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Form 10-K

☑

Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

☐

Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the fiscal year ended

December 31, 2022

For the transition period from                to

State or other jurisdiction of incorporation or organization

Delaware

I.R.S. Employer Identification No.

95-4035997

Address of principal executive offices

5 Greenway Plaza, Suite 110

Houston,

Texas

Zip Code

77046

Registrant’s telephone number, including area code

(713)

215-7000

Title of Each Class			Trading Symbol			Name of Each Exchange on Which Registered
Common Stock, $0.20 par value			OXY			New York Stock Exchange
Warrants to Purchase Common Stock, $0.20 par value			OXY WS			New York Stock Exchange

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes ☑   No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes ☑   No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer

☑

Accelerated Filer

☐

Emerging Growth Company

☐

Non-Accelerated Filer

☐

Smaller Reporting Company

☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.     ☑

TABLE OF CONTENTS						PAGE
Part I
Items 1 and 2.			Business and Properties			3
			General			3
			Human Capital Resources			3
			Environmental Regulation			6
			Available Information			6
			Oil and Gas Operations			7
			Chemical Operations			8
			Midstream and Marketing Operations			9
Item 1A.			Risk Factors			10
Item 1B.			Unresolved Staff Comments			20
Item 3.			Legal Proceedings			20
Item 4.			Mine Safety Disclosures			20
			Information about Executive Officers			21
Part II
Item 5.			Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities			22
Item 7.			Management’s Discussion and Analysis of Financial Condition and Results of Operations			24
Item 7A.			Quantitative and Qualitative Disclosures About Market Risk			56
Item 8.			Financial Statements and Supplementary Data			58
Item 9.			Changes in and Disagreements with Accountants on Accounting and Financial Disclosure			127
Item 9A.			Controls and Procedures			127
Item 9B.			Other Information			127
Item 9C.			Disclosure Regarding Foreign Jurisdictions that Prevented Inspections			127
Part III
Item 10.			Directors, Executive Officers and Corporate Governance			128
Item 11.			Executive Compensation			128
Item 12.			Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters			128
Item 13.			Certain Relationships and Related Transactions and Director Independence			128
Item 14.			Principal Accounting Fees and Services			129
Part IV
Item 15.			Exhibits and Financial Statement Schedules			129
Item 16.			Form 10-K Summary			131

ABBREVIATIONS USED WITHIN THIS DOCUMENT
AAPG			American Association of Petroleum Geologists
AOC			Administrative Order on Consent
Anadarko			Anadarko Petroleum Corporation and its consolidated subsidiaries
Anadarko Acquisition			A transaction pursuant to the Agreement and Plan of Merger dated May 9, 2019, in which Occidental acquired all of the outstanding shares of Anadarko on August 8, 2019, and in which a wholly owned subsidiary of Occidental merged with and into Anadarko
Andes			Andes Petroleum Ecuador Ltd.
ARO			asset retirement obligations
Bcf			billions of cubic feet
Bcf/d			billions of cubic feet per day
Berkshire Hathaway			Berkshire Hathaway Inc.
BLM			U.S. Bureau of Land Management
the Board			Occidental Board of Directors
Boe			barrels of oil equivalent
BOEM			U.S. Bureau of Ocean Energy Management
CCUS			carbon capture, utilization and storage
CERCLA			Comprehensive Environmental Response, Compensation, and Liability Act
CO2			carbon dioxide
COGCC			Colorado Oil and Gas Conservation Commission
Common Stock Warrants			a distribution of warrants to holders of Occidental common stock
CROCE			cash returns on capital employed
CROCEI			cash return on capital employed incentive
DAC			direct air capture
DASS			Diamond Alkali Superfund Site
DD&A			depreciation, depletion and amortization
DEL			Dolphin Energy Limited
DIB			diversity, inclusion and belonging
DOJ			U.S. Department of Justice
DSCC			Diamond Alkali Chemicals Company
EDC			ethylene dichloride
EOR			enhanced oil recovery
EPA			U.S. Environmental Protection Agency
EPS			earnings per share
ERG			Employee Resource Group
Exchange Act			Securities Exchange Act of 1934
GAAP			Generally accepted accounting principles
GHG			greenhouse gas
HSE			health, safety and environmental
Kerr-McGee			Kerr-McGee Corporation and certain of its subsidiaries
LIBOR			London Interbank Offered Rate
LIFO			last-in, first-out
OCI			other comprehensive income
Maxus			Maxus Energy Corporation
Mbbl			thousands of barrels
Mbbl/d			thousands of barrels per day
Mboe			thousands of barrels equivalent

