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Revenue | 6 Months Ended
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Jun. 30, 2020
Revenue from Contract with Customer [Abstract] |
Revenue |
NOTE 4 - REVENUE
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, natural gas liquids (NGL), gas, chemicals or services, such as transportation. As of June 30, 2020, trade receivables, net, of $2.4 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 for the three and six months ended June 30, 2020 and 2019:
|  | Three months ended June 30, |  |  |  | Six months ended June 30, |  |
millions |  | 2020 |  | 2019 |  | 2020 |  | 2019
Revenue from customers |  | $ | 3,308 |  |  | $ | 3,731 |  |  | $ | 8,558 |  |  | $ | 7,166 |
All other revenues (a) |  | (380) |  |  | 689 |  |  | 983 |  |  | 1,258 |
Net sales |  | $ | 2,928 |  |  | $ | 4,420 |  |  | $ | 9,541 |  |  | $ | 8,424 |
(a) Includes net marketing derivatives, oil collars and calls, and chemical exchange contracts. DISAGGREGATION OF REVENUE FROM CONTRACTS WITH CUSTOMERS The table below presents Occidental's revenue from customers by segment, product and geographical area. The oil and gas segment typically sells its oil, NGLs and gas at the lease or concession area. Chemical segment revenues are shown by geographic area based on the location of the sale. Excluding net marketing revenue, midstream and marketing segment revenues are shown by the location of sale.
millions |  | United States |  | Middle East / Africa |  | Latin America |  | Other International |  | Eliminations |  | Total
Three months ended June 30, 2020 |  |  |  |  |  |  |  |  |  |  |  |
Oil and Gas |  |  |  |  |  |  |  |  |  |  |  |
Oil |  | $ | 1,166 |  |  | $ | 389 |  |  | $ | 66 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,621 |
NGL |  | 127 |  |  | 40 |  |  | — |  |  | — |  |  | — |  |  | 167 |
Gas |  | 138 |  |  | 82 |  |  | 4 |  |  | — |  |  | — |  |  | 224 |
Other |  | 20 |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | 21 |
Segment total |  | $ | 1,451 |  |  | $ | 512 |  |  | $ | 70 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,033 |
Chemical |  | $ | 793 |  |  | $ | — |  |  | $ | 33 |  |  | $ | 13 |  |  | $ | — |  |  | $ | 839 |
Midstream and Marketing |  |  |  |  |  |  |  |  |  |  |  |
Gas processing |  | $ | 67 |  |  | $ | 71 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 138 |
Marketing |  | 299 |  |  | — |  |  | — |  |  | 152 |  |  | — |  |  | 451 |
Power and other |  | 9 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 9 |
Segment total |  | $ | 375 |  |  | $ | 71 |  |  | $ | — |  |  | $ | 152 |  |  | $ | — |  |  | $ | 598 |
Eliminations |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (162) |  |  | $ | (162) |
Consolidated |  | $ | 2,619 |  |  | $ | 583 |  |  | $ | 103 |  |  | $ | 165 |  |  | $ | (162) |  |  | $ | 3,308 |
millions |  | United States |  | Middle East |  | Latin America |  | Other International |  | Eliminations |  | Total
Three months ended June 30, 2019 |  |  |  |  |  |  |  |  |  |  |  |
Oil and Gas |  |  |  |  |  |  |  |  |  |  |  |
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 |  | $ | 935 |  |  | $ | — |  |  | $ | 40 |  |  | $ | 18 |  |  | $ | — |  |  | $ | 993 |
Midstream and Marketing |  |  |  |  |  |  |  |  |  |  |  |
Gas processing |  | $ | 104 |  |  | $ | 89 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 193 |
Marketing |  | 3 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3 |
Power and other |  | 29 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 29 |
Segment total |  | $ | 136 |  |  | $ | 89 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 225 |
Eliminations |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (205) |  |  | $ | (205) |
Consolidated |  | $ | 2,609 |  |  | $ | 1,052 |  |  | $ | 257 |  |  | $ | 18 |  |  | $ | (205) |  |  | $ | 3,731 |
millions |  | United States |  | Middle East / Africa |  | Latin America |  | Other International |  | Eliminations |  | Total
Six months ended June 30, 2020 |  |  |  |  |  |  |  |  |  |  |  |
Oil and Gas |  |  |  |  |  |  |  |  |  |  |  |
Oil |  | $ | 3,921 |  |  | $ | 1,029 |  |  | $ | 215 |  |  | $ | — |  |  | $ | — |  |  | $ | 5,165 |
NGL |  | 340 |  |  | 105 |  |  | — |  |  | — |  |  | — |  |  | 445 |
Gas |  | 321 |  |  | 162 |  |  | 9 |  |  | — |  |  | — |  |  | 492 |
Other |  | 31 |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | 32 |
Segment total |  | $ | 4,613 |  |  | $ | 1,297 |  |  | $ | 224 |  |  | $ | — |  |  | $ | — |  |  | $ | 6,134 |
Chemical |  | $ | 1,703 |  |  | $ | — |  |  | $ | 68 |  |  | $ | 29 |  |  | $ | — |  |  | $ | 1,800 |
Midstream and Marketing |  |  |  |  |  |  |  |  |  |  |  |
Gas processing |  | $ | 172 |  |  | $ | 142 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 314 |
Marketing |  | 545 |  |  | — |  |  | — |  |  | 101 |  |  | — |  |  | 646 |
Power and other |  | 25 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 25 |
Segment total |  | $ | 742 |  |  | $ | 142 |  |  | $ | — |  |  | $ | 101 |  |  | $ | — |  |  | $ | 985 |
Eliminations |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (361) |  |  | $ | (361) |
Consolidated |  | $ | 7,058 |  |  | $ | 1,439 |  |  | $ | 292 |  |  | $ | 130 |  |  | $ | (361) |  |  | $ | 8,558 |
millions |  | United States |  | Middle East |  | Latin America |  | Other International |  | Eliminations |  | Total
Six months ended June 30, 2019 |  |  |  |  |  |  |  |  |  |  |  |
Oil and Gas |  |  |  |  |  |  |  |  |  |  |  |
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 |  | $ | 1,928 |  |  | $ | — |  |  | $ | 83 |  |  | $ | 37 |  |  | $ | — |  |  | $ | 2,048 |
Midstream and Marketing |  |  |  |  |  |  |  |  |  |  |  |
Gas processing |  | $ | 209 |  |  | $ | 191 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 400 |
Marketing |  | 5 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 5 |
Power and other |  | 71 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 71 |
Segment total |  | $ | 285 |  |  | $ | 191 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 476 |
Eliminations |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (427) |  |  | $ | (427) |
Consolidated |  | $ | 5,060 |  |  | $ | 2,057 |  |  | $ | 439 |  |  | $ | 37 |  |  | $ | (427) |  |  | $ | 7,166 |
TRANSACTION PRICE ALLOCATED TO REMAINING PERFORMANCE OBLIGATIONS Revenue expected to be recognized from certain performance obligations that are unsatisfied as of June 30, 2020 is reflected in the table below. Occidental applies the optional exemptions in ASU 2014-09 Revenue from Contracts with Customers (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 |  |
Remainder of 2020 |  | $ | 60 |
2021 |  | 118 |
2022 |  | 9 |
2023 |  | 9 |
2024 |  | 9 |
Thereafter |  | 85 |
Total |  | $ | 290 |

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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 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b)(2) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 + Details
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