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Segments (Tables) | 3 Months Ended
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Mar. 31, 2022
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 March 31, 2022 |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 6,075 |  |  | $ | 1,684 |  |  | $ | 882 |  |  | $ | (292) |  |  | $ | 8,349 |
Income (loss) from continuing operations before income taxes |  | $ | 2,898 |  |  | $ | 671 |  |  | $ | (50) |  |  | $ | (436) |  |  | $ | 3,083 |
Income tax benefit |  | — |  |  | — |  |  | — |  |  | 1,793 |  |  | 1,793 |
Income (loss) from continuing operations |  | $ | 2,898 |  |  | $ | 671 |  |  | $ | (50) |  |  | $ | 1,357 |  |  | $ | 4,876 |
Three months ended March 31, 2021 |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 3,664 |  |  | $ | 1,088 |  |  | $ | 807 |  |  | $ | (266) |  |  | $ | 5,293 |
Income (loss) from continuing operations before income taxes |  | $ | (62) |  |  | $ | 251 |  |  | $ | 282 |  |  | $ | (156) |  |  | $ | 315 |
Income tax expense |  | — |  |  | — |  |  | — |  |  | (16) |  |  | (16) |
Income (loss) from continuing operations |  | $ | (62) |  |  | $ | 251 |  |  | $ | 282 |  |  | $ | (172) |  |  | $ | 299 |
(a) The 2022 amount included $125 million of gains related to the sale of certain non-strategic assets in the Permian Basin. The 2021 amount included a $135 million impairment charge related to non-core domestic undeveloped leases that either expired in the first quarter of 2021 or were set to expire in the near-term, where Occidental had no plans to pursue exploration activities. (b) The 2022 amount included $198 million of net derivative mark-to-market losses. In March 2021, Occidental sold 11.5 million limited partner units of WES for proceeds of approximately $200 million, resulting in a gain of $102 million. (c) The 2022 amount included a non-cash tax benefit of $2.6 billion in connection with Occidental's legal entity reorganization, which is further discussed in the Income Taxes section of the Management’s Discussion and Analysis of Financial Condition and Results of Operations in Part I, Item 2 of this Form 10-Q as well as a $135 million gain on interest rate swaps and $65 million in Anadarko acquisition-related costs. The 2021 amount included a $399 million gain on interest rate swaps and $41 million in Anadarko acquisition-related costs.

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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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