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INDUSTRY SEGMENTS AND GEOGRAPHIC AREAS (Tables) | 12 Months Ended
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Dec. 31, 2017
INDUSTRY SEGMENTS AND GEOGRAPHIC AREAS |
Schedule of industry segments |
Industry Segments |  |  |  |  |  |  |  |  |  |  |
(in millions) |  | Oil and Gas |  | Chemical |  | Midstream and Marketing |  | Corporate and Eliminations |  | Total |
Year ended December 31, 2017 |  |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 7,870 | (a) | $ | 4,355 | (b) | $ | 1,157 | (c) | $ | (874) |  | $ | 12,508 |
Pretax operating profit (loss) |  | $ | 1,111 | (d) | $ | 822 |  | $ | 85 | (e) | $ | (690) | (f) | $ | 1,328 |
Income taxes |  | — |  | — |  | — |  | (17) | (g) | (17) |
Net income (loss) attributable to common stock |  | $ | 1,111 |  | $ | 822 |  | $ | 85 |  | $ | (707) |  | $ | 1,311 |
Investments in unconsolidated entities |  | $ | — |  | $ | 771 |  | $ | 739 |  | $ | 5 |  | $ | 1,515 |
Property, plant and equipment additions, net (h) |  | $ | 2,968 |  | $ | 323 |  | $ | 296 |  | $ | 64 |  | $ | 3,651 |
Depreciation, depletion and amortization |  | $ | 3,269 |  | $ | 352 |  | $ | 340 |  | $ | 41 |  | $ | 4,002 |
Total assets |  | $ | 23,595 |  | $ | 4,364 |  | $ | 11,775 |  | $ | 2,292 |  | $ | 42,026 |
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 | (i) | $ | (381) | (e) | $ | (1,218) | (f) | $ | (1,664) |
Income taxes |  | — |  | — |  | — |  | 662 | (g) | 662 |
Discontinued operations, net |  | — |  | — |  | — |  | 428 | (j) | 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 (h) |  | $ | 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 | (i) | $ | (1,194) | (e) | $ | (764) | (f) | $ | (9,476) |
Income taxes |  | — |  | — |  | — |  | 1,330 | (g) | 1,330 |
Discontinued operations, net |  | $ | — |  | — |  | — |  | 317 | (j) | 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 (h) |  | $ | 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 |
(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, 2017, 2016 and 2015.
| (b) |  | Net sales for the chemical segment comprised the following products:
|  | Basic Chemicals |  | Vinyls |  | Other Chemicals |
Year ended December 31, 2017 |  | 57% |  | 42% |  | 1% |
Year ended December 31, 2016 |  | 57% |  | 40% |  | 3% |
Year ended December 31, 2015 |  | 56% |  | 40% |  | 4% |
(c)Net sales for the midstream and marketing segment comprised the following:
|  | Gas Processing |  | Power |  | Marketing, Transportation and other * |
Year ended December 31, 2017 |  | 69% |  | 28% |  | 3% |
Year ended December 31, 2016 |  | 92% |  | 44% |  | (36)% |
Year ended December 31, 2015 |  | 70% |  | 31% |  | (1)% |
* Revenue from all marketing activities is reported on a net basis.
| (d) |  | The 2017 amount includes pre-tax asset sale gains of $655 million primarily related to South Texas and non-core acreage in the Permian basin and $397 million for the impairment of non-core proved and unproved Permian acreage. 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.
| (e) |  | The 2017 amount includes pre-tax charges of $120 million related to asset impairments of idled facilities. 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.
| (f) |  | Includes unallocated net interest expense, administration expense, environmental remediation and other pre-tax items noted below.
