Occidental Petroleum (OXY) 10-K risk factor changes: FY2021 vs FY2020

The COVID-19 pandemic [removed: has adversely affected the global economy,] disrupted global supply chains and created significant volatility in the financial markets.

If [removed: the] reduced demand for and [added: lower] prices of crude oil, NGL and natural gas persist for a prolonged period, our operations, financial condition, cash flows, level of expenditures and the quantity of estimated proved reserves that may be attributed to our properties may be materially and adversely affected.

Our operations also may be adversely affected if significant portions of our workforce are unable to [added: work, or] work effectively, including because of illness, quarantines, government [removed: actions] [added: actions, vaccine mandates] or other restrictions in connection with the pandemic.

Occidental’s financial results correlate closely to the prices it obtains for its products, particularly oil and, to a lesser extent, [removed: NGL] [added: NGL, natural gas] and its chemical [removed: products and natural gas.][added: products.]

■The impacts of the members of [removed: the Organization of the Petroleum Exporting Countries (OPEC)] [added: OPEC] and other non-OPEC member-producing nations that may agree to and maintain production levels;

■The price and availability of [added: and demand for] alternative and competing [removed: fuels;][added: fuels and emissions reducing technology;]

■Additional or increased nationalization and expropriation activities by [removed: foreign] [added: international] governments;

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

| OXY [removed: 2020] [added: 2021] FORM 10-K | | | [removed: 7] [added: 9] | | |

| [removed: ] [added: ] | | | [removed: RISK FACTORS] | | | [added: RISK FACTORS] | | |

The long-term effects of these and other conditions on the prices of oil, NGL, natural gas and [removed: refined] [added: chemical] products are uncertain and there can be no assurance that the demand or pricing for Occidental’s products will follow historic patterns [removed: or recover meaningfully] in the near-term.

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

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

[removed: In the future, management] [added: Management] may [removed: continue] [added: choose] to [removed: hedge some of] [added: put hedges in place in] the [removed: risk of] [added: future for] oil, NGL and natural gas [removed: price fluctuations.][added: commodities.]

The prices obtained for Occidental’s chemical products correlate to the [removed: health] [added: strength] of the United States and global economies, as well as chemical industry expansion and contraction cycles.

[removed: ■Delays] [added: ■Permit delays] and costs of drilling wells on lands subject to complex development terms and circumstances; and

Occidental’s businesses are subject to the actions and decisions of many federal, state, local and [removed: foreign] [added: international] governments and political interests.

■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 [removed: flaring,] [added: 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 [added: or increased use of land, water and other natural resources, air emissions, water recycling and disposal, waste minimization and disposal, 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, increase Occidental’s costs or reduce demand for Occidental’s products.]

| [removed: 8] [added: 10] | | | OXY [removed: 2020] [added: 2021] FORM 10-K | | |

In addition, Occidental has experienced and may continue to experience adverse consequences, such as risk of loss or production limitations, because certain of its international operations are located in countries affected by political instability, nationalizations, corruption, armed conflict, terrorism, insurgency, civil unrest, security problems, labor unrest, [removed: OPEC] [added: Organization of the Petroleum Exporting Countries (OPEC)] production restrictions, equipment import restrictions and sanctions.

Occidental’s oil and gas business operates in highly competitive environments, which affect, among other things, its ability to [removed: make acquisitions to grow] [added: source] production and replace reserves.

Results of operations, reserves replacement and [removed: growth in] [added: the level of] oil and gas production depend, in part, on Occidental’s ability to profitably acquire additional reserves.

Competition for [added: access to] reserves may make it more difficult to find attractive investment opportunities or require delay of reserve replacement efforts.

Our failure to acquire properties, [added: potentially] grow production, replace reserves and attract and retain qualified personnel could have a material adverse effect on our cash flows and results of operations.

| OXY [removed: 2020] [added: 2021] FORM 10-K | | | [removed: 9] [added: 11] | | |

Reported oil and gas reserves are an estimate based on periodic review of reservoir characteristics and recoverability, including production decline rates, operating performance and economic feasibility at the [removed: prevailing] [added: prescribed weighted average] commodity prices, [removed: assumptions concerning] future [removed: oil and natural gas prices, future] operating costs and capital expenditures, workover and remedial costs, assumed effects of regulation by governmental agencies, the quantity, quality and interpretation of relevant data, taxes and availability of funds.

Actual future prices and costs may differ materially from SEC regulation-compliant prices and costs used for [removed: purposes of estimating future discounted net cash flows from proved reserves.]

Climate change and further regulation of [removed: greenhouse gas] [added: GHG and other air] emissions may adversely affect Occidental’s operations or results.

Continuing [removed: political and] [added: political,] social [added: and industry] attention to [removed: the issue of] climate change has resulted in both existing and pending international agreements and national, regional and local legislation and regulatory programs to reduce [removed: greenhouse gas] [added: GHG] emissions.

In December 2009, the Environmental Protection Agency (EPA) determined that [removed: emissions of carbon dioxide,] [added: CO2,] methane and other [removed: greenhouse gases] [added: GHG emissions] endanger public health and the environment because [removed: emissions of such gases are, according to the EPA, contributing] [added: they contribute] to warming of the Earth’s atmosphere and other climatic changes.

Based on these findings, the EPA began adopting and implementing regulations to restrict [added: GHG] emissions [removed: of greenhouse gases] under existing provisions of the Clean Air Act.

The [removed: current administration] [added: Biden Administration] has identified climate change as a priority and has [removed: issued new executive orders and regulatory actions prohibiting] [added: identified a variety of avenues to prohibit] or [removed: restricting] [added: restrict] oil and gas development activities in certain areas.

These and other government actions relating to [removed: greenhouse gas] [added: GHG and other air] emissions could require Occidental to incur increased operating and maintenance costs including higher rates charged by service providers, costs to [removed: purchase and] [added: purchase,] operate [added: and maintain] emissions control systems, to acquire emission allowances, pay carbon [removed: taxes,] [added: taxes] or comply with new regulatory or reporting requirements or prevent Occidental from conducting oil and gas development activities in certain areas, or they could promote the use of alternative sources of energy and thereby decrease demand for oil, NGL and natural gas and other products that Occidental’s businesses produce.

Consequently, government actions designed to reduce [added: GHG] emissions [removed: of greenhouse gases] could have an adverse effect on Occidental’s business, financial condition, results of operations, cash flows and reserves.

It is difficult to predict the [removed: timing and] [added: timing,] certainty [added: and scope] of such government actions and their ultimate effect on Occidental, which could depend on, among other things, the type and extent of [removed: greenhouse gas] [added: GHG emissions] reductions required, the availability and price of emission allowances or credits, the availability and price of alternative fuel sources, the energy sectors covered and Occidental’s ability to recover the costs incurred through its operating agreements or the pricing of its oil, NGL, natural gas and other products and whether service providers are able to pass increased costs through to Occidental.

There also have been efforts in the investment community, including investment advisers and certain sovereign wealth, pension and endowment funds, as well as [added: political actors and] other stakeholders, promoting divestment of fossil fuel [removed: equities] [added: equities, reducing access to capital markets] and pressuring lenders to limit funding [added: or increase the cost of lending] to companies engaged in the extraction of fossil fuel reserves.

| [removed: 10] [added: 12] | | | OXY [removed: 2020] [added: 2021] FORM 10-K | | |

[added: Such environmental] initiatives aimed at limiting climate change and reducing air pollution could adversely affect our business activities, operations and ability to access [removed: capital.][added: capital, and could cause the market value of our securities to decrease, our cost of capital to increase and adversely affect our reputation.]

Occidental has [added: previously] recorded impairments of its proved and unproved oil and gas properties and will continue to assess further impairments in the future.

Past impairments [removed: include] [added: included] pre-tax impairment and related charges to both proved and unproved oil and gas properties and a lower of cost or net realizable value adjustment for crude inventory.

Risks related to government regulations and the environment

While the worldwide economy continues to be impacted by the ongoing effects of the COVID-19 pandemic and emergence and spread of new variants of the virus, demand for oil and gas products has increased with the lifting of certain restrictions, including certain travel restrictions and stay-at-home orders.

Current crude oil, NGL and natural gas demand and prices could be negatively impacted by a resurgence of COVID-19 cases, slow vaccine distribution in certain large international economies or the recurrence or tightening of travel restrictions and stay-at-home orders.

As a result of higher vaccination rates and lower infection rates in 2021 we lifted certain workplace restrictions implemented in the initial stages of the pandemic and implemented new workplace safety protocols and procedures in our offices and work sites to help mitigate the spread of COVID-19 amongst our workforce.

We continue to monitor national, state and local government directives where we have operations and/or offices and have reinstituted a WFH schedule effective December 21, 2021, through March 1, 2022, for certain domestic office-based employees in light of the Omicron variant.

Occidental has not experienced any significant disruptions as a result of any new COVID-19 variants.

In November 2021, Congress passed and President Biden signed the Infrastructure Investment and Jobs Act.

This law reinstates the federal Superfund excise taxes on various chemicals that OxyChem manufactures.

These excise taxes could lead to higher costs and impact margins.

In November 2021, the House of Representatives passed the Build Back Better Act (BBB), which contains several climate-related provisions.

While the BBB was not enacted in 2021, renewed efforts are expected in 2022 to legislate BBB or portions thereof.

Provisions, if any, that reduce demand for oil and gas could negatively affect Occidental’s revenue.

In November 2021, the U.S. Department of the Interior (DOI) released its Report on the Federal Oil and Gas Leasing Program, recommending increasing royalty rates and rents for drilling programs on federal public lands and in federal offshore waters, in addition to prioritizing leasing in areas with known resource potential and in proximity to existing oil and gas infrastructure and avoiding leasing in areas with competing uses such as recreation, wildlife habitat, conservation and historical and cultural resources.

If enacted, the regulations could increase royalties payable to the federal government and limit future potential drilling sites.

In January 2022, the U.S. District Court for the District of Columbia issued a decision to invalidate the results of Bureau of Ocean Energy Management’s oil and gas lease sale in the Gulf of Mexico, of which Occidental was the high bidder on 30 additional new blocks located nearby to its existing host platforms, ruling that the environmental analysis of GHG emissions was inadequate under the National Environmental Policy Act (NEPA).

The DOI, which oversees federal oil and gas development, is currently reviewing the decision.

The decision does not affect Occidental’s existing leases or operations, but restrictions or uncertainty regarding federal lease sales and associated NEPA requirements could impact the ability to develop resources in areas outside of existing leases.

Occidental has a dedicated, multidisciplinary stakeholder relations team that conducts regulatory and community outreach with respect to its permit applications and operations in Colorado.

While Occidental has not been denied any permits, and received its first approved Oil and Gas Development Plan permit under the new state regulations in the fourth quarter of 2021, any significant delays could result in changes to our development program in the DJ Basin and our ability to establish new proved undeveloped (PUD) locations by meeting the SEC’s “reasonably certain” threshold for adding PUD reserves.

Texas and New Mexico have experienced an increase in seismic activity, with events measuring magnitude 3 or greater in each state.

In the fourth quarter of 2021, both states issued new guidelines for operators to prevent or mitigate seismic activity, focused on produced water disposal wells.

These guidelines also require operators to implement response plans for activities within agency-designated seismic response areas.

These states have curtailed water disposal and suspended permits in seismic response areas, particularly in deep disposal wells.

Occidental does not operate deep disposal wells in the seismic response areas established by the state agencies to date, and its shallow disposal wells have been authorized to operate at agency-approved volume limits.

Occidental also has central water treatment and recycling facilities that reduce the need for disposal of produced water.

While Occidental’s ability to drill and complete wells or to dispose of surplus produced water has not been impacted by these seismic guidelines to date, increased seismicity, or regulatory responses to seismic events, could impact the location, timing and cost of Occidental’s development program and existing operations in seismic response areas.

The EPA issued regulations in 2012 and 2016 to address methane and volatile organic compound (VOC) emissions from certain new or modified oil and gas sources, the methane provisions of which were rescinded by the Trump Administration’s 2020 methane policy rule.

In June 2021, Congress and President Biden rescinded the 2020 policy rule under the Congressional Review Act, reinstating the methane provisions of EPA’s 2012 and 2016 regulations, an action that Occidental supported.

In November 2021, the White House Office of Domestic Climate Policy issued a U.S. Methane Emissions Reduction Action Plan that solicited public comment on the EPA’s proposed framework for expanding federal regulations.

The proposal would regulate

|  | | | | | | RISK FACTORS | | |

methane and VOC emissions from a broader set of new upstream and midstream operations, as well as various existing operations.

The EPA is expected to issue proposed regulations in 2022 based on this framework.

Several state governments have also established rules aimed at reducing GHG emissions, some including GHG cap and trade programs and others directly regulating equipment that emits GHG, including methane, and other compounds.

Other U.S. states where Occidental operates, including Colorado, New Mexico and Texas, adopted or proposed new regulations, policies or strategies in 2021 that increase inspection, recordkeeping, reporting, enforcement and controls on flaring, venting and equipment that emit methane and other compounds at oil and gas facilities.

In certain instances, these states anticipate tying the processing and active status of oil and gas permits, including drilling permits, to air emissions and compliance.

For example, Colorado has established GHG intensity targets for DJ Basin operators in 2025, 2027 and 2030, which Occidental currently meets.

Additionally, institutional lenders who provide financing to oil and gas companies have become more attentive to sustainable lending practices, and some of them may substantially reduce, or elect not to provide, funding for oil and gas companies.

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

|  | | | | | | RISK FACTORS | | |

In addition, the pandemic has resulted in travel restrictions, business closures and the institution of quarantining and other restrictions on movement in many communities.

As a result, there has been a significant reduction in demand for and prices of crude oil, NGL and natural gas.

We have implemented workplace restrictions in our offices and work sites for health and safety reasons and continue to monitor national, state and local government directives where we have operations and/or offices.

Further, our business plan, including our financing and liquidity plan, includes, among other things, planned divestitures.

If general economic conditions or conditions in the energy industry persist at current levels for an extended period of time, we may not be able to complete these transactions on favorable terms, in a timely manner or at all.

■Domestic and foreign governmental regulations and taxes;

■Limit Occidental’s access to, or increase the cost of, sources of capital such as equity and long-term debt; and

or increased use of land, water and other natural resources, safety, the manufacturing of chemicals, asset integrity management, the marketing or export of commodities, security and environmental protection, all of which may restrict or prohibit activities of Occidental or its contractors, increase Occidental’s costs or reduce demand for Occidental’s products.

The following are examples of actions and decisions recently taken by federal and state governments that impact Occidental’s businesses:

While Occidental is currently evaluating the impact of these regulations on its business, at this time, Occidental does not anticipate significant near-term changes to our development program in the DJ Basin based on these regulations.

However, as a result, certain of Occidental’s proved undeveloped (PUD) reserves have been derecognized as they no longer meet the regulatory certainty criteria to be considered proved reserves.

Occidental’s ability to reestablish previously derecognized PUD reserves, as well as establishing new PUD locations, will depend upon Occidental establishing a history of obtaining drilling permits under the new regulations and thus meeting the SEC’s “reasonably certain” threshold for adding PUD reserves.

Occidental currently believes it will be able to successfully navigate the new setback guidelines.

An executive order was issued in January 2021, *Tackling the Climate Crisis at Home and Abroad*, that mandated an indefinite pause on new oil and gas leasing on federal lands, onshore and offshore, while a comprehensive review of oil and gas permitting and leasing process is conducted by the U.S. Department of the Interior.

In conducting this review, the Secretary of the Interior is required to consider whether to adjust royalties associated with oil and gas resources extracted from public lands and offshore waters to account for corresponding climate costs.

In addition, effective January 20, 2021, the Department of the Interior issued an order temporarily elevating the decision-making approval previously delegated to the Department of the Interior’s agencies and bureaus, including the Bureau of Ocean Energy Management (BOEM) and the Bureau of Land Management (BLM), to issue any onshore and offshore fossil fuel authorization for, including but not limited to a lease, amendment to a lease, affirmative extension of a lease, contract or other agreement or permit to drill to the leadership of the Department of the Interior.

Occidental is continuing to evaluate the overall impact of these new regulatory issuances on its oil and gas operations on federal leases.

As an example in January 2021, the actions undertaken by the Department of the Interior to temporarily elevate the decision-making approval process for new fossil fuel leases or permits.

In addition, the United States has re-entered the Paris Agreement, which requires countries to periodically review and represent a progression in greenhouse gas emission reduction goals and an executive order was issued, *Protecting Public Health and the Environment and Restoring Science to Tackle the Climate Crisis*.

In the future, the United States may choose to adhere to other international agreements targeting greenhouse gas reductions and there may be new executive orders, regulatory actions and/or legislation targeting greenhouse gas emissions or prohibiting or restricting oil and gas development activities.

However, in the current absence of federal legislation to significantly reduce emissions of greenhouse gases to date, many state governments have established rules aimed at reducing greenhouse gas emissions, some including greenhouse gas cap and trade programs.

Such environmental activism and

Such initiatives could cause the market value of our securities to decrease, our cost of capital to increase and adversely affect our reputation.

