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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 September 30, 2019
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)
Delaware
 
95-4035997
(State or other jurisdiction of
incorporation or organization)
 
(I.R.S. Employer
Identification No.)
5 Greenway Plaza, Suite 110
 
Houston,
Texas
77046
 
(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 class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, $0.20 par value
OXY
New 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   o 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   o 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 Filerþ    Accelerated Filer        o    Non-Accelerated Filer     o
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. o
  
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.
 
Class
 
Outstanding at September 30, 2019
 
 
Common stock $.20 par value
 
893,317,470
 




OCCIDENTAL PETROLEUM CORPORATION AND SUBSIDIARIES

TABLE OF CONTENTS
PAGE
Part I
Financial Information
 
 
Item 1.
 
 
 
2
 
 
4
 
 
5
 
 
6
 
 
7
 
 
9
 
 
9
 
 
11
 
 
Note 3—The Merger
12
 
 
Note 4—Acquisitions, Dispositions and Other Transactions
16
 
 
18
 
 
21
 
 
Note 7—Derivative Instruments
21
 
 
27
 
 
28
 
 
31
 
 
34
 
 
35
 
 
37
 
 
37
 
 
38
 
Item 2.
38
 
 
39
 
 
44
 
 
44
 
 
45
 
 
45
 
Item 3.
45
 
Item 4.
46
Part II
Other Information
 
 
Item 1.
47
 
Item 1A.
47
 
Item 2.
50
 
Item 6.
50



1



PART I    FINANCIAL INFORMATION
 

Item 1.
Financial Statements (unaudited)

OCCIDENTAL PETROLEUM CORPORATION AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS
millions
 
September 30, 2019
 
December 31, 2018
 
 
 
 
 
ASSETS
 
 
 
 
CURRENT ASSETS
 
 
 
 
Cash and cash equivalents
 
$
4,840

 
$
3,033

Restricted cash and restricted cash equivalents
 
454

 

Trade receivables, net
 
5,854

 
4,893

Inventories
 
1,601

 
1,260

Assets held for sale
 
6,445

 

Other current assets
 
1,750

 
746

Total current assets
 
20,944

 
9,932

 
 
 
 
 
INVESTMENTS IN UNCONSOLIDATED ENTITIES ($2,261 related to WES)
 
3,684

 
1,680

 
 
 
 
 
PROPERTY, PLANT AND EQUIPMENT
 
 
 
 
Oil and Gas segment
 
110,668

 
58,799

Chemical segment
 
7,092

 
7,001

Marketing and Other Midstream segment
 
8,133

 
8,070

WES Midstream segment
 
9,635

 

Corporate
 
1,397

 
550

 
 
136,925

 
74,420

Accumulated depreciation, depletion, and amortization
 
(46,804
)
 
(42,983
)
 
 
90,121

 
31,437

 
 
 
 
 
OPERATING LEASE ASSETS
 
1,078

 

 
 
 
 
 
LONG-TERM RECEIVABLES AND OTHER ASSETS, NET
 
1,155

 
797

 
 
 
 
 
INTANGIBLES, NET ($2,380 related to WES)
 
2,387

 
8

 
 
 
 
 
GOODWILL - WES
 
6,074

 

 
 
 
 
 
TOTAL ASSETS
 
$
125,443

 
$
43,854

 
 
 
 
 
Western Midstream Partners, LP (WES) is a Variable Interest Entity (VIE). See Note 1 - General. The related parenthetical references reflect amounts as of September 30, 2019.
The accompanying notes are an integral part of these Consolidated Condensed Financial Statements.

2



OCCIDENTAL PETROLEUM CORPORATION AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS (Continued)
 
millions, except share amounts
 
September 30, 2019
 
December 31, 2018
 
 
 
 
 
 
 
LIABILITIES AND EQUITY
 
 
 
 
 
CURRENT LIABILITIES
 
 
 
 
 
Current maturities of long-term debt
 
$
31

 
$
116

 
Current operating lease liabilities
 
463

 

 
Accounts payable
 
6,789

 
4,885

 
Accrued liabilities ($315 related to WES)
 
5,175

 
2,411

 
Accrued income taxes
 
1,036

 

 
Liabilities of assets held for sale
 
2,203

 

 
Total current liabilities
 
15,697

 
7,412

 
 
 
 
 
 
 
LONG-TERM DEBT, NET
 
 
 
 
 
Long-term debt, net - Occidental
 
39,946

 
10,201

 
Long-term debt, net - WES
 
7,637

 

 
 
 
47,583

 
10,201

 
 
 
 
 
 
 
DEFERRED CREDITS AND OTHER LIABILITIES
 
 
 
 
 
Deferred income taxes ($1,167 related to WES)
 
9,920

 
907

 
Asset retirement obligations ($319 related to WES)
 
4,164

 
1,424

 
Pension and postretirement obligations
 
1,927

 
809

 
Environmental remediation reserves
 
905

 
762

 
Operating lease liabilities
 
676

 

 
Other
 
3,566

 
1,009

 
 
 
21,158

 
4,911

 
 
 
 
 
 
 
EQUITY
 
 
 
 
 
Preferred stock, at $1.00 per share par value (100,000 shares at September 30, 2019)
 
9,762

 

 
Common stock, at $0.20 per share par value (1,043,640,621 shares at September 30, 2019, and 895,115,637 shares at December 31, 2018)
 
209

 
179

 
Treasury stock (150,323,151 shares at September 30, 2019, and 145,726,051 shares at December 31, 2018)
 
(10,653
)
 
(10,473
)
 
Additional paid-in capital
 
14,867

 
8,046

 
Retained earnings
 
22,227

 
23,750

 
Accumulated other comprehensive loss
 
(332
)
 
(172
)
 
Total stockholders' equity
 
36,080

 
21,330

 
 
 
 
 
 
 
Noncontrolling interests
 
4,925

 

 
Total equity
 
41,005

 
21,330

 
 
 
 
 
 
 
TOTAL LIABILITIES AND EQUITY
 
$
125,443

 
$
43,854

 
 
 
 
 
 
 
Western Midstream Partners, LP (WES) is a Variable Interest Entity (VIE). See Note 1 - General. The related parenthetical references reflect amounts as of September 30, 2019.
 