ABBREVIATIONS USED WITHIN THIS DOCUMENT
Mboe/d			thousands of barrels equivalent per day
Mcf			thousand cubic feet
MMbbl			millions of barrels
MMbtu			million British thermal units
MMcf			millions of cubic feet
NAV			net asset value
NEPA			National Environmental Policy Act
NGL			natural gas liquids
NPL			National Priorities List
NYMEX			New York Mercantile Exchange
NYSE			New York Stock Exchange
Occidental			Occidental Petroleum Corporation, a Delaware corporation and one or more entities in which it owns a controlling interest (subsidiaries)
OEPC			Occidental Exploration and Production Company
OLCV			Occidental’s low-carbon ventures businesses
OPEC			Organization of the Petroleum Exporting Countries
Options			stock options
OTC			Over-the-Counter
OU			Operable Unit
OxyChem			Occidental Chemical Corporation, and its consolidated subsidiaries
the Plan			stockholder-approved 2015 Long-Term Incentive Plan, as amended and restated, for certain employees and directors
PP&E			property, plant & equipment
PSC			production sharing contracts
PUD			proved undeveloped
PVC			polyvinyl chloride
RCF			revolving credit facility
Reserves Committee			Corporate Reserves Review Committee
ROD			Record of Decision
RSUs			restricted stock units
Ryder Scott			Ryder Scott Company, L.P.
S&P 500			Standard & Poor’s 500 Stock Index
SEC			U.S. Securities and Exchange Commission
SOFR			Secured Overnight Financing Rate
Sonatrach			The national oil and gas company of Algeria
STEP			Strategic Technical Excellence Program
the Trust			Maxus Liquidating Trust
TSRI			total shareholder return incentive
UAE			United Arab Emirates
VCM			Vinyl chloride monomer
WES			Western Midstream Partners, LP
WTI			West Texas Intermediate
Zero Coupons			Zero Coupon senior notes due 2036
2022 Form 10-K			Occidental’s Annual Report on Form 10-K for the year ended December 31, 2022

GENERAL

Occidental’s principal businesses consist of three reporting segments: oil and gas, chemical and midstream and marketing. The oil and gas segment explores for, develops and produces oil (which includes condensate), NGL and natural gas. The chemical segment primarily manufactures and markets basic chemicals and vinyls. The midstream and marketing segment purchases, markets, gathers, processes, transports and stores oil, NGL, natural gas, CO2 and power. It also optimizes its transportation and storage capacity, and invests in entities that conduct similar activities, such as WES.

HUMAN CAPITAL RESOURCES

■Lead with Passion

■Outperform Expectations

■Deliver Results Responsibly

■Unleash Opportunities

■Commit to Good

■Self-directed learning and development, including web-based and instructor-led training;

■An employee development library;

■Mentoring programs;

■Employee resource groups; and

■Educational assistance to support employees’ continuing education.

						North America						Middle East						Latin America						Other (a)						Total (b)
Union						416						800						50						—						1,266
Non-Union						7,842						2,624						121						120						10,707
Total						8,258						3,424						171						120						11,973

(a)Other headcount included North Africa, Europe and Asia.

(b)Included approximately 2,800 employees in OxyChem.

						Male						Female						White						non-White
All employees						78		%				22		%				66		%				34		%
All leadership						78		%				22		%				75		%				25		%
Top leadership						83		%				17		%				85		%				15		%
Junior leadership						78		%				22		%				75		%				25		%

ENVIRONMENTAL REGULATION

For environmental regulation information, including associated costs, see the information under Environmental Liabilities and Expenditures in the Management’s Discussion and Analysis of Financial Condition and Results of Operations section under Part II, Item 7 of this Form 10-K, Risk Factors under Part I, Item 1A of this Form 10K and in Note 12 - Environmental Liabilities and Expenditures and Note 13 - Lawsuits, Claims, Commitments and Contingencies in the Notes to Consolidated Financial Statements in Part II Item 8 of this Form 10-K.

AVAILABLE INFORMATION

OIL AND GAS OPERATIONS

As a producer of oil, NGL and natural gas, Occidental competes with numerous other domestic and international public, private and government producers. Oil, NGL and natural gas are sensitive to prevailing global and local market conditions, as well as anticipated market conditions. Occidental’s competitive strategy relies on producing hydrocarbons in a capital efficient manner through developing conventional and unconventional fields, and utilizing primary, secondary (waterflood) and tertiary (CO2 and steam flood) recovery techniques in areas where Occidental has a competitive advantage as a result of its successful operations or investments in shared infrastructure. Occidental also competes to develop and produce its worldwide oil and gas reserves safely, sustainably and cost-effectively, maintain a skilled workforce and use high quality service providers. Occidental believes that its core competencies in CO2 separation, transportation, use, recycling and storage in EOR provide a competitive advantage over its peers as the world transitions to a less carbon-intensive economy and seeks to remove CO2 from the atmosphere.

			2022															2021															2020
			Oil			NGL			Gas			Boe			(a)			Oil			NGL			Gas			Boe			(a)			Oil			NGL			Gas			Boe			(a)
Proved Reserves (b)
United States			1,639			654			4,073			2,972						1,466			564			3,419			2,600						1,144			384			2,446			1,936
International			274			192			2,277			845						305			202			2,431			912						331			215			2,573			975
Total			1,913			846			6,350			3,817						1,771			766			5,850			3,512						1,475			599			5,019			2,911
Sales Volumes
United States			185			83			445			342						182			79			477			341						205			81			561			380
International			41			12			164			81						44			12			172			85						59			13			195			104
Total			226			95			609			423						226			91			649			426						264			94			756			484

(a)Natural gas volumes are converted to Boe at six Mcf of gas per one barrel of oil. Conversion to Boe does not necessarily result in price equivalency.

(b)Excluded reserves and sales volumes related to Occidental’s discontinued operations.