Occidental has been named in certain private litigation relating to these matters.

In 2020, Occidental recognized a pre-tax impairment to its oil and gas proved and unproved properties of $9.2 billion.

■Repair and remediation costs.

Occidental relies on digital and industrial control systems, related

Occidental conducts offshore operations in the Gulf of Mexico and Ghana.

Additional domestic and international deepwater drilling laws, regulations and other restrictions, delays in the processing and approval of drilling permits and exploration, development, oil spill response and decommissioning plans and other offshore-related developments may have a material adverse effect on Occidental’s business, financial condition or results of operations.

BOEM and the Bureau of Safety and Environmental Enforcement (BSEE) have imposed more stringent permitting procedures and regulatory safety and performance requirements for new wells to be drilled in federal waters.

In addition, these governmental agencies are continuing to evaluate, develop and implement new, more restrictive regulatory requirements, which could result in additional costs, delays, restrictions or obligations with respect to oil exploration and production operations conducted offshore.

For example, the BOEM has considered, and may adopt, supplemental bonding procedures for the decommissioning of offshore wells, platforms, pipelines and other facilities, which may be material.

Compliance with these more stringent regulatory requirements and with existing environmental and oil spill regulations, together with any uncertainties or inconsistencies in decisions and rulings by governmental agencies, delays in the processing and approval of drilling permits or exploration, development, oil spill response and decommissioning plans and possible additional regulatory initiatives could result in difficult and more costly actions and adversely affect or delay new drilling and ongoing development efforts.

As a result, further downgrades in Occidental’s credit ratings could have a material adverse impact on Occidental’s financial condition, operating results or liquidity.

Further, a portion of Occidental’s indebtedness bears interest at variable interest rates, some of which is tied to the London Interbank Offered Rate (LIBOR).

In July 2017, the United Kingdom Financial Conduct Authority, which regulates LIBOR, announced that it intends to stop compelling banks to submit rates for the calculation of LIBOR after the end of 2021.

In early December 2020, the administrator for LIBOR proposed, subject to market consultation, to end the publication of one week and two month USD LIBOR after December 2021 and remaining USD LIBOR tenors in mid-2023.

At the same time, major U.S. bank regulators called upon banks to cease entering into new contracts that use USD LIBOR as a reference rate by the end of 2021 at the latest.

The Alternative Reference Rates Committee, a group of market participants convened under the auspices of the U.S. Federal Reserve Board and other U.S. regulators, has recommended the Secured Overnight Financing Rate (SOFR), calculated based on repurchase agreements backed by treasury securities, as its recommended alternative benchmark rate to replace USD LIBOR.

However, at this time, it is not known whether or when SOFR or other proposed alternative reference rates will attain market traction as replacements for LIBOR, and the proposal to cease publication of major USD LIBOR tenors by mid-2023 is not yet final.

| Current Business Outlook and [removed: [Strategy](#i7e353a5c21064401ae05ccfab320f1aa_76)] [added: [Strategy](#id7126fd2d66641da94d4284e21ad130b_76)] | | | [removed: [20](#i7e353a5c21064401ae05ccfab320f1aa_76)] [added: [22](#id7126fd2d66641da94d4284e21ad130b_76)] | | |

| [Oil and Gas [removed: Segment](#i7e353a5c21064401ae05ccfab320f1aa_79)] [added: Segment](#id7126fd2d66641da94d4284e21ad130b_79)] | | | [removed: [23](#i7e353a5c21064401ae05ccfab320f1aa_79)] [added: [25](#id7126fd2d66641da94d4284e21ad130b_79)] | | |

| [Chemical [removed: Segment](#i7e353a5c21064401ae05ccfab320f1aa_82)] [added: Segment](#id7126fd2d66641da94d4284e21ad130b_82)] | | | [removed: [32](#i7e353a5c21064401ae05ccfab320f1aa_82)] [added: [34](#id7126fd2d66641da94d4284e21ad130b_82)] | | |

| [removed: [Midstream](#i7e353a5c21064401ae05ccfab320f1aa_85) [and Marketing](#i7e353a5c21064401ae05ccfab320f1aa_85) [Segment](#i7e353a5c21064401ae05ccfab320f1aa_85)] [added: [Midstream and Marketing Segment](#id7126fd2d66641da94d4284e21ad130b_85)] | | | [removed: [33](#i7e353a5c21064401ae05ccfab320f1aa_85)] [added: [35](#id7126fd2d66641da94d4284e21ad130b_85)] | | |

| [Segment Results of Operations [removed: and](#i7e353a5c21064401ae05ccfab320f1aa_88)] [added: and](#id7126fd2d66641da94d4284e21ad130b_88)] Items Affecting Comparability | | | [removed: [35](#i7e353a5c21064401ae05ccfab320f1aa_88)] [added: [37](#id7126fd2d66641da94d4284e21ad130b_88)] | | |

| Income Taxes | | | [removed: [38](#i7e353a5c21064401ae05ccfab320f1aa_91)] [added: [41](#id7126fd2d66641da94d4284e21ad130b_91)] | | |

| [Consolidated Results of [removed: Operations](#i7e353a5c21064401ae05ccfab320f1aa_94)] [added: Operations](#id7126fd2d66641da94d4284e21ad130b_94)] | | | [removed: [39](#i7e353a5c21064401ae05ccfab320f1aa_94)] [added: [42](#id7126fd2d66641da94d4284e21ad130b_94)] | | |

| [Liquidity and Capital [removed: Resources](#i7e353a5c21064401ae05ccfab320f1aa_97)] [added: Resources](#id7126fd2d66641da94d4284e21ad130b_97)] | | | [removed: [42](#i7e353a5c21064401ae05ccfab320f1aa_97)] [added: [44](#id7126fd2d66641da94d4284e21ad130b_97)] | | |

| [Lawsuits, Claims, Commitments and [removed: Contingencies](#i7e353a5c21064401ae05ccfab320f1aa_109)] [added: Contingencies](#id7126fd2d66641da94d4284e21ad130b_109)] | | | [removed: [44](#i7e353a5c21064401ae05ccfab320f1aa_109)] [added: [47](#id7126fd2d66641da94d4284e21ad130b_109)] | | |

| [Environmental Liabilities and [removed: Expenditures](#i7e353a5c21064401ae05ccfab320f1aa_112)] [added: Expenditures](#id7126fd2d66641da94d4284e21ad130b_112)] | | | [removed: [46](#i7e353a5c21064401ae05ccfab320f1aa_112)] [added: [48](#id7126fd2d66641da94d4284e21ad130b_112)] | | |

| Global [removed: [Investments](#i7e353a5c21064401ae05ccfab320f1aa_115)] [added: [Investments](#id7126fd2d66641da94d4284e21ad130b_115)] | | | [removed: [48](#i7e353a5c21064401ae05ccfab320f1aa_115)] [added: [50](#id7126fd2d66641da94d4284e21ad130b_115)] | | |

| [Critical Accounting Policies and [removed: Estimates](#i7e353a5c21064401ae05ccfab320f1aa_118)] [added: Estimates](#id7126fd2d66641da94d4284e21ad130b_118)] | | | [removed: [48](#i7e353a5c21064401ae05ccfab320f1aa_118)] [added: [51](#id7126fd2d66641da94d4284e21ad130b_118)] | | |

| [Safe Harbor Discussion Regarding Outlook and Other Forward-Looking [removed: Data](#i7e353a5c21064401ae05ccfab320f1aa_124)] [added: Data](#id7126fd2d66641da94d4284e21ad130b_124)] | | | [removed: [52](#i7e353a5c21064401ae05ccfab320f1aa_124)] [added: [55](#id7126fd2d66641da94d4284e21ad130b_124)] | | |

| OXY [removed: 2020] [added: 2021] FORM 10-K | | | [removed: 19] [added: 21] | | |

| [removed: ] [added: ] | | | [added: | | |] MANAGEMENT’S DISCUSSION AND ANALYSIS | | | [removed: | | |]

We expect that [removed: the] oil [removed: supply and demand balance and consequently oil] prices in the near-term will continue to be influenced by the duration and severity of the COVID-19 [removed: pandemic; the effectiveness] [added: pandemic] and [removed: pace of the distribution of the recently approved vaccines;] [added: its resulting impact on oil] and [removed: OPEC+] [added: gas supply] and [removed: U.S. production levels.][added: demand.]

[removed: See [Note](#i7e353a5c21064401ae05ccfab320f1aa_202) [](#i7e353a5c21064401ae05ccfab320f1aa_202)[9](#i7e353a5c21064401ae05ccfab320f1aa_202) [- Derivat](#i7e353a5c21064401ae05ccfab320f1aa_202)[ives](#i7e353a5c21064401ae05ccfab320f1aa_202)] [added: [See](#id7126fd2d66641da94d4284e21ad130b_196) [Note 10 - Income Taxes](#id7126fd2d66641da94d4284e21ad130b_196)] in the Notes to Consolidated Financial Statements in Part [removed: II,] [added: II] Item 8 of this Form 10-K.

Occidental will continue to evaluate the economic environment, as well as the commodity price environment, and may make further adjustments to its future levels of [added: capital] expenditures and operating and corporate costs.

| [removed: 20] [added: 22] | | | OXY [removed: 2020] [added: 2021] FORM 10-K | | |

The Zero Coupons can next be put to Occidental in October [removed: 2021,] [added: 2022,] which, if put in whole, would require a payment of approximately [removed: $1.0] [added: $1.1] billion at such date.

[removed: Interest] [added: The remaining interest] rate swaps with a [removed: notional value of $750 million and] fair value of [removed: $894] [added: $428] million, [added: net of collateral,] as of December 31, [removed: 2020,] [added: 2021,] have mandatory termination dates in September [removed: 2021.][added: 2022 and 2023.]

The interest rate [removed: swaps] [added: swaps’] fair value, and cash required to settle them on their termination dates, will continue to fluctuate with changes in interest rates through the mandatory termination dates.

As of December 31, [removed: 2020,] [added: 2021,] Occidental had approximately [removed: $2.0] [added: $2.8] billion [removed: of] [added: in] cash and cash [removed: equivalents on hand.][added: equivalents.]

Occidental currently expects its [added: operational] cash [added: flows and cash] on hand [removed: and funds available under its RCF] to be sufficient to meet its [added: current] debt [removed: maturities, operating expenditures] [added: maturities] and other obligations for the next 12 months from the date of this filing.

As of [removed: December 31, 2020,] [added: the date of this filing,] Occidental’s long-term debt was rated [removed: BB] [added: BB+] by Fitch Ratings, Ba2 by Moody’s Investors Service and [removed: BB-] [added: BB+] by Standard and Poor’s.

Any [removed: additional] downgrade in credit ratings could impact Occidental's ability to access capital markets and increase its cost of capital.

[removed: In addition, given that] Occidental’s [removed: current debt ratings are] non-investment [removed: grade, Occidental] [added: grade debt rating] may [removed: be requested, and in some cases required,] [added: require Occidental] to provide [removed: collateral] [added: financial assurance] in the form of cash, letters of credit, surety bonds or other acceptable support [removed: as financial assurance of its performance and payment obligations] under certain contractual [removed: arrangements such as pipeline transportation contracts, environmental remediation obligations, oil and gas purchase contracts and certain derivative instruments.][added: arrangements.]

As of the date of this filing, Occidental has provided required financial [removed: assurances] [added: assurance] through a combination of cash, letters of credit and surety [removed: bonds and has not issued any letters of credit under the RCF or other committed facilities.][added: bonds.]

IMPACT OF [added: THE] COVID-19 [removed: PANDEMIC TO GLOBAL OPERATIONS][added: PANDEMIC]

Occidental [removed: is focused] [added: continues to focus] on protecting the health and safety of its employees and contractors during the COVID-19 pandemic.

[removed: While] Occidental has not incurred [removed: any] [added: material costs or] significant disruptions to its day-to-day operations [removed: as a result of any workplace restrictions] related to the COVID-19 pandemic to [removed: date,] [added: date; however,] the extent to which the COVID-19 pandemic [added: could] adversely [removed: affects our] [added: affect Occidental's] business, results of operations and financial condition will depend on future developments, which [removed: are highly] [added: remain] uncertain.

In January 2021, the COGCC adopted new regulations that impose siting [removed: requirements] [added: requirements,] or [removed: “setbacks”] [added: “setbacks,”] on certain oil and gas drilling locations based on the distance of a proposed well pad to occupied structures.

[removed: While Occidental is currently evaluating the impact of these regulations on its business, at this time,] [added: As discussed above,] Occidental does not anticipate significant near-term changes to our development program in the DJ Basin based on these regulations.

| OXY [removed: 2020] [added: 2021] FORM 10-K | | | [removed: 21] [added: 23] | | |

Occidental is focused on delivering a unique shareholder value proposition with its [removed: combined] integrated [removed: asset portfolio, continual enhancements to its organizational capability] [added: portfolio of oil] and [added: gas, chemicals and midstream and marketing assets and its] commitment to implement [removed: innovative] carbon management and storage solutions [removed: for the reduction of greenhouse gas] [added: and reduce GHG] emissions.

Occidental conducts its operations with a focus on sustainability, health, [removed: safety] [added: safety,] and environmental and social responsibility.

[removed: ■Maximizing] [added: ■Enhancing] capital [added: and operational] efficiency to sustain [removed: fourth quarter 2020] [added: 2021] production levels [removed: in order to maximize] [added: and] free cash flow;

In addition to efficient capital allocation and deployment discussed below in [removed: *“Oil] [added: the section titled [Oil] and Gas Segment - Business [removed: Strategy”,*] [added: Strategy](#id7126fd2d66641da94d4284e21ad130b_79)*,*] Occidental believes the following are its most significant performance indicators:

■Injury Incidence Rate (IIR) and Days Away Restricted Transfer [removed: rate] (DART) [added: rate] - Occidental’s combined employee and contractor IIR is determined by multiplying the total number of Occupational Safety and Health Administration (OSHA) recordable injuries and illnesses by 200,000 and dividing that result by the total number of hours worked by all employees and contractors.

The DART rate is calculated in the same manner as IIR, but uses the number of incidents that resulted in days away from work, job [removed: transfer,] [added: transfer] or restricted job duties instead of the number of recordable injuries or illnesses.

During 2021, as compared to 2020, the average annual price per barrel ($/Bbl) of West Texas Intermediate (WTI) crude increased to $67.91 from $39.40 and the average annual Brent price per barrel increased to $70.78 from $43.21.

While the worldwide economy continues to be impacted by the ongoing effects of the COVID-19 pandemic and emergence and spread of new variants of the virus, demand for oil has returned to near pre-pandemic levels.

Current uncertainty of whether oil supply will be able to sustain a continued supply response, as well as geopolitical risks, have resulted in a significant increase to benchmark oil prices.

In addition, current oil prices could be negatively impacted by the emergence of new COVID-19 variants, slow vaccine distribution in developing economies or the recurrence or tightening of travel restrictions and stay-at-home orders.

■Reducing financial leverage while maintaining a robust liquidity position;

■Returning additional capital to shareholders while continuing to reduce debt and improve Occidental’s financial position; and

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

OPERATIONAL EXCELLENCE AND CAPITAL EFFICIENCY

Occidental's operational priorities for 2021 were to sustain production in-line with its 2020 fourth quarter rate by investing $2.9 billion in capital and maintaining a majority of the cost savings achieved in 2020.

Occidental adhered to its capital budget and exceeded its original 2021 production guidance by 27 thousand barrels of oil equivalent per day (Mboe/d).

Occidental set new operational records and efficiency benchmarks in the Permian, Rockies, Gulf of Mexico and Oman.

Additionally, OxyChem recorded its highest earnings in 30 years, largely as a result of stronger realized pricing and margins across most product lines with improved demand.

With the increase in commodity prices and Occidental’s focus on its cash costs and operational efficiencies, Occidental’s higher cash flow allowed it to reduce its leverage and improve its liquidity position.

Occidental used its excess cash flow generated during 2021, coupled with divestiture proceeds, to continue to strengthen its balance sheet by reducing its debt and other financial obligations.

In 2021, Occidental reduced total borrowings at face value of over $6.7 billion and retired interest rate swaps with a notional value of $750 million.

The 2021 balance sheet improvement efforts have significantly reduced debt maturities in the near and medium terms, which will allow Occidental more operational flexibility and the ability to pay down additional debt in the future with a more opportunistic approach.

As of December 31, 2021, Occidental had debt maturities of approximately $101 million in 2022, $465 million in 2023 and $1.7 billion in 2024.

In January 2022, Occidental paid off its last 2022 maturity for $101 million.

As of December 31, 2021, all of Occidental’s Brent-priced sold calls and two way natural gas collars have expired.

In January, 2022, Standard and Poor’s upgraded Occidental’s credit rating to BB+.

Occidental has not issued any letters of credit under the RCF or other committed facilities.

SUSTAINABILITY AND ENVIRONMENTAL STEWARDSHIP STRATEGY

In 2020, Occidental was the first U.S. oil and gas company to announce goals to achieve net-zero GHG emissions for its total emissions inventory including use of sold products.