 
The accompanying notes are an integral part of these Consolidated Condensed Financial Statements.

3



OCCIDENTAL PETROLEUM CORPORATION AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
 
 
Three months ended September 30
 
Nine months ended September 30
millions, except per-share amounts
 
2019
 
2018
 
2019
 
2018
 
 
 
 
 
 
 
 
 
REVENUES AND OTHER INCOME
 
 
 
 
 
 
 
 
Net sales
 
$
5,687

 
$
5,216

 
$
14,111

 
$
13,062

Interest, dividends, and other income
 
56

 
34

 
175

 
101

Gain on sale of assets, net
 
128

 
926

 
150

 
969

 
 
5,871

 
6,176

 
14,436

 
14,132

COSTS AND OTHER DEDUCTIONS
 
 
 
 
 
 
 
 
Oil and gas operating expense
 
962

 
680

 
2,324

 
1,909

Transportation expense
 
217

 
41

 
281

 
121

Chemical and midstream cost of sales
 
741

 
722

 
2,046

 
2,128

Purchased commodities
 
441

 
343

 
1,237

 
456

Selling, general and administrative
 
242

 
151

 
545

 
423

Other operating expense
 
363

 
280

 
861

 
717

Taxes other than on income
 
198

 
110

 
432

 
333

Depreciation, depletion, and amortization
 
1,706

 
1,023

 
3,710

 
2,891

Asset impairments and other items
 
325

 
214

 
325

 
256

Anadarko merger-related costs
 
924

 

 
974

 

Exploration expense
 
63

 
24

 
134

 
60

Interest and debt expense, net
 
381

 
96

 
632

 
290

 
 
6,563

 
3,684

 
13,501

 
9,584

Income (loss) before income taxes and other items
 
(692
)
 
2,492

 
935

 
4,548

 
 
 
 
 
 
 
 
 
OTHER ITEMS
 
 
 
 
 
 
 
 
Gains (losses) on interest rate swaps and warrants, net
 
(33
)
 

 
(33
)
 

Income from equity investments
 
104

 
87

 
274

 
228

 
 
71

 
87

 
241

 
228

 
 
 
 
 
 
 
 
 
Income (loss) from continuing operations before income taxes
 
(621
)
 
2,579

 
1,176

 
4,776

Income tax expense
 
(116
)
 
(710
)
 
(647
)
 
(1,351
)
Income (loss) from continuing operations
 
(737
)
 
1,869

 
529

 
3,425

Discontinued operations, net of tax
 
(15
)
 

 
(15
)
 

NET INCOME (LOSS)
 
(752
)
 
1,869

 
514

 
3,425

Less: Net income attributable to noncontrolling interests
 
(42
)
 

 
(42
)
 

Less: Preferred stock dividends
 
(118
)
 

 
(118
)
 

NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS
 
(912
)
 
1,869

 
354

 
3,425

 
 
 
 
 
 
 
 
 
PER COMMON SHARE
 
 
 
 
 
 
 
 
Income (loss) from continuing operations—basic
 
$
(1.06
)
 
$
2.44

 
$
0.47

 
$
4.46

Income (loss) from discontinued operations—basic
 
(0.02
)
 

 
(0.02
)
 

Net income (loss) attributable to common stockholders—basic
 
$
(1.08
)
 
$
2.44

 
$
0.45

 
$
4.46

 
 
 
 
 
 
 
 
 
Income (loss) from continuing operations—diluted
 
$
(1.06
)
 
$
2.44

 
$
0.47

 
$
4.45

Income (loss) from discontinued operations—diluted
 
(0.02
)
 

 
(0.02
)
 

Net income (loss) attributable to common stockholders—diluted
 
$
(1.08
)
 
$
2.44

 
$
0.45

 
$
4.45

 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these Consolidated Condensed Financial Statements.

4



OCCIDENTAL PETROLEUM CORPORATION AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME
 
 
Three months ended September 30
 
Nine months ended September 30
millions
 
2019
 
2018
 
2019
 
2018
 
 
 
 
 
 
 
 
 
Net income (loss)
 
$
(752
)
 
$
1,869

 
$
514

 
$
3,425

Other comprehensive income (loss) items:
 
 
 
 
 
 
 
 
Losses on derivatives (a)
 
(114
)
 
(1
)
 
(130
)
 
(5
)
Pension and postretirement (losses) gains (b)
 
(34
)
 
144

 
(30
)
 
153

Reclassification of losses on derivatives (c)
 

 
10

 

 
13

Other comprehensive (loss) income, net of tax
 
(148
)
 
153

 
(160
)
 
161

Comprehensive income (loss)
 
(900
)
 
2,022

 
354

 
3,586

Comprehensive income attributable to noncontrolling interests
 
(42
)
 

 
(42
)
 

Comprehensive income (loss) attributable to preferred and common stockholders
 
$
(942
)
 
$
2,022

 
$
312

 
$
3,586


(a)
Net of tax of $32 million and zero for the three months ended September 30, 2019, and 2018, and $36 million and $1 million for the nine months ended September 30, 2019, and 2018, respectively.
(b)
Net of tax of $10 million and $(40) million for the three months ended September 30, 2019, and 2018, and $8 million and $(43) million for the nine months ended September 30, 2019, and 2018, respectively.
(c)
Net of tax of $(3) million for the three months ended September 30, 2018, and $(4) million for the nine months ended September 30, 2018, respectively.

