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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 June 30, 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 June 30, 2022
Common Stock, $0.20 par value931,491,947
TABLE OF CONTENTSPAGE
Part IFinancial Information
Item 1.Financial Statements (unaudited)
Consolidated Condensed Balance Sheets — June 30, 2022 and December 31, 20213
Consolidated Condensed Statements of Operations — Three and six months ended June 30, 2022 and 20215
Consolidated Condensed Statements of Comprehensive Income (Loss) — Three and six months ended June 30, 2022 and 20216
Consolidated Condensed Statements of Cash Flows — Six months ended June 30, 2022 and 20217
Consolidated Condensed Statements of Equity — Three and six months ended June 30, 2022 and 20218
Notes to Consolidated Condensed Financial Statements
Note 1—General10
Note 2—Revenue11
Note 3—Inventories12
Note 4—Divestitures and Other Transactions13
Note 5—Long-Term Debt13
Note 6—Derivatives13
Note 7—Income Taxes16
Note 8—Retirement and Postretirement Benefit Plans17
Note 9—Environmental Liabilities and Expenditures18
Note 10—Lawsuits, Claims, Commitments and Contingencies19
Note 11—Earnings per Share and Stockholders' Equity21
Note 12—Segments22
Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations23
Cautionary Statement Regarding Forward-Looking Statements24
Current Business Outlook25
Consolidated Results of Operations26
Segment Results of Operations and Items Affecting Comparability29
Income Taxes32
Liquidity and Capital Resources33
Environmental Liabilities and Expenditures34
Lawsuits, Claims, Commitments and Contingencies34
Item 3.Quantitative and Qualitative Disclosures About Market Risk35
Item 4.Controls and Procedures35
Part IIOther Information
Item 1.Legal Proceedings35
Item 1A.Risk Factors35
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds35
Item 6.Exhibits36

ABBREVIATIONS USED WITHIN THIS DOCUMENT

$/Bblprice per barrel
AnadarkoAnadarko Petroleum Corporation and its consolidated subsidiaries
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
EPSearnings per share
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
RCFrevolving credit facility
RepsolRepsol, S.A.
RODRecord of Decision
SonatrachThe national oil and gas company of Algeria
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)