XML 96 R14.htm IDEA: XBRL DOCUMENT
v3.19.3

Revenue Recognition | 9 Months Ended
--- | ---
Sep. 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, NGL, chemicals or services, such as transportation. As of September 30, 2019, trade receivables, net, of $5.9 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:
|  | Three months ended September 30 |  | Nine months ended September 30
millions |  | 2019 |  | 2018 |  | 2019 |  | 2018
Revenue from customers |  | $ | 5,231 |  |  | $ | 4,257 |  |  | $ | 12,397 |  |  | $ | 11,813 |
All other revenues (a) |  | 456 |  |  | 959 |  |  | 1,714 |  |  | 1,249 |
Net sales |  | $ | 5,687 |  |  | $ | 5,216 |  |  | $ | 14,111 |  |  | $ | 13,062 |
(a) Includes net marketing derivatives, oil collars and calls, and chemical exchange contracts.
Disaggregation of Revenue from Contracts with Customers 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. WES Midstream's operations are entirely in the United States. Chemical revenues are shown by geographic area based on the location of the sale. Excluding net marketing revenue, Marketing and Other Midstream revenues are shown by the location of sale:
millions |  | United States |  | Middle East |  | Latin America |  | Other International |  | Eliminations |  | Total
Three months ended September 30, 2019 |  |  |  |  |  |  |  |  |  |  |  |
Oil and Gas |  |  |  |  |  |  |  |  |  |  |  |
Oil |  | $ | 2,453 |  |  | $ | 683 |  |  | $ | 177 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,313 |
NGL |  | 177 |  |  | 63 |  |  | — |  |  | — |  |  | — |  |  | 240 |
Gas |  | 125 |  |  | 78 |  |  | 5 |  |  | — |  |  | — |  |  | 208 |
Other |  | (18 | ) |  | 3 |  |  | — |  |  | — |  |  | — |  |  | (15 | )
Segment total |  | $ | 2,737 |  |  | $ | 827 |  |  | $ | 182 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,746 |
Chemical |  | $ | 1,009 |  |  | $ | — |  |  | $ | 36 |  |  | $ | 16 |  |  | $ | — |  |  | $ | 1,061 |
Marketing and Other Midstream |  |  |  |  |  |  |  |  |  |  |  |
Gas processing |  | 93 |  |  | 81 |  |  | — |  |  | — |  |  | — |  |  | 174 |
Power and other |  | 198 |  |  | — |  |  | — |  |  | 37 |  |  | — |  |  | 235 |
Segment total |  | $ | 291 |  |  | $ | 81 |  |  | $ | — |  |  | $ | 37 |  |  | $ | — |  |  | $ | 409 |
WES Midstream |  | $ | 383 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 383 |
Eliminations |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (368 | ) |  | $ | (368 | )
Consolidated |  | $ | 4,420 |  |  | $ | 908 |  |  | $ | 218 |  |  | $ | 53 |  |  | $ | (368 | ) |  | $ | 5,231 |
millions |  | United States |  | Middle East |  | Latin America |  | Other International |  | Eliminations |  | Total
Three months ended September 30, 2018 |  |  |  |  |  |  |  |  |  |  |  |
Oil and Gas |  |  |  |  |  |  |  |  |  |  |  |
Oil |  | $ | 1,326 |  |  | $ | 1,016 |  |  | $ | 197 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,539 |
NGL |  | 139 |  |  | 77 |  |  | — |  |  | — |  |  | — |  |  | 216 |
Gas |  | 47 |  |  | 80 |  |  | 5 |  |  | — |  |  | — |  |  | 132 |
Other |  | 3 |  |  | — |  |  | (1 | ) |  | — |  |  | — |  |  | 2 |
Segment total |  | $ | 1,515 |  |  | $ | 1,173 |  |  | $ | 201 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,889 |
Chemical |  | $ | 1,112 |  |  | $ | — |  |  | $ | 51 |  |  | $ | 21 |  |  | $ | — |  |  | $ | 1,184 |
Marketing and Other Midstream |  |  |  |  |  |  |  |  |  |  |  |
Gas processing |  | 148 |  |  | 108 |  |  | — |  |  | — |  |  | — |  |  | 256 |
Pipelines |  | 115 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 115 |
Power and other |  | 38 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 38 |
Segment total |  | $ | 301 |  |  | $ | 108 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 409 |
Eliminations |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (225 | ) |  | $ | (225 | )
Consolidated |  | $ | 2,928 |  |  | $ | 1,281 |  |  | $ | 252 |  |  | $ | 21 |  |  | $ | (225 | ) |  | $ | 4,257 |
millions |  | United States |  | Middle East |  | Latin America |  | Other International |  | Eliminations |  | Total
Nine months ended September 30, 2019 |  |  |  |  |  |  |  |  |  |  |  |
Oil and Gas |  |  |  |  |  |  |  |  |  |  |  |
Oil |  | $ | 5,105 |  |  | $ | 2,266 |  |  | $ | 524 |  |  | $ | — |  |  | $ | — |  |  | $ | 7,895 |
NGL |  | 339 |  |  | 196 |  |  | — |  |  | — |  |  | — |  |  | 535 |
Gas |  | 180 |  |  | 233 |  |  | 14 |  |  | — |  |  | — |  |  | 427 |
Other |  | (40 | ) |  | (2 | ) |  | — |  |  | — |  |  | — |  |  | (42 | )
Segment total |  | $ | 5,584 |  |  | $ | 2,693 |  |  | $ | 538 |  |  | $ | — |  |  | $ | — |  |  | $ | 8,815 |
