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INDUSTRY SEGMENTS AND GEOGRAPHIC AREAS | 12 Months Ended
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Dec. 31, 2021
Segment Reporting [Abstract] |
INDUSTRY SEGMENTS AND GEOGRAPHIC AREAS |
NOTE 16 - INDUSTRY SEGMENTS AND GEOGRAPHIC AREAS
Occidental conducts its operations through three segments: (1) oil and gas; (2) chemical; and (3) midstream and marketing. The factors used to identify these segments are based on the nature of the operations that are undertaken in each segment. 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. The chief operating decision maker analyzes each segment’s operating results to make decisions about resources to be allocated to the segment and to assess its performance as well as Occidental’s overall performance.
| Oil and gas |  | Chemical |  | Midstream and marketing |  | Corporate and eliminations |  | Total
Year ended December 31, 2021 |  |  |  |  |  |  |  |  |
Net sales | $ | 18,941 |  |  | $ | 5,246 |  |  | $ | 2,863 |  |  | $ | (1,094) |  |  | $ | 25,956 |
Income (loss) from continuing operations before income taxes | $ | 4,145 |  | (a) | $ | 1,544 |  |  | $ | 257 |  | (b) | $ | (2,241) |  | (c) | $ | 3,705 |
Income tax expense | — |  |  | — |  |  | — |  |  | (915) |  | (d) | (915) |
Income (loss) from continuing operations | $ | 4,145 |  |  | $ | 1,544 |  |  | $ | 257 |  |  | $ | (3,156) |  |  | $ | 2,790 |
Investments in unconsolidated entities | $ | 154 |  |  | $ | 608 |  |  | $ | 2,176 |  |  | $ | — |  |  | $ | 2,938 |
Property, plant and equipment additions (e) | $ | 2,458 |  |  | $ | 316 |  |  | $ | 107 |  |  | $ | 50 |  |  | $ | 2,931 |
Depreciation, depletion and amortization | $ | 7,741 |  |  | $ | 343 |  |  | $ | 325 |  |  | $ | 38 |  |  | $ | 8,447 |
Total assets | $ | 56,132 |  |  | $ | 4,671 |  |  | $ | 11,132 |  |  | $ | 3,101 |  |  | $ | 75,036 |
Year ended December 31, 2020 |  |  |  |  |  |  |  |  |
Net sales | $ | 13,066 |  |  | $ | 3,733 |  |  | $ | 1,768 |  |  | $ | (758) |  |  | $ | 17,809 |
Income (loss) from continuing operations before income taxes | $ | (9,632) |  | (a) | $ | 664 |  |  | $ | (4,175) |  | (b) | $ | (2,562) |  | (c) | $ | (15,705) |
Income tax benefit | — |  |  | — |  |  | — |  |  | 2,172 |  | (d) | 2,172 |
Income (loss) from continuing operations | $ | (9,632) |  |  | $ | 664 |  |  | $ | (4,175) |  |  | $ | (390) |  |  | $ | (13,533) |
Investments in unconsolidated entities | $ | 168 |  |  | $ | 645 |  |  | $ | 2,437 |  |  | $ | — |  |  | $ | 3,250 |
Property, plant and equipment additions (e) | $ | 2,279 |  |  | $ | 261 |  |  | $ | 50 |  |  | $ | 29 |  |  | $ | 2,619 |
Depreciation, depletion and amortization | $ | 7,414 |  |  | $ | 356 |  |  | $ | 312 |  |  | $ | 15 |  |  | $ | 8,097 |
Total assets | $ | 62,931 |  |  | $ | 4,326 |  |  | $ | 9,856 |  |  | $ | 2,951 |  |  | $ | 80,064 |
Year ended December 31, 2019 |  |  |  |  |  |  |  |  |
Net sales | $ | 13,941 |  |  | $ | 4,102 |  |  | $ | 4,132 |  |  | $ | (1,264) |  |  | $ | 20,911 |
Income (loss) from continuing operations before income taxes | $ | 2,520 |  | (a) | $ | 799 |  |  | $ | 241 |  | (b) | $ | (3,206) |  | (c) | $ | 354 |
Income tax expense | — |  |  | — |  |  | — |  |  | (861) |  | (d) | (861) |
Income (loss) from continuing operations | $ | 2,520 |  |  | $ | 799 |  |  | $ | 241 |  |  | $ | (4,067) |  |  | $ | (507) |
Investments in unconsolidated entities | $ | 181 |  |  | $ | 689 |  |  | $ | 5,519 |  |  | $ | — |  |  | $ | 6,389 |
Property, plant and equipment additions (e) | $ | 5,571 |  |  | $ | 272 |  |  | $ | 475 |  |  | $ | 135 |  |  | $ | 6,453 |
Depreciation, depletion and amortization | $ | 5,153 |  |  | $ | 368 |  |  | $ | 563 |  |  | $ | 56 |  |  | $ | 6,140 |
Total assets | $ | 80,093 |  |  | $ | 4,361 |  |  | $ | 14,915 |  |  | $ | 7,821 |  |  | $ | 107,190 |
(a)The 2021 amount included $282 million of asset impairments and $280 million of net oil, gas and CO 2 derivative losses. The 2020 amount included $7.1 billion related to asset impairments and net asset sale losses of $1.6 billion, partially offset by a $1.1 billion gain on the oil and gas collars and calls. 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. (b)The 2021 amount included $252 million in derivative mark-to-market losses and $124 million of gains on sales, primarily from the sale of 11.5 million limit partner units in WES. The 2020 amount included $2.7 billion of other-than-temporary impairment of WES equity investment and $1.4 billion of impairments related to the write-off of goodwill and a $236 million loss from an equity investment related to WES' write-off of its goodwill. 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. (c)The 2021 amount included $153 million of Anadarko acquisition-related costs, $122 million net derivative mark-to-market gains on interest rate swaps and $118 million of early debt extinguishment expenses. The 2020 amount included $339 million in expenses related to Anadarko Acquisition-related costs and a $428 million loss on interest rate swaps. 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. The tax effect of these pre-tax adjustments was a $0.2 billion benefit in 2021, a $1.9 billion benefit in 2020, and a $245 million benefit in 2019. (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
millions |  | Property, plant and equipment, net
For the years ended December 31, |  | 2021 |  | 2020 |  | 2019
United States |  | $ | 53,197 |  |  | $ | 59,016 |  |  | $ | 72,808 |
International |  |  |  |  |  |
UAE |  | 3,645 |  |  | 3,737 |  |  | 3,886 |
Oman |  | 2,055 |  |  | 1,901 |  |  | 2,115 |
Algeria |  | 496 |  |  | 664 |  |  | 1,761 |
Colombia |  | — |  |  | — |  |  | 1,010 |
Qatar |  | 468 |  |  | 510 |  |  | 563 |
Other International |  | 69 |  |  | 61 |  |  | 87 |
Total International |  | 6,733 |  |  | 6,873 |  |  | 9,422 |
Total |  | $ | 59,930 |  |  | $ | 65,889 |  |  | $ | 82,230 |

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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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