These goals include achieving net-zero GHG emissions (i) from its operations and energy use before 2040, with an ambition to do so before 2035, and (ii) from the use of its sold products with an ambition to do so before 2050.

In 2020, Occidental also set various interim targets, including 2025 carbon and methane intensity targets, and Occidental was also the first U.S. oil and gas company to endorse the World Bank’s initiative for zero routine flaring by 2030.

In 2021, Occidental made progress on these sustainability commitments and established additional interim targets toward its net-zero goals to advance a low-carbon future.

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 in the medium term, while the world transitions to a lower carbon intensive economy.

Occidental has undertaken the following actions, among others, toward advancing its low-carbon strategy:

■Incorporated specific GHG emissions reduction targets in its RCF and receivables securitization facility, which can impact its costs related to its borrowing facilities;

■Invested in a third party to develop a zero-emission natural gas generation demonstration facility and license the underlying technology;

■Initiated a front end engineering and design study on an industrial scale DAC facility;

■Implemented multiple programs to reduce emissions and the routine flaring of gas;

■Delivered the world’s first cargo of carbon-neutral oil in January 2021;

■Formed teams to specifically advance Occidental’s environmental, social and governance goals and associated accounting, and report to executive management; and

■Provided technical advisory services to third parties regarding their CCUS projects.

In 2022, OLCV plans to invest approximately $300 million in the development and commercialization of new technologies and low-carbon business models.

In addition, Occidental plans to invest approximately $83 million in emissions reduction capital projects at its existing oil and gas, chemical and other midstream operations in 2022, such as retrofitting facilities to reduce CO2, methane and other air emissions.

The future costs associated with emissions reduction, carbon removal and CCUS to meet its long-term net-zero GHG goals may be substantial and execution of its plans depends on securing financing.

Occidental is pursuing multiple pathways to finance these projects including:

| [Off-Balance Sheet Arrangements](#i7e353a5c21064401ae05ccfab320f1aa_103) | | | [43](#i7e353a5c21064401ae05ccfab320f1aa_103) | | |

| Commitments and Obligations | | | [43](#i7e353a5c21064401ae05ccfab320f1aa_106) | | |

| [Significant Accounting and Disclosure Changes](#i7e353a5c21064401ae05ccfab320f1aa_121) | | | [52](#i7e353a5c21064401ae05ccfab320f1aa_121) | | |

| | | |

| --- | --- | --- |

The worldwide economy has been severely impacted by the ongoing effects of the COVID-19 pandemic, which began during the first quarter of 2020.

In the first quarter, travel restrictions and stay-at-home orders were implemented for much of the world to limit the spread of COVID-19.

Though certain restrictions have been lifted, some areas have recently reinstated stay at home orders and oil and gas demand remains below pre-pandemic levels.

On April 12, 2020, certain members of the OPEC and 10 non-OPEC partner countries (OPEC+) agreed to production cuts intended to mitigate the oil supply and demand imbalance to stabilize prices.

On January 5, 2021, OPEC+ agreed to extend the cuts through March 2021.

These production cuts coupled with declining U.S. production helped mitigate the supply and demand imbalance.

While the spot WTI oil price has recovered to above $60.00/Bbl as of the date of this filing, the average daily WTI oil price fell from $57.03/Bbl in 2019 to $39.40/Bbl in 2020 or 31 percent.

In response to the dramatic drop in oil prices and the current macroeconomic environment, Occidental has taken significant measures to increase its near and mid-term liquidity and address near-term debt maturities.

Specifically, during 2020 Occidental:

■Reduced its 2020 capital budget to $2.6 billion from a range of $5.2 billion to $5.4 billion, a midpoint reduction of approximately 50%;

■Made significant cuts to its 2020 operating and corporate costs.

On an annualized basis, Occidental has realized $1.5 billion of overhead savings and over $900 million in operating cost savings, of which a majority is expected to remain permanent in future years;

■Reduced the quarterly common stock dividend to $0.01 per share from $0.79 per share, effective July 2020, which on an annualized basis, will reduce its common stock dividend outlay by approximately $2.9 billion;

■Elected to pay the preferred stock dividend paid in the second and third quarters of 2020 in the form of shares of common stock, in lieu of cash, preserving $400 million of liquidity.

Occidental elected to pay the dividend paid in the fourth quarter in cash.

The Board of Directors will continue to assess market conditions and Occidental's financial condition on a quarterly basis to determine whether the preferred stock dividend will be paid in shares of stock, in cash or a combination of shares of common stock and cash;

■Entered into a new receivable securitization facility that provides additional liquidity of up to $400 million;

■Issued $7.0 billion in senior unsecured notes (the Senior Notes Offerings) during 2020 to extend certain debt maturities in 2021-2023 to 2025-2031;

■Since the Acquisition, completed significant asset divestitures for net proceeds of approximately $8.2 billion;

■Used the net proceeds from asset sales, cash on hand and Senior Notes Offerings to retire or tender $6.0 billion of 2021, $2.7 billion of 2022 and $264 million of 2023 maturities; and

■Exchanged approximately 27.9 million WES common units to retire a $260 million note payable to WES due 2038.

In 2019, Occidental entered into three-way oil collar and call derivative instruments to reduce its exposure to commodity price risk and increase the predictability of near-term cash flows.

The majority of the collars settled in 2020 with the receipt of cash of $960 million.

The remaining $52 million settled in 2021.

Occidental believes the actions outlined above enhance its liquidity position to fund its operations.

However, the ultimate impact of the COVID-19 pandemic on Occidental's results of operations, cash flows and financial position are unknown, and those impacts could be material.

Additionally, actions taken in response to the current macro-environment may result in the long-term reduction of its capital expenditure and production profile.

With the completion of the liquidity measures above, as of the date of this filing, Occidental has debt maturities of approximately $371 million in 2021, $2.1 billion in 2022 and $0.9 billion in 2023.

An immaterial amount was put

to Occidental in 2020.

Interest rate swaps with a notional value of $725 million and fair value of $876 million, as of December 31, 2020, have mandatory termination dates in September 2022 and 2023.

As of the date of this filing, $5.0 billion of borrowing capacity under its existing RCF, which matures in 2023.

Occidental continues to pursue divestitures of certain assets and intends to use the net proceeds from asset sales and excess free cash flow to repay its nearer-term debt maturities, but the expected timing and final proceeds from such asset sales are uncertain.

However, given the inherent uncertainty associated with the duration and severity of the COVID-19 pandemic and its resulting impact on oil demand, Occidental may need to raise capital to fund its operations and refinance debt maturities.

In connection with the Senior Notes Offerings, Occidental's long-term debt credit ratings were reviewed by the three major rating agencies.

Price changes at current global prices and levels of production affect Occidental’s [added: budgeted 2022] pre-tax annual income by approximately $200 million for a $1 per barrel change in oil prices and [removed: $85] [added: approximately $30] million for a $1 per barrel change in NGL prices.

If domestic natural gas prices varied by $0.10 per Mcf, it would have an estimated annual effect on Occidental’s [added: budgeted 2022] pre-tax income of approximately [removed: $35] [added: $40] million.

A $0.25 change in the Midland-to-Gulf-Coast oil spreads impacts [removed: total year] [added: budgeted 2022] operating cash flows by [added: approximately] $65 million.

| [removed: OXY 2020 FORM 10-K] [added: 56] | | | [removed: 53] [added: OXY 2021 FORM 10-K] | | |

| [removed: ] [added: ] | | | [added: | | |] QUANTITATIVE AND QUALITATIVE DISCLOSURES | | | [removed: | | |]

| Source of Fair Value [removed: Assets/(Liabilities)] [added: Assets (Liabilities)] *millions* | | | | | | [removed: 2021] [added: 2022] | | | | | | [removed: 2022] [added: 2023] and [removed: 2023] [added: 2024] | | | | | | [removed: 2024] [added: 2025] and [removed: 2025] [added: 2026] | | | | | | [removed: 2026] [added: 2027] and thereafter | | | | | | Total | | |

| Prices actively quoted | | | | | | $ | [removed: (97)] [added: (91)] | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | [removed: (97)] [added: (91)] | |

| Prices provided by other external sources | | | | | | [removed: (1)] [added: (23)] | | | | | | [removed: 2] [added: —] | | | | | | — | | | | | | — | | | | | | [removed: 1] [added: (23)] | | |

| Total | | | | | | $ | [removed: (98)] [added: (114)] | | | | | $ | [removed: 2] [added: —] | | | | | $ | — | | | | | $ | — | | | | | $ | [removed: (96)] [added: (114)] | |

Occidental pays [removed: a] fixed interest [removed: rate] [added: rates] and receives a floating interest rate indexed to three-month [removed: LIBOR.][added: LIBOR on its interest rate swaps.]

As of December 31, [removed: 2020,] [added: 2021,] Occidental had a net liability of approximately [removed: $1.4 billion] [added: $428 million] based on the fair value of the swaps of negative [removed: $1.8 billion] [added: $751 million] netted against [removed: $374] [added: $323] million in posted cash collateral.

A 25-basis point decrease in implied LIBOR rates over the term of the swaps would result in an additional liability of approximately [removed: $173] [added: $88] million on these swaps.

As of December 31, [removed: 2020,] [added: 2021,] Occidental had variable rate debt with a notional value of [removed: $1.1 billion] [added: $68 million] outstanding.

A 25-basis point increase in LIBOR interest rates would increase gross interest expense approximately [removed: $3] [added: $1.7] million per year.

As of December 31, [removed: 2020,] [added: 2021,] Occidental had fixed rate debt with a fair value of [removed: $32.7] [added: $31.1] billion outstanding.

A 25-basis point change in Treasury rates would change the fair value of the fixed rate debt approximately [removed: $600] [added: $629] million.

| Weighted-average interest rate | | | | | | [removed: 4.78%] [added: 5.10%] | | | | | | [removed: 1.73%] [added: 0.90] | | [added: %] | | | | [removed: 4.68%] [added: 5.09%] | | |

(a)Excluded net unamortized debt premiums of [removed: $748] [added: $670] million and debt issuance [removed: cost] [added: costs] of [removed: $156] [added: $135] million.

| [removed: 54 | | |] OXY [removed: 2020] [added: 2021] FORM 10-K | | | [added: 57 | | |]

[added: Additionally, all of Occidental’s consolidated] international oil and gas subsidiaries have the United States dollar as the functional currency.

Occidental also enters into futures contracts through regulated exchanges with select clearinghouses and brokers, which are subject to minimal credit [removed: risk as a significant portion of these transactions settle on a daily margin basis.][added: risk, if any.]

The fair value of derivative instruments with credit-risk-contingent features, that were net liabilities [removed: at] [added: as of] December 31, [removed: 2020] [added: 2021] was [removed: $104] [added: $107] million (net of [removed: $374] [added: $323] million collateral) and [removed: $787] [added: $104] million (net of [removed: $169] [added: $374] million collateral) [removed: at] [added: as of] December 31, [removed: 2019.][added: 2020.]

As of December 31, [removed: 2020,] [added: 2021,] the substantial majority of the credit exposures were with investment grade counterparties.

Occidental believes its exposure to credit-related losses [removed: at] [added: as of] December 31, [removed: 2020,] [added: 2021,] was not material and losses associated with credit risk have been insignificant for all years presented.

| [removed: ] [added: ] | | | [removed: FINANCIAL STATEMENTS INDEX] | | | [added: FINANCIAL STATEMENTS INDEX] | | |

Occidental uses forwards derivative instruments to manage its exposure to commodity price fluctuations for oil and natural gas and swaps to manage interest rate risks.

The remaining swaps have mandatory termination dates in September 2022 and 2023 with notional amounts of $275 million and $450 million, respectively, as of December 31, 2021.

| 2022 (b) | | | | | | $ | 101 | | | | | $ | — | | | | | $ | 101 | |

| 2023 | | | | | | 465 | | | | | | — | | | | | | 465 | | |

| 2024 | | | | | | 1,725 | | | | | | — | | | | | | 1,725 | | |

| 2025 | | | | | | 2,476 | | | | | | — | | | | | | 2,476 | | |

| 2026 | | | | | | 2,788 | | | | | | — | | | | | | 2,788 | | |

| Thereafter | | | | | | 20,870 | | | | | | 68 | | | | | | 20,938 | | |

| Total | | | | | | $ | 28,425 | | | | | $ | 68 | | | | | $ | 28,493 | |

| Fair Value | | | | | | $ | 31,075 | | | | | $ | 68 | | | | | $ | 31,143 | |

(b)In January 2022, Occidental used cash on hand to repay $101 million in outstanding 2.600% senior notes due April 2022 at face value.

| | | |

| --- | --- | --- |

Occidental uses derivative instruments, including a combination of short-term futures, forwards, options and swaps, to obtain the average prices for the relevant production month and to improve realized prices for oil and gas.

| | | | | | |

| --- | --- | --- | --- | --- | --- |

| | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- |

Occidental acquired interest rate swap contracts in the Acquisition.

The swaps have an initial term of 30 years with mandatory termination dates in September 2021 through 2023 and a total notional amount of approximately $1.5 billion as of December 31, 2020.

TABULAR PRESENTATION OF INTEREST RATE RISK

| | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2021 | | | | | | $ | 371 | | | | | $ | 27 | | | | | $ | 398 | |

| 2022 | | | | | | 1,006 | | | | | | 1,052 | | | | | | 2,058 | | |

| 2023 | | | | | | 949 | | | | | | — | | | | | | 949 | | |

| 2024 | | | | | | 3,898 | | | | | | — | | | | | | 3,898 | | |

| 2025 | | | | | | 2,900 | | | | | | — | | | | | | 2,900 | | |

| Thereafter | | | | | | 24,964 | | | | | | 68 | | | | | | 25,032 | | |

| Total | | | | | | $ | 34,088 | | | | | $ | 1,147 | | | | | $ | 35,235 | |

| Fair Value | | | | | | $ | 32,678 | | | | | $ | 1,128 | | | | | $ | 33,806 | |

Additionally, all of Occidental’s consolidated

As of December 31, 2020, the fair value of foreign currency derivatives used in the marketing operations was immaterial.

| DERIVATIVE INSTRUMENTS HELD FOR NON-TRADING PURPOSES | | |

As of December 31, 2020, Occidental had derivative instruments in place to reduce the price risk associated with future oil production of 350Mbbl/d.

As of December 31, 2020, these derivative instruments were at a $42 million net derivative liability position.

The following table shows a sensitivity analysis based on both a 5% and 10% change in commodity prices and their effect on the net derivative liability position of $42 million at December 31, 2020:

| *millions except percentages* | | | | | | | | | | | | | | | | | | | | |

| Percent change in commodity prices | | | | | | Resulting net fair value position-asset (liability) | | | | | | | | | Change to fair value from December 31, 2020 position | | | | | |

| \+ 5% | | | | | | | | | $ | (67) | | | | | | | | $ | (25) | |

| \- 5% | | | | | | | | | $ | (26) | | | | | | | | $ | 16 | |

| \+ 10% | | | | | | | | | $ | (102) | | | | | | | | $ | (60) | |

| \-10% | | | | | | | | | $ | (15) | | | | | | | | $ | 27 | |

As of December 31, 2020, Occidental had derivative instruments in place to reduce the price risk associated with future gas production of 530 thousand MMbtu/d.

As of December 31, 2020, these derivative instruments were at a $25 million net derivative asset position.

The following table shows a sensitivity analysis based on both a 5% and 10% change in commodity prices and their effect on the net derivative asset position of $25 million at December 31, 2020:

| \+ 5% | | | | | | | | | $ | 13 | | | | | | | | $ | (12) | |

| \- 5% | | | | | | | | | $ | 37 | | | | | | | | $ | 12 | |

| \+ 10% | | | | | | | | | $ | 1 | | | | | | | | $ | (24) | |

| \-10% | | | | | | | | | $ | 51 | | | | | | | | $ | 26 | |

| OXY 2020 FORM 10-K | | | 55 | | |

For information regarding 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 [removed: 11] [added: 13] - Lawsuits, Claims, Commitments and [removed: Contingencies](#i7e353a5c21064401ae05ccfab320f1aa_211)] [added: Contingencies](#id7126fd2d66641da94d4284e21ad130b_193)] in the Notes to Consolidated Financial [removed: Statements.][added: Statements in Part II Item 8 of this Form 10-K.]

[removed: Form 10-K][added: Form 10-K]

| | | | For the fiscal year ended | | | December 31, [removed: 2020] [added: 2021] | | | | | | For the transition period from to | | | | | |

The aggregate market value of the registrant’s Common Stock held by nonaffiliates of the registrant was approximately [removed: $17.0] [added: $29.2] billion computed by reference to the closing price on the New York Stock Exchange of [removed: $18.30] [added: $31.27] per share of Common Stock on June 30, [removed: 2020.][added: 2021.]

[removed: At] [added: As of] January 31, [removed: 2021,] [added: 2022,] there were [removed: 931,554,718] [added: 934,063,989] shares of Common Stock outstanding, par value $0.20 per share.

