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INDUSTRY SEGMENTS AND GEOGRAPHIC AREAS (Tables) | 12 Months Ended
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Dec. 31, 2019
Segment Reporting [Abstract] |
Schedule of industry segments |
millions | Oil and Gas |  |  | Chemical |  |  | Marketing and Midstream |  |  | Corporate and Eliminations |  |  | Total |
Year ended December 31, 2019 |  |  |  |  |  |  |  |  |
Net sales | $ | 13,423 |  |  | $ | 4,102 |  |  | $ | 4,132 |  |  | $ | (1,264 | ) |  | $ | 20,393 |
Income (loss) from continuing operations before income taxes | $ | 2,352 |  | (a) | $ | 799 |  |  | $ | 241 |  | (b) | $ | (3,206 | ) | (c) | $ | 186 |
Income tax expense | — |  |  | — |  |  | — |  |  | (693 | ) | (d) | (693 | )
Income (loss) from continuing operations | $ | 2,352 |  |  | $ | 799 |  |  | $ | 241 |  |  | $ | (3,899 | ) |  | $ | (507 | )
Investments in unconsolidated entities | $ | 181 |  |  | $ | 689 |  |  | $ | 5,519 |  |  | $ | — |  |  | $ | 6,389 |
Property, plant and equipment additions(e) | $ | 5,559 |  |  | $ | 272 |  |  | $ | 475 |  |  | $ | 135 |  |  | $ | 6,441 |
Depreciation, depletion and amortization | $ | 4,994 |  |  | $ | 368 |  |  | $ | 563 |  |  | $ | 56 |  |  | $ | 5,981 |
Total assets | $ | 77,936 |  |  | $ | 4,361 |  |  | $ | 17,055 |  |  | $ | 9,978 |  |  | $ | 109,330 |
Year ended December 31, 2018 |  |  |  |  |  |  |  |  |
Net sales | $ | 10,441 |  |  | $ | 4,657 |  |  | $ | 3,656 |  |  | $ | (930 | ) |  | $ | 17,824 |
Income (loss) from continuing operations before income taxes | $ | 2,442 |  | (a) | $ | 1,159 |  |  | $ | 2,802 |  | (b) | $ | (795 | ) | (c) | $ | 5,608 |
Income tax expense | — |  |  | — |  |  | — |  |  | (1,477 | ) | (d) | (1,477 | )
Income (loss) from continuing operations | $ | 2,442 |  |  | $ | 1,159 |  |  | $ | 2,802 |  |  | $ | (2,272 | ) |  | $ | 4,131 |
Investments in unconsolidated entities | $ | — |  |  | $ | 733 |  |  | $ | 947 |  |  | $ | — |  |  | $ | 1,680 |
Property, plant and equipment additions(e) | $ | 4,443 |  |  | $ | 277 |  |  | $ | 221 |  |  | $ | 79 |  |  | $ | 5,020 |
Depreciation, depletion and amortization | $ | 3,254 |  |  | $ | 354 |  |  | $ | 331 |  |  | $ | 38 |  |  | $ | 3,977 |
Total assets | $ | 24,874 |  |  | $ | 4,359 |  |  | $ | 11,087 |  |  | $ | 3,534 |  |  | $ | 43,854 |
Year ended December 31, 2017 |  |  |  |  |  |  |  |  |
Net sales | $ | 7,870 |  |  | $ | 4,355 |  |  | $ | 1,157 |  |  | $ | (874 | ) |  | $ | 12,508 |
Income (loss) from continuing operations before income taxes | $ | 1,111 |  | (a) | $ | 822 |  |  | $ | 85 |  | (b) | $ | (690 | ) | (c) | $ | 1,328 |
Income tax expense | — |  |  | — |  |  | — |  |  | (17 | ) | (d) | (17 | )
Income (loss) from continuing operations | $ | 1,111 |  |  | $ | 822 |  |  | $ | 85 |  |  | $ | (707 | ) |  | $ | 1,311 |
Investments in unconsolidated entities | $ | — |  |  | $ | 771 |  |  | $ | 739 |  |  | $ | 5 |  |  | $ | 1,515 |
Property, plant and equipment additions(e) | $ | 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 |
(a) | The 2019 amount included a net gain on sale of $475 million related to Occidental’s joint venture with Ecopetrol in the Midland Basin and sale of real estate assets, a $285 million impairment charge associated with domestic undeveloped leases that were set to expire in the near term, where Occidental had no plans to pursue exploration activities, and a $39 million charge related to Occidental’s mutually agreed early termination of its Qatar ISSD contract. The 2018 amount included $416 million for the impairment of proved oil properties and inventory in Qatar ISND and ISSD due to the decline in oil prices. The 2017 amount included 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.
(b) | The 2019 amount included a $1 billion charge as a result of recording Occidental’s investment in WES at fair value as of December 31, 2019 upon the loss of control, a $114 million gain on the sale of an equity investment in Plains and a $30 million mark-to-market gain on an interest rate swap for WES. The 2018 amount included pre-tax asset sale gains of $907 million on the sale of non-core domestic midstream assets. The 2017 amount included pre-tax charges of $120 million related to asset impairments of idled facilities.
(c) | The 2019 amount included corporate transactions related to the Acquisition including charges of $1.0 billion related to employee severance and related costs, $401 million related to crucial seismic data and $213 million for bank, legal and consulting fees. There were no significant corporate transactions and events affecting 2018 and 2017 results. The tax effect of these pre-tax adjustments was a $245 million benefit in 2019, and $198 million expense and $392 million expense in 2018 and 2017, respectively.
(d) | Included all foreign and domestic income taxes from continuing operations.
(e) Included capital expenditures and capitalized interest, but excluded acquisition and disposition of assets.
Net sales and property, plant and equipment, net by geographic areas |
|  | Property, plant and equipment, net
millions |  | 2019 |  |  | 2018 |  |  | 2017 |
United States |  | $ | 72,808 |  |  | $ | 23,594 |  |  | $ | 22,863 |
International |  |  |  |  |  |
United Arab Emirates |  | 3,887 |  |  | 4,051 |  |  | 4,241 |
Oman |  | 2,115 |  |  | 2,048 |  |  | 1,962 |
Colombia |  | 1,010 |  |  | 927 |  |  | 807 |
Qatar |  | 562 |  |  | 741 |  |  | 1,236 |
Other International |  | 87 |  |  | 76 |  |  | 65 |
Total International |  | 7,661 |  |  | 7,843 |  |  | 8,311 |
Total |  | $ | 80,469 |  |  | $ | 31,437 |  |  | $ | 31,174 |

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