Subject: Re: More OXY. Less Liberty.
Note 5 (p. K-86) of this year's annual report indicates that the carrying value of the Occidental stake, on Dec 31st, was $15.4b, whereas the fair value was $14.6b, and that, in its opinion, "the recognition of impairment charges in earnings were [sic] not required." My understanding of this is that this means the investment is actually underwater. Is that correct? If so, no need for complicated calculations to conclude that, so far, this investment is underperforming.

Certainly relative to the S&P it's likely a laggard in aggregate so far. And yes, the Occidental was 6% underwater at year end, and probably similar now since the stock is pretty flat year to date. But FWIW that 6% figure and the note about the impairment test are related to the common shares only.

Jim