The accompanying notes are an integral part of these Consolidated Condensed Financial Statements.

5



OCCIDENTAL PETROLEUM CORPORATION AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
 
 
Nine months ended September 30
millions
 
2019
 
2018
 
 
 
 
 
CASH FLOW FROM OPERATING ACTIVITIES
 
 
 
 
Net income
 
$
514

 
$
3,425

Adjustments to reconcile net income to net cash provided by
operating activities:
 
 
 
 
Discontinued operations, net
 
15

 

Depreciation, depletion and amortization of assets
 
3,710

 
2,891

Deferred income tax (benefit) provision
 
(1,050
)
 
550

Other noncash charges to income
 
578

 
74

Gain on sale of assets, net
 
(150
)
 
(969
)
Asset impairments and other items
 
325

 
256

Undistributed earnings from affiliates
 
(50
)
 
(16
)
Dry hole expenses
 
41

 
27

Changes in operating assets and liabilities, net
 
1,506

 
(1,069
)
Cash provided by operating activities - continuing operations
 
5,439

 
5,169

Cash used by operating activities - discontinued operations
 
(73
)
 

Net cash provided by operating activities
 
5,366

 
5,169

 
 
 
 
 
CASH FLOW FROM INVESTING ACTIVITIES
 
 
 
 
Capital expenditures
 
(4,184
)
 
(3,638
)
Change in capital accrual
 
(160
)
 
7

Proceeds from sale of assets and equity investments, net
 
4,809

 
2,745

Purchase of businesses and assets, net
 
(27,926
)
 
(726
)
Equity investments and other, net
 
(140
)
 
(88
)
Cash used by investing activities - continuing operations
 
(27,601
)
 
(1,700
)
Cash used by investing activities - discontinued operations
 
(125
)
 

Net cash used by investing activities
 
(27,726
)
 
(1,700
)
 
 
 
 
 
CASH FLOW FROM FINANCING ACTIVITIES
 
 
 
 
Proceeds from long-term debt, net
 
21,557

 
978

Payments of long-term debt
 
(4,949
)
 
(500
)
Proceeds from WES revolvers
 
1,240

 

Payment of revolvers - WES
 
(1,000
)
 

Proceeds from issuance of common and preferred stock
 
10,010

 
17

Purchases of treasury stock
 
(237
)
 
(908
)
Cash dividends paid to common stockholders
 
(1,766
)
 
(1,780
)
Distributions to noncontrolling interest
 
(127
)
 

Other financing, net
 
(35
)
 
6

Cash provided (used) by financing activities - continuing operations
 
24,693

 
(2,187
)
Cash used by financing activities - discontinued operations
 
(1
)
 

Net cash provided by (used) by financing activities
 
24,692

 
(2,187
)
 
 
 
 
 
Increase in cash, cash equivalents, restricted cash and restricted cash equivalents
 
2,332

 
1,282

Cash and cash equivalents — beginning of period
 
3,033

 
1,672

Cash, cash equivalents, restricted cash and restricted cash equivalents
— end of period
 
$
5,365

 
$
2,954

The accompanying notes are an integral part of these Consolidated Condensed Financial Statements.

6



OCCIDENTAL PETROLEUM CORPORATION AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF EQUITY
 
 
Total Stockholders' Equity
 
 
 
 
millions
 
Common Stock
 
Preferred Stock
 
Treasury Stock
 
Additional Paid-in Capital
 
Retained Earnings
 
Accumulated Other Comprehensive Loss
 
Non-controlling Interests
 
Total Equity
Balance at June 30, 2019
 
$
179

 
$

 
$
(10,653
)
 
$
8,157

 
$
23,848

 
$
(184
)
 
$

 
$
21,347

Net income (loss)
 

 

 

 

 
(794
)
 

 
42

 
(752
)
Other comprehensive loss, net of tax
 

 

 

 

 

 
(148
)
 

 
(148
)
Dividends on common stock, $0.79 per share
 

 

 

 

 
(709
)
 

 

 
(709
)
Dividends on preferred stock, $1,489 per share
 

 

 

 

 
(118
)
 

 

 
(118
)
Issuance of common stock and other, net
 
30

 

 

 
6,710

 

 

 

 
6,740

Issuance of preferred stock, net
 

 
9,762

 

 

 

 

 

 
9,762

Fair value of noncontrolling interest acquired
 

 

 

 

 

 

 
4,875

 
4,875

Noncontrolling interest contributions, net
 

 

 

 

 

 

 
8

 
8

Balance at
September 30, 2019
 
$
209

 
$
9,762

 
$
(10,653
)
 
$
14,867

 
$
22,227

 
$
(332
)
 
$
4,925

 
$
41,005


 
 
Total Stockholders' Equity
 
 
 
 
millions
 
Common Stock
 
Preferred Stock
 
Treasury Stock
 
Additional Paid-in Capital
 
Retained Earnings
 
Accumulated Other Comprehensive Loss
 
Non-controlling Interests
 
Total Equity
Balance at June 30, 2018
 
$
179

 
$

 
$
(9,268
)
 
$
7,967

 
$
22,361

 
$
(308
)
 
$

 
$
20,931

Net income
 

 

 

 

 
1,869

 

 

 
1,869

Other comprehensive income, net of tax
 

 

 

 

 

 
153

 

 
153

Dividends on common stock, $0.78 per share
 

 

 

 

 
(595
)
 

 

 
(595
)
Issuance of common stock, net
 

 

 

 
24

 

 

 

 
24

Purchases of treasury stock
 

 

 
(894
)
 

 

 

 

 
(894
)
Reclassification of stranded tax effects
 

 

 

 

 

 

 

 

Noncontrolling interest
 

 

 

 

 

 

 

 

Balance at
September 30, 2018
 
$
179

 
$

 
$
(10,162
)
 
$
7,991

 
$
23,635

 
$
(155
)
 
$

 
$
21,488


The accompanying notes are an integral part of these consolidated condensed financial statements.