CHEMICAL OPERATIONS

Principal Products			Major Uses			Annual Capacity
Basic Chemicals
Chlorine			Raw material for EDC, water treatment and pharmaceuticals			3.2 million tons
Caustic soda			Pulp, paper and aluminum production			3.3 million tons
Chlorinated organics			Refrigerants(a), silicones and pharmaceuticals			1 billion pounds
Potassium chemicals			Fertilizers, batteries, soaps, detergents and specialty glass			0.4 million tons
EDC			Raw material for VCM			2.1 billion pounds
Chlorinated isocyanurates			Swimming pool sanitation and disinfecting products			150 million pounds
Sodium silicates			Catalysts, soaps, detergents and paint pigments			0.6 million tons
Calcium chloride			Ice melting, dust control, road stabilization and oil field services			0.7 million tons
Vinyls
VCM			Precursor for PVC			6.2 billion pounds
PVC			Piping, building materials and automotive and medical products			3.7 billion pounds
Ethylene			Raw material for VCM			1.3 billion pounds(b)

(a)Included 4CPe, a raw material used in making next generation refrigerants with low global warming and zero ozone depletion potential.

(b)Amount is gross production capacity for 50/50 joint venture with Orbia.

MIDSTREAM AND MARKETING OPERATIONS

Occidental’s midstream and marketing businesses operate in competitive and highly regulated markets. Occidental competes for capacity and infrastructure for the gathering, processing, transportation, storage and delivery of its products, which are sold at current market prices or on a forward basis to refiners, end users and other market participants. Occidental’s marketing business competes with other market participants on exchange platforms and through other bilateral transactions with direct counterparties. OLCV and its businesses and investees also face a broad range of competitors including state-owned enterprises; multinational companies in the energy, infrastructure, manufacturing, transportation, technology and financial sectors; and startup companies, with nascent markets for low-carbon products and CO2 removal credits that are subject to rapidly changing laws, regulations, policies and reporting and verification mechanisms that can significantly impact the financing, construction and operation of projects and the development of markets.

Location			Description			Capacity (a)
Gas Plants
Texas, New Mexico and Colorado			Occidental and third-party-operated natural gas/CO2 gathering, compression and processing systems			2.2 Bcf/d
Texas, Rocky Mountains and Other			Equity investment in WES - gas processing facilities			5.0 Bcf/d
UAE			Natural gas processing facilities for Al Hosn Gas			1.3 Bcf/d
Pipelines and Gathering Systems
Texas, New Mexico and Colorado			CO2 fields and pipeline systems transporting CO2 to oil and gas producing locations			2.8 Bcf/d
Qatar, UAE and Oman			Equity investment in the DEL natural gas pipeline			3.2 Bcf/d
United States			Equity investment in WES involved in gathering and transportation			14,712 miles of pipeline
Power Generation
Texas and Louisiana			Occidental-operated power and steam generation facilities			1,218 megawatts of electricity and 1.6 million pounds of steam per hour
OLCV
Texas			Occidental-owned solar generation facility			16.8 megawatts of electricity
Texas			Equity investment in a zero-emission natural gas generation demonstration facility			up to 50 megawatts of electricity
Canada			Equity investment in developing DAC technology, which captures CO2 directly from the atmosphere			N/A

(a)Amounts are gross, including interests held by third parties. Gas capacities are expressed in Bcf/d.

ITEM 1A.    RISK FACTORS

■New or amended laws and regulations, or new or different applications or interpretations of existing laws and regulations, including those related to drilling, manufacturing or production processes (including flaring and well stimulation techniques such as hydraulic fracturing and acidization), pipelines, labor and employment, taxes, royalty rates, permitted production rates, entitlements, import, export and use of raw materials, equipment or products, use or increased use of land, water and other natural resources, air emissions (including restrictions, taxes or fees on emissions of methane, CO2,or other substances), water recycling and disposal, waste minimization and disposal, public and occupational health and safety, the manufacturing of chemicals, asset integrity management, the marketing or export of commodities, security, environmental protection, and climate change-related and sustainability initiatives, all of which may restrict or prohibit activities of Occidental or its contractors or customers, increase Occidental’s costs or reduce demand for Occidental’s products.

■Violation of certain governmental laws and regulations, which may result in strict, joint and several liability and the imposition of significant administrative, civil or criminal fines and penalties and may also result in liability for remedial actions or assessments. Litigation, orders or other proceedings asserting strict, joint and several liability under such laws and regulations may seek to impose significant administrative, civil or criminal fines and penalties, damages or remedial actions or to require significant changes to, or even closure of, facilities or operations;

■Refusal of, or delay in, the extension or grant of exploration, development or production contracts; and

■Development delays and cost overruns due to approval delays for, or denial of, drilling, construction, environmental and other regulatory approvals, permits and authorizations

Continuing political, social and industry attention to climate change has resulted in both existing and pending international agreements and national, regional and local legislation and regulatory programs to reduce GHG emissions. The Biden Administration has identified climate change as a priority and has described a variety of avenues to prohibit or restrict oil and gas development activities in certain areas. In addition to the governmental actions described above, in February 2021, the Biden Administration established an Interagency Working Group to assign a price to the impact of each metric ton of GHG emissions that federal agencies could use to assess the benefits of more stringent GHG regulations and policy support for low-carbon projects. The Interagency Working Group set an interim value of $51 per metric ton of CO2 emissions at a 3% discount rate, and is expected to issue an updated value in April 2023.

In June 2022, the EPA proposed to amend its GHG Reporting Rule to incorporate additional oil and gas sources and equipment, revise existing emissions estimation methodologies and calculations, and increase data collection, particularly for new or modified emissions sources. The EPA has proposed the amendments to apply to 2023 emissions that must be reported in the first quarter of 2024. These proposed amendments could increase Occidental’s reported estimated emissions from certain sources or types of equipment in its U.S. oil and gas operations. The EPA also proposed changes to the reporting that Occidental submits as a CO2 supplier and for the injection of CO2, as well as a new reporting category for sequestration of CO2 associated with enhanced oil recovery. The IRA also directed the EPA to update its GHG Reporting Rule to require greater use of measurements or empirical data, instead of emissions factors, by the third quarter of 2024.

