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Segments (Tables) | 6 Months Ended
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Jun. 30, 2021
Segment Reporting [Abstract] |
Schedule of Industry Segments | The following table presents Occidental’s industry segments:
millions |  | Oil and gas (a) |  | Chemical |  | Midstream and marketing (b) |  | Corporate and eliminations (c) |  | Total
Three months ended June 30, 2021 |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 4,505 |  |  | $ | 1,187 |  |  | $ | 497 |  |  | $ | (231) |  |  | $ | 5,958 |
Income (loss) from continuing operations before income taxes |  | $ | 631 |  |  | $ | 312 |  |  | $ | (30) |  |  | $ | (770) |  |  | $ | 143 |
Income tax expense |  | — |  |  | — |  |  | — |  |  | (43) |  |  | (43) |
Income (loss) from continuing operations |  | $ | 631 |  |  | $ | 312 |  |  | $ | (30) |  |  | $ | (813) |  |  | $ | 100 |
Three months ended June 30, 2020 |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 2,040 |  |  | $ | 846 |  |  | $ | 204 |  |  | $ | (162) |  |  | $ | 2,928 |
Income (loss) from continuing operations before income taxes |  | $ | (7,734) |  |  | $ | 108 |  |  | $ | (7) |  |  | $ | (551) |  |  | $ | (8,184) |
Income tax benefit |  | — |  |  | — |  |  | — |  |  | 1,468 |  |  | 1,468 |
Income (loss) from continuing operations |  | $ | (7,734) |  |  | $ | 108 |  |  | $ | (7) |  |  | $ | 917 |  |  | $ | (6,716) |
millions |  | Oil and gas (a) |  | Chemical |  | Midstream and marketing (b) |  | Corporate and eliminations (c) |  | Total
Six months ended June 30, 2021 |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 8,169 |  |  | $ | 2,275 |  |  | $ | 1,304 |  |  | $ | (497) |  |  | $ | 11,251 |
Income (loss) from continuing operations before income taxes |  | $ | 569 |  |  | $ | 563 |  |  | $ | 252 |  |  | $ | (926) |  |  | $ | 458 |
Income tax expense |  | — |  |  | — |  |  | — |  |  | (59) |  |  | (59) |
Income (loss) from continuing operations |  | $ | 569 |  |  | $ | 563 |  |  | $ | 252 |  |  | $ | (985) |  |  | $ | 399 |
Six months ended June 30, 2020 |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 7,100 |  |  | $ | 1,808 |  |  | $ | 994 |  |  | $ | (361) |  |  | $ | 9,541 |
Income (loss) from continuing operations before income taxes |  | $ | (7,498) |  |  | $ | 294 |  |  | $ | (1,294) |  |  | $ | (1,724) |  |  | $ | (10,222) |
Income tax benefit |  | — |  |  | — |  |  | — |  |  | 1,493 |  |  | 1,493 |
Income (loss) from continuing operations |  | $ | (7,498) |  |  | $ | 294 |  |  | $ | (1,294) |  |  | $ | (231) |  |  | $ | (8,729) |
(a) The three months ended June 30, 2021 included $21 million of asset impairments and $140 million of net oil, gas, and CO 2 derivative losses. The six months ended June 30, 2021 included $156 million of asset impairments and $180 million of net oil, gas, and CO 2 derivative losses. The three months ended June 30, 2020 included $6.4 billion of asset impairments. The six months ended June 30, 2020 included $923 million of net oil, gas, and CO 2 derivative gains and $7.0 billion of asset impairments. (b) The three months ended June 30, 2021 included $180 million of net derivative mark-to-market losses, partially offset by a $22 million settlement gain. The six months ended June 30, 2021 included a $124 million of gains on sales, primarily from the sale of 11.5 million limited partner units in WES, and $165 million in derivative mark-to-market losses. The six months ended June 30, 2020 included $1.4 billion impairment of goodwill and a loss from an equity investment related to WES' write-off of its goodwill, partially offset by derivative mark-to-market gains of $305 million. (c) The three months ended June 30, 2021 included $223 million of net derivative mark-to-market losses on interest rate swaps and $52 million of Anadarko acquisition-related costs. The six months ended June 30, 2021 included $176 million net derivative mark-to-market gains on interest rate swaps and $93 million of Anadarko acquisition-related costs. The three months ended June 30, 2020 included $149 million of Anadarko acquisition-related costs and $79 million of net derivative mark-to-market losses on warrants, partially offset by a $114 million Anadarko acquisition-related pension and termination benefits gain. The six months ended June 30, 2020 included $665 million of net derivative mark-to-market losses on interest rate swaps, $297 million of Anadarko acquisition-related costs, $5 million of net derivative mark-to-market gains on warrants, and the $114 million Anadarko acquisition-related pension and termination benefits gain.

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8813-108599 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599 + Details
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