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Cover and table of contents

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2022

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ___________ to ___________

Commission file number 1-9210

_____________________

OCCIDENTAL PETROLEUM CORPORATION

(Exact name of registrant as specified in its charter)

Delaware95-4035997
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
5 Greenway Plaza, Suite 110
Houston,Texas77046
(Address of principal executive offices) (Zip Code)

(713) 215-7000

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.20 par valueOXYNew York Stock Exchange
Warrants to Purchase Common Stock, $0.20 par valueOXY WSNew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

þ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

þ Yes ☐ No

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

Large Accelerated Filer þ Accelerated Filer ☐ Non-Accelerated Filer ☐

Smaller Reporting Company ☐ Emerging Growth Company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

☐ Yes þ No

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

ClassOutstanding as of March 31, 2022
Common Stock, $0.20 par value937,190,982
TABLE OF CONTENTSPAGE
Part IFinancial Information
Item 1.Financial Statements (unaudited)
Abbreviations Used Within This Document2
Consolidated Condensed Balance Sheets — March 31, 2022 and December 31, 20213
Consolidated Condensed Statements of Operations — Three months ended March 31, 2022 and 20215
Consolidated Condensed Statements of Comprehensive Income (Loss) — Three months ended March 31, 2022 and 20216
Consolidated Condensed Statements of Cash Flows — Three months ended March 31, 2022 and 20217
Consolidated Condensed Statements of Equity — Three months ended March 31, 2022 and 20218
Notes to Consolidated Condensed Financial Statements
Note 1—General9
Note 2—Revenue10
Note 3—Inventories11
Note 4—Divestitures and Other Transactions12
Note 5—Long-Term Debt12
Note 6—Derivatives12
Note 7—Income Taxes15
Note 8—Retirement and Postretirement Benefit Plans16
Note 9—Environmental Liabilities and Expenditures16
Note 10—Lawsuits, Claims, Commitments and Contingencies18
Note 11—Earnings per Share and Stockholders' Equity19
Note 12—Segments20
Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations21
Cautionary Statement Regarding Forward-Looking Statements22
Current Business Outlook23
Consolidated Results of Operations24
Segment Results of Operations and Items Affecting Comparability26
Income Taxes31
Liquidity and Capital Resources31
Environmental Liabilities and Expenditures32
Lawsuits, Claims, Commitments and Contingencies32
Item 3.Quantitative and Qualitative Disclosures About Market Risk32
Item 4.Controls and Procedures32
Part IIOther Information
Item 1.Legal Proceedings33
Item 1A.Risk Factors33
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds33
Item 6.Exhibits33

ABBREVIATIONS USED WITHIN THIS DOCUMENT

$/Bblprice per barrel
AndesAndes Petroleum Ecuador Ltd.
AOCAdministrative Order on Consent
Bcfbillions of cubic feet
Boebarrels of oil equivalent
CERCLAComprehensive Environmental Response, Compensation, and Liability Act
CO2carbon dioxide
DD&Adepreciation, depletion and amortization
EPAEnvironmental Protection Agency
LIFOlast in first out
MaxusMaxus Energy Corporation
Mbblthousands of barrels
Mboethousands of barrels equivalent
Mboe/dthousands of barrels equivalent per day
Mcfthousand cubic feet
MMbblmillions of barrels
MMcfmillions of cubic feet
NGLnatural gas liquids
NPLNational Priorities List
OccidentalOccidental Petroleum Corporation, a Delaware corporation and one or more entities in which it owns a controlling interest (subsidiaries)
OEPCOccidental Exploration and Production Company
OPECOrganization of the Petroleum Exporting Countries
OxyChemOccidental Chemical Corporation
OXY USAOXY USA Inc.
RCFrevolving credit facility
RepsolRepsol, S.A.
RODRecord of Decision
WESWestern Midstream Partners, LP
WTIWest Texas Intermediate
YPFYPF S.A.
Zero CouponsZero Coupon senior notes due 2036
2021 Form 10-KOccidental’s Annual Report on Form 10-K for the year ended December 31, 2021

PART I FINANCIAL INFORMATION

Next: Item 1. Financial Statements (unaudited)