Occidental and its subsidiaries use and generate hazardous substances or materials in their respective operations. In addition, many of their current and former properties are, or have been, used for industrial purposes. Accordingly, Occidental or its subsidiaries have been, and could become, subject to significant liabilities relating to the investigation, assessment and remediation of potentially contaminated properties and to claims alleging personal injury or property damage as a result of exposures to, or releases of, hazardous substances or materials. As of the date of this filing, Occidental believes its range of reasonably possibly additional losses of its subsidiaries beyond those amounts currently recorded for environmental remediation could be up to $2.7 billion on a consolidated basis. For additional discussion of some of these matters, see Note 12 – Environmental Liabilities and Expenditures and Note 13 - Lawsuits, Claims, Commitments and Contingencies in the Notes to Consolidated Financial Statements in Part II Item 8 of this Form 10-K.

■Damage to natural resources;

■Pollution and other environmental damage, including spillage or mishandling of recovered chemicals or fluids;

■Regulatory investigations, fines and penalties;

■Loss of well location, acreage, expected production and related reserves;

■Suspension or delay of its operations;

■Substantial liability claims; and

■Significant repair and remediation costs that increase its break-even economics.

■Worldwide and domestic supplies of, and demand for, oil, NGL, natural gas and refined products;

■The cost of exploring for, developing, producing, refining and marketing oil, NGL, natural gas and refined products;

■Operational impacts such as production disruptions, technological advances and regional market conditions, including available transportation capacity and infrastructure constraints in producing areas;

■Changes in weather patterns and climate;

■The impacts of the members of OPEC and other non-OPEC member-producing nations that may agree to and maintain production levels;

■The ongoing global impact of the Russia-Ukraine war;

■The worldwide military and political environment, including uncertainty or instability resulting from an escalation or outbreak of armed hostilities or acts of terrorism in the United States or elsewhere;

■The price and availability of and demand for alternative and competing fuels and emissions reducing technology;

■Technological advances affecting energy consumption and supply;

■Government policies and support and market demand for low-carbon technologies;

■Domestic and international governmental regulations and taxes, including those that restrict the export of hydrocarbons;

■Shareholder activism or activities by non-governmental organizations to restrict the exploration, development and production of oil, NGL and natural gas;

■Additional or increased nationalization and expropriation activities by international governments;

■The impact and uncertainty of world health events, including the COVID-19 pandemic and the spread of new variants;

■The effect of releases from the U.S. Strategic Petroleum Reserve;

■Volatility in commodity markets;

■The effect of energy conservation efforts; and

■Global inventory levels and general economic conditions.

■Adversely affect Occidental’s financial condition, results of operations, liquidity, ability to reduce debt, access to and cost of capital, and ability to finance planned capital expenditures, pay dividends and repurchase shares;

■Reduce the amount of oil, NGL and natural gas that Occidental can produce economically;

■Cause Occidental to delay or postpone some of its capital projects;

■Reduce Occidental’s revenues, operating income or cash flows;

■Reduce the amounts of Occidental’s estimated proved oil, NGL and natural gas reserves;

■Reduce the carrying value of Occidental’s oil and natural gas properties due to recognizing impairments of proved properties, unproved properties and exploration assets;

■Reduce the standardized measure of discounted future net cash flows relating to oil, NGL and natural gas reserves; and

■Adversely affect the ability of Occidental’s partners to fund their working interest capital requirements.

For additional discussion of some of these matters, see Note 12 – Environmental Liabilities and Expenditures and Note 13 - Lawsuits, Claims, Commitments and Contingencies in the Notes to Consolidated Financial Statements in Part II Item 8 of this Form 10-K.

Occidental’s strategy to include carbon management in its product line is also dependent upon demand for carbon sequestration and related CO2 removal credits, offsets or other attributes. If this market does not develop, or if the regulatory environment does not support carbon management activities, Occidental may not be successful in entering this industry.

Occidental uses CO2 for its EOR operations. Occidental’s production from these operations may decline if Occidental is not able to obtain sufficient amounts of CO2.

Occidental’s CO2 EOR operations are critical to Occidental’s long-term strategy. Oil production from Occidental’s CO2 EOR projects depends largely on having access to sufficient amounts of naturally occurring or anthropogenic (human-made) CO2. Occidental’s ability to produce oil from its CO2 EOR projects would be hindered if the supply of CO2 was limited due to, among other things, problems with current CO2 producing wells and facilities, including compression equipment, catastrophic pipeline failure or the ability to economically purchase naturally occurring or anthropogenic CO2. This could have a material adverse effect on Occidental’s financial condition, results of operations or cash flows. Future oil production from its CO2 EOR operations is dependent on the timing, volumes and location of CO2 injection and, in particular, Occidental’s ability to obtain sufficient volumes of CO2. Market conditions may cause the delay or cancellation of the development of naturally occurring CO2 sources or construction of plants that produce anthropogenic CO2 as a byproduct that can be purchased, thus limiting the amount of CO2 available for use in Occidental’s CO2 EOR operations.