Portions of the registrant’s definitive Proxy Statement, relating to its [removed: 2021] [added: 2022] Annual Meeting of Stockholders, are incorporated by reference into Part III of this Form 10-K.

| Items 1 and 2. | | | [Business and [removed: Properties](#i7e353a5c21064401ae05ccfab320f1aa_19)] [added: Properties](#id7126fd2d66641da94d4284e21ad130b_19)] | | | [removed: [2](#i7e353a5c21064401ae05ccfab320f1aa_19)] [added: [2](#id7126fd2d66641da94d4284e21ad130b_19)] | | |

| | | | Human Capital Resources | | | [removed: [2](#i7e353a5c21064401ae05ccfab320f1aa_25)] [added: [2](#id7126fd2d66641da94d4284e21ad130b_25)] | | |

| | | | [Available [removed: Information](#i7e353a5c21064401ae05ccfab320f1aa_28)] [added: Information](#id7126fd2d66641da94d4284e21ad130b_28)] | | | [removed: [3](#i7e353a5c21064401ae05ccfab320f1aa_28)] [added: [5](#id7126fd2d66641da94d4284e21ad130b_28)] | | |

| | | | [Oil and Gas [removed: Operations](#i7e353a5c21064401ae05ccfab320f1aa_31)] [added: Operations](#id7126fd2d66641da94d4284e21ad130b_31)] | | | [removed: [4](#i7e353a5c21064401ae05ccfab320f1aa_31)] [added: [6](#id7126fd2d66641da94d4284e21ad130b_31)] | | |

| | | | [Chemical [removed: Operations](#i7e353a5c21064401ae05ccfab320f1aa_37)] [added: Operations](#id7126fd2d66641da94d4284e21ad130b_37)] | | | [removed: [5](#i7e353a5c21064401ae05ccfab320f1aa_37)] [added: [7](#id7126fd2d66641da94d4284e21ad130b_37)] | | |

| | | | [Midstream and Marketing [removed: Operations](#i7e353a5c21064401ae05ccfab320f1aa_43)] [added: Operations](#id7126fd2d66641da94d4284e21ad130b_43)] | | | [removed: [6](#i7e353a5c21064401ae05ccfab320f1aa_43)] [added: [8](#id7126fd2d66641da94d4284e21ad130b_43)] | | |

| | | | [Environmental [removed: Regulation](#i7e353a5c21064401ae05ccfab320f1aa_46)] [added: Regulation](#id7126fd2d66641da94d4284e21ad130b_46)] | | | [removed: [7](#i7e353a5c21064401ae05ccfab320f1aa_46)] [added: [9](#id7126fd2d66641da94d4284e21ad130b_46)] | | |

| Item 1A. | | | [Risk [removed: Factors](#i7e353a5c21064401ae05ccfab320f1aa_49)] [added: Factors](#id7126fd2d66641da94d4284e21ad130b_49)] | | | [removed: [7](#i7e353a5c21064401ae05ccfab320f1aa_49)] [added: [9](#id7126fd2d66641da94d4284e21ad130b_49)] | | |

| Item 1B. | | | [Unresolved Staff [removed: Comments](#i7e353a5c21064401ae05ccfab320f1aa_52)] [added: Comments](#id7126fd2d66641da94d4284e21ad130b_52)] | | | [removed: [15](#i7e353a5c21064401ae05ccfab320f1aa_52)] [added: [17](#id7126fd2d66641da94d4284e21ad130b_52)] | | |

| Item 3. | | | [Legal [removed: Proceedings](#i7e353a5c21064401ae05ccfab320f1aa_55)] [added: Proceedings](#id7126fd2d66641da94d4284e21ad130b_55)] | | | [removed: [15](#i7e353a5c21064401ae05ccfab320f1aa_55)] [added: [17](#id7126fd2d66641da94d4284e21ad130b_55)] | | |

| Item 4. | | | Mine Safety Disclosures | | | [removed: [15](#i7e353a5c21064401ae05ccfab320f1aa_3374)] [added: [17](#id7126fd2d66641da94d4284e21ad130b_58)] | | |

| | | | [Information about our Executive [removed: Officers](#i7e353a5c21064401ae05ccfab320f1aa_61)] [added: Officers](#id7126fd2d66641da94d4284e21ad130b_61)] | | | [removed: [15](#i7e353a5c21064401ae05ccfab320f1aa_61)] [added: [18](#id7126fd2d66641da94d4284e21ad130b_61)] | | |

| Item 5. | | | [Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity [removed: Securities](#i7e353a5c21064401ae05ccfab320f1aa_67)] [added: Securities](#id7126fd2d66641da94d4284e21ad130b_67)] | | | [removed: [16](#i7e353a5c21064401ae05ccfab320f1aa_67)] [added: [19](#id7126fd2d66641da94d4284e21ad130b_67)] | | |

| Item 7. | | | [Management’s Discussion and Analysis of Financial Condition and Results of Operations [removed: (MD&A)](#i7e353a5c21064401ae05ccfab320f1aa_73)] [added: (MD&A)](#id7126fd2d66641da94d4284e21ad130b_73)] | | | [removed: [19](#i7e353a5c21064401ae05ccfab320f1aa_73)] [added: [21](#id7126fd2d66641da94d4284e21ad130b_73)] | | |

| Item 7A. | | | [Quantitative and Qualitative Disclosures About Market [removed: Risk](#i7e353a5c21064401ae05ccfab320f1aa_127)] [added: Risk](#id7126fd2d66641da94d4284e21ad130b_127)] | | | [removed: [53](#i7e353a5c21064401ae05ccfab320f1aa_127)] [added: [56](#id7126fd2d66641da94d4284e21ad130b_127)] | | |

| Item 8. | | | [Financial Statements and Supplementary [removed: Data](#i7e353a5c21064401ae05ccfab320f1aa_130)] [added: Data](#id7126fd2d66641da94d4284e21ad130b_130)] | | | [removed: [56](#i7e353a5c21064401ae05ccfab320f1aa_130)] [added: [58](#id7126fd2d66641da94d4284e21ad130b_130)] | | |

| Item 9. | | | [Changes in and Disagreements with Accountants on Accounting and Financial [removed: Disclosure](#i7e353a5c21064401ae05ccfab320f1aa_259)] [added: Disclosure](#id7126fd2d66641da94d4284e21ad130b_229)] | | | [removed: [135](#i7e353a5c21064401ae05ccfab320f1aa_259)] [added: [130](#id7126fd2d66641da94d4284e21ad130b_229)] | | |

| Item 9A. | | | [Controls and [removed: Procedures](#i7e353a5c21064401ae05ccfab320f1aa_262)] [added: Procedures](#id7126fd2d66641da94d4284e21ad130b_232)] | | | [removed: [135](#i7e353a5c21064401ae05ccfab320f1aa_262)] [added: [130](#id7126fd2d66641da94d4284e21ad130b_232)] | | |

| Item 9B. | | | [Other [removed: Information](#i7e353a5c21064401ae05ccfab320f1aa_271)] [added: Information](#id7126fd2d66641da94d4284e21ad130b_241)] | | | [removed: [135](#i7e353a5c21064401ae05ccfab320f1aa_271)] [added: [130](#id7126fd2d66641da94d4284e21ad130b_241)] | | |

| Item 10. | | | [Directors, Executive Officers and Corporate [removed: Governance](#i7e353a5c21064401ae05ccfab320f1aa_277)] [added: Governance](#id7126fd2d66641da94d4284e21ad130b_247)] | | | [removed: [136](#i7e353a5c21064401ae05ccfab320f1aa_277)] [added: [131](#id7126fd2d66641da94d4284e21ad130b_247)] | | |

| Item 11. | | | [Executive [removed: Compensation](#i7e353a5c21064401ae05ccfab320f1aa_280)] [added: Compensation](#id7126fd2d66641da94d4284e21ad130b_250)] | | | [removed: [136](#i7e353a5c21064401ae05ccfab320f1aa_280)] [added: [131](#id7126fd2d66641da94d4284e21ad130b_250)] | | |

| Item 12. | | | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder [removed: Matters](#i7e353a5c21064401ae05ccfab320f1aa_283)] [added: Matters](#id7126fd2d66641da94d4284e21ad130b_253)] | | | [removed: [136](#i7e353a5c21064401ae05ccfab320f1aa_283)] [added: [131](#id7126fd2d66641da94d4284e21ad130b_253)] | | |

| Item 13. | | | [Certain Relationships and Related Transactions and Director [removed: Independence](#i7e353a5c21064401ae05ccfab320f1aa_286)] [added: Independence](#id7126fd2d66641da94d4284e21ad130b_256)] | | | [removed: [136](#i7e353a5c21064401ae05ccfab320f1aa_286)] [added: [131](#id7126fd2d66641da94d4284e21ad130b_256)] | | |

| Item 14. | | | [Principal Accounting Fees and [removed: Services](#i7e353a5c21064401ae05ccfab320f1aa_289)] [added: Services](#id7126fd2d66641da94d4284e21ad130b_259)] | | | [removed: [137](#i7e353a5c21064401ae05ccfab320f1aa_289)] [added: [132](#id7126fd2d66641da94d4284e21ad130b_259)] | | |

| Item 15. | | | [Exhibits and Financial Statement [removed: Schedules](#i7e353a5c21064401ae05ccfab320f1aa_295)] [added: Schedules](#id7126fd2d66641da94d4284e21ad130b_265)] | | | [removed: [137](#i7e353a5c21064401ae05ccfab320f1aa_295)] [added: [132](#id7126fd2d66641da94d4284e21ad130b_265)] | | |

| Item 16. | | | [Form 10-K [removed: Summary](#i7e353a5c21064401ae05ccfab320f1aa_298)] [added: Summary](#id7126fd2d66641da94d4284e21ad130b_268)] | | | [removed: [139](#i7e353a5c21064401ae05ccfab320f1aa_298)] [added: [134](#id7126fd2d66641da94d4284e21ad130b_268)] | | |

| [removed: ] [added: ] | | | [removed: BUSINESS AND PROPERTIES] | | | [added: BUSINESS AND PROPERTIES] | | |

The oil and gas segment explores for, develops and produces oil [removed: and condensate,] [added: (which includes condensate),] natural gas liquids (NGL) and natural gas.

The chemical segment (OxyChem) [removed: mainly] [added: primarily] manufactures and markets basic chemicals and vinyls.

The midstream and marketing segment purchases, markets, gathers, processes, transports and stores [removed: oil, condensate,] [added: oil (which includes condensate),] NGL, natural gas, carbon dioxide (CO2) and power.

It also [removed: trades around] [added: optimizes] its [removed: assets, including] transportation and storage capacity, and invests in entities that conduct similar [removed: activities] [added: activities,] such as Western Midstream Partners, L.P. (WES).

The midstream and marketing segment also includes [removed: Oxy Low Carbon Ventures (OLCV).][added: Occidental’s low carbon ventures (OLCV) businesses.]

For further information regarding Occidental’s segments, geographic areas of operation and current developments, see the Management’s Discussion and Analysis of Financial Condition and Results of Operations section under Part II, Item 7, of this Form 10-K and [Note [removed: 18] [added: 16] - Industry Segments and Geographic [removed: Areas](#i7e353a5c21064401ae05ccfab320f1aa_244)] [added: Areas](#id7126fd2d66641da94d4284e21ad130b_214)] in the Notes to Consolidated Financial [removed: Statements.][added: Statements in Part II Item 8 of this Form 10-K.]

Occidental’s culture of diversity, inclusion and belonging [removed: aspires to create] [added: (DIB) supports] an environment where [added: employees’] differences are [added: not only] appreciated, [added: but also celebrated and encouraged, with the goal that] all employees are included and everyone feels that they belong.

[removed: The] [added: Occidental conducted a robust survey across the organization in 2020, the] results [added: of which] were reviewed with our Board of Directors and [removed: are] [added: became] a basis for our company’s core values.

| | | | [General](#id7126fd2d66641da94d4284e21ad130b_22) | | | [2](#id7126fd2d66641da94d4284e21ad130b_22) | | |

| Item 9C. | | | Disclosure Regarding Foreign Jurisdictions that Prevented Inspections | | | [130](#id7126fd2d66641da94d4284e21ad130b_2769) | | |

OLCV seeks to leverage Occidental’s legacy of carbon management expertise to develop carbon capture, utilization and storage (CCUS) projects, including the commercialization of direct air capture (DAC) technology, and invests in other low-carbon technologies intended to reduce greenhouse gas (GHG) emissions from our operations and strategically partner with other industries to help reduce their emissions.

Occidental’s culture is built upon the following core values, and our employees are evaluated relative to these values:

With this foundation, Occidental’s human capital resources and programs are managed by our human resources department, with support from business leaders across the company.

Occidental’s senior management team plays a key role in setting and monitoring Occidental’s culture, values and broader human capital management practices, with oversight by our Board of Directors.

Senior management and the Board of Directors also engage frequently on workforce-related topics.

|  | | | | | | BUSINESS AND PROPERTIES | | |

In the first quarter of 2021, Occidental established the DIB Advisory Board and the DIB Ambassador Committee.

The DIB Advisory Board, which is chaired by Occidental’s President and CEO and includes members of senior leadership, provides DIB governance and oversight to ensure that Occidental’s integrated DIB strategy is executed and properly aligns with the organization’s mission, vision and strategic objectives.

The DIB Ambassador Committee, which is chaired by Occidental’s Vice President of Diversity and Inclusion, consists of a diverse group of employee representatives from all business segments, domestic and international.

This committee leads company-wide initiatives to raise DIB awareness through educational resources and programs.

Robust educational sessions are available to our entire workforce for continued growth and development on topics such as inclusive leadership, diversity advocacy, recognizing and addressing micro aggressions, overcoming unconscious bias and psychological safety at work.

In October 2021, Occidental’s DIB team hosted its inaugural company-wide DIB live event.

COVID-19 RESPONSE

Occidental and the communities in which we operate continue to be impacted by the ongoing effects of the COVID-19 pandemic and emergence and spread of new variants of the virus.

Throughout the pandemic, Occidental has remained committed to ensuring the safety of our employees and communities while continuing to operate critical national infrastructure and supply essential products.

Senior management and the Human Resources department have been actively monitoring federal, state and local guidance and public health data.

In March 2020, Occidental announced a work-from-home (WFH) program for certain domestic office-based employees.

On November 2, 2021, employees returned to in-office work on a regular basis with COVID-19 safety measures in place, including a mandatory face covering requirement in common areas and enhanced office cleanings.

However, given the surge in COVID-19 cases with the Omicron variant, Occidental announced the re-implementation of a WFH schedule for certain domestic office-based employees effective December 21, 2021, through March 1, 2022.

Understanding the impact of COVID-19 illnesses on our employees and their families, Occidental also instituted “pandemic pay” benefits, which provide employees with up to 14 days of paid leave if unable to work due to COVID-19 related issues.

TALENT ATTRACTION AND RETENTION

Occidental is dedicated to attracting and retaining top talent.

In 2021, Occidental expanded source channels for employee candidates to include three historically black colleges and universities.

During COVID-19 outbreaks in our local communities, Occidental also efficiently conducted interviews, job fairs and campus recruiting virtually.

Similarly, all college interns participated in virtual internships for health and safety reasons during 2020 and 2021.

For 2022, our university relations team will work with universities and their staff to ensure that any in-person interviews and events are conducted safely.

In addition, all college internships are currently set to be in-person later this year though we will continue to monitor federal, state and local guidance and public health data.

Despite the challenges introduced by COVID-19 to interact in-person with others, management continues to encourage employee engagement and feedback.

For example, in late 2020, senior management began hosting Quarterly Executive Virtual Conversations, which provide employees the opportunity to hear directly from leadership regarding financial and operational updates and submit questions for management to answer.

In response to employee feedback received by the Human Resources department, Occidental implemented the Balanced Workplace Program under which eligible office-based employees may opt to work three days in the office and two days at home each week.

The program affords employees more flexibility and promotes increased work/life balance.

In 2021, Occidental implemented its global Strategic Technical Excellence Program (STEP) to recruit, develop and retain highly skilled and valued geoscientists, engineers, scientists and other petrotechnical professionals who will collectively drive innovation, advance performance and inspire the future of energy.

STEP drives a competitive advantage and increased profitability for Occidental through the optimum application of technology; STEP is a highly valued program for technical contributors to focus and advance on a technical, non-managerial career path.

The Chief Petrotechnical Officer leads all aspects of STEP and reports directly to Occidental’s President and CEO.

Occidental also offers employees development opportunities, competitive compensation and attractive benefits, as discussed further below.

|  | | | | | | BUSINESS AND PROPERTIES | | |

DEVELOPMENT AND TRAINING

Occidental employees have access to extensive development and training opportunities and programs to expand their personal and professional skills and knowledge.

| | | | [General](#i7e353a5c21064401ae05ccfab320f1aa_22) | | | [2](#i7e353a5c21064401ae05ccfab320f1aa_22) | | |

| Item 6. | | | [Selected Financial Data](#i7e353a5c21064401ae05ccfab320f1aa_70) | | | [18](#i7e353a5c21064401ae05ccfab320f1aa_70) | | |

OLCV seeks to leverage Occidental’s carbon management expertise that is derived from its enhanced oil recovery (EOR) operations to develop carbon capture, utilization and storage facilities that are expected to source anthropogenic CO2 and promote innovative technologies that drive cost efficiencies and economically grow Occidental’s business while reducing emissions.