Chemical |  | $ | 2,937 |  |  | $ | — |  |  | $ | 119 |  |  | $ | 53 |  |  | $ | — |  |  | $ | 3,109 |
Marketing and Other Midstream |  |  |  |  |  |  |  |  |  |  |  |
Gas processing |  | 302 |  |  | 272 |  |  | — |  |  | — |  |  | — |  |  | 574 |
Power and other |  | 274 |  |  | — |  |  | — |  |  | 37 |  |  | — |  |  | 311 |
Segment total |  | $ | 576 |  |  | $ | 272 |  |  | $ | — |  |  | $ | 37 |  |  | $ | — |  |  | $ | 885 |
WES Midstream |  | $ | 383 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 383 |
Eliminations |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (795 | ) |  | $ | (795 | )
Consolidated |  | $ | 9,480 |  |  | $ | 2,965 |  |  | $ | 657 |  |  | $ | 90 |  |  | $ | (795 | ) |  | $ | 12,397 |
millions |  | United States |  | Middle East |  | Latin America |  | Other International |  | Eliminations |  | Total
Nine months ended September 30, 2018 |  |  |  |  |  |  |  |  |  |  |  |
Oil and Gas |  |  |  |  |  |  |  |  |  |  |  |
Oil |  | $ | 3,907 |  |  | $ | 2,507 |  |  | $ | 547 |  |  | $ | — |  |  | $ | — |  |  | $ | 6,961 |
NGL |  | 339 |  |  | 192 |  |  | — |  |  | — |  |  | — |  |  | 531 |
Gas |  | 141 |  |  | 218 |  |  | 12 |  |  | — |  |  | — |  |  | 371 |
Other |  | 10 |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | 11 |
Segment total |  | $ | 4,397 |  |  | $ | 2,918 |  |  | $ | 559 |  |  | $ | — |  |  | $ | — |  |  | $ | 7,874 |
Chemical |  | $ | 3,294 |  |  | $ | — |  |  | $ | 154 |  |  | $ | 59 |  |  | $ | — |  |  | $ | 3,507 |
Marketing and Other Midstream |  |  |  |  |  |  |  |  |  |  |  |
Gas processing |  | 416 |  |  | 308 |  |  | — |  |  | — |  |  | — |  |  | 724 |
Pipelines |  | 310 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 310 |
Power and other |  | 84 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 84 |
Segment total |  | $ | 810 |  |  | $ | 308 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,118 |
Eliminations |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (686 | ) |  | $ | (686 | )
Consolidated |  | $ | 8,501 |  |  | $ | 3,226 |  |  | $ | 713 |  |  | $ | 59 |  |  | $ | (686 | ) |  | $ | 11,813 |
Contract Liabilities Contract liabilities relate to WES fees and capital reimbursements that are charged to customers for only a portion of the contract term and must be recognized as revenues over the expected period of benefit, fixed and variable fees that are received from customers but revenue recognition is deferred under midstream cost of service contracts, and hard-minerals bonus payments received from customers that must be recognized as revenue over the expected period of benefit. The following table summarizes current period activity related to contract liabilities from contracts with customers:
millions |  |
Balance at December 31, 2018 |  | $ | — |
Increase due to contract liabilities acquired with Anadarko |  | 154 |
Increase due to cash received, excluding revenues recognized in the period |  | 9 |
Decrease due to revenue recognized |  | (13 | )
Balance at September 30, 2019 |  | $ | 150 |
Transaction Price Allocated to Remaining Performance Obligations Revenue expected to be recognized from certain performance obligations that are unsatisfied as of September 30, 2019, is reflected in the table below. Occidental applies the optional exemptions in Topic 606 and does not disclose consideration for remaining performance obligations with an original expected duration of one year or less or for variable consideration related to unsatisfied performance obligations. As a result, the following table represents a small portion of Occidental's expected future consolidated revenues, as future revenue from the sale of most products and services is dependent on future production or variable customer volume and variable commodity prices for that volume:
millions |  | Oil and Gas |  | WES Midstream |  | Eliminations |  | Total
Remainder of 2019 |  | $ | 26 |  |  | $ | 193 |  |  | $ | (127 | ) |  | $ | 92 |
2020 |  | 103 |  |  | 863 |  |  | (589 | ) |  | 377 |
2021 |  | 103 |  |  | 912 |  |  | (645 | ) |  | 370 |
2022 |  | 7 |  |  | 963 |  |  | (703 | ) |  | 267 |
2023 |  | 7 |  |  | 915 |  |  | (690 | ) |  | 232 |
Thereafter |  | 60 |  |  | 4,399 |  |  | (3,768 | ) |  | 691 |
Total |  | $ | 306 |  |  | $ | 8,245 |  |  | $ | (6,522 | ) |  | $ | 2,029 |

X
- References No definition available. + Details
Name: | us-gaap_RevenueFromContractWithCustomerAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_RevenueFromContractWithCustomerTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration