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Industry Segments | 9 Months Ended
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Sep. 30, 2016
Industry Segments |
Industry Segments | 11. Industry Segments Occidental conducts its operations through three segments: (1) oil and gas; (2) chemical; and (3) midstream and marketing. The oil and gas segment explores for, develops and produces oil and condensate, natural gas liquids (NGLs) and natural gas. The chemical segment mainly manufactures and markets basic chemicals and vinyls. The midstream and marketing segment gathers, processes, transports, stores, purchases and markets oil, condensate, NGLs, natural gas, CO 2 and power. It also trades around its assets, including transportation and storage capacity. Additionally, the midstream and marketing segment invests in entities that conduct similar activities. Results of industry segments generally exclude income taxes, interest income, interest expense, environmental remediation expenses, unallocated corporate expenses and discontinued operations, but include gains and losses from dispositions of segment and geographic area assets and income from the segments’ equity investments. Intersegment sales eliminate upon consolidation and are generally made at prices approximating those that the selling entity would be able to obtain in third-party transactions. The following tables present Occidental’s industry segments (in millions):
|  | Oil |  |  |  | Midstream |  | Corporate |  |  |
|  | and |  |  |  | and |  | and |  |  |
|  | Gas |  | Chemical |  | Marketing |  | Eliminations |  | Total
Three months ended September 30, 2016 |  |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 1,660 |  | $ | 988 |  | $ | 202 |  | $ | (202) |  | $ | 2,648
Pre-tax operating profit (loss) |  | $ | (51) | (a) | $ | 117 |  | $ | (180) |  | $ | (154) | (b) | $ | (268)
Income taxes |  | — |  | — |  | — |  | 30 | (c) | 30
Discontinued operations, net |  | — |  | — |  | — |  | (3) |  | (3)
Net income (loss) |  | $ | (51) |  | $ | 117 |  | $ | (180) |  | $ | (127) |  | $ | (241)
Three months ended September 30, 2015 |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 2,054 |  | $ | 1,008 |  | $ | 231 |  | $ | (177) |  | $ | 3,116
Pre-tax operating profit (loss) |  | $ | (3,128) | (d) | $ | 272 | (e) | $ | 24 |  | $ | (219) | (b) | $ | (3,051)
Income taxes |  | — |  | — |  | — |  | 445 | (c) | 445
Discontinued operations, net |  | — |  | — |  | — |  | (3) |  | (3)
Net income (loss) |  | $ | (3,128) |  | $ | 272 |  | $ | 24 |  | $ | 223 |  | $ | (2,609)
|  | Oil |  |  |  | Midstream |  | Corporate |  |  |
|  | and |  |  |  | and |  | and |  |  |
|  | Gas |  | Chemical |  | Marketing |  | Eliminations |  | Total |
Nine months ended September 30, 2016 |  |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 4,560 |  | $ | 2,786 |  | $ | 476 |  | $ | (520) |  | $ | 7,302 |
Pre-tax operating profit (loss) |  | $ | (653) | (a) | $ | 419 | (e) | $ | (333) |  | $ | (496) | (b) | $ | (1,063) |
Income taxes |  | — |  | — |  | — |  | 329 | (c) | 329 |
Discontinued operations, net |  | — |  | — |  | — |  | 432 |  | 432 |
Net income (loss) |  | $ | (653) |  | $ | 419 |  | $ | (333) |  | $ | 265 |  | $ | (302) |
Nine months ended September 30, 2015 |  |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 6,405 |  | $ | 3,038 |  | $ | 722 |  | $ | (491) |  | $ | 9,674 |
Pre-tax operating profit (loss) |  | $ | (3,039) | (d) | $ | 547 | (e) | $ | 96 |  | $ | (385) | (b) | $ | (2,781) |
Income taxes |  | — |  | — |  | — |  | 140 | (c) | 140 |
Discontinued operations, net |  | — |  | — |  | — |  | (10) |  | (10) |
Net income (loss) |  | $ | (3,039) |  | $ | 547 |  | $ | 96 |  | $ | (255) |  | $ | (2,651) |
| (a) |  | The three and nine months ended September 30, 2016 include pre-tax impairment charges of $112 million related to Occidental’s Libya operations and $160 million related to terminated crude oil supply contracts partially offset by pre-tax gains of $59 million on the sale of South Texas Eagle Ford non-operated properties. The nine months ended September 30, 2016 also reflected a $121 million pre-tax gain on the sale of Occidental’s Piceance Basin operations in Colorado.
| (b) |  | Includes unallocated net interest expense, administration expense, environmental remediation and other pre-tax items.
| (c) |  | Includes all foreign and domestic income taxes from continuing operations.
| (d) |  | The three months ended September 30, 2015 includes pre-tax impairment charges of $3.1 billion. In September 2015, Occidental entered into a sales agreement to sell its Williston operations in North Dakota, and as such an impairment charge of $756 million was recorded to write down the net book value of the assets and liabilities held for sale to the sales price. Due to the significant decline in oil and gas futures prices, Occidental also recorded impairment charges on proved and unproved properties related to Occidental’s domestic gas operations of $924 million, Iraq operations of $760 million and Libya operations of $676 million. The nine months ended September 30, 2015 also reflected first quarter impairment charges of $195 million for Occidental’s South Texas Eagle Ford non-operated properties and $41 million to write-off the remaining investment in Yemen due to the collapse of the country’s government.
| (e) |  | The nine months ended September 30, 2016 and 2015 include gains on sale of the Occidental Tower and Indspec for $88 million and an idled chemical site for $98 million, respectively.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8981-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9038-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8971-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8595-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8380-108599 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8984-108599 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9031-108599 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9054-108599 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8538-108599 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8864-108599 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8924-108599 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8906-108599 + Details
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