7



OCCIDENTAL PETROLEUM CORPORATION AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF EQUITY (Continued)

 
 
Total Stockholders' Equity
 
 
 
 
millions
 
Common Stock
 
Preferred Stock
 
Treasury Stock
 
Additional Paid-in Capital
 
Retained Earnings
 
Accumulated Other Comprehensive Loss
 
Non-controlling Interests
 
Total Equity
Balance at
December 31, 2018
 
$
179

 
$

 
$
(10,473
)
 
$
8,046

 
$
23,750

 
$
(172
)
 
$

 
$
21,330

Net income
 

 

 

 

 
472

 

 
42

 
514

Other comprehensive loss, net of tax
 

 

 

 

 

 
(160
)
 

 
(160
)
Dividends on common stock, $2.35 per share
 

 

 

 

 
(1,877
)
 

 

 
(1,877
)
Dividends on preferred stock, $1,489 per share
 

 

 

 

 
(118
)
 

 

 
(118
)
Issuance of common stock, net
 
30

 

 

 
6,821

 

 

 

 
6,851

Issuance of preferred stock
 

 
9,762

 

 

 

 

 

 
9,762

Purchases of treasury stock
 

 

 
(180
)
 

 

 

 

 
(180
)
Fair value of noncontrolling interest acquired
 

 

 

 

 

 

 
4,875

 
4,875

Noncontrolling interest contributions, net
 

 

 

 

 

 

 
8

 
8

Balance at
September 30, 2019
 
$
209

 
$
9,762

 
$
(10,653
)
 
$
14,867

 
$
22,227

 
$
(332
)
 
$
4,925

 
$
41,005


 
 
Total Stockholders' Equity
 
 
 
 
millions
 
Common Stock
 
Preferred Stock
 
Treasury Stock
 
Additional Paid-in Capital
 
Retained Earnings
 
Accumulated Other Comprehensive Loss
 
Non-controlling Interests
 
Total Equity
Balance at
December 31, 2017
 
$
179

 
$

 
$
(9,168
)
 
$
7,884

 
$
21,935

 
$
(258
)
 
$

 
$
20,572

Net income
 

 

 

 

 
3,425

 

 

 
3,425

Other comprehensive income, net of tax
 

 

 

 

 

 
161

 

 
161

Dividends on common stock, $2.32 per share
 

 

 

 

 
(1,783
)
 

 

 
(1,783
)
Issuance of common stock, net
 

 

 

 
107

 

 

 

 
107

Purchases of treasury stock
 

 

 
(994
)
 

 

 

 

 
(994
)
Reclassification of stranded tax effects
 

 

 

 

 
58

 
(58
)
 

 

Noncontrolling interest
 

 

 

 

 

 

 

 

Balance at
September 30, 2018
 
$
179

 
$

 
$
(10,162
)
 
$
7,991

 
$
23,635

 
$
(155
)
 
$

 
$
21,488


The accompanying notes are an integral part of these consolidated condensed financial statements.


8



OCCIDENTAL PETROLEUM CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
SEPTEMBER 30, 2019

Note 1 - General

Nature of Operations
In this report, "Occidental" means Occidental Petroleum Corporation, a Delaware corporation (OPC), or OPC and one or more entities in which it owns a controlling interest (subsidiaries). Occidental conducts its operations through various subsidiaries and affiliates. On August 8, 2019, pursuant to the Agreement and Plan of Merger, dated as of May 9, 2019 (the Merger Agreement), among Occidental, Baseball Merger Sub 1, Inc., a Delaware corporation and an indirect, wholly owned subsidiary of Occidental (Merger Subsidiary), and Anadarko Petroleum Corporation (Anadarko), Occidental acquired all of the outstanding shares of Anadarko through a transaction in which Merger Subsidiary merged with and into Anadarko (the Merger), with Anadarko continuing as the surviving entity and as an indirect, wholly owned subsidiary of Occidental. See Note 3 - The Merger.

Occidental's principal businesses consist of four reporting segments: Oil and Gas, Chemical, Marketing and Other Midstream, and WES Midstream, which includes the operations of Western Midstream Partners, LP (WES), a publicly traded limited partnership and a consolidated subsidiary of OPC. The Oil and Gas segment explores for, develops and produces oil and condensate, natural gas liquids (NGL) and natural gas. The Chemical segment (OxyChem) mainly manufactures and markets basic chemicals and vinyls. The Marketing and Other Midstream segment purchases, markets, gathers, processes, transports and stores oil, condensate, NGL, natural gas, carbon dioxide (CO2) and power. It also trades around its assets, including transportation and storage capacity, and invests in entities that conduct similar activities. Also within the Marketing and Other Midstream segment is Oxy Low Carbon Ventures (OLCV). OLCV seeks to capitalize on Occidental’s enhanced oil recovery (EOR) leadership by developing carbon capture, utilization and storage projects that source anthropogenic carbon dioxide and promote innovative technologies that drive cost efficiencies and grow Occidental’s business while reducing emissions. The WES Midstream segment owns gathering systems, plants and pipelines and earns revenue from fee-based and service-based contracts with Occidental and third parties. WES is a variable interest entity (VIE) to Occidental.

