 31, 2020

Discontinued Operations and Disposal Groups [Abstract]

Summary of Revenues, Costs and Assets Held for Sale of Discontinued Operations

The following table presents the amounts reported in discontinued operations, net of income taxes, related to the Ghana assets for the year ended December 31, 2020 and for the Ghana, Mozambique and South Africa assets subsequent to the Acquisition closing date through December 31, 2019:

millions	2020		2019
Revenues and other income
Net sales	$	419	$	221
Costs and other deductions
Oil and gas lease operating expense	117		45
Fair value adjustment on assets held for sale	2,263		85
Other	48		45
Total costs and other deductions	$	2,428	$	175
Income (loss) before income taxes	$	(2,009)	$	46
Income tax benefit (expense)	711		(61)
Discontinued operations, net of tax	$	(1,298)	$	(15)

The following table presents amounts related to the Ghana assets reported as held for sale in the Consolidated Balance Sheet as of December 31, 2020 and the amounts related to the Mozambique, South Africa and Ghana assets reported as held for sale in the Consolidated Balance Sheet as of December 31, 2019, respectively:

millions	2020		2019
Current assets	$	37	$	40
Property, plant and equipment, net	1,364		3,720
Long-term receivables and other assets, net	32		110
Assets held for sale	$	1,433	$	3,870
Current liabilities	$	84	$	264
Long-term debt, net - finance leases	175		185
Deferred income taxes	328		1,112
Asset retirement obligations	166		155
Other	—		2
Liabilities of assets held for sale	$	753	$	1,718
Net assets held for sale	$	680	$	2,152

ALGERIA OPERATIONS RECLASSIFICATION

The following table presents the amounts previously reported in discontinued operations, net of income taxes, for the year ended December 31, 2019 which was reclassified to continuing operations as a result of Occidental's decision to operate in Algeria.

millions	Year ended December 31, 2019
Revenues and other income
Net sales	$	518
Costs and other deductions
Oil and gas lease operating expense	36
Transportation expense	14
Taxes other than on income	133
Depreciation, depletion and amortization	159
Other	9
Total costs and other deductions	351
Income before income taxes	167
Income tax expense	(167)
Net income of Algeria operations, after taxes	$	—

The following table presents the amounts previously reported in the Consolidated Balance Sheets as held for sale related to Algeria that were subsequently reclassified as of December 31, 2019:

millions	December 31, 2019
Current assets	$	249
Property, plant and equipment, net	1,761
Long-term receivables and other assets, net	146
Total Assets	$	2,156
Current liabilities	$	188
Non-current liabilities	104
Total Liabilities	$	292