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INDUSTRY SEGMENTS AND GEOGRAPHIC AREAS | 12 Months Ended
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Dec. 31, 2016
INDUSTRY SEGMENTS AND GEOGRAPHIC AREAS |
INDUSTRY SEGMENTS AND GEOGRAPHIC AREAS |
NOTE 16 | INDUSTRY SEGMENTS AND GEOGRAPHIC AREAS
Occidental conducts its continuing 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, 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, CO2 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 and geographic areas 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. Identifiable assets are those assets used in the operations of the segments. Corporate assets consist of cash and restricted cash, certain corporate receivables and PP&E.
Industry Segments |  |  |  |  |  |  |  |  |  |
(in millions) |  | Oil and Gas |  | Chemical |  | Midstream and Marketing |  | Corporate and Eliminations |  | Total
Year ended December 31, 2016 |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 6,377 |  | (a) | $ | 3,756 |  | (b) | $ | 684 |  | (c) | $ | (727 | ) |  | $ | 10,090 |
Pretax operating profit (loss) |  | $ | (636 | ) | (d) | $ | 571 |  | (e) | $ | (381 | ) | (f) | $ | (1,218 | ) | (g) | $ | (1,664 | )
Income taxes |  | — |  |  | — |  |  | — |  |  | 662 |  | (h) | 662 |
Discontinued operations, net |  | — |  |  | — |  |  | — |  |  | 428 |  | (i) | 428 |
Net income (loss) attributable to common stock |  | $ | (636 | ) |  | $ | 571 |  |  | $ | (381 | ) |  | $ | (128 | ) |  | $ | (574 | )
Investments in unconsolidated entities |  | $ | — |  |  | $ | 730 |  |  | $ | 666 |  |  | $ | 5 |  |  | $ | 1,401 |
Property, plant and equipment additions, net (k) |  | $ | 1,998 |  |  | $ | 353 |  |  | $ | 370 |  |  | $ | 59 |  |  | $ | 2,780 |
Depreciation, depletion and amortization |  | $ | 3,575 |  |  | $ | 340 |  |  | $ | 313 |  |  | $ | 40 |  |  | $ | 4,268 |
Total assets |  | $ | 24,130 |  |  | $ | 4,348 |  |  | $ | 11,059 |  |  | $ | 3,572 |  |  | $ | 43,109 |
Year ended December 31, 2015 |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 8,304 |  | (a) | $ | 3,945 |  | (b) | $ | 891 |  | (c) | $ | (660 | ) |  | $ | 12,480 |
Pretax operating profit (loss) |  | $ | (8,060 | ) | (d) | $ | 542 |  | (e) | $ | (1,194 | ) | (f) | $ | (764 | ) | (g) | $ | (9,476 | )
Income taxes |  | — |  |  | — |  |  | — |  |  | 1,330 |  | (j) | 1,330 |
Discontinued operations, net |  | $ | — |  |  | — |  |  | — |  |  | 317 |  | (i) | 317 |
Net income (loss) attributable to common stock |  | $ | (8,060 | ) |  | $ | 542 |  |  | $ | (1,194 | ) |  | $ | 883 |  |  | $ | (7,829 | )
Investments in unconsolidated entities |  | $ | 4 |  |  | $ | 550 |  |  | $ | 708 |  |  | $ | 5 |  |  | $ | 1,267 |
Property, plant and equipment additions, net (k) |  | $ | 4,485 |  |  | $ | 271 |  |  | $ | 611 |  |  | $ | 42 |  |  | $ | 5,409 |
Depreciation, depletion and amortization |  | $ | 3,886 |  |  | $ | 371 |  |  | $ | 249 |  |  | $ | 38 |  |  | $ | 4,544 |
Total assets |  | $ | 23,591 |  |  | $ | 3,982 |  |  | $ | 10,175 |  |  | $ | 5,661 |  |  | $ | 43,409 |
Year ended December 31, 2014 |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 13,887 |  | (a) | $ | 4,817 |  | (b) | $ | 1,373 |  | (c) | $ | (765 | ) |  | $ | 19,312 |
Pretax operating profit (loss) |  | $ | 428 |  | (d) | $ | 420 |  | (e) | $ | 2,578 |  | (f) | $ | (1,871 | ) | (g) | $ | 1,555 |
Net income attributable to noncontrolling interest |  |  |  |  |  | (14 | ) |  |  |  | (14 | )
Income taxes |  |  |  |  |  |  |  | (1,685 | ) | (h) | (1,685 | )
Discontinued operations, net |  | — |  |  | — |  |  | — |  |  | 760 |  | (j) | 760 |
Net income (loss) attributable to common stock |  | $ | 428 |  |  | $ | 420 |  |  | $ | 2,564 |  |  | $ | (2,796 | ) |  | $ | 616 |
Investments in unconsolidated entities |  | $ | 11 |  |  | $ | 202 |  |  | $ | 948 |  |  | $ | 10 |  |  | $ | 1,171 |
Property, plant and equipment additions, net (l) |  | $ | 6,589 |  |  | $ | 325 |  |  | $ | 2,093 |  |  | $ | 103 |  |  | $ | 9,110 |
Depreciation, depletion and amortization |  | $ | 3,701 |  |  | $ | 367 |  |  | $ | 160 |  |  | $ | 33 |  |  | $ | 4,261 |
Total assets |  | $ | 31,072 |  |  | $ | 3,917 |  |  | $ | 12,283 |  |  | $ | 8,965 |  |  | $ | 56,237 |
(See footnotes on next page) |  |  |  |  |  |  |  |  |  |
Footnotes: (a) Oil sales represented approximately 90 percent of the oil and gas segment net sales for the years ended December 31, 2016, 2015 and 2014. (b) Net sales for the chemical segment comprised the following products:
|  | Basic Chemicals |  | Vinyls |  | Other Chemicals