Principles of Consolidation
The unaudited consolidated financial statements have been prepared in conformity with United States Generally Accepted Accounting Principles (GAAP) and include the accounts of OPC, its subsidiaries, VIEs for which Occidental is the primary beneficiary, and its undivided interests in oil and gas exploration and production ventures. Occidental has made its disclosures in accordance with GAAP as they apply to interim reporting, and condensed or omitted, as permitted by the Securities and Exchange Commission's rules and regulations, certain information and disclosures normally included in consolidated financial statements and notes. These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto in Occidental's Annual Report on Form 10-K for the year ended December 31, 2018 (the 2018 Form 10-K).

The Merger, including the addition of WES Midstream as a new reporting segment, introduced different revenue and expense streams to Occidental's legacy operations. As a result, changes were made to the structure of certain financial statements, notes and supplementary data to provide clarity and to conform to the current presentation.

Variable Interest Entities
Occidental, through its ownership of the general partner interest in WES, has the power to direct the activities that significantly affect the economic performance of WES and the obligation to absorb losses or the right to receive benefits that could be significant to WES; therefore, Occidental is considered the primary beneficiary and consolidates WES and all of its consolidated subsidiaries. WES maintains its own capital structure that is separate from Occidental, consisting of its own debt instruments and publicly traded common units. All intercompany transactions have been eliminated.

The assets of WES and its subsidiaries cannot be used by Occidental for general corporate purposes and are included in and disclosed parenthetically on Occidental's consolidated condensed balance sheets, if material. The carrying amount of liabilities related to WES for which the creditors do not have recourse to Occidental's assets are also included in and disclosed parenthetically on Occidental's Consolidated Condensed Balance Sheets, if material.


9



All outstanding debt for WES at September 30, 2019, including any borrowings under the WES revolving credit facility (WES RCF) and WES Term Loan Facility, is recourse to the general partner of Western Midstream Operating, LP (WES Operating), which in turn has been indemnified in certain circumstances by certain indirect wholly owned subsidiaries of Occidental for such liabilities. See Note 9 - Long-Term Debt.

WES's sources of liquidity include cash and cash equivalents, cash flows generated from operations, interest income from a note receivable from Anadarko, borrowings under the WES RCF, the issuance of additional partnership units, and debt offerings.

Concurrent with the closing of its May 2008 initial public offering, WES Operating loaned Anadarko $260 million in exchange for a 30-year note bearing interest at a fixed annual rate of 6.50%, payable quarterly. The note receivable and related interest income are eliminated in consolidation.

Noncontrolling Interest
WES is a publicly traded limited partnership with its common units traded on the New York Stock Exchange (NYSE) under the ticker symbol "WES." WES also owns the entire non-economic general partner interest and a 98% limited partner interest in WES Operating, a Delaware limited partnership formed by Anadarko in 2007 to acquire, own, develop and operate midstream assets. In addition, Occidental has a 2% limited partner interest in WES Operating and its ownership is held through the investment in WES.

At September 30, 2019, Occidental’s ownership interest in WES consisted of the entire non-economic general partner interest and a 55.4% limited partner interest. The noncontrolling interest primarily consists of the 44.6% limited partner interest of WES owned by the public.

Discontinued Operations
In connection with the Merger, Occidental agreed to sell to TOTAL S.A. (Total) all of the assets, liabilities, businesses, and operations of Anadarko's operations in Algeria, Ghana, Mozambique and South Africa (collectively, the Africa Assets) for $8.8 billion, subject to certain purchase price adjustments. In August 2019, a purchase and sale agreement was executed for these Africa Assets. This transaction is conditioned on the receipt of required regulatory approvals, as well as other customary closing conditions. On September 27, 2019, Occidental completed the sale of Anadarko’s Mozambique LNG assets to Total for $4.2 billion. The assets and liabilities for Algeria, Ghana and South Africa, are presented as held for sale at September 30, 2019. The results of operations of the Africa Assets are presented as discontinued operations, see Note 4 - Acquisitions, Dispositions, and Other.

Unless otherwise indicated, information presented in the Notes to the Consolidated Condensed Financial Statements relates only to Occidental's continuing operations. Information related to discontinued operations is included in Note 4 - Acquisitions, Dispositions, and Other, and in some instances, where appropriate, is included as a separate disclosure within the individual Notes to the Consolidated Condensed Financial Statements.

Goodwill and Other Intangible Assets
Goodwill resulting from the Merger was assigned to WES Midstream and represents the excess of the purchase price over the estimated fair value of the assets acquired and liabilities assumed. Goodwill is subject to annual impairment testing. Changes in goodwill may result from, among other things, finalization of preliminary purchase price allocations, impairments, additional acquisitions, or divestitures. See Note 3 - The Merger.

Other intangible assets represent contractual rights obtained in connection with the Merger that had favorable contractual terms relative to market terms as well as customer-related intangible assets, including customer relationships. Other intangible assets are amortized over their estimated useful lives and are assessed for impairment with the associated long-lived asset group whenever impairment indicators are present. See Note 3 - The Merger.


10



Supplemental Cash Flow Information
Occidental paid international and domestic state income taxes of $751 million and $838 million during the nine months ended September 30, 2019, and 2018, respectively. Occidental received domestic state tax refunds of $2 million in each of the nine months ended September 30, 2019, and 2018. No federal income tax payments were made during the nine months ended September 30, 2019, and 2018. Interest paid totaled $610 million and $298 million during the nine months ended September 30, 2019, and 2018, respectively.