As part of our commitment to support this culture, we conducted a robust survey across our organization.

Occidental’s culture of diversity, inclusion and belonging is designed to create an environment where our employees’ differences are celebrated and encouraged.

Occidental’s recruiting, training and career development programs are designed to help every employee realize his or her full potential.

| Union | | | | | | 500 | | | | | | 800 | | | | | | 50 | | | | | | — | | | | | | 1,350 | | |

| Non-Union | | | | | | 7,750 | | | | | | 2,500 | | | | | | 100 | | | | | | 100 | | | | | | 10,450 | | |

| Total | | | | | | 8,250 | | | | | | 3,300 | | | | | | 150 | | | | | | 100 | | | | | | 11,800 | | |

(b)Includes approximately 2,900 employees in the Chemical segment.

Occidental is dedicated to attracting and retaining top talent and Occidental is regularly evaluating and updating its human capital resources to enable its employees to live well and work well.

Occidental offers education resources, programs, time away benefits and insurance to support multiple factors of health including physical, financial, social and mental.

Occidental’s employees are key to its ability to safely adapt to an evolving business environment; one of Occidental’s top priorities is safety for all.

In industries where Occidental operates one of the key performance indicators of a successful company is a low injury incidence rate.

Occidental’s injury rate for 2020 was historically low.

Management’s compensation is impacted by the number of health and safety incidents, which was most recently reflected in management’s 2020 annual bonus determination.

Occidental’s employees are evaluated relative to Occidental’s core values.

These core values are as follows:

Operations in Ghana are classified as held for sale as of December 31, 2020.

(c)International proved reserves and sales volumes in 2019 have been reclassified to include Occidental’s operations in Algeria.

The midstream and marketing segment has equity investments in WES and Dolphin Energy Limited.

The following table sets forth the executive officers of Occidental as of February [removed: 26, 2021:][added: 24, 2022:]

| Name Current Title | | | Age [removed: at] [added: as of] February [removed: 26, 2021] [added: 24, 2022] | | | Positions with Occidental and Employment History | | |

| Marcia E. Backus Senior Vice President, General Counsel and Chief Compliance Officer | | | [removed: 66] [added: 67] | | | Senior Vice President, General Counsel and Chief Compliance Officer since December [removed: 2016; Senior Vice President, General Counsel, Chief Compliance Officer and Corporate Secretary, 2015-2016; Vice President, General Counsel and Corporate Secretary, 2014-2015; Vice President and General Counsel, 2013-2014; Vinson & Elkins: Partner, 1990-2013.] [added: 2016.] | | |

| Peter J. Bennett Vice President | | | [removed: 53] [added: 54] | | | [removed: Vice President since 2016 and] 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, [removed: 2016-2017; Vice President Operations Planning & Portfolio Management, 2016; Vice President Operations Portfolio & Integrated Planning, 2015-2016; Vice President Operations Planning & Optimization, 2014-2015.] [added: 2016-2017.] | | |

| Christopher O. Champion Vice President, Chief Accounting Officer and Controller | | | [removed: 51] [added: 52] | | | Vice President, Chief Accounting Officer and Controller since August 2019; Anadarko Petroleum Corporation: Senior Vice President, Chief Accounting Officer and Controller, [removed: 2017-2019;] [added: 2017-2019,] Vice President, Chief Accounting Officer and [removed: Controller 2015-2017; KPMG LLP: Audit Partner, 2003-2015.] [added: Controller, 2015-2017.] | | |

| Kenneth Dillon Senior Vice President | | | [removed: 61] [added: 62] | | | Senior Vice President since December 2016; President [removed: -] [added: –] International Oil and Gas Operations since June [removed: 2016; Senior Vice President - Operations and Major Projects, 2014-2016; Senior Vice President - Major Projects, 2012-2014.] [added: 2016.] | | |

| Vicki Hollub President and Chief Executive Officer | | | [removed: 61] [added: 62] | | | President, Chief Executive Officer and Director since April [removed: 2016; President, Chief Operating Officer and Director, 2015-2016; Senior Executive Vice President and President, Oxy Oil and Gas, 2015; Executive Vice President and President Oxy Oil and Gas - Americas, 2014-2015; Vice President and Executive Vice President, U.S. Operations, Oxy Oil and Gas, 2013-2014.] [added: 2016.] | | |

| Richard A. Jackson Senior Vice President | | | [removed: 45] [added: 46] | | | [removed: Senior Vice] President [removed: since November 2020; 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 [removed: Venture,] [added: Ventures,] 2019-2020; Senior Vice President, Operation Support, 2018-2019; Vice President, Investor Relations, 2017-2018; President and General Manager Permian Resources Delaware Basin, [removed: 2014-2017; Vice President of Drilling Americas, 2011-2014.] [added: 2014-2017.] | | |

| Robert L. Peterson Senior Vice President and Chief Financial Officer | | | [removed: 50] [added: 51] | | | 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. | | |

| OXY [removed: 2020] [added: 2021] FORM 10-K | | | [removed: 15] [added: 17] | | |

| [removed: ] [added: ] | | | [removed: OTHER INFORMATION] | | | [added: OTHER INFORMATION] | | |

| | | | | | |

| --- | --- | --- | --- | --- | --- |

| 18 | | | OXY 2021 FORM 10-K | | |

| | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- |

|  | | | | | | OTHER INFORMATION | | |

Occidental’s common stock is listed and traded on the New York Stock Exchange [added: (NYSE)] under the ticker symbol “OXY.” The common stock was held by approximately [removed: 28,200] [added: 26,800] stockholders of record [removed: at] [added: as of] January 31, [removed: 2021,] [added: 2022,] which does not include beneficial owners for whom Cede and Co. or others act as nominees.

The declaration of future dividends is a business decision made by the Board of Directors from time to time and will depend on Occidental’s financial condition and other factors deemed relevant by the [removed: Board.][added: Board of Directors.]

Occidental’s share repurchase activities for the year ended December 31, [removed: 2020,] [added: 2021,] were as follows:

| Third Quarter [removed: 2020] [added: 2021] | | | | | | — | | | | | | | | | | | | $ | — | | | | | | | | — | | | | | | | | | | | | | | |

(a)All [removed: 2020] [added: 2021] purchases were from the trustee of Occidental’s defined contribution savings plan.

(b)Represents the total number of shares remaining at year end under Occidental’s [added: previous] share repurchase program of 185 million shares.

The program [removed: does] [added: did] not obligate Occidental to acquire any specific number of shares and [removed: may] [added: could] be discontinued at any time.

| [removed: 16 | | |] OXY [removed: 2020] [added: 2021] FORM 10-K | | | [added: 19 | | |]

| [removed: ] [added: ] | | | [removed: OTHER INFORMATION] | | | [added: OTHER INFORMATION] | | |

The following graph compares the yearly percentage change in Occidental’s cumulative total return on its common stock with the cumulative total return of the Standard & Poor’s 500 Stock Index (S&P 500), which includes [removed: Occidental] [added: Occidental,] with that of Occidental’s peer group over the five-year period ended December 31, [removed: 2020.][added: 2021.]

Occidental’s peer group consists of BP p.l.c., Chevron Corporation, ConocoPhillips, EOG Resources, Inc., ExxonMobil Corporation, [removed: Royal Dutch Shell plc, Total S.A.] [added: Shell, TotalEnergies SE (Total)] and Occidental.

[removed: ][added: ]

| Fiscal Year Ended December 31, | | | [removed: 2015] [added: 2016] | | | | | | [removed: 2016] [added: 2017] | | | | | | [removed: 2017] [added: 2018] | | | | | | [removed: 2018] [added: 2019] | | | | | | [removed: 2019] [added: 2020] | | | | | | [removed: 2020] [added: 2021] | | |

| [removed: OXY 2020 FORM 10-K] [added: 20] | | | [removed: 17] [added: OXY 2021 FORM 10-K] | | |

| First Quarter 2021 | | | | | | 148,296 | | | | | | | | | | | | $ | 22.62 | | | | | | | | — | | | | | | | | | | | | | | |

| Second Quarter 2021 | | | | | | — | | | | | | | | | | | | $ | — | | | | | | | | — | | | | | | | | | | | | | | |

| October 1 - 31, 2021 | | | | | | 148,464 | | | | | | | | | | | | $ | 32.77 | | | | | | | | — | | | | | | | | | | | | | | |

| November 1 - 30, 2021 | | | | | | — | | | | | | | | | | | | $ | — | | | | | | | | — | | | | | | | | | | | | | | |

| December 1 - 31, 2021 | | | | | | — | | | | | | | | | | | | $ | — | | | | | | | | — | | | | | | | | | | | | | | |

| Fourth Quarter 2021 | | | | | | 148,464 | | | | | | | | | | | | $ | 32.77 | | | | | | | | — | | | | | | | | | | | | | | |

| Total 2021 | | | | | | 296,760 | | | | | | | | | | | | $ | 27.70 | | | | | | | | — | | | | | | | | | 44,206,787 | | | (b) | | |

See “Liquidity and Capital Resources” 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 for more information on Occidental’s recently announced share repurchase program.

| Occidental | | | $ | 100 | | | | | $ | 109 | | | | | $ | 94 | | | | | $ | 68 | | | | | $ | 31 | | | | | $ | 53 | |

| Peer Group | | | $ | 100 | | | | | $ | 111 | | | | | $ | 101 | | | | | $ | 108 | | | | | $ | 72 | | | | | $ | 106 | |

| S&P 500 | | | $ | 100 | | | | | $ | 122 | | | | | $ | 116 | | | | | $ | 153 | | | | | $ | 181 | | | | | $ | 233 | |

|  | | | | | | MANAGEMENT’S DISCUSSION AND ANALYSIS | | |

| First Quarter 2020 | | | | | | — | | | | | | | | | | | | $ | — | | | | | | | | — | | | | | | | | | | | | | | |

| Second Quarter 2020 | | | | | | 157,808 | | | | | | | | | | | | $ | 24.40 | | | | | | | | — | | | | | | | | | | | | | | |

| October 1 - 31, 2020 | | | | | | — | | | | | | | | | | | | $ | — | | | | | | | | — | | | | | | | | | | | | | | |

| November 1 - 30, 2020 | | | | | | 164,077 | | | | | | | | | | | | $ | 12.70 | | | | | | | | — | | | | | | | | | | | | | | |

| December 1 - 31, 2020 | | | | | | 313,698 | | | | | | | | | | | | $ | 17.65 | | | | | | | | — | | | | | | | | | | | | | | |

| Fourth Quarter 2020 | | | | | | 477,775 | | | | | | | | | | | | $ | 15.95 | | | | | | | | — | | | | | | | | | | | | | | |

| Total 2020 | | | | | | 635,583 | | | | | | | | | | | | $ | 18.05 | | | | | | | | — | | | | | | | | | 44,206,787 | | | (b) | | |

| Occidental | | | $ | 100 | | | | | $ | 110 | | | | | $ | 119 | | | | | $ | 104 | | | | | $ | 75 | | | | | $ | 35 | |

| Peer Group | | | $ | 100 | | | | | $ | 125 | | | | | $ | 139 | | | | | $ | 127 | | | | | $ | 136 | | | | | $ | 90 | |

| S&P 500 | | | $ | 100 | | | | | $ | 112 | | | | | $ | 136 | | | | | $ | 130 | | | | | $ | 171 | | | | | $ | 203 | |

| [Report of Independent Registered Public Accounting Firm on Consolidated Financial [removed: Statements](#i7e353a5c21064401ae05ccfab320f1aa_133)] [added: Statements](#id7126fd2d66641da94d4284e21ad130b_133)] | | | [removed: [57](#i7e353a5c21064401ae05ccfab320f1aa_133)] [added: [59](#id7126fd2d66641da94d4284e21ad130b_133)] | | |

| [Report of Independent Registered Public Accounting Firm on Internal Control Over Financial [removed: Reporting](#i7e353a5c21064401ae05ccfab320f1aa_136)] [added: Reporting](#id7126fd2d66641da94d4284e21ad130b_136)] | | | [removed: [61](#i7e353a5c21064401ae05ccfab320f1aa_136)] [added: [61](#id7126fd2d66641da94d4284e21ad130b_136)] | | |

| [Consolidated Balance [removed: Sheets](#i7e353a5c21064401ae05ccfab320f1aa_139)] [added: Sheets](#id7126fd2d66641da94d4284e21ad130b_139)] | | | [removed: [62](#i7e353a5c21064401ae05ccfab320f1aa_139)] [added: [62](#id7126fd2d66641da94d4284e21ad130b_139)] | | |

| [Consolidated Statements of [removed: Operations](#i7e353a5c21064401ae05ccfab320f1aa_145)] [added: Operations](#id7126fd2d66641da94d4284e21ad130b_142)] | | | [removed: [64](#i7e353a5c21064401ae05ccfab320f1aa_145)] [added: [64](#id7126fd2d66641da94d4284e21ad130b_142)] | | |

| [Consolidated Statements of Comprehensive [removed: Income](#i7e353a5c21064401ae05ccfab320f1aa_148)] [added: Income](#id7126fd2d66641da94d4284e21ad130b_145)] (Loss) | | | [removed: [65](#i7e353a5c21064401ae05ccfab320f1aa_148)] [added: [65](#id7126fd2d66641da94d4284e21ad130b_145)] | | |

| [Consolidated Statements of Stockholders’ [removed: Equity](#i7e353a5c21064401ae05ccfab320f1aa_151)] [added: Equity](#id7126fd2d66641da94d4284e21ad130b_148)] | | | [removed: [66](#i7e353a5c21064401ae05ccfab320f1aa_151)] [added: [66](#id7126fd2d66641da94d4284e21ad130b_148)] | | |

| [Consolidated Statements of Cash [removed: Flows](#i7e353a5c21064401ae05ccfab320f1aa_157)] [added: Flows](#id7126fd2d66641da94d4284e21ad130b_151)] | | | [removed: [67](#i7e353a5c21064401ae05ccfab320f1aa_157)] [added: [67](#id7126fd2d66641da94d4284e21ad130b_151)] | | |

| [Notes to Consolidated Financial [removed: Statements](#i7e353a5c21064401ae05ccfab320f1aa_160)] [added: Statements](#id7126fd2d66641da94d4284e21ad130b_154)] | | | [removed: [68](#i7e353a5c21064401ae05ccfab320f1aa_160)] [added: [68](#id7126fd2d66641da94d4284e21ad130b_154)] | | |

| [Note 1 - Summary of Significant Accounting [removed: Policies](#i7e353a5c21064401ae05ccfab320f1aa_163)] [added: Policies](#id7126fd2d66641da94d4284e21ad130b_157)] | | | [removed: [68](#i7e353a5c21064401ae05ccfab320f1aa_163)] [added: [68](#id7126fd2d66641da94d4284e21ad130b_157)] | | |