■Unauthorized access to seismic data, reserves information, strategic information or other sensitive or proprietary information could have a negative impact on Occidental’s ability to compete for oil and natural gas resources;

■Data corruption, communication or systems interruption or other operational disruption during drilling activities could result in delays and failure to reach the intended target or cause a drilling incident;

■Data corruption, communication or systems interruption or operational disruptions of production-related infrastructure could result in a loss of production or accidental discharge;

■A cyber attack on OxyChem’s operations could result in a disruption of the manufacturing and marketing of its products or a potential HSE hazard;

■A cyber attack on a vendor or service provider could result in supply chain disruptions, which could delay or halt our construction and development projects;

■A cyber attack on third-party gathering, pipeline, processing, terminal or other infrastructure systems could delay or prevent Occidental from producing, transporting, processing and marketing its production;

■A cyber attack involving commodities exchanges or financial institutions could slow or halt commodities trading, thus preventing Occidental from marketing its production or engaging in hedging activities;

■A cyber attack that halts activities at a power generation facility or refinery using natural gas as feedstock could have a significant impact on the natural gas market;

■A cyber attack on a communications network or power grid could cause operational disruption;

■A cyber attack on Occidental’s automated and surveillance systems could cause a loss in production and potential HSE hazards;

■A deliberate corruption of Occidental’s financial or operating data could result in events of non-compliance which could then lead to regulatory fines or penalties; and

■A cyber attack resulting in the loss or disclosure of, or damage to, Occidental’s or any of its customer’s or supplier’s data or confidential information could harm its business by damaging its reputation, subjecting Occidental to

■Hurricanes and other adverse weather conditions;

■Geological complexities and water depths associated with such operations;

■Limited number of partners available to participate in projects;

■Oilfield service costs and availability;

■Compliance with HSE and other laws and regulations;

■Terrorist attacks or piracy;

■Remediation and other costs and regulatory changes resulting from oil spills, emissions or releases of hazardous substances or materials;

■Failure of equipment or facilities; and

■Response capabilities for personnel, equipment or environmental incidents.

The IRS audited Anadarko’s tax position regarding the deductibility of the payment and in September 2018 issued a statutory notice of deficiency rejecting Anadarko’s refund claim. Anadarko disagreed and filed a petition with the U.S. Tax Court to dispute the disallowance in November 2018. In December 2022, the parties filed competing motions for partial summary judgment. The motions are not fully briefed. Trial is set for May 2023. Occidental expects to continue pursuing resolution. In accordance with Accounting Standards Codification (ASC) Topic 740’s guidance on the accounting for uncertain tax positions, as of December 31, 2022, Occidental had recorded no tax benefit on the tentative cash tax refund. If the payment is ultimately determined not to be deductible, Occidental would be required to repay the tentative refund received plus interest totaling approximately $1.8 billion as of December 31, 2022, which could have a material adverse effect on our liquidity and consolidated balance sheets. Occidental’s Consolidated Financial Statements include an uncertain tax position for the approximate repayment of $1.4 billion ($1.4 billion federal and $28 million in state taxes) plus accrued interest of approximately $415 million. This amount is not covered by insurance. For additional information on income taxes, see Note 10 - Income Taxes in the Notes to Consolidated Financial Statements in Part II Item 8 of this Form 10-K.

ITEM 1B.    UNRESOLVED STAFF COMMENTS

ITEM 3.    LEGAL PROCEEDINGS

Occidental has elected to use a $1 million threshold for disclosing certain proceedings arising under federal, state or local environmental laws when a governmental authority is a party and potential monetary sanctions are involved. Occidental believes proceedings under this threshold are not material to Occidental's business and financial condition. In January 2023, the U.S. District Court for the District of New Mexico entered a consent decree under which two Occidental subsidiaries settled a previously-reported citizen suit alleging violations of certain federal air quality regulations, which the subsidiaries deny, by paying a civil penalty of $500,000 to the U.S. Department of the Treasury and depositing an additional $500,000 with the U.S. District Court for the District of New Mexico to fund a supplemental environmental project in lieu of penalties, among other terms. For information regarding other legal proceedings, see the information under Lawsuits, Claims, Commitments and Contingencies in the Management’s Discussion and Analysis section of this Form 10-K and in Note 13 - Lawsuits, Claims, Commitments and Contingencies in the Notes to Consolidated Financial Statements in Part II Item 8 of this Form 10-K.

ITEM 4.    MINE SAFETY DISCLOSURES

INFORMATION ABOUT EXECUTIVE OFFICERS

Name Current Title			Age as of February 27, 2023			Positions with Occidental and Employment History
Peter J. Bennett Vice President			55			President, Commercial Development U.S. Onshore Resources and Carbon Management since October 2020; President and General Manager of Permian Resources and the Rockies, 2020; Senior Vice President, Permian Resources, 2018-2020; President and General Manager - Permian Resources New Mexico, 2017-2018; Chief Transformation Officer, 2016-2017.
Christopher O. Champion Vice President, Chief Accounting Officer and Controller			53			Vice President, Chief Accounting Officer and Controller since August 2019; Anadarko Petroleum Corporation: Senior Vice President, Chief Accounting Officer and Controller, 2017-2019, Vice President, Chief Accounting Officer and Controller, 2015-2017.
Kenneth Dillon Senior Vice President			63			Senior Vice President since December 2016; President – International Oil and Gas Operations since June 2016.
Vicki Hollub President and Chief Executive Officer			63			President, Chief Executive Officer and Director since April 2016.
Richard A. Jackson Senior Vice President			47			President Operations U.S. Onshore Resources and Carbon Management since October 2020; President and General Manager, EOR and Oxy Low Carbon Ventures, LLC, 2020; President Low Carbon Ventures, 2019-2020; Senior Vice President, Operation Support, 2018-2019; Vice President, Investor Relations, 2017-2018; President and General Manager Permian Resources Delaware Basin, 2014-2017.
Sylvia J. Kerrigan Senior Vice President and Chief Legal Officer			57			Senior Vice President and Chief Legal Officer since October 2022; Executive Director of the Kay Bailey Hutchison Energy Center for Business, Law and Policy at The University of Texas, 2017-2022; Executive Vice President, General Counsel and Corporate Secretary of Marathon Oil Corporation, 2009-2017.
Robert L. Peterson Senior Vice President and Chief Financial Officer			52			Senior Vice President and Chief Financial Officer since April 2020; Senior Vice President, Permian EOR, 2019-2020; Vice President Permian Strategy, 2018-2019; Director Permian Business Area, 2017-2018; President OxyChem, 2014-2017.

ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

MARKET INFORMATION, HOLDERS AND DIVIDEND POLICY

SHARE REPURCHASE ACTIVITIES

Period						Total Number of Shares Purchased						(a)			Average Price Paid per Share									Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs									Maximum Value of Shares that May Yet Be Purchased Under the Plans or Programs						(b)
First Quarter 2022						730,746												$	50.05								—						$			3,000
Second Quarter 2022						11,679,732												58.38									11,190,640									2,350
Third Quarter 2022						28,571,576												63.02									28,409,099									562
October 1 - 31, 2022						2,330,221												67.35									2,205,352									414
November 1 - 30, 2022						5,993,013												70.68									5,859,478									—
December 1 - 31, 2022						—												—									—									—
Fourth Quarter 2022						8,323,234												69.75									8,064,830									—
Total 2022						49,305,288												62.86									47,664,569									—

(a)Included purchases of 1,640,719 shares from the trustee of Occidental's defined contribution savings plan that are not part of publicly announced plans or programs.

(b)Represented the value remaining in Occidental's share repurchase plan. In February 2022, Occidental announced an authorization to repurchase up to $3.0 billion of Occidental's shares of common stock. The plan was completed in the fourth quarter of 2022. In February 2023, the Board authorized a new share repurchase program of up to $3.0 billion of Occidental’s shares of common stock.

PERFORMANCE GRAPH

Fiscal Year Ended December 31,			2017						2018						2019						2020						2021						2022
Occidental			$	100					$	87					$	62					$	29					$	49					$	107
Peer Group			$	100					$	92					$	98					$	65					$	96					$	149
S&P 500			$	100					$	96					$	126					$	149					$	191					$	157

ITEM 7.    MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

INDEX			PAGE
Current Business Outlook and Strategy			25
Oil and Gas Segment			27
Chemical Segment			37
Midstream and Marketing Segment			38
Segment Results of Operations and Items Affecting Comparability			40
Income Taxes			45
Consolidated Results of Operations			46
Liquidity and Capital Resources			47
Lawsuits, Claims, Commitments and Contingencies			49
Environmental Liabilities and Expenditures			50
Global Investments			50
Critical Accounting Policies and Estimates			51
Safe Harbor Discussion Regarding Outlook and Other Forward-Looking Data			55

CURRENT BUSINESS OUTLOOK AND STRATEGY

■Returning capital to shareholders, while redeeming a portion of preferred equity to continue improving Occidental’s financial position;

■Advancing technologies and business solutions to help drive a sustainable low-carbon future; and

■Further reducing long-term financial leverage.

Occidental seeks to meet its sustainability and environmental goals through its development and commercialization of technologies that lower both GHG emissions from industrial processes and existing atmospheric concentrations of CO2. Occidental believes that carbon removal technologies, including DAC and CCUS, can, with incentives necessary for their development and deployment, provide essential CO2 reductions to assist the world’s transition to a less carbon-intensive economy. During 2022, Occidental undertook the following actions, among others, toward advancing its low-carbon strategy:

■Achieved zero routine flaring of gas across its U.S. oil and gas operations, 8 years ahead of the World Bank’s 2030 target;

■Reduced estimated methane emissions by 33% from the 2020 baseline;

■Began construction activities for DAC 1 in the Permian;

Occidental seeks to meet its strategic goals by continually measuring its success against key performance indicators that drive total stockholder return. In addition to efficient capital allocation and deployment discussed below in the section titled Oil and Gas Segment - Business Strategy, Occidental believes its most significant performance indicators are:

■Total spend per barrel - In 2023, Occidental will continue to focus on controlling total costs from a per-barrel perspective. Total spend per barrel is the sum of capital spending, general and administrative expenses, other operating and non-operating expenses and oil and gas lease operating costs divided by global oil, NGL and natural gas sales volumes.

■Daily production - Occidental seeks to maximize field operability and minimize production down-time.

■CROCE - CROCE is calculated as (i) the cash flows from operating activities, before changes in working capital, plus distributions from WES classified as investing cash flows, divided by (ii) the average of the opening and closing balances of total equity plus total debt.

■Maintain and improve financial leverage to a level consistent with investment grade credit metrics.

■Specific interim emissions reduction and emissions intensity targets to advance our goal of net-zero operational and energy use emissions before 2040, with an ambition to achieve before 2035.

■Milestones in specific carbon removal and CCUS projects that advance our net-zero total emissions inventory, including use of sold products, with an ambition to achieve before 2050.

■Facilitate deployment of carbon removal, CCUS and other solutions to advance total carbon impact past 2050.