Cash Equivalents and Restricted Cash Equivalents
Occidental considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents or restricted cash equivalents. The cash equivalents and restricted cash equivalents balance at September 30, 2019, includes investments in government money market funds in which the carrying value approximates fair value.

The following table provides a reconciliation of cash, cash equivalents, restricted cash and restricted cash equivalents as reported at the end of the period in the Consolidated Condensed Statements of Cash Flows for the nine months ended September 30, 2019 to the line items within the Consolidated Condensed Balance Sheet at September 30, 2019. There was no restricted cash or restricted cash equivalents at September 30, 2018 or December 31, 2018.
millions
 
September 30, 2019
Cash and cash equivalents
 
$
4,840

Restricted cash and restricted cash equivalents
 
454

Cash and restricted cash included in assets held for sale
 
16

Restricted cash and restricted cash equivalents included in long-term receivables and other assets, net
 
55

Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents
 
$
5,365



Total restricted cash and restricted cash equivalents are primarily associated with a benefits trust for former Anadarko employees that was funded as part of the Merger, payments of future hard-minerals royalties conveyed, and a judicially-controlled account related to a Brazilian tax dispute.

Note 2 - Accounting and Disclosure Changes

In January 2019, Occidental adopted the new lease standard Accounting Standards Codification Topic 842 - Leases (ASC 842). The new standard requires Occidental to recognize most leases, including operating leases, on the balance sheet. The new rules require lessees to recognize a right-of-use asset (ROU) and lease liability for all leases with lease terms of more than 12 months. Occidental adopted the standard using the modified retrospective approach, including adopting several optional practical expedients. See Note 10 - Lease Commitments.


11



Note 3 - The Merger

On May 9, 2019, Occidental entered into the Merger Agreement with Anadarko. On August 8, 2019, Anadarko’s stockholders voted to approve the Merger and it was made effective the same day. The Merger added to Occidental's oil and gas portfolio, primarily in the Permian Basin, DJ Basin and Gulf of Mexico, and a controlling interest in WES.

In exchange for each share of Anadarko common stock, Anadarko stockholders received $59.00 in cash and 0.2934 of a share of Occidental common stock, plus cash in lieu of any fractional share of Occidental common stock that otherwise would have been issued, based on the average price of $46.31 per share of Occidental common stock on the NYSE on August 8, 2019.

In connection with the Merger, Occidental issued $13.0 billion of new senior unsecured notes, $8.8 billion of term loans (the Term Loans) and 100,000 shares of series A preferred stock (the Preferred Stock) with a warrant to purchase 80 million shares of Occidental common stock at an exercise price of $62.50 (the Warrant) for $10 billion. In addition, Occidental increased its existing $3.0 billion revolving credit facility by an additional $2.0 billion in commitments. See Note 9 - Long-term Debt and Note 14 - Stockholders' Equity for additional information.

The Merger constitutes a business combination and was accounted for using the acquisition method of accounting. The following table presents the Merger consideration paid to Anadarko stockholders as a result of the Merger:
millions, except per share amounts
 
 
Total shares of Anadarko common stock eligible for Merger consideration
 
491.6

Cash consideration (per share of common stock and shares underlying Anadarko stock-based awards eligible for Merger consideration)
 
$
59.00

Cash portion of Merger consideration
 
$
29,002

 
 
 
Total shares of Anadarko common stock and shares underlying Anadarko stock-based awards eligible for Merger consideration
 
492.0

Exchange ratio (per share of Anadarko common stock)
 
0.2934

Total shares of Occidental common stock issued to Anadarko stockholders
 
144

Average share price of Occidental common stock at August 8, 2019
 
$
46.31

Stock portion of Merger consideration
 
$
6,684

Total Merger consideration
 
$
35,686



12



The following table sets forth the preliminary allocation of the Merger consideration. Certain data necessary to complete the purchase price allocation is not yet available, and includes, but is not limited to, final appraisals of assets acquired and liabilities assumed, valuation of pre-merger contingencies and final tax returns that provide underlying tax basis of assets acquired and liabilities assumed. Occidental will finalize the purchase price allocation during the 12-month period following the Merger date, during which time the value of the assets and liabilities may be revised as appropriate.
millions
 
As of August 8, 2019
Fair value of assets acquired:
 
 
Current assets
 
$
3,590

Anadarko's Africa Assets held for sale
 
10,746

Investments in unconsolidated entities
 
2,430

Property, plant and equipment, net - Anadarko
 
48,771

Property, plant and equipment, net - WES Midstream
 
9,475

Other assets
 
797

Intangible assets - WES Midstream
 
2,400

Amount attributable to assets acquired
 
$
78,209

 
 

Fair value of liabilities assumed:
 

Current liabilities
 
$
3,677

Liabilities of Anadarko's Africa Assets held for sale
 
2,329

Long-term debt - Anadarko
 
12,829

Long-term debt - WES Midstream
 
7,407

Deferred income taxes
 
10,040

Asset retirement obligations
 
2,728

Pension and post retirement obligations
 
1,125

Non-current derivative liabilities
 
1,279

Other long-term liabilities
 
2,308

Amount attributable to liabilities assumed
 
$
43,722

 
 
