STOCK-BASED INCENTIVE PLANS (Tables)

12 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement [Abstract]

Summary of changes in Occidental's unvested cash- and stock- settled RSUs

A summary of changes in Occidental’s unvested cash- and stock-settled RSUs during the year ended December 31, 2020, is presented below:

	Cash-Settled				Stock-Settled
thousands, except fair values	RSUs	Weighted-Average Grant-Date Fair Value			RSUs	Weighted-Average Grant-Date Fair Value
Unvested at January 1	4,347		$	43.46	4,395		$	65.88
Granted	1,500		$	40.86	4,299		$	41.60
Vested	(114)		$	61.61	(2,328)		$	64.19
Forfeitures	(276)		$	42.68	(510)		$	48.89
Unvested at December 31	5,457		$	42.41	5,856		$	50.21

Grant-date assumptions used in the Monte Carlo simulation models for the estimated payout level of TSRIs

The grant-date assumptions used in the Monte Carlo simulation models for the estimated payout level of TSRIs were as follows:

	TSRIs
	2020		2019		2018
Assumptions used:
Risk-free interest rate	1.4%		2.5%		2.3%
Volatility factor	26%		22%		24%
Expected life (years)	3		3		3
Grant-date fair value of underlying Occidental common stock	$	41.60	$	67.19	$	69.87

Summary of the changes of awards

A summary of Occidental’s unvested TSRIs as of December 31, 2020 and changes during the year ended December 31, 2020 is presented below:

	TSRIs
thousands, except fair values	Awards	Weighted-Average Grant-Date Fair Value of Occidental Stock
Unvested at January 1	1,537		$	67.70
Granted	641		$	41.60
Vested (a)	(563)		$	67.21
Forfeitures	(81)		$	52.47
Unvested at December 31	1,534		$	58.02

(a)Presented at the target payouts. The weighted-average payout at vesting was 40% of the target, resulting in the issuance of approximately 223,000 shares of Occidental common stock.

	CROCEI
thousands, except fair values	Awards	Weighted-Average Grant-Date Fair Value of Occidental Stock
Unvested at January 1	154		$	68.44
Granted	197		$	41.60
Vested (a)	(154)		$	68.47
Forfeited	—
Unvested at December 31	197		$	41.60

(a)Presented at the target payouts. The weighted-average payout at vesting was 58% of the target resulting in the issuance of approximately 89,700 shares.

Summary of stock options

The inputs to this model are presented below:

	Options
	2020
Assumptions used:
Risk-free interest rate	1.5%
Volatility factor	25%
Expected life (years)	6
Dividend yield	7.6%
Grant-date fair value of underlying Occidental common stock	$	41.60

A summary of Occidental’s outstanding stock options as of December 31, 2020 and changes during the year ended December 31, 2020 is presented below:

	Vested			Unvested
thousands, except fair values	Options	Weighted Average Strike Price		Options	Weighted Average Strike Price
January 1	530	$	79.98	—
Granted	—			2,573	$	41.60
Anti-dilution adjustment	21	$	76.96	101	$	40.03
Vested	—			—
Expirations and Forfeitures, respectively	—			—
December 31	551	$	76.96	2,674	$	40.03