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Segments | 6 Months Ended
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Jun. 30, 2022
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, 2022 |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 7,696 |  |  | $ | 1,909 |  |  | $ | 1,474 |  |  | $ | (403) |  |  | $ | 10,676 |
Income (loss) from continuing operations before income taxes |  | $ | 4,094 |  |  | $ | 800 |  |  | $ | 264 |  |  | $ | (172) |  |  | $ | 4,986 |
Income tax expense |  | — |  |  | — |  |  | — |  |  | (1,231) |  |  | (1,231) |
Income (loss) from continuing operations |  | $ | 4,094 |  |  | $ | 800 |  |  | $ | 264 |  |  | $ | (1,403) |  |  | $ | 3,755 |
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 |
millions |  | Oil and gas (a) |  | Chemical |  | Midstream and marketing (b) |  | Corporate and eliminations (c) |  | Total
Six months ended June 30, 2022 |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 13,771 |  |  | $ | 3,593 |  |  | $ | 2,356 |  |  | $ | (695) |  |  | $ | 19,025 |
Income (loss) from continuing operations before income taxes |  | $ | 6,992 |  |  | $ | 1,471 |  |  | $ | 214 |  |  | $ | (608) |  |  | $ | 8,069 |
Income tax benefit |  | — |  |  | — |  |  | — |  |  | 562 |  |  | 562 |
Income (loss) from continuing operations |  | $ | 6,992 |  |  | $ | 1,471 |  |  | $ | 214 |  |  | $ | (46) |  |  | $ | 8,631 |
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 |
(a) The six months ended June 30, 2022 included $147 million of gains, primarily related to the sale of certain non-strategic assets in the Permian Basin. The three months ended June 30, 2021 included $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. (b) The three and six months ended June 30, 2022 included $96 million and $102 million of net derivative mark-to-market gains and losses, respectively. The three months ended June 30, 2021 included $180 million of net derivative mark-to-market losses. 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. (c) The three months ended June 30, 2022 included a $179 million gain on early debt extinguishment and a $127 million gain on interest rate swaps. The six months ended June 30, 2022 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 $262 million gain on interest rate swaps and a $161 million gain on debt tenders. The three months ended June 30, 2021 included $223 million of net derivative mark-to-market losses on interest rate swaps. The six months ended June 30, 2021 included $176 million of net derivative mark-to-market gains on interest rate swaps.

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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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI https://asc.fasb.org/topic&trid=2134510 + Details
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