 
Net assets
 
$
34,487

Less: Fair value of noncontrolling interests in WES Midstream
 
4,875

Fair value of net assets acquired
 
29,612

Goodwill - WES Midstream
 
6,074

Total Merger consideration
 
$
35,686



The aggregate purchase price noted above was allocated to the major categories of assets and liabilities acquired based upon their preliminary estimated fair values at the date of the Merger. The valuation of certain assets, including property and intangible assets, are based on preliminary appraisals. The majority of measurements of assets acquired and liabilities assumed, other than debt, are based on inputs that are not observable in the market and thus represent Level 3 inputs. The fair value of acquired properties and equipment is based on both available market data and a cost approach. Oil and natural gas properties were valued using either available market data based on the nature of the properties and the location or an income approach. Intangible assets primarily consist of third-party customer contracts, the fair value of which was determined using an income approach. Deferred income taxes represent the tax effects of differences in the tax basis and merger-date fair values of assets acquired and liabilities assumed. The measurement of debt instruments was based on unadjusted quoted prices in an active market and are primarily Level 1; approximately $6.1 billion of the assumed debt is considered Level 2. The value of derivative instruments was based on observable inputs, primarily forward commodity-price and interest-rate curves and is considered Level 2.


13



The excess of the purchase price over the preliminary estimated fair value of the net tangible and identifiable intangible assets acquired totaled $6.1 billion in goodwill. Goodwill is attributable to the difference in the WES Midstream market capitalization value at the date of the Merger and the WES Midstream net assets acquired, and primarily represents the intrinsic value of the customer relationship between WES Midstream and Occidental.

With the completion of the Merger, Occidental acquired proved and unproved properties of approximately $18.2 billion and $26.0 billion, respectively, primarily associated with the Permian Basin, DJ Basin, Gulf of Mexico and Powder River Basin. The remaining $5.0 billion is related to land, mineral interests and corporate properties.

Other intangible assets of $2.4 billion primarily relate to customer contracts associated with the WES Midstream segment. These contracts are amortized over 25 years. The annual aggregate amortization expense for intangible assets is expected to be $108 million.

From the date of the Merger through September 30, 2019, revenues and net loss attributable to common stockholders associated with Anadarko assets totaled $1.5 billion and $400 million, respectively.

The following summarizes the unaudited pro forma condensed financial information of Occidental as if the Merger had occurred on January 1, 2018:
 
 
Three months ended September 30
 
Nine months ended September 30
millions, except per-share amounts
 
2019
 
2018
 
2019
 
2018
 
 
 
 
 
 
 
 
 
Revenues
 
$
7,335

 
$
8,913

 
$
22,419

 
$
23,095

Net income (loss) attributable to common stockholders
 
$
(427
)
 
$
2,060

 
$
475

 
$
3,405

Net income (loss) attributable to common stockholders per share—basic
 
$
(0.50
)
 
$
2.27

 
$
0.51

 
$
3.74

Net income (loss) attributable to common stockholders per share—diluted
 
$
(0.50
)
 
$
2.26

 
$
0.50

 
$
3.73

 
 
 
 
 
 
 
 
 


The unaudited pro forma information is presented for illustration purposes only and is not necessarily indicative of the operating results that would have occurred had the Merger been completed at January 1, 2018, nor is it necessarily indicative of future operating results of the combined entity. The unaudited pro forma information for 2019 and 2018 is a result of combining the three and nine months statements of operations of Occidental with the pre-merger results from January 1, 2019, and 2018 of Anadarko and includes adjustments for revenues and direct expenses. The pro forma results exclude results from the Africa Assets and the impact of any merger-related costs. The pro forma results include adjustments to DD&A (Depreciation, depletion and amortization) based on the purchase price allocated to property, plant, and equipment and intangibles and the estimated useful lives as well as adjustments to interest expense. The pro forma adjustments include estimates and assumptions based on currently available information. Management believes the estimates and assumptions are reasonable, and the relative effects of the Merger are properly reflected. The unaudited pro forma information does not reflect any cost savings anticipated as a result of the Merger or any merger-related costs.


14



Anadarko Merger-Related Costs
The following table summarizes the merger-related costs incurred:
millions
 
Three months ended September 30, 2019
 
Nine months ended September 30, 2019
Employee severance and related cost
 
$
459


$
459

Licensing fees for critical seismic data
 
329


354

Bank, legal and consulting fees
 
136


161

Total
 
$
924


$
974

 
 
 
 
 


Employee severance and related cost primarily relates to one-time severance costs and the accelerated vesting of certain Anadarko share-based awards for former Anadarko employees based on the terms of the Merger Agreement and existing change of control provisions within the former Anadarko employment agreements. In addition, employee severance and related cost includes expenses for a voluntary separation program for eligible employees. Occidental initiated this program to align the size and composition of its workforce with its expected future operating and capital plans. Employee notifications related to the voluntary separation program were ongoing at September 30, 2019, with additional expenses associated with the program expected to be incurred throughout the remainder of 2019 and through most of 2020.

The seismic licensing fees relate to relicensing of critical seismic data related to the Gulf of Mexico, Permian Basin and DJ Basin that Anadarko had licensed from third-party vendors. The third-party vendors who own the seismic data require a transfer fee in order for Occidental to use the data.

Occidental Stock-based Incentive Plans
On the date of the Merger, Occidental issued restricted share awards covering 1.7 million shares of common stock in exchange for Anadarko stock-based incentive shares to the former Anadarko employees. These restricted shares vest in periods ranging from one month to 3.5 years and are conditioned solely on the employees' continued service, with a weighted-average grant-date fair value of $47.13 and a weighted-average remaining life of 1.3 years. Under the terms of the Merger Agreement, these restricted share awards would be subject to accelerated vesting based on a qualifying termination event.




