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Segments | 6 Months Ended
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Jun. 30, 2021
Segment Reporting [Abstract] |
Segments |
NOTE 12 - SEGMENTS
Occidental conducts its operations through three segments: (1) oil and gas (2) chemical and (3) midstream and marketing. 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. 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 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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -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 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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