Year ended December 31, 2016 |  | 57% |  | 40% |  | 3%
Year ended December 31, 2015 |  | 56% |  | 40% |  | 4%
Year ended December 31, 2014 |  | 54% |  | 43% |  | 3%
(c) Net sales for the midstream and marketing segment comprised the following:
|  | Gas Processing |  | Power |  | Marketing, Transportation and other *
Year ended December 31, 2016 |  | 92% |  | 44% |  | (36)%
Year ended December 31, 2015 |  | 70% |  | 31% |  | (1)%
Year ended December 31, 2014 |  | 49% |  | 31% |  | 20%
* Revenue from all marketing activities is reported on a net basis. (d) The 2016 amount includes pre-tax asset sale gains of $121 million and $59 million related to Piceance and South Texas oil and gas properties, pre-tax charges of $61 million related to the sale of Libya and the exit from Iraq, and pre-tax gain of $24 million for other related items. The 2015 amount includes pre-tax charges of $5 billion for impairment of international oil and gas assets and related items and $3.5 billion for the impairment of domestic oil and gas assets and related items. The 2014 amount includes pre-tax charges of $4.7 billion for the impairment of domestic oil and gas assets, pre-tax charges of $1.1 billion for the impairment of foreign oil and gas assets, and pre-tax gain of $531 million for the sale of the Hugoton field. (e) The 2016 amount includes gain on sale of $57 million and $31 million related to Occidental Tower in Dallas, Texas and a non-core specialty chemicals business, respectively. The 2015 amount includes the pre-tax charge of $121 million related to asset impairment partially offset by a $98 million gain on sale of an idled facility. The 2014 amount includes the pre-tax charge of $149 million related to asset impairment. (f) The 2016 amount includes pre-tax charges of $160 million related to the termination of crude oil supply contracts. The 2015 amount includes pre-tax charges of $1.3 billion related to asset impairments and related items. The 2014 amount includes pre-tax gains of $633 million and $1,351 million for the sales of BridgeTex Pipeline and a portion of an investment in Plains Pipeline, respectively, and other charges of $31 million. (g) Includes unallocated net interest expense, administration expense, environmental remediation and other pre-tax items noted in footnote (k) below. (h) Includes all foreign and domestic income taxes from continuing operations. (i) Includes discontinued operations from Ecuador. (j) Includes discontinued operations from Ecuador and California Resources. (k) Includes the following significant items affecting earnings for the years ended December 31:
Benefit (Charge) (in millions) |  | 2016 |  | 2015 |  | 2014
CORPORATE |  |  |  |  |  |
Pre-tax operating profit (loss) |  |  |  |  |  |
Asset sale losses |  | $ | — |  |  | $ | (8 | ) |  | $ | — |
Asset impairments and related items |  | (619 | ) |  | (235 | ) |  | (1,358 | )
Severance, spin-off and other |  | — |  |  | (118 | ) |  | (61 | )
|  | $ | (619 | ) |  | $ | (361 | ) |  | $ | (1,419 | )
Income taxes |  |  |  |  |  |
Tax effect of pre-tax and other adjustments * |  | $ | 424 |  |  | $ | 1,903 |  |  | $ | 927 |
* Amounts represent the tax effect of the pre-tax adjustments listed in this note, as well as those in footnotes (d), (e) and (f). (l) Includes capital expenditures and capitalized interest, but excludes acquisition and disposition of assets. GEOGRAPHIC AREAS
(in millions) |  | Net sales (a) |  | Property, plant and equipment, net
For the years ended December 31, |  | 2016 |  | 2015 |  | 2014 |  | 2016 |  | 2015 |  | 2014
United States |  | $ | 6,290 |  |  | $ | 7,479 |  |  | $ | 11,943 |  |  | $ | 24,004 |  |  | $ | 23,265 |  |  | $ | 26,673 |
Foreign |  |  |  |  |  |  |  |  |  |  |  |
Oman |  | 1,101 |  |  | 1,631 |  |  | 2,524 |  |  | 1,858 |  |  | 1,292 |  |  | 2,876 |
Qatar |  | 1,206 |  |  | 1,449 |  |  | 2,803 |  |  | 1,299 |  |  | 1,354 |  |  | 2,605 |
Colombia |  | 463 |  |  | 570 |  |  | 938 |  |  | 741 |  |  | 821 |  |  | 1,396 |
United Arab Emirates |  | 664 |  |  | 477 |  |  | — |  |  | 4,373 |  |  | 4,484 |  |  | 4,312 |
Other Foreign |  | 366 |  |  | 874 |  |  | 1,104 |  |  | 62 |  |  | 423 |  |  | 1,868 |
Total Foreign |  | 3,800 |  |  | 5,001 |  |  | 7,369 |  |  | 8,333 |  |  | 8,374 |  |  | 13,057 |
Total |  | $ | 10,090 |  |  | $ | 12,480 |  |  | $ | 19,312 |  |  | $ | 32,337 |  |  | $ | 31,639 |  |  | $ | 39,730 |
(a) Sales are shown by individual country based on the location of the entity making the sale.

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