15



Note 4 - Acquisitions, Dispositions and Other Transactions

On September 27, 2019, Occidental completed the sale of Anadarko’s Mozambique LNG assets to Total for $4.2 billion, with proceeds used to pay down a portion of the Term Loans. Occidental and Total continue to work toward completing the sales of the remaining Africa Assets. Occidental anticipates that the remaining sales will be completed before June 2020. The carrying amount of the remaining Africa Assets will be adjusted in future periods based on changes in fair value. The results of the Africa Assets are presented as discontinued operations in the Consolidated Condensed Statements of Operations and Cash Flows.

The following table presents the amounts reported in discontinued operations, net of income taxes, related to the Africa Assets subsequent to the Merger closing date through September 30, 2019:
millions
 
2019
 
 
 
REVENUES AND OTHER INCOME
 
 
Net sales
 
$
228

 
 


COSTS AND OTHER DEDUCTIONS
 
 
Oil and gas operating expense
 
$
32

Transportation and marketing expense
 
4

Taxes other than on income
 
46

Fair value adjustment on assets held for sale
 
65

Selling, general and administrative
 
8

Other
 
4

 
 
$
159

 
 
 
Income before income taxes
 
$
69

Income tax expense
 
(84
)
Discontinued operations, net of tax
 
$
(15
)
 
 
 
 


16



The following table presents the amounts reported in the Consolidated Condensed Balance Sheets as held for sale related to the Africa Assets and other corporate property.
millions
 
September 30, 2019
 
 
 
Cash and cash equivalents
 
$
16

Inventories
 
207

Other current assets
 
110

Property, plant and equipment, net
 
5,863

Operating lease assets
 
29

Long-term receivables and other assets, net
 
220

Assets held for sale
 
$
6,445

 
 
 
Current maturities of debt - finance leases
 
13

Current operating lease liabilities
 
11

Accounts payable
 
217

Accrued liabilities
 
152

Long-term debt, net - finance leases
 
187

Deferred income taxes
 
1,281

Asset retirement obligations
 
142

Other
 
200

Liabilities of assets held for sale
 
$
2,203

 
 
 
Net assets held for sale
 
$
4,242

 
 
 

Sale of Plains Investment
On September 23, 2019, Occidental sold its remaining equity investment in Plains All American Pipeline, L.P. and Plains GP Holdings, L.P. (together, Plains) for net proceeds of $646 million, which resulted in a pre-tax gain of $111 million. The proceeds were used to pay down a portion of the Term Loans.

Ecopetrol Joint Venture
On July 31, 2019, Occidental and Ecopetrol entered into definitive agreements to form a joint venture to develop approximately 97,000 net acres of Occidental’s Midland Basin properties in the Permian Basin. Ecopetrol will pay $750 million in cash at closing and $750 million of carried capital in exchange for a 49-percent interest in the new venture. Occidental will own a 51-percent interest and operate the joint venture. During the carry period, Ecopetrol will pay 75-percent of Occidental’s share of capital expenditures, up to $750 million. The joint venture allows Occidental to accelerate its development plans in the Midland Basin, where it currently has minimal activity. Occidental will retain production and cash flow from its existing operations in the Midland Basin. This transaction is expected to close in the fourth quarter of 2019.


17



Note 5 - Revenue Recognition

Revenue from customers is recognized when obligations under the terms of a contract with our customers are satisfied; this generally occurs with the delivery of oil, gas, NGL, chemicals or services, such as transportation. As of September 30, 2019, trade receivables, net, of $5.9 billion represent rights to payment for which Occidental has satisfied its obligations under a contract and its right to payment is conditioned only on the passage of time.

The following table shows a reconciliation of revenue from customers to total net sales:
 
 
Three months ended September 30
 
Nine months ended September 30
millions
 
2019
 
2018
 
2019
 
2018
 
 
 
 
 
 
 
 
 
Revenue from customers
 
$
5,231

 
$
4,257

 
$
12,397

 
$
11,813

All other revenues (a)
 
456

 
959

 
1,714

 
1,249

Net sales
 
$
5,687

 
$
5,216

 
$
14,111

 
$
13,062

 
 
 
 
 
 
 
 
 
 (a) Includes net marketing derivatives, oil collars and calls, and chemical exchange contracts.

Disaggregation of Revenue from Contracts with Customers
The following table presents Occidental's revenue from customers by segment, product and geographical area. The Oil and Gas segment typically sells its oil, gas and NGL at the lease or concession area. WES Midstream's operations are entirely in the United States. Chemical revenues are shown by geographic area based on the location of the sale. Excluding net marketing revenue, Marketing and Other Midstream revenues are shown by the location of sale:
millions
 
United States
 
Middle East
 
Latin America
 
Other International
 
Eliminations
 
Total
 
 
 
 
 
 
 
 
 
 
 
 
 
Three months ended September 30, 2019
 
 
 
 
 
 
 
 
 
 
 
 
Oil and Gas
 
 
 
 
 
 
 
 
 
 
 
 
Oil
 
$
2,453

 
$
683

 
$
177

 
$

 
$

 
$
3,313

NGL
 
177

 
63

 

 

 

 
240

Gas
 
125

 
78

 
5

 

 

 
208

Other
 
(18
)
 
3

 

 

 

 
(15
)
Segment total
 
$
2,737

 
$
827

 
$
182

 
$

 
$

 
$
3,746

 
 
 
 
 
 
 
 
 
 
 
 
 
Chemical
 
$
1,009

 
$

 
$
36

 
$
16

 
$

 
$
1,061

 
 
 
 
 
 
 
 
 
 
 
 
 
Marketing and Other Midstream
 
 
 
 
 
 
 
 
 
 
 
 
Gas processing
 
93

 
81

 

 

 

 
174

Power and other