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INDUSTRY SEGMENTS AND GEOGRAPHIC AREAS | 12 Months Ended
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Dec. 31, 2019
Segment Reporting [Abstract] |
INDUSTRY SEGMENTS AND GEOGRAPHIC AREAS |
NOTE 18 - INDUSTRY SEGMENTS AND GEOGRAPHIC AREAS
Occidental conducts its operations through three segments: (1) oil and gas; (2) chemical; and (3) marketing and midstream. Income taxes, interest income, interest expense, environmental remediation expenses, Anadarko acquisition-related costs and unallocated corporate expenses are included under Corporate and Eliminations. 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.
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.
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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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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