Benefit (Charge) (in millions) |  | 2017 |  | 2016 |  | 2015 |
CORPORATE |  |  |  |  |  |  |
Pre-tax operating profit (loss) |  |  |  |  |  |  |
Asset sale losses |  | $ | — |  | $ | — |  | $ | (8) |
Asset impairments and related items |  | — |  | (619) |  | (235) |
Severance, spin-off and other |  | — |  | — |  | (118) |
|  | $ | — |  | $ | (619) |  | $ | (361) |
Income taxes |  |  |  |  |  |  |
Tax effect of pre-tax and other adjustments * |  | $ | 392 |  | $ | 424 |  | $ | 1,903 |
* Amounts represent the tax effect of the pre-tax adjustments listed in this note, as well as those in footnotes (d), (e) and (f).
| (g) |  | Includes all foreign and domestic income taxes from continuing operations.
| (h) |  | Includes capital expenditures and capitalized interest, but excludes acquisition and disposition of assets.
| (i) |  | 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.
| (j) |  | Includes discontinued operations from Ecuador.
Net product sales for the chemical segment |
|  | Basic Chemicals |  | Vinyls |  | Other Chemicals |
Year ended December 31, 2017 |  | 57% |  | 42% |  | 1% |
Year ended December 31, 2016 |  | 57% |  | 40% |  | 3% |
Year ended December 31, 2015 |  | 56% |  | 40% |  | 4% |
Net sales for the midstream and marketing segment |
|  | Gas Processing |  | Power |  | Marketing, Transportation and other * |
Year ended December 31, 2017 |  | 69% |  | 28% |  | 3% |
Year ended December 31, 2016 |  | 92% |  | 44% |  | (36)% |
Year ended December 31, 2015 |  | 70% |  | 31% |  | (1)% |
* Revenue from all marketing activities is reported on a net basis.
Significant items affecting earnings included in the Corporate segment |
Benefit (Charge) (in millions) |  | 2017 |  | 2016 |  | 2015 |
CORPORATE |  |  |  |  |  |  |
Pre-tax operating profit (loss) |  |  |  |  |  |  |
Asset sale losses |  | $ | — |  | $ | — |  | $ | (8) |
Asset impairments and related items |  | — |  | (619) |  | (235) |
Severance, spin-off and other |  | — |  | — |  | (118) |
|  | $ | — |  | $ | (619) |  | $ | (361) |
Income taxes |  |  |  |  |  |  |
Tax effect of pre-tax and other adjustments * |  | $ | 392 |  | $ | 424 |  | $ | 1,903 |
* Amounts represent the tax effect of the pre-tax adjustments listed in this note, as well as those in footnotes (d), (e) and (f).
Net sales and property, plant and equipment, net by geographic areas |
(in millions) |  | Net sales (a) |  | Property, plant and equipment, net |
For the years ended December 31, |  | 2017 |  | 2016 |  | 2015 |  | 2017 |  | 2016 |  | 2015 |
United States |  | $ | 8,085 |  | $ | 6,290 |  | $ | 7,479 |  | $ | 22,863 |  | $ | 24,004 |  | $ | 23,265 |
Foreign |  |  |  |  |  |  |  |  |  |  |  |  |
Oman |  | 1,397 |  | 1,101 |  | 1,631 |  | 1,962 |  | 1,858 |  | 1,292 |
Qatar |  | 1,394 |  | 1,206 |  | 1,449 |  | 1,236 |  | 1,299 |  | 1,354 |
Colombia |  | 555 |  | 463 |  | 570 |  | 807 |  | 741 |  | 821 |
United Arab Emirates |  | 808 |  | 664 |  | 477 |  | 4,241 |  | 4,373 |  | 4,484 |
Other Foreign |  | 269 |  | 366 |  | 874 |  | 65 |  | 62 |  | 423 |
Total Foreign |  | 4,423 |  | 3,800 |  | 5,001 |  | 8,311 |  | 8,333 |  | 8,374 |
Total |  | $ | 12,508 |  | $ | 10,090 |  | $ | 12,480 |  | $ | 31,174 |  | $ | 32,337 |  | $ | 31,639 |
| (a) |  | Sales are shown by individual country based on the location of the entity making the sale.

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