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Revenue Recognition | 6 Months Ended
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Jun. 30, 2019
Revenue from Contract with Customer [Abstract] |
Revenue Recognition | 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, natural gas liquids (NGL), chemicals or services such as transportation. Occidental does not typically receive payment in advance of satisfying its obligations under the terms of its sales contracts with customers; therefore, liabilities related to such payment are immaterial to Occidental. As of June 30, 2019, trade receivables, net, of $5.3 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 (in millions):
|  | For the three months ended June 30, |  | For the six months ended June 30,
|  | 2019 |  | 2018 |  | 2019 |  | 2018
Revenue from customers |  | $ | 3,731 |  |  | $ | 3,831 |  |  | $ | 7,166 |  |  | $ | 7,556 |
All other revenues (a) |  | 689 |  |  | 252 |  |  | 1,258 |  |  | 290 |
Total net sales |  | $ | 4,420 |  |  | $ | 4,083 |  |  | $ | 8,424 |  |  | $ | 7,846 |
(a) Includes net marketing margin and chemical exchange contracts. 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. Chemical revenues are shown by geographic area based on the location of the sale. Excluding net marketing revenue, midstream revenues are shown by the location of sale (in millions):
For the three months ended June 30, 2019
Revenue by Product |  | United States |  | Middle East |  | Latin America |  | Other International |  | Eliminations |  | Total
Oil and Gas Segment |  |  |  |  |  |  |  |  |  |  |  |
Oil |  | $ | 1,447 |  |  | $ | 825 |  |  | $ | 212 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,484 |
NGL |  | 84 |  |  | 68 |  |  | — |  |  | — |  |  | — |  |  | 152 |
Gas |  | 8 |  |  | 76 |  |  | 5 |  |  | — |  |  | — |  |  | 89 |
Other |  | (1 | ) |  | (6 | ) |  | — |  |  | — |  |  | — |  |  | (7 | )
Segment Total |  | $ | 1,538 |  |  | $ | 963 |  |  | $ | 217 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,718 |
Chemical Segment |  | $ | 935 |  |  | $ | — |  |  | $ | 40 |  |  | $ | 18 |  |  | $ | — |  |  | $ | 993 |
Midstream Segment |  |  |  |  |  |  |  |  |  |  |  |
Gas Processing |  | 104 |  |  | 89 |  |  | — |  |  | — |  |  | — |  |  | 193 |
Power and Other |  | 32 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 32 |
Segment Total |  | $ | 136 |  |  | $ | 89 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 225 |
Eliminations |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (205 | ) |  | $ | (205 | )
Consolidated |  | $ | 2,609 |  |  | $ | 1,052 |  |  | $ | 257 |  |  | $ | 18 |  |  | $ | (205 | ) |  | $ | 3,731 |
For the three months ended June 30, 2018
Revenue by Product |  | United States |  | Middle East |  | Latin America |  | Other International |  | Eliminations |  | Total
Oil and Gas Segment |  |  |  |  |  |  |  |  |  |  |  |
Oil |  | $ | 1,334 |  |  | $ | 718 |  |  | $ | 180 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,232 |
NGL |  | 111 |  |  | 64 |  |  | — |  |  | — |  |  | — |  |  | 175 |
Gas |  | 42 |  |  | 73 |  |  | 3 |  |  | — |  |  | — |  |  | 118 |
Other |  | 4 |  |  | 1 |  |  | 1 |  |  | — |  |  | — |  |  | 6 |
Segment Total |  | $ | 1,491 |  |  | $ | 856 |  |  | $ | 184 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,531 |
Chemical Segment |  | $ | 1,102 |  |  | $ | — |  |  | $ | 51 |  |  | $ | 17 |  |  | $ | — |  |  | $ | 1,170 |
Midstream Segment |  |  |  |  |  |  |  |  |  |  |  |
Gas Processing |  | 131 |  |  | 104 |  |  | — |  |  | — |  |  | — |  |  | 235 |
Pipelines |  | 101 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 101 |
Power and Other |  | 21 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 21 |
Segment Total |  | $ | 253 |  |  | $ | 104 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 357 |
Eliminations |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (227 | ) |  | $ | (227 | )
Consolidated |  | $ | 2,846 |  |  | $ | 960 |  |  | $ | 235 |  |  | $ | 17 |  |  | $ | (227 | ) |  | $ | 3,831 |
For the six months ended June 30, 2019
Revenue by Product |  | United States |  | Middle East |  | Latin America |  | Other International |  | Eliminations |  | Total
Oil and Gas Segment |  |  |  |  |  |  |  |  |  |  |  |
Oil |  | $ | 2,652 |  |  | $ | 1,583 |  |  | $ | 347 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,582 |
NGL |  | 162 |  |  | 133 |  |  | — |  |  | — |  |  | — |  |  | 295 |
Gas |  | 55 |  |  | 155 |  |  | 9 |  |  | — |  |  | — |  |  | 219 |
Other |  | (22 | ) |  | (5 | ) |  | — |  |  | — |  |  | — |  |  | (27 | )
Segment Total |  | $ | 2,847 |  |  | $ | 1,866 |  |  | $ | 356 |  |  | $ | — |  |  | $ | — |  |  | $ | 5,069 |
Chemical Segment |  | $ | 1,928 |  |  | $ | — |  |  | $ | 83 |  |  | $ | 37 |  |  | $ | — |  |  | $ | 2,048 |
Midstream Segment |  |  |  |  |  |  |  |  |  |  |  |
Gas Processing |  | 209 |  |  | 191 |  |  | — |  |  | — |  |  | — |  |  | 400 |
Power and Other |  | 76 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 76 |
Segment Total |  | $ | 285 |  |  | $ | 191 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 476 |
Eliminations |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (427 | ) |  | $ | (427 | )
Consolidated |  | $ | 5,060 |  |  | $ | 2,057 |  |  | $ | 439 |  |  | $ | 37 |  |  | $ | (427 | ) |  | $ | 7,166 |
For the six months ended June 30, 2018
Revenue by Product |  | United States |  | Middle East |  | Latin America |  | Other International |  | Eliminations |  | Total
Oil and Gas Segment |  |  |  |  |  |  |  |  |  |  |  |
Oil |  | $ | 2,581 |  |  | $ | 1,491 |  |  | $ | 350 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,422 |
NGL |  | 200 |  |  | 115 |  |  | — |  |  | — |  |  | — |  |  | 315 |
Gas |  | 94 |  |  | 138 |  |  | 7 |  |  | — |  |  | — |  |  | 239 |
Other |  | 7 |  |  | 1 |  |  | 1 |  |  | — |  |  | — |  |  | 9 |
Segment Total |  | $ | 2,882 |  |  | $ | 1,745 |  |  | $ | 358 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,985 |
Chemical Segment |  | $ | 2,182 |  |  | $ | — |  |  | $ | 103 |  |  | $ | 38 |  |  | $ | — |  |  | $ | 2,323 |
Midstream Segment |  |  |  |  |  |  |  |  |  |  |  |
Gas Processing |  | 268 |  |  | 200 |  |  | — |  |  | — |  |  | — |  |  | 468 |
Pipelines |  | 195 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 195 |
Power and Other |  | 46 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 46 |
Segment Total |  | $ | 509 |  |  | $ | 200 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 709 |
Eliminations |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (461 | ) |  | $ | (461 | )
Consolidated |  | $ | 5,573 |  |  | $ | 1,945 |  |  | $ | 461 |  |  | $ | 38 |  |  | $ | (461 | ) |  | $ | 7,556 |

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- References No definition available. + Details
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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI http://asc.fasb.org/topic&trid=49130388 + Details
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