ACQUISITIONS, DIVESTITURES AND OTHER TRANSACTIONS (Tables)

12 Months Ended

Dec. 31, 2021

Business Combinations, Asset Acquisitions, Dispositions and Other Disclosure [Abstract]

Schedule of acquisition-related costs

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

millions	2021		2020		2019
Employee severance and related employee cost	$	117	$	314	$	1,033
IT costs	36		9		15
Licensing fees for critical seismic data	—		—		401
Bank, legal, consulting and other	—		16		198
Total	$	153	$	339	$	1,647

Schedule of pro forma financial information

The following table summarizes the unaudited pro forma condensed financial information of Occidental for the year ended December 31, 2019 as if the Acquisition had occurred on January 1, 2018:

millions except per-share amounts
Revenues	$	28,723
Net loss attributable to common stockholders (a)	$	(769)
Net loss attributable to common stockholders per share—basic	$	(0.95)
Net loss attributable to common stockholders per share—diluted	$	(0.95)

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

Schedule of discontinued operations

The following table presents the amounts reported in discontinued operations, net of income taxes, related to the Ghana assets for the years ended December 31, 2021 and 2020 and for the Ghana, Mozambique and South Africa assets subsequent to the Acquisition closing date through December 31, 2019:

millions	2021		2020		2019
Revenues and other income
Net sales	$	458	$	419	$	221
Costs and other deductions
Oil and gas lease operating expense	71		117		45
Fair value adjustment on assets held for sale (a)	409		2,263		85
Other	24		48		45
Total costs and other deductions	$	504	$	2,428	$	175
Income (loss) before income taxes	$	(46)	$	(2,009)	$	46
Income tax benefit (expense)	15		711		(61)
Discontinued operations, net of tax	$	(31)	$	(1,298)	$	(15)

(a)    For 2021, included effective date to close date adjustments as well as settlements of certain tax claims.

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:

millions	2020
Current assets	$	37
Property, plant and equipment, net	1,364
Long-term receivables and other assets, net	32
Assets held for sale	$	1,433
Current liabilities	$	84
Long-term debt, net - finance leases	175
Deferred income taxes	328
Asset retirement obligations	166
Liabilities of assets held for sale	$	753
Net assets held for sale	$	680