INVESTMENTS AND RELATED-PARTY TRANSACTIONS (Tables)

12 Months Ended

Dec. 31, 2021

Investments And Related Party Transactions Disclosure [Abstract]

Schedule of significant equity investments

Occidental’s significant equity investments are presented in investments in unconsolidated entities and in other - deferred credits and other liabilities. As of December 31, 2021, and 2020, investments in unconsolidated entities were $2.9 billion and $3.3 billion, respectively. Occidental’s equity investments presented in investments in unconsolidated entities primarily consist of the following:

millions	% Interest		Carrying amount
WES (a)	51.8	%	$	1,963
OxyChem Ingleside Facility	50.0	%	599
OLCV - related	various		164
Other	various		212
Total Investments in unconsolidated entities (b)			$	2,938

(a)     In December 2021, Occidental sold 2.5 million limited partner units of WES for proceeds of approximately $50 million. In March 2021, Occidental sold 11.5 million limited partner units for proceeds of approximately $200 million, resulting in a gain of $102 million. In the first quarter of 2020, Occidental recorded an impairment of $1.2 billion in goodwill related to its ownership in WES and in the third quarter of 2020, recorded an other than temporary impairment of $2.7 billion related to the WES equity method investment. See Note 9 - Fair Value Measurements for more information on the impairments.

(b)    Not presented in investments in unconsolidated entities is Occidental’s 24.5% ownership in DEL, which has a carrying value of $217 million. Refer to the discussion below regarding the presentation of Occidental’s equity investment in DEL.

Summarized financial information of equity-method investments

The following table presents the summarized financial information of its equity-method investments combined for the years ended and as of December 31:

millions	2021		2020		2019
Summarized Results of Operations (a)
Revenues and other income	$	6,252	$	5,455	$	26,520
Costs and expenses	4,569		5,455		24,084
Net income	$	1,683	$	—	$	2,436
Summarized Balance Sheet
Current assets	$	3,387	$	1,419	$	1,130
Non-current assets	$	19,341	$	18,693	$	21,158
Current liabilities	$	1,976	$	1,549	$	785
Long-term debt	$	9,464	$	7,860	$	8,673
Other non-current liabilities	$	1,187	$	866	$	859
Stockholders’ equity	$	10,101	$	9,837	$	11,971

(a)The 2019 Summarized Results of Operations included results of Plains for the period beginning January 1, 2019 through the date Occidental’s interest was sold in September 2019. Plains accounted for $24.7 billion of equity-method investment revenues and other income in 2019.

Summary of related-party transactions

During 2021, 2020 and 2019, Occidental entered into the following related-party transactions and had the following amounts due from or to its related parties for the years ended December 31:

millions	2021		2020		2019
Sales (a,c)	$	261	$	301	$	691
Purchases (b,c)	$	773	$	1,112	$	463
Services (d)	$	942	$	1,101	$	28
Advances and amounts due from related parties (c)	$	57	$	62	$	133
Amounts due to related parties (c)	$	280	$	296	$	463

(a)In 2021 and 2020, sales of Occidental-produced oil and NGL to WES accounted for 58% and 70% of these totals, respectively. In 2019, sales of Occidental-produced oil and NGL to Plains Pipeline affiliates accounted for 87% of these totals. In September 2019, Occidental sold its equity investment in Plains. See Note 5 - Acquisitions, Divestitures and Other Transactions for additional information.

(b)In 2021 and 2020, purchases of gas and NGL marketed on behalf of WES accounted for 27% and 59% of related party purchases, respectively, while purchases of ethylene from the OxyChem Ingleside Facility accounted for 70% and 41% in 2021 and 2020 respectively, and, in 2019, for 98% of related party purchases.

(c)Excluded sales to and purchases from WES and amounts due to and from WES in 2019 as it was a consolidated subsidiary from the date of the Acquisition through December 31, 2019.

(d)In 2021 and 2020, services primarily related to fees charged by WES to gather, process and treat Occidental produced oil, NGL and natural gas. Excluded charges to WES for shared corporate services.