[removed: | [Note 2 - Accounting and Disclosure Changes](#i7e353a5c21064401ae05ccfab320f1aa_169) | | | [77](#i7e353a5c21064401ae05ccfab320f1aa_169) | | |][added: SIGNIFICANT ACCOUNTING AND DISCLOSURE CHANGES]

| [removed: [Note 4 -](#i7e353a5c21064401ae05ccfab320f1aa_175) [D](#i7e353a5c21064401ae05ccfab320f1aa_175)[ivestitures](#i7e353a5c21064401ae05ccfab320f1aa_175) [and Other Transactions](#i7e353a5c21064401ae05ccfab320f1aa_175) | | | [82](#i7e353a5c21064401ae05ccfab320f1aa_175)] [added: NOTE 5 - ACQUISITIONS, DIVESTITURES AND OTHER TRANSACTIONS] | | |

| [removed: [Note 5] [added: NOTE 2] - [removed: Revenue](#i7e353a5c21064401ae05ccfab320f1aa_181) | | | [84](#i7e353a5c21064401ae05ccfab320f1aa_181)] [added: REVENUE] | | |

| [removed: [Note 6] [added: NOTE 3] - [removed: Inventories](#i7e353a5c21064401ae05ccfab320f1aa_187) | | | [87](#i7e353a5c21064401ae05ccfab320f1aa_187)] [added: INVENTORIES] | | |

| [removed: [Note 7] [added: NOTE 6] - [removed: Long-term Debt](#i7e353a5c21064401ae05ccfab320f1aa_190) | | | [87](#i7e353a5c21064401ae05ccfab320f1aa_190)] [added: LONG-TERM DEBT] | | |

| [removed: [Note 8] [added: NOTE 7] - [removed: Lease Commitments](#i7e353a5c21064401ae05ccfab320f1aa_196) | | | [91](#i7e353a5c21064401ae05ccfab320f1aa_196)] [added: LEASE COMMITMENTS] | | |

| [removed: [Note 9] [added: NOTE 8] - [removed: Derivatives](#i7e353a5c21064401ae05ccfab320f1aa_202) | | | [92](#i7e353a5c21064401ae05ccfab320f1aa_202)] [added: DERIVATIVES] | | |

| [removed: [Note 10] [added: NOTE 12] - [removed: Environmental Liabilities and Expenditures](#i7e353a5c21064401ae05ccfab320f1aa_205) | | | [96](#i7e353a5c21064401ae05ccfab320f1aa_205)] [added: ENVIRONMENTAL LIABILITIES AND EXPENDITURES] | | |

| [removed: [Note 11] [added: NOTE 13] - [removed: Lawsuits, Claims, Commitments and Contingencies](#i7e353a5c21064401ae05ccfab320f1aa_211) | | | [98](#i7e353a5c21064401ae05ccfab320f1aa_211)] [added: LAWSUITS, CLAIMS, COMMITMENTS AND CONTINGENCIES] | | |

| [removed: [Note 12] [added: NOTE 10] - [removed: Income Taxes](#i7e353a5c21064401ae05ccfab320f1aa_214) | | | [100](#i7e353a5c21064401ae05ccfab320f1aa_214)] [added: INCOME TAXES] | | |

| [removed: [Note 13] [added: NOTE 14] - [removed: Stockholders’ Equity](#i7e353a5c21064401ae05ccfab320f1aa_220) | | | [103](#i7e353a5c21064401ae05ccfab320f1aa_220)] [added: STOCKHOLDERS’ EQUITY] | | |

| [removed: [Note 14] [added: NOTE 15] - [removed: Stock-Based Incentive Plans](#i7e353a5c21064401ae05ccfab320f1aa_226) | | | [104](#i7e353a5c21064401ae05ccfab320f1aa_226)] [added: STOCK-BASED INCENTIVE PLANS] | | |

| [removed: [Note 15] [added: NOTE 11] - [removed: Retirement and Postretirement Benefit Plans](#i7e353a5c21064401ae05ccfab320f1aa_232) | | | [107](#i7e353a5c21064401ae05ccfab320f1aa_232)] [added: RETIREMENT AND POSTRETIREMENT BENEFIT PLANS] | | |

| [removed: [Note 16] [added: NOTE 4] - [removed: Investments and Related-Party Transactions](#i7e353a5c21064401ae05ccfab320f1aa_235) | | | [111](#i7e353a5c21064401ae05ccfab320f1aa_235)] [added: INVESTMENTS AND RELATED-PARTY TRANSACTIONS] | | |

| [removed: [Note 17] [added: NOTE 9] - [removed: Fair Value Measurements](#i7e353a5c21064401ae05ccfab320f1aa_241) | | | [112](#i7e353a5c21064401ae05ccfab320f1aa_241)] [added: FAIR VALUE MEASUREMENTS] | | |

| [removed: [Note 18] [added: NOTE 16] - [removed: Industry Segments and Geographic Areas](#i7e353a5c21064401ae05ccfab320f1aa_244) | | | [114](#i7e353a5c21064401ae05ccfab320f1aa_244)] [added: INDUSTRY SEGMENTS AND GEOGRAPHIC AREAS] | | |

| [Supplemental Oil and Gas Information [removed: (Unaudited)](#i7e353a5c21064401ae05ccfab320f1aa_250)] [added: (Unaudited)](#id7126fd2d66641da94d4284e21ad130b_220)] | | | [removed: [118](#i7e353a5c21064401ae05ccfab320f1aa_250)] [added: [113](#id7126fd2d66641da94d4284e21ad130b_220)] | | |

| [Schedule II – Valuation and Qualifying [removed: Accounts](#i7e353a5c21064401ae05ccfab320f1aa_256)] [added: Accounts](#id7126fd2d66641da94d4284e21ad130b_226)] | | | [removed: [134](#i7e353a5c21064401ae05ccfab320f1aa_256)] [added: [129](#id7126fd2d66641da94d4284e21ad130b_226)] | | |

| [removed: 56] [added: 58] | | | OXY [removed: 2020] [added: 2021] FORM 10-K | | |

| [removed: ] [added: ] | | | [removed: FINANCIAL STATEMENTS REPORT] | | | [added: FINANCIAL STATEMENTS REPORT] | | |

*Opinion on the [removed: Consolidated Financial] [added: Consolidated* *Financial] Statements*

We have audited the accompanying consolidated balance sheets of Occidental Petroleum Corporation and subsidiaries (the Company) as of December 31, [removed: 2020] [added: 2021] and [removed: 2019,] [added: 2020,] the related consolidated statements of operations, comprehensive income (loss), stockholders’ equity, and cash flows for each of the years in the three‑year period ended December 31, [removed: 2020,] [added: 2021,] and the related notes and financial statement schedule II – valuation and qualifying accounts (collectively, the consolidated financial statements).

In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, [removed: 2020] [added: 2021] and [removed: 2019,] [added: 2020,] and the results of its operations and its cash flows for each of the years in the three‑year period ended December 31, [removed: 2020,] [added: 2021,] in conformity with U.S. generally accepted accounting principles.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, [removed: 2020,] [added: 2021,] based on criteria established in *Internal Control – Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated February [removed: 26, 2021] [added: 24, 2022] expressed an unqualified opinion on the effectiveness of the Company’s internal control over financial reporting*.*

| OXY [removed: 2020] [added: 2021] FORM 10-K | | | [removed: 57] [added: 59] | | |

As discussed in Notes 1 and [removed: 10] [added: 12] to the consolidated financial statements, the Company accrues a liability for estimated environmental remedial activities when it is probable a liability has been incurred and the amount of remediation costs can be estimated.

For the year ended December 31, [removed: 2020,] [added: 2021,] the Company recorded depreciation and depletion expense related to proved oil and gas properties of [removed: $7.4] [added: $7.7] billion.

| [removed: 58] [added: 60] | | | OXY [removed: 2020] [added: 2021] FORM 10-K | | |

Occidental periodically reviews [added: significant] unproved properties for impairments; numerous factors are considered, including but not limited to, [added: availability of funds for future exploration and development activities,] current exploration and development plans, favorable or unfavorable exploration [removed: activity,] [added: activity on the property or the adjacent property,] geologists’ evaluation of the property, the current and projected political and regulatory climate, [added: contractual conditions] and the remaining [added: lease term for the properties.]

| OXY [removed: 2020] [added: 2021] FORM 10-K | | | [removed: 59] [added: 61] | | |

| [removed: 60] [added: 62] | | | OXY [removed: 2020] [added: 2021] FORM 10-K | | |

As of December 31, 2021, the Company’s total estimated environmental liabilities were $1.1 billion, which includes the estimated environmental liability for the lower 8.3 miles of the Lower Passaic River site.

|  | | | | | | FINANCIAL STATEMENTS REPORT | | |

|  | | | | | | FINANCIAL STATEMENTS REPORT | | |

February 24, 2022

| *millions* | | | | | | 2021 | | | | | | 2020 | | |

|  | | | | | | FINANCIAL STATEMENTS | | |

(a)Included $85 million and $42 million of current finance lease liabilities as of December 31, 2021, and 2020, respectively.

(b)Included $504 million and $316 million of finance lease liabilities as of December 31, 2021, and 2020, respectively.

|  | | | | | | FINANCIAL STATEMENTS | | |

|  | | | | | | FINANCIAL STATEMENTS | | |

|  | | | | | | FINANCIAL STATEMENTS | | |

| Dividends on preferred stock, $8,000 per share | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (800) | | | | | | — | | | | | | — | | | | | | (800) | | |

| Shareholder warrants exercised | | | | | | — | | | | | | — | | | | | | — | | | | | | 7 | | | | | | — | | | | | | — | | | | | | — | | | | | | 7 | | |

| Balance, December 31, 2021 | | | | | | $ | 9,762 | | | | | $ | 217 | | | | | $ | (10,673) | | | | | $ | 16,749 | | | | | $ | 4,480 | | | | | $ | (208) | | | | | $ | — | | | | | $ | 20,327 | |

|  | | | | | | FINANCIAL STATEMENTS | | |

| Financing portion of net cash received (paid) for derivative instruments | | | | | | (834) | | | | | | (362) | | | | | | 120 | | |

OLCV seeks to leverage Occidental’s legacy of carbon management expertise to develop CCUS projects, including the commercialization of DAC technology, and invests in other low-carbon technologies intended to reduce GHG emissions from our operations and strategically partner with other industries to help reduce their emissions.

See [Note 4 - Investment and Related-Party Transactions](#id7126fd2d66641da94d4284e21ad130b_208).

Occidental evaluates the facts and circumstances of any distributions in excess of its carrying amount in the investment to determine the appropriate accounting, including the source of the proceeds and any implicit or explicit commitments to fund the affiliate.

If there is no implicit or explicit commitment the distribution is treated as a gain.

If an implicit or explicit commitment exists to possibly fund the affiliate at a future date the distribution is recorded against the equity-method investment.

|  | | | | | | FINANCIAL STATEMENTS FOOTNOTES | | |

|  | | | | | | FINANCIAL STATEMENTS FOOTNOTES | | |

As a result of Occidental's mid-year reserve review undertaken in the second quarter of 2021, DD&A rates for the second half of 2021 were lower compared to the first half of 2021 due to increased proved reserves primarily related to positive price revisions.

Proved oil, NGL and natural gas reserves were estimated during this mid-year review using the unweighted arithmetic average of the first-day-of-the-month price for each month for the twelve months ended June 30, 2021, unless prices were defined by contractual arrangements.

Only PUD reserves which are reasonably certain to be drilled within five years of booking and are supported by a final investment decision to drill them are included in the development plan.

A portion of the PUD reserves associated with international operations are expected to be developed beyond the five years and are tied to approved long-term development projects.

These assumptions include estimates of future production,

|  | | | | | | FINANCIAL STATEMENTS FOOTNOTES | | |

During 2021, Occidental’s oil and gas segment recognized pre-tax impairment and related charges of $282 million primarily related to undeveloped leases that either expired or were set to expire in the near-term, where Occidental had no plans to pursue exploration activities and, to a lesser extent, impairments of oil and gas materials and supplies inventories.

|  | | | | | | FINANCIAL STATEMENTS FOOTNOTES | | |

During 2020, Occidental’s midstream and marketing segment recognized pre-tax impairment and related charges of $1.2 billion related to goodwill associated with Occidental’s ownership in WES.

It is reasonably possible that prolonged declines in commodity prices, reduced capital spending in response to lower prices or increases in operating costs could result in additional impairments.

|  | | | | | | FINANCIAL STATEMENTS FOOTNOTES | | |

|  | | | | | | FINANCIAL STATEMENTS FOOTNOTES | | |

| *millions* | | | | | | 2021 | | | | | | 2020 | | |

There are no outstanding awards under Occidental’s 2005 Long-Term Incentive Plan following the expiration of the non-qualified stock options granted in 2015 on February 11, 2022.

|  | | | | | | FINANCIAL STATEMENTS FOOTNOTES | | |

| Income tax payments | | | | | | $ | 763 | | | | | $ | 498 | | | | | $ | 1,944 | |

| Income tax refunds received | | | | | | $ | 70 | | | | | $ | 223 | | | | | $ | 80 | |

| --- | --- | --- | --- | --- | --- |

| Note 3 - The Acquisition | | | [78](#i7e353a5c21064401ae05ccfab320f1aa_172) | | |

| [Quarterly Financial Data (Unaudited)](#i7e353a5c21064401ae05ccfab320f1aa_247) | | | [117](#i7e353a5c21064401ae05ccfab320f1aa_247) | | |

| | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- |

*Change in Accounting Principle*

As discussed in Notes 2 and 8 to the consolidated financial statements, the Company changed its method of accounting for leases as of January 1, 2019 due to the adoption of Accounting Standards Codification Topic 842, *Leases.*

As of December 31, 2020, the Company’s estimated environmental liabilities were $1.2 billion.

The following are the primary procedures we performed to address this critical audit matter.

To assess the Company’s ability to accurately estimate future production quantities, we compared the future production quantity assumptions used by the Company in prior periods to the actual production amounts.

We compared the estimated future production quantities used by the Company in the current period to historical production rates.

*Evaluation of the recoverability and fair value estimate of certain proved oil and gas properties*

As discussed in Notes 1 and 17 to the consolidated financial statements, the Company performs impairment tests with respect to its proved oil and gas properties whenever events or circumstances indicate that the carrying value of property may not be recoverable.

If there is an indication the carrying amount of the asset may not be recovered, the Company estimates the undiscounted cash flows of the proved oil and gas property and compares the undiscounted cash flows to carrying value of the proved property.

If the sum of the undiscounted cash flows is less than the carrying value of the proved property, the carrying value is reduced to estimated fair value and reported as an impairment charge in the period.

The Company recorded impairment charges of $4.6 billion for its proved oil and gas properties, including properties held for sale, for the year ended December 31, 2020.

We identified the evaluation of the recoverability and fair value estimate of certain proved oil and gas properties as a critical audit matter.

Subjective auditor judgment was required to evaluate the key assumptions used to estimate the undiscounted future net cash flows used in the recoverability analysis and the discounted future net cash flows used in the determination of fair value for those properties where the carrying value exceeded the undiscounted cash flows.

The key assumptions included (1) estimated future commodities prices, (2) estimated future production quantities, (3) estimated future operating and capital costs, (4) discount rate, and (5) reserve category risk adjustment factors.

We evaluated the design and tested the operating effectiveness of certain internal controls over the Company’s proved oil and gas impairment process, including controls related to the key assumptions.

We compared benchmark commodity prices used by the Company in estimating future commodity prices to publicly disclosed projected commodity prices.

We evaluated the estimated future operating and capital cost assumptions by comparing them to historical costs.

We evaluated the professional qualifications and the knowledge, skills, and ability of the Company’s internal reserve engineers, including their ability to estimate applicable reserve category risk adjustment factors.

In addition, we involved valuation professionals with specialized skills and knowledge, who assisted in evaluating the (1) discount rate by comparing it to a discount rate range that was independently developed using publicly available market data for comparable entities and (2) reserve category risk adjustment factors by comparing them to third party publications of risk adjustment factors utilized by market participants.

*Evaluation of the fair value measurement of certain unproved oil and gas properties*

As discussed in Notes 1 and 17 to the consolidated financial statements, the Company performs impairment tests with respect to its unproved oil and gas properties whenever events or circumstances indicate that the carrying value of property may not be recoverable.

lease term for the property.

The Company measured the fair value of certain domestic onshore unproved property based on a market approach using an implied acreage valuation derived from domestic onshore market participants excluding the fair value assigned to proved properties, which was based on an income approach.

Impairment charges of $4.6 billion were recorded for the year ended December 31, 2020.

We identified the evaluation of the fair value of certain domestic onshore unproved oil and gas properties as a critical audit matter.

A high degree of subjectivity was involved in evaluating the results of the market-based enterprise values, the control premium, and the discounted cash flow models used in the income approach.

The evaluation of the market-based enterprise values and control premium included determining which market participants had acreage positions most comparable to the Company’s acreage position of certain domestic onshore oil and gas properties.

In addition, the income approach utilized risk adjusted discounted cash flow models, which included several significant assumptions.

The key assumptions used in the risk adjusted discounted cash flow models include (1) estimated future commodities prices, (2) estimated future production quantities, (3) estimated future operating and capital costs, (4) discount rate, and (5) reserve category risk adjustment factors.

We evaluated the design and tested the operating effectiveness of certain internal controls over the Company’s unproved oil and gas impairment process, including controls related to the key assumptions, identification of comparable acreage positions and selection of the control premium.

We evaluated the selection of market participants having acreage positions most comparable to the Company by comparing the domestic onshore acreage held by the market participants to the oil and gas properties under evaluation.

We compared estimated future production quantities used by the Company in the current period to historical production rates.

In addition, we involved valuation professionals with specialized skills and knowledge, who assisted in evaluating the Company’s:

- market-based enterprise value by comparing the Company’s estimated value for certain domestic onshore unproved oil and gas properties to a range of indicated values based on comparable companies using publicly available market data

- control premium by comparing it to a control premium range that was independently developed using publicly available market data for comparable companies

The management of Occidental Petroleum Corporation and its subsidiaries [removed: (Occidental)] is responsible for establishing and maintaining adequate internal control over financial reporting.

Occidental’s system of internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of consolidated financial statements for external purposes in accordance with [removed: generally accepted accounting principles.][added: GAAP.]

Occidental’s internal control over financial reporting includes those policies and procedures that: (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and divestitures of Occidental’s assets; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with [removed: generally accepted accounting principles] [added: GAAP] and that Occidental’s receipts and expenditures are being made only in accordance with authorizations of Occidental’s management and directors; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of Occidental’s assets that could have a material effect on the financial statements.

Management has assessed the effectiveness of Occidental’s internal control system as of December 31, [removed: 2020,] [added: 2021,] based on the criteria for effective internal control over financial reporting described in Internal Control - Integrated Framework issued in 2013 by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

Based on this assessment, management believes that, as of December 31, [removed: 2020,] [added: 2021,] Occidental’s system of internal control over financial reporting is effective.

Based upon that evaluation, Occidental’s President and Chief Executive Officer and Senior Vice President and Chief Financial Officer concluded that Occidental’s disclosure controls and procedures were effective as of December 31, [removed: 2020.][added: 2021.]