OIL AND GAS SEGMENT

■Operating and developing areas where reserves are known to exist and optimizing capital intensity in core areas, primarily in the Permian Basin, DJ Basin, Gulf of Mexico, UAE, Oman and Algeria;

■Maintaining a disciplined and prudent approach to capital expenditures with a focus on high-return, short and mid-cycle, cash-flow-generating opportunities and an emphasis on creating value and further enhancing Occidental’s existing positions;

■Focusing Occidental’s subsurface characterization and technical activities on unconventional opportunities, primarily in the Permian Basin and Rockies;

■Using secondary and tertiary recovery techniques in mature fields; and

■Focusing on cost-reduction efficiencies and innovative technologies to reduce carbon emissions.

						2022						2021						% Change
WTI Oil ($/Bbl)						$	94.23					$	67.91					39		%
Brent Oil ($/Bbl)						$	98.83					$	70.78					40		%
NYMEX Natural Gas ($/Mcf)						$	6.35					$	3.61					76		%

						2022						2021
Worldwide oil as a percentage of average WTI						100		%				97		%
Worldwide oil as a percentage of average Brent						95		%				93		%
Worldwide NGL as a percentage of average WTI						38		%				44		%
Worldwide NGL as a percentage of average Brent						36		%				42		%
Domestic natural gas as a percentage of NYMEX						86		%				91		%

DOMESTIC ASSETS (a)

			1. Powder River Basin 2. DJ Basin 3. Permian Basin 4. Gulf of Mexico

(a)Map represents geographic outlines of the respective basins.

The Permian Resources unconventional business is focused on developing and producing unconventional reservoir targets using horizontal drilling technology. The development programs are designed to create long-term value from primary development by maximizing the recovery of oil, utilizing sustainable practices and providing strong financial returns. Occidental’s unconventional oil and gas operations in Permian Resources include approximately 1.4 million net acres. In 2022, our activities were focused in the core development areas with emphasis on maintaining the industry leading capital intensity through optimized surface infrastructure and customized well designs. Overall, in 2022, Permian Resources produced from approximately 3,300 gross wells and added 387 MMboe to Occidental’s proved reserves through development and extensions of proved areas.

The Permian Basin’s concentration of large conventional reservoirs, strong CO2 flooding performance and the expansive CO2 transportation and processing infrastructure has resulted in decades of high-value enhanced oil production. With 34 active CO2 floods and over 50 years of experience, Occidental is the industry leader in Permian Basin CO2 flooding, which can increase ultimate oil recovery by 10% to 25%. Technology improvements, such as the recent trend toward vertical

expansion of the CO2 flooded interval into residual oil zone targets, continue to yield more recovery from existing projects, and Permian EOR produced from approximately 13,000 gross wells in 2022.

Significant opportunities also remain to gain additional recovery by expanding Occidental’s existing CO2 projects into new portions of reservoirs that have only been waterflooded. Permian EOR has a large inventory of future CO2 projects, which could be developed over the next 20 years or accelerated, depending on market conditions.

on budget and three months ahead of schedule. In the fourth quarter of 2022, the new Caesar-Tonga Subsea Expansion project was also started several months ahead of schedule, debottlenecking the prolific giant Caesar-Tonga field and thus enabling future field expansion projects. Major subsea-pumping projects supporting the Marco Polo/K2 field and the Marlin/King field were progressed as well as extensive 4D seismic shoots in the Holstein field and elsewhere, setting up a runway of future development opportunities.

Operational excellence and efficiency continued as the prime objective in 2022 and gathered further momentum, reducing overall base production decline rates through the implementation of several successful well stimulations and artificial lift projects. Platform operating efficiencies were significantly improved and machinery uptimes were increased all through subordinated focus and condition monitoring initiatives as well as multiple upgrade projects. Continued optimum sequencing of annual platform turn-arounds provided further operational efficiencies, avoiding around two hundred days per year of shut-ins.

During 2022, all necessary regulatory permits for new wells and existing operations were obtained timely without any operational delays. Occidental was further awarded 30 new leases from BOEM’s Lease Sale 257 and was the second most successful bidder.

			Working Interest
Horn Mountain			100		%
Holstein			100		%
Marlin			100		%
Lucius			67		%
K2 Complex			42		%
Caesar Tonga			34		%
Constellation			33		%

			1.Algeria 2.Oman 3.Qatar 4.UAE

			Working Interest			Block Expiration (Year)
Block 9			50		%	2030
Block 27			65		%	2035
Block 53			47		%	2035
Block 62			100		%	2028
Block 65			51		%	2037
Blocks 30, 51 and 72			100		%	Exploration Phase

In 2023, Occidental will continue to enhance production by adding extended and dual laterals, stimulating wells with the OXY JETTINGTM wellbore stimulation system, and expanding thermal conformance. Occidental will also continue to execute projects in Oman targeting emissions reductions.

