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INVESTMENTS AND RELATED-PARTY TRANSACTIONS (Tables) | 12 Months Ended
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Dec. 31, 2021
Investments And Related Party Transactions Disclosure [Abstract] |
Schedule of significant equity investments | Occidental’s significant equity investments are presented in investments in unconsolidated entities and in other - deferred credits and other liabilities. As of December 31, 2021, and 2020, investments in unconsolidated entities were $2.9 billion and $3.3 billion, respectively. Occidental’s equity investments presented in investments in unconsolidated entities primarily consist of the following:
millions |  | % Interest |  | Carrying amount
WES (a) |  | 51.8 | % |  | $ | 1,963 |
OxyChem Ingleside Facility |  | 50.0 | % |  | 599 |
OLCV - related |  | various |  | 164 |
Other |  | various |  | 212 |
Total Investments in unconsolidated entities (b) |  |  |  | $ | 2,938 |
(a) In December 2021, Occidental sold 2.5 million limited partner units of WES for proceeds of approximately $50 million. In March 2021, Occidental sold 11.5 million limited partner units for proceeds of approximately $200 million, resulting in a gain of $102 million. In the first quarter of 2020, Occidental recorded an impairment of $1.2 billion in goodwill related to its ownership in WES and in the third quarter of 2020, recorded an other than temporary impairment of $2.7 billion related to the WES equity method investment. See Note 9 - Fair Value Measurements for more information on the impairments. (b) Not presented in investments in unconsolidated entities is Occidental’s 24.5% ownership in DEL, which has a carrying value of $217 million. Refer to the discussion below regarding the presentation of Occidental’s equity investment in DEL.
Summarized financial information of equity-method investments | The following table presents the summarized financial information of its equity-method investments combined for the years ended and as of December 31:
millions |  | 2021 |  | 2020 |  | 2019
Summarized Results of Operations (a) |  |  |  |  |  |
Revenues and other income |  | $ | 6,252 |  |  | $ | 5,455 |  |  | $ | 26,520 |
Costs and expenses |  | 4,569 |  |  | 5,455 |  |  | 24,084 |
Net income |  | $ | 1,683 |  |  | $ | — |  |  | $ | 2,436 |
Summarized Balance Sheet |  |  |  |  |  |
Current assets |  | $ | 3,387 |  |  | $ | 1,419 |  |  | $ | 1,130 |
Non-current assets |  | $ | 19,341 |  |  | $ | 18,693 |  |  | $ | 21,158 |
Current liabilities |  | $ | 1,976 |  |  | $ | 1,549 |  |  | $ | 785 |
Long-term debt |  | $ | 9,464 |  |  | $ | 7,860 |  |  | $ | 8,673 |
Other non-current liabilities |  | $ | 1,187 |  |  | $ | 866 |  |  | $ | 859 |
Stockholders’ equity |  | $ | 10,101 |  |  | $ | 9,837 |  |  | $ | 11,971 |
(a)The 2019 Summarized Results of Operations included results of Plains for the period beginning January 1, 2019 through the date Occidental’s interest was sold in September 2019. Plains accounted for $24.7 billion of equity-method investment revenues and other income in 2019.
Summary of related-party transactions | During 2021, 2020 and 2019, Occidental entered into the following related-party transactions and had the following amounts due from or to its related parties for the years ended December 31:
millions |  | 2021 |  | 2020 |  | 2019
Sales (a,c) |  | $ | 261 |  |  | $ | 301 |  |  | $ | 691 |
Purchases (b,c) |  | $ | 773 |  |  | $ | 1,112 |  |  | $ | 463 |
Services (d) |  | $ | 942 |  |  | $ | 1,101 |  |  | $ | 28 |
Advances and amounts due from related parties (c) |  | $ | 57 |  |  | $ | 62 |  |  | $ | 133 |
Amounts due to related parties (c) |  | $ | 280 |  |  | $ | 296 |  |  | $ | 463 |
(a)In 2021 and 2020, sales of Occidental-produced oil and NGL to WES accounted for 58% and 70% of these totals, respectively. In 2019, sales of Occidental-produced oil and NGL to Plains Pipeline affiliates accounted for 87% of these totals. In September 2019, Occidental sold its equity investment in Plains. See Note 5 - Acquisitions, Divestitures and Other Transactions for additional information. (b)In 2021 and 2020, purchases of gas and NGL marketed on behalf of WES accounted for 27% and 59% of related party purchases, respectively, while purchases of ethylene from the OxyChem Ingleside Facility accounted for 70% and 41% in 2021 and 2020 respectively, and, in 2019, for 98% of related party purchases. (c)Excluded sales to and purchases from WES and amounts due to and from WES in 2019 as it was a consolidated subsidiary from the date of the Acquisition through December 31, 2019. (d)In 2021 and 2020, services primarily related to fees charged by WES to gather, process and treat Occidental produced oil, NGL and natural gas. Excluded charges to WES for shared corporate services.

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- Definition Tabular disclosure of equity method investments including, but not limited to, name of each investee or group of investments, percentage ownership, difference between recorded amount of an investment and the value of the underlying equity in the net assets, and summarized financial information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571 + Details
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- Definition Tabular disclosure of related party transactions. Examples of related party transactions include, but are not limited to, transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners and (d) affiliates. + References No definition available. + Details
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