There has been no change in Occidental’s internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the fourth quarter of [removed: 2020] [added: 2021] that has materially affected, or is reasonably likely to materially affect, Occidental’s internal control over financial reporting.

Occidental is converting legacy Anadarko’s information into Occidental’s primary enterprise resource planning system during the first quarter of 2022.

Certain existing internal controls will be modified and new controls will be implemented.

| | | | | | |

| --- | --- | --- | --- | --- | --- |

| OXY 2020 FORM 10-K | | | 135 | | |

Part III

None.

| | | | | | |

| --- | --- | --- | --- | --- | --- |

| 130 | | | OXY 2021 FORM 10-K | | |

Part III

The Code is posted [removed: at] [added: on our website,] www.oxy.com.

The information required by this Item 10 is incorporated herein by reference from Occidental’s definitive Proxy Statement to be filed with the SEC pursuant to Regulation 14A within 120 days of December 31, [removed: 2020.][added: 2021.]

The information required by this Item 11 is incorporated herein by reference from Occidental’s definitive Proxy Statement to be filed with the SEC pursuant to Regulation 14A within 120 days of December 31, [removed: 2020.][added: 2021.]

The aggregate number of shares of Occidental common stock authorized for issuance under such plans is approximately 133 million, of which approximately [removed: 11.6] [added: 16.0] million had been reserved for issuance through December 31, [removed: 2020.][added: 2021.]

[removed: (1)Included] [added: (1)Includes] shares reserved to be issued pursuant to [removed: restricted stock units,] [added: RSUs,] stock options (Options) and performance-based awards.

The information required by this Item 12 is incorporated herein by reference from Occidental’s definitive Proxy Statement to be filed with the SEC pursuant to Regulation 14A within 120 days of December 31, [removed: 2020.][added: 2021.]

| 16,627,404 (1) | | | | | | | | | 43.82 (2) | | | | | | | | | 68,689,570 (3) | | | | | |

| 12,543,995 (1) | | | | | | | | | 46.34 (2) | | | | | | | | | 88,324,982 (3) | | | | | |

The information required by this Item 13 is incorporated herein by reference from Occidental’s definitive Proxy Statement to be filed with the SEC pursuant to Regulation 14A within 120 days of December 31, [removed: 2020.][added: 2021.]

| OXY 2021 FORM 10-K | | | 131 | | |

| 136 | | | OXY 2020 FORM 10-K | | |

The information [added: about our principle accountant, KPMG LLP, Houston, Texas (185)] required by this Item 14 is incorporated herein by reference from Occidental’s definitive Proxy Statement to be filed with the SEC pursuant to Regulation 14A within 120 days of December 31, [removed: 2020.][added: 2021.]

Our independent registered public accounting firm is KPMG LLP, Houston, TX, Auditor Firm ID: 185.

| All of the [removed: Exhibits] [added: exhibits] numbered 10.1 to [removed: 10.33] [added: 10.24] are management contracts and compensatory plans required to be identified specifically as responsive to Item 601(b)(10)(iii)(A) of Regulation S-K pursuant to Item 15(b) of Form 10-K. | | | | | |

| 10.1 | | | [Occidental Petroleum Corporation Savings Plan (Amended and Restated Effective as of January 1, [removed: 2021).](https://www.sec.gov/Archives/edgar/data/797468/000079746821000009/oxyex10112-31x2020occident.htm)] [added: 202](https://www.sec.gov/Archives/edgar/data/797468/000079746822000008/oxyex10112-31x2021occident.htm)[2](https://www.sec.gov/Archives/edgar/data/797468/000079746822000008/oxyex10112-31x2021occident.htm)[).](https://www.sec.gov/Archives/edgar/data/797468/000079746822000008/oxyex10112-31x2021occident.htm)] | | |

| [removed: 10.2] [added: 10.3] | | | [Occidental Petroleum Corporation Modified Deferred Compensation Plan (Effective December 31, 2006 and Amended and Restated Effective January 1, [removed: 2021).](https://www.sec.gov/Archives/edgar/data/797468/000079746821000009/oxyex10212-31x2020occident.htm)] [added: 2021)](http://www.sec.gov/Archives/edgar/data/797468/000079746821000009/oxyex10212-31x2020occident.htm) [(filed as Exhibit 10.2 to the Annual Report on Form 10-K of Occidental for the fiscal year ended December 31, 2020, File No. 1-9210)](http://www.sec.gov/Archives/edgar/data/797468/000079746821000009/oxyex10212-31x2020occident.htm)[.](http://www.sec.gov/Archives/edgar/data/797468/000079746821000009/oxyex10212-31x2020occident.htm)] | | |

| [removed: 10.3] [added: 10.4] | | | [Occidental Petroleum Corporation Supplemental Retirement Plan II (Effective as of January 1, 2005 and Amended and Restated as of July 1, 2020) (filed as Exhibit 10.4 to the Quarterly Report on Form 10-Q of Occidental for the quarterly period ended June 30, 2020, File No. 1-9210).](http://www.sec.gov/Archives/edgar/data/797468/000079746820000027/exhibit104-opcsrpii.htm) | | |

| [removed: 10.4] [added: 10.17] | | | [Form of [removed: 2018] [added: 2020] Occidental Petroleum Corporation 2015 Long-Term Incentive Plan Total Shareholder Return Incentive Award (filed as Exhibit [removed: 10.1] [added: 10.2] to the Quarterly Report on Form 10-Q of Occidental for the quarterly period ended March 31, [removed: 2018,] [added: 2020,] File No. [removed: 1-9210).](http://www.sec.gov/Archives/edgar/data/797468/000079746818000008/oxyex101q12018tsr.htm)] [added: 1-9210).](http://www.sec.gov/Archives/edgar/data/797468/000079746820000010/exhibit10210q3312020-t.htm)] | | |

| [removed: 10.5] [added: 10.21] | | | [Form of [removed: 2018] [added: 2020] Occidental Petroleum Corporation 2015 Long-Term Incentive Plan [added: Special] Restricted Stock Unit Incentive Award (filed as Exhibit [removed: 10.2] [added: 10.6] to the Quarterly Report on Form 10-Q of Occidental for the quarterly period ended March 31, [removed: 2018,] [added: 2020,] File No. [removed: 1-9210).](http://www.sec.gov/Archives/edgar/data/797468/000079746818000008/oxyex102q12018rsu.htm)] [added: 1-9210).](http://www.sec.gov/Archives/edgar/data/797468/000079746820000010/exhibit106restrictedst.htm)] | | |

| [removed: 10.6] [added: 10.11] | | | [removed: [Form of Amendment to Occidental] [added: [Occidental] Petroleum Corporation 2015 Long-Term Incentive Plan [added: Form of] Notice of Grant of Performance Retention Incentive Award (filed as Exhibit [removed: 10.4] [added: 10.5] to the [removed: Annual] [added: Quarterly] Report on Form [removed: 10-K] [added: 10-Q] of Occidental for the [removed: fiscal year] [added: quarterly period] ended [removed: December 31, 2017,] [added: June 30, 2015,] File No. [removed: 1-9210).](http://www.sec.gov/Archives/edgar/data/797468/000079746818000005/oxyex10410k123117priamendm.htm)] [added: 1-9210).](http://www.sec.gov/Archives/edgar/data/797468/000079746815000012/exhibit1052015noticeofgran.htm)] | | |

| [removed: 10.7] [added: 10.5] | | | [Occidental Petroleum Corporation Executive Incentive Compensation Plan (As Amended and Restated Effective January 1, 2020) (filed as Exhibit 10.6 to the Quarterly Report on Form 10-Q of Occidental for the quarterly period ended June 30, 2020, File No. 1-9210).](http://www.sec.gov/Archives/edgar/data/797468/000079746820000027/exhibit106-occidentalp.htm) | | |

| [removed: 10.8] [added: 10.6] | | | Form of Indemnification Agreement between Occidental and each of its directors and certain executive officers (filed as Exhibit B to the Proxy Statement of Occidental for its May 21, 1987, Annual Meeting of Stockholders, File No. 1-9210). | | |

| [removed: 10.9] [added: 10.7] | | | [Form of Indemnification Agreement between Occidental and each of its directors and certain executive [removed: officers.](https://www.sec.gov/Archives/edgar/data/797468/000079746821000009/oxyex10912-31x20ormofindem.htm)] [added: officers](http://www.sec.gov/Archives/edgar/data/797468/000079746821000009/oxyex10912-31x20ormofindem.htm) [(filed as Exhibit 10.](http://www.sec.gov/Archives/edgar/data/797468/000079746821000009/oxyex10912-31x20ormofindem.htm)[9 to the Annual Report on Form 10-K of Occidental for the fiscal year ended December 31, 2020, File No. 1-9210)](http://www.sec.gov/Archives/edgar/data/797468/000079746821000009/oxyex10912-31x20ormofindem.htm)[.](http://www.sec.gov/Archives/edgar/data/797468/000079746821000009/oxyex10912-31x20ormofindem.htm)] | | |

| [removed: 10.10] [added: 10.8] | | | [Amended and Restated Occidental Petroleum Corporation 2015 Long-Term Incentive Plan (filed as Exhibit 4.7 to the Registration Statement on Form S-8 of Occidental filed on June 17, 2020, File No. 333-239236).](http://www.sec.gov/Archives/edgar/data/797468/000079746820000014/oxy-formsx8xexhibit47amend.htm) | | |

| [removed: 10.11] [added: 10.12] | | | [Form of [removed: 2016] Occidental Petroleum Corporation 2015 Long-Term Incentive Plan Common Stock [removed: Unit] Award For Non-Employee Directors [added: Grant Agreement] (filed as Exhibit [removed: 10.1] [added: 10.2] to the Quarterly Report on Form 10-Q of Occidental for the quarterly period ended June 30, [removed: 2016,] [added: 2015,] File No. [removed: 1-9210).](http://www.sec.gov/Archives/edgar/data/797468/000079746816000036/oxyexhibit10110q63016.htm)] [added: 1-9210).](http://www.sec.gov/Archives/edgar/data/797468/000079746815000012/exhibit102directorcommonst.htm)] | | |

| [removed: 10.12] [added: 10.18] | | | [Form of [removed: 2016] Occidental Petroleum Corporation 2015 Long-Term Incentive Plan [removed: Restricted] Stock [removed: Unit Incentive] [added: Option] Award (filed as Exhibit 10.3 to the Quarterly Report on Form 10-Q of Occidental for the quarterly period ended [removed: June 30, 2016,] [added: March 31, 2020,] File No. [removed: 1-9210).](http://www.sec.gov/Archives/edgar/data/797468/000079746816000036/oxyexhibit10310q63016.htm)] [added: 1-9210).](http://www.sec.gov/Archives/edgar/data/797468/000079746820000010/exhibit10310q3312020-s.htm)] | | |

| [removed: 10.13] [added: 10.19] | | | [removed: [Occidental] [added: [Form of Occidental] Petroleum Corporation 2015 Long-Term Incentive Plan [removed: Form of Notice of Grant of Restricted] Stock [removed: Unit Incentive] [added: Appreciation Right] Award (filed as Exhibit [removed: 10.1] [added: 10.4] to the Quarterly Report on Form 10-Q of Occidental for the quarterly period ended March 31, [removed: 2016,] [added: 2020,] File No. [removed: 1-9210).](http://www.sec.gov/Archives/edgar/data/797468/000079746816000023/oxyexhibit10110q33116.htm)] [added: 1-9210).](http://www.sec.gov/Archives/edgar/data/797468/000079746820000010/exhibit10410q3312020st.htm)] | | |

| [removed: 10.14] [added: 10.16] | | | [removed: [Occidental] [added: [Form of Occidental] Petroleum Corporation [removed: 2005] [added: 2015] Long-Term Incentive [removed: Plan, as amended through October 13, 2010 (filed] [added: Plan Cash Return on Capital Employed Incentive Award](http://www.sec.gov/Archives/edgar/data/797468/000079746820000010/exhibit10110q3312020-c.htm) [(filed] as Exhibit 10.1 to the [removed: Current] [added: Quarterly] Report on Form [removed: 8-K] [added: 10-Q] of Occidental [removed: filed on October 14, 2010,] [added: for the quarterly period ended March 31, 2020,] File No. [removed: 1-9210).](http://www.sec.gov/Archives/edgar/data/797468/000110465910052245/a10-19335_1ex10d1.htm)] [added: 1-9210).](http://www.sec.gov/Archives/edgar/data/797468/000079746820000010/exhibit10110q3312020-c.htm)] | | |

| [removed: 10.15] [added: 10.9] | | | [Description of financial counseling program (filed as Exhibit 10.50 to the Annual Report on Form 10-K of Occidental for the fiscal year ended December 31, 2003, File No. 1-9210).](http://www.sec.gov/Archives/edgar/data/797468/000079746804000033/ex1050-20031231.txt) | | |

| [removed: 10.17] [added: 10.24] | | | [removed: [Occidental] [added: [Form of Occidental] Petroleum Corporation [removed: 2005] [added: 2015] Long-Term Incentive Plan [removed: Restricted Stock] [added: Total Shareholder Return] Incentive Award [removed: Terms and Conditions] [added: (applicable to annual grants made in 2021)] (filed as Exhibit 10.1 to the [removed: Current] [added: Quarterly] Report on Form [removed: 8-K] [added: 10-Q] of Occidental [removed: filed on July 16, 2013,] [added: for the quarterly period ended March 31, 2021,] File No. [removed: 1-9210).](http://www.sec.gov/Archives/edgar/data/797468/000079746813000063/ex10_1-20130710.htm)] [added: 1-9210).](http://www.sec.gov/Archives/edgar/data/797468/000079746821000017/ex101formoftotalshareholde.htm)] | | |

| [removed: 10.19] [added: 4.1] | | | [removed: [Form] [added: [Description] of [added: Securities of] Occidental Petroleum [removed: Corporation 2005 Long-Term Incentive Plan Nonstatutory Stock Option Award Terms and Conditions] [added: Corporation](http://www.sec.gov/Archives/edgar/data/797468/000079746821000009/oxyex4112-31x2020descripti.htm) [Registered under Section 12 of the Exchange Act] (filed as Exhibit [removed: 10.73] [added: 4.1] to the Annual Report on Form [removed: 10-K] [added: 1](http://www.sec.gov/Archives/edgar/data/797468/000079746821000009/oxyex4112-31x2020descripti.htm)[0-K] of Occidental for the fiscal year ended December 31, [removed: 2014,] [added: 2020,] File No. [removed: 1-9210).](http://www.sec.gov/Archives/edgar/data/797468/000079746815000003/oxyex10110k12312014.htm)] [added: 1-9210)](http://www.sec.gov/Archives/edgar/data/797468/000079746821000009/oxyex4112-31x2020descripti.htm)[.](http://www.sec.gov/Archives/edgar/data/797468/000079746821000009/oxyex4112-31x2020descripti.htm)] | | |

| 10.20 | | | [Occidental Petroleum Corporation [removed: 2015 Long-Term Incentive] [added: Executive Severance] Plan [removed: Form of Notice of Grant of Performance Retention Incentive Award] (filed as Exhibit 10.5 to the Quarterly Report on Form 10-Q of Occidental for the quarterly period ended [removed: June 30, 2015,] [added: March 31, 2020,] File No. [removed: 1-9210).](http://www.sec.gov/Archives/edgar/data/797468/000079746815000012/exhibit1052015noticeofgran.htm)] [added: 1-9210).](http://www.sec.gov/Archives/edgar/data/797468/000079746820000010/exhibit10510q3312020-e.htm)] | | |

| [removed: 10.21] [added: 10.22] | | | [removed: [Form of Occidental] [added: [Occidental] Petroleum Corporation [removed: 2015 Long-Term Incentive] [added: Executive Change in Control Severance] Plan [removed: Common Stock Unit Award For Non-Employee Directors Grant Agreement] (filed as Exhibit [removed: 10.1] [added: 10.5] to the Quarterly Report on Form 10-Q of Occidental for the quarterly period ended June 30, [removed: 2015,] [added: 2020,] File No. [removed: 1-9210).](http://www.sec.gov/Archives/edgar/data/797468/000079746815000012/exhibit101directorcommonst.htm)] [added: 1-9210).](http://www.sec.gov/Archives/edgar/data/797468/000079746820000027/exhibit105-occidentalp.htm)] | | |

| [removed: 10.22] [added: 10.23] | | | [Form of [removed: Occidental Petroleum Corporation 2015] [added: Employee Notice, Impact of August 2020 Warrant Distribution on] Long-Term Incentive [removed: Plan Common Stock Award For Non-Employee Directors Grant Agreement] [added: Awards] (filed as Exhibit [removed: 10.2] [added: 10.7] to the Quarterly Report on Form 10-Q of Occidental for the quarterly period ended [removed: June] [added: September] 30, [removed: 2015,] [added: 2020,] File No. [removed: 1-9210).](http://www.sec.gov/Archives/edgar/data/797468/000079746815000012/exhibit102directorcommonst.htm)] [added: 1-9210).](http://www.sec.gov/Archives/edgar/data/797468/000079746820000033/exhibit107formofemploy.htm)] | | |