						2022						2021						2020
WTI Oil ($/Bbl)						$	93.67					$	66.56					$	39.57
Brent Oil ($/Bbl)						$	97.77					$	69.24					$	43.41
Henry Hub Natural Gas ($/MMbtu)						$	6.36					$	3.60					$	1.98
Mt. Belvieu NGL ($/Bbl)						$	47.81					$	44.22					$	18.74

						2022						2021
Oil						50		%				50		%
NGL						22		%				22		%
Natural gas						28		%				28		%

MMboe						2022
Revisions of previous estimates						474
Improved recovery						89
Extensions and discoveries						176
Purchases						10
Sales						(21)
Production						(423)
Total						305

In 2022, Occidental added proved reserves of 89 MMboe related to improved recovery, primarily in the Permian EOR, which accounted for 87% of the improved recovery reserve additions. These properties comprise conventional projects, which are characterized by the deployment of EOR development methods, largely employing application of CO2 flood, waterflood or steam flood. These types of conventional EOR development methods can be applied through existing wells, though additional drilling is frequently required to fully optimize the development configuration. Waterflooding is the technique of injecting water into the formation to displace the oil to the offsetting oil production wells. The use of either CO2 or steam flooding depends on the geology of the formation, the evaluation of engineering data, availability and cost of either CO2 or steam and other economic factors. Both techniques work similarly to lower viscosity causing the oil to move more easily to the producing wells. The remaining improved recovery additions were due to secondary and tertiary projects for certain international assets.

MMboe						2022
Revisions of previous estimates						270
Improved recovery						49
Extensions and discoveries						107
Purchases						1
Sales						(10)
Transfer to proved developed reserves						(163)
Total						254

Occidental has a Reserves Committee, consisting of senior corporate officers, to review and approve Occidental’s oil and gas reserves. The Reserves Committee reports to the Audit Committee of Occidental’s Board of Directors during the year. Since 2003, Occidental has retained Ryder Scott, independent petroleum engineering consultants, to review its annual oil and gas reserve estimation processes. For additional reserves information, see Supplemental Oil and Gas Information under Item 8 of this Form 10-K.

The timing, process and ultimate cost to transition to a less carbon-intensive economy remains largely unknown; various industry forecasts indicate a growing demand for hydrocarbons for the remainder of the current decade. Occidental believes its operational flexibility to achieve low development and operating costs to maximize full-cycle value of its assets and its knowledge and experience in CO2 separation, transportation, use, recycling and storage position its oil and gas segment to support Occidental’s transition to net zero as well as create opportunities in a low-carbon future.

CHEMICAL SEGMENT

MIDSTREAM AND MARKETING SEGMENT

Occidental processes its own and third-party domestic wet gas to extract NGL and other gas byproducts, including CO2 and delivers dry gas to pipelines. Margins primarily result from the difference between inlet costs of wet gas and market prices for NGL.

As of December 31, 2022, Occidental owned all of the 2.3% non-voting general partner interest and 49.5% of the limited partner units in WES. On a combined basis, with its 2% non-voting limited partner interest in WES Operating, Occidental's total effective economic interest in WES and its subsidiaries was 51.7%. See Note 1 - Summary of Significant Accounting Policies in the Notes to Consolidated Financial Statements in Part II Item 8 of this Form 10-K for more information regarding

In 2022, compared to the prior year, gas processing, gathering and CO2 results increased primarily due to higher sulfur and NGL prices.

OLCV was formed to execute on Occidental’s vision to reduce global emissions and provide a more sustainable future through the development of low-carbon energy and products. OLCV capitalizes on Occidental’s extensive experience in utilizing CO2 in its development of CCUS projects and providing services to third parties to facilitate the implementation of their CCUS projects. Moreover, OLCV is fostering emerging technologies, including DAC and low-carbon power sources, and other business models with the potential to position Occidental as a leader in the production of low-carbon energy and products.

Occidental has developed standards and protocols recognized by the EPA for monitoring, reporting and verifying the amount, safety and permanence of CO2 stored through secure geologic sequestration. Occidental holds the nation’s first two EPA-approved monitoring, reporting and verification plans for geologic sequestration through EOR production and obtained a third monitoring, reporting and verification plan in 2021. In 2022, OLCV acquired approximately three hundred thousand acres of pore space. In 2022, Occidental also commenced EPA Class 6 permitting with the intention of developing five sequestration hubs.

SEGMENT RESULTS OF OPERATIONS AND ITEMS AFFECTING COMPARABILITY

millions, except per share amounts						2022						2021						2020
NET SALES (a)
Oil and gas						$	27,165					$	18,941					$	13,066
Chemical						6,757						5,246						3,733
Midstream and marketing						4,136						2,863						1,768
Eliminations						(1,424)						(1,094)						(758)
Total						$	36,634					$	25,956					$	17,809
SEGMENT RESULTS AND EARNINGS
Domestic						$	10,439					$	2,900					$	(8,758)
International						2,580						1,497						(742)
Exploration						(216)						(252)						(132)
Oil and gas						12,803						4,145						(9,632)
Chemical						2,508						1,544						664
Midstream and marketing						273						257						(4,175)
Total						$	15,584					$	5,946					$	(13,143)
Unallocated corporate items
Interest expense, net						(1,030)						(1,614)						(1,424)
Income tax benefit (expense)						(813)						(915)						2,172
Other						(437)						(627)						(1,138)
Income (loss) from continuing operations						$	13,304					$	2,790					$	(13,533)
Discontinued operations, net						—						(468)						(1,298)
Net income (loss)						13,304						2,322						(14,831)
Less: Preferred stock dividends						(800)						(800)						(844)
Net income (loss) attributable to common stockholders						$	12,504					$	1,522					$	(15,675)
Net income (loss) attributable to common stockholders—basic						$	13.41					$	1.62					$	(17.06)
Net income (loss) attributable to common stockholders—diluted						$	12.40					$	1.58					$	(17.06)

(a)Intersegment sales eliminate upon consolidation and are generally made at prices approximating those that the selling entity would be able to obtain in third-party transactions.