| [removed: 10.23] [added: 10.13] | | | [Retention Agreement with Christopher O. Champion (filed as Exhibit 10.3 to the Current Report on Form 8-K of Occidental filed on August 8, 2019, File No. 1-9210).](http://www.sec.gov/Archives/edgar/data/797468/000095015719000864/ex10-3.htm) | | |

| [removed: 10.24] [added: 10.15] | | | [Anadarko [removed: Retirement] [added: Petroleum Corporation Savings] Restoration Plan (As Amended and Restated Effective [removed: as of] July 1, 2020) (filed as Exhibit [removed: 10.2] [added: 10.1] to the Quarterly Report on Form 10-Q of Occidental for the quarterly period ended June 30, 2020, File No. [removed: 1-9210).](http://www.sec.gov/Archives/edgar/data/797468/000079746820000027/exhibit102-anadarkoret.htm)] [added: 1-9210).](http://www.sec.gov/Archives/edgar/data/797468/000079746820000027/exhibit101-apcsavingsr.htm)] | | |

| [removed: 10.34] [added: 10.27] | | | [removed: [Amended] [added: [Second Amended] and Restated [removed: Revolving] Credit Agreement, dated as of [removed: June 3, 2019,] [added: December 10, 2021, by and] among Occidental Petroleum Corporation, the [removed: lenders] [added: banks] party [removed: thereto] [added: thereto, as lenders,] and JPMorgan Chase Bank, N.A., as [removed: Administrative Agent] [added: administrative agent] (filed as Exhibit [removed: 10.2] [added: 10.1] to the Current Report on Form 8-K of Occidental filed on [removed: August 8, 2019,] [added: December 13, 2021,] File No. [removed: 1-9210).](http://www.sec.gov/Archives/edgar/data/797468/000095015719000864/ex10-2.htm)] [added: 1-9210).](http://www.sec.gov/Archives/edgar/data/797468/000095015721001251/ex10-1.htm)] | | |

| [removed: 10.35] [added: 10.26] | | | [removed: [Amendment No. 1 to Amended and Restated Revolving Credit Agreement, dated as] [added: [Warrant Agreement (including Form] of [removed: March 23,] [added: Warrant), dated July 24,] 2020, [removed: among Occidental Petroleum Corporation,] [added: between] the [removed: lenders party thereto] [added: Company] and [removed: JPMorgan Chase Bank, N.A.,] [added: Equiniti Trust Company,] as [removed: Administrative] [added: Warrant] Agent (filed as Exhibit 10.1 to the Current Report on Form 8-K of Occidental filed on [removed: March 24,] [added: July 27,] 2020, File No. [removed: 1-9210).](http://www.sec.gov/Archives/edgar/data/797468/000114036120006632/ex10_1.htm)] [added: 1-9210).](http://www.sec.gov/Archives/edgar/data/797468/000114036120016673/nc10013373x1_ex10-1.htm)] | | |

| [removed: 10.36] [added: 10.25] | | | [Director Appointment and Nomination Agreement dated March 25, 2020 by and among the Icahn Group, Occidental and, solely with respect to the provisions applicable to the New Independent Director, Margarita Paláu-Hernández (filed as Exhibit 10.1 to the Current Report on Form 8-K of Occidental filed on March 25, 2020, File No. 1-9210).](http://www.sec.gov/Archives/edgar/data/797468/000114036120006849/ex10_1.htm) | | |

| [removed: 10.37] [added: 4.4] | | | [removed: [Warrant Agreement (including Form of Warrant),] [added: [First Supplemental Indenture to that certain Indenture,] dated [removed: July 24, 2020,] [added: as of August 8, 2019, by and] between [removed: the Company] [added: Occidental Petroleum Corporation] and [removed: Equiniti] [added: The Bank of New York Mellon] Trust Company, [removed: as Warrant Agent] [added: N.A.] (filed as Exhibit [removed: 10.1] [added: 4.7] to the Current Report on Form 8-K of Occidental filed on July [removed: 27,] [added: 13,] 2020, File No. [removed: 1-9210).](http://www.sec.gov/Archives/edgar/data/797468/000114036120016673/nc10013373x1_ex10-1.htm)] [added: 1-9210).](http://www.sec.gov/Archives/edgar/data/797468/000114036120015887/nc10013373x2_ex4-7.htm)] | | |

| 21 | | | [List of subsidiaries of Occidental [removed: at December] [added: a](https://www.sec.gov/Archives/edgar/data/797468/000079746822000008/oxyex2112-31x2021subsidiar.htm)[s of](https://www.sec.gov/Archives/edgar/data/797468/000079746822000008/oxyex2112-31x2021subsidiar.htm) [December] 31, [removed: 2020.](https://www.sec.gov/Archives/edgar/data/797468/000079746821000009/oxyex2112-31x2020subsidiar.htm)] [added: 202](https://www.sec.gov/Archives/edgar/data/797468/000079746822000008/oxyex2112-31x2021subsidiar.htm)[1](https://www.sec.gov/Archives/edgar/data/797468/000079746822000008/oxyex2112-31x2021subsidiar.htm)[.](https://www.sec.gov/Archives/edgar/data/797468/000079746822000008/oxyex2112-31x2021subsidiar.htm)] | | |

| 23.1 | | | [Consent of Independent Registered Public Accounting [removed: Firm.](https://www.sec.gov/Archives/edgar/data/797468/000079746821000009/oxyex23112-31x2020kpmgcons.htm)] [added: Firm.](https://www.sec.gov/Archives/edgar/data/797468/000079746822000008/oxyex23112-31x2021kpmgcons.htm)] | | |

| 23.2 | | | [Consent of Ryder Scott, Independent Petroleum [removed: Engineers.](https://www.sec.gov/Archives/edgar/data/797468/000079746821000009/oxyex23212-31x2020rydersco.htm)] [added: Engineers.](https://www.sec.gov/Archives/edgar/data/797468/000079746822000008/oxyex23212-31x2021rydersco.htm)] | | |

| 31.1 | | | [Certification of CEO Pursuant to Section 302 of the Sarbanes-Oxley Act of [removed: 2002.](https://www.sec.gov/Archives/edgar/data/797468/000079746821000009/oxyex31112-31x2020ceo302ce.htm)] [added: 2002.](https://www.sec.gov/Archives/edgar/data/797468/000079746822000008/oxyex31112-31x2021ceo302ce.htm)] | | |

| 31.2 | | | [Certification of CFO Pursuant to Section 302 of the Sarbanes-Oxley Act of [removed: 2002.](https://www.sec.gov/Archives/edgar/data/797468/000079746821000009/oxyex31212-31x2020cfo302ce.htm)] [added: 2002.](https://www.sec.gov/Archives/edgar/data/797468/000079746822000008/oxyex31212-31x2021cfo302ce.htm)] | | |

| 32.1 | | | [Certifications of CEO and CFO Pursuant to Section 906 of the Sarbanes-Oxley Act of [removed: 2002.](https://www.sec.gov/Archives/edgar/data/797468/000079746821000009/oxyex32112-31x2020906certi.htm)] [added: 2002.](https://www.sec.gov/Archives/edgar/data/797468/000079746822000008/oxyex32112-31x2021906certi.htm)] | | |

| 99.1 | | | [Ryder Scott Company Process Review of the Estimated Future Proved Reserves and Income Attributable to [removed: Certain Fee, Leasehold] [added: Certain](https://www.sec.gov/Archives/edgar/data/797468/000079746822000008/oxyex99112-31x2021rydersco.htm) [Leasehold] and Royalty Interests and Certain Economic Interests Derived [removed: Through Certain Production] [added: Through](https://www.sec.gov/Archives/edgar/data/797468/000079746822000008/oxyex99112-31x2021rydersco.htm) [Production] Sharing Contracts as of December 31, [removed: 2020.](https://www.sec.gov/Archives/edgar/data/797468/000079746821000009/oxyex99112-31x2020rydersco.htm)] [added: 202](https://www.sec.gov/Archives/edgar/data/797468/000079746822000008/oxyex99112-31x2021rydersco.htm)[1](https://www.sec.gov/Archives/edgar/data/797468/000079746822000008/oxyex99112-31x2021rydersco.htm)[.](https://www.sec.gov/Archives/edgar/data/797468/000079746822000008/oxyex99112-31x2021rydersco.htm)] | | |

| 104 | | | Cover Page Interactive Data File - The cover page from Occidental Petroleum Corporation’s Annual Report on Form 10-K for the year ended December 31, [removed: 2020] [added: 2021] is formatted in Inline XBRL (included as Exhibit 101). | | |

| 4.5 | | | [Second Supplemental Indenture to that certain Indenture, dated as of August 8, 2019, by and between Occidental Petroleum Corporation and The Bank of New York Mellon Trust Company, N.A. (filed as Exhibit 4.6 to the Current Report on Form 8-K of Occidental filed on December 22, 2020, File No. 1-9210).](http://www.sec.gov/Archives/edgar/data/797468/000114036120029193/brhc10018197_ex4-6.htm) | | |

| 4.6 | | | [Third Supplemental Indenture to that certain Indenture, dated as of August 8, 2019, by and between Occidental Petroleum Corporation and The Bank of New York Mellon Trust Company, N.A. (filed as Exhibit 4.2 to the Current Report on Form 8-K of Occidental filed on July 15, 2021, File No. 1-9210).](http://www.sec.gov/Archives/edgar/data/797468/000114036121024443/brhc10026881_ex4-2.htm) | | |

| 132 | | | OXY 2021 FORM 10-K | | |

| 10.2 | | | [Occidental Petroleum Corporation 2015 Long-Term Incentive Plan Form of Notice of Grant of Restricted Stock Unit Incentive Award.](https://www.sec.gov/Archives/edgar/data/797468/000079746822000008/oxyex10212-31x2021restrict.htm) | | |

| 10.10 | | | [Description of group excess liability insurance program](http://www.sec.gov/Archives/edgar/data/797468/000079746821000009/oxyex101612-31x2020descrip.htm) [(filed as Exhibit 10](http://www.sec.gov/Archives/edgar/data/797468/000079746821000009/oxyex101612-31x2020descrip.htm)[.16 to the Annual Report on Form 10-K of Occidental for the fiscal year ended December 31, 2020, File No. 1-9210)](http://www.sec.gov/Archives/edgar/data/797468/000079746821000009/oxyex101612-31x2020descrip.htm)[.](http://www.sec.gov/Archives/edgar/data/797468/000079746821000009/oxyex101612-31x2020descrip.htm) | | |

| 10.14 | | | [Anadarko Retirement Restoration Plan (As Amended and Restated Effective as of December 31, 2021)](https://www.sec.gov/Archives/edgar/data/797468/000079746822000008/oxyex101412-31x2021anadark.htm). | | |

| OXY 2021 FORM 10-K | | | 133 | | |

| | | | | | |

| 4.1 | | | [Description of Securities of Occidental Petroleum Corporation.](https://www.sec.gov/Archives/edgar/data/797468/000079746821000009/oxyex4112-31x2020descripti.htm) | | |

| OXY 2020 FORM 10-K | | | 137 | | |

| 10.16 | | | [Description of group excess liability insurance program.](https://www.sec.gov/Archives/edgar/data/797468/000079746821000009/oxyex101612-31x2020descrip.htm) | | |

| 10.18 | | | [Occidental Petroleum Corporation 2005 Long-Term Incentive Plan Restricted Stock Incentive Award Terms and Conditions (Performance-Based) (filed as Exhibit 10.2 to the Current Report on Form 8-K of Occidental filed on July 26, 2013, File No. 1-9210).](http://www.sec.gov/Archives/edgar/data/797468/000079746813000073/ex10_2-20130722.htm) | | |

| 10.25 | | | [Anadarko Petroleum Corporation Savings Restoration Plan (As Amended and Restated Effective July 1, 2020) (filed as Exhibit 10.1 to the Quarterly Report on Form 10-Q of Occidental for the quarterly period ended June 30, 2020, File No. 1-9210).](http://www.sec.gov/Archives/edgar/data/797468/000079746820000027/exhibit101-apcsavingsr.htm) | | |

| 10.26 | | | [Form of Occidental Petroleum Corporation 2015 Long-Term Incentive Plan Cash Return on Capital Employed Incentive Award (applicable to annual grants made in 2020) (filed as Exhibit 10.1 to the Quarterly Report on Form 10-Q of Occidental for the quarterly period ended March 31, 2020, File No. 1-9210).](http://www.sec.gov/Archives/edgar/data/797468/000079746820000010/exhibit10110q3312020-c.htm) | | |

| 10.27 | | | [Form of 2020 Occidental Petroleum Corporation 2015 Long-Term Incentive Plan Total Shareholder Return Incentive Award (filed as Exhibit 10.2 to the Quarterly Report on Form 10-Q of Occidental for the quarterly period ended March 31, 2020, File No. 1-9210).](http://www.sec.gov/Archives/edgar/data/797468/000079746820000010/exhibit10210q3312020-t.htm) | | |

| 10.28 | | | [Form of Occidental Petroleum Corporation 2015 Long-Term Incentive Plan Stock Option Award (filed as Exhibit 10.3 to the Quarterly Report on Form 10-Q of Occidental for the quarterly period ended March 31, 2020, File No. 1-9210).](http://www.sec.gov/Archives/edgar/data/797468/000079746820000010/exhibit10310q3312020-s.htm) | | |

| 10.29 | | | [Form of Occidental Petroleum Corporation 2015 Long-Term Incentive Plan Stock Appreciation Right Award (filed as Exhibit 10.4 to the Quarterly Report on Form 10-Q of Occidental for the quarterly period ended March 31, 2020, File No. 1-9210).](http://www.sec.gov/Archives/edgar/data/797468/000079746820000010/exhibit10410q3312020st.htm) | | |

| 10.30 | | | [Occidental Petroleum Corporation Executive Severance Plan (filed as Exhibit 10.5 to the Quarterly Report on Form 10-Q of Occidental for the quarterly period ended March 31, 2020, File No. 1-9210).](http://www.sec.gov/Archives/edgar/data/797468/000079746820000010/exhibit10510q3312020-e.htm) | | |

| 138 | | | OXY 2020 FORM 10-K | | |

| 10.31 | | | [Form of 2020 Occidental Petroleum Corporation 2015 Long-Term Incentive Plan Special Restricted Stock Unit Incentive Award (filed as Exhibit 10.6 to the Quarterly Report on Form 10-Q of Occidental for the quarterly period ended March 31, 2020, File No. 1-9210).](http://www.sec.gov/Archives/edgar/data/797468/000079746820000010/exhibit106restrictedst.htm) | | |

| 10.32 | | | [Occidental Petroleum Corporation Executive Change in Control Severance Plan (filed as Exhibit 10.5 to the Quarterly Report on Form 10-Q of Occidental for the quarterly period ended June 30, 2020, File No. 1-9210).](http://www.sec.gov/Archives/edgar/data/797468/000079746820000027/exhibit105-occidentalp.htm) | | |

| 10.33 | | | [Form of Employee Notice, Impact of August 2020 Warrant Distribution on Long-Term Incentive Awards (filed as Exhibit 10.7 to the Quarterly Report on Form 10-Q of Occidental for the quarterly period ended September 30, 2020, File No. 1-9210).](http://www.sec.gov/Archives/edgar/data/797468/000079746820000033/exhibit107formofemploy.htm) | | |

| | | | /s/ Vicki Hollub | | | | | | President, Chief Executive Officer | | | February [removed: 26, 2021] [added: 24, 2022] | | |

| | | | /s/ Robert L. Peterson | | | | | | Senior Vice President and | | | February [removed: 26, 2021] [added: 24, 2022] | | |

| | | | /s/ Christopher O. Champion | | | | | | Vice President, Chief Accounting Officer | | | February [removed: 26, 2021] [added: 24, 2022] | | |

| | | | /s/ Stephen I. Chazen | | | | | | Chairman of the Board of Directors | | | February [removed: 26, 2021] [added: 24, 2022] | | |

| | | | /s/ Andrew F. Gould | | | | | | Director | | | February [removed: 26, 2021] [added: 24, 2022] | | |

| | | | /s/ Carlos M. Gutierrez | | | | | | Director | | | February [removed: 26, 2021] [added: 24, 2022] | | |

| | | | /s/ Gaoxiang Hu | | | | | | Director | | | February [removed: 26, 2021] [added: 24, 2022] | | |

| | | | /s/ William R. Klesse | | | | | | Director | | | February [removed: 26, 2021] [added: 24, 2022] | | |

| | | | /s/ Andrew N. Langham | | | | | | Director | | | February [removed: 26, 2021] [added: 24, 2022] | | |

| | | | /s/ Jack B. Moore | | | | | | Director | | | February [removed: 26, 2021] [added: 24, 2022] | | |

| | | | /s/ Margarita Paláu-Hernández | | | | | | Director | | | February [removed: 26, 2021] [added: 24, 2022] | | |

| | | | /s/ Avedick B. Poladian | | | | | | Director | | | February [removed: 26, 2021] [added: 24, 2022] | | |

| | | | /s/ Robert M. Shearer | | | | | | Director | | | February [removed: 26, 2021] [added: 24, 2022] | | |