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Segments (Tables) | 9 Months Ended
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Sep. 30, 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 September 30, 2022 |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 7,098 |  |  | $ | 1,691 |  |  | $ | 1,005 |  |  | $ | (404) |  |  | $ | 9,390 |
Income (loss) from continuing operations before income taxes |  | $ | 3,345 |  |  | $ | 580 |  |  | $ | 104 |  |  | $ | (381) |  |  | $ | 3,648 |
Income tax expense |  | — |  |  | — |  |  | — |  |  | (902) |  |  | (902) |
Income (loss) from continuing operations |  | $ | 3,345 |  |  | $ | 580 |  |  | $ | 104 |  |  | $ | (1,283) |  |  | $ | 2,746 |
Three months ended September 30, 2021 |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 4,955 |  |  | $ | 1,396 |  |  | $ | 702 |  |  | $ | (261) |  |  | $ | 6,792 |
Income (loss) from continuing operations before income taxes |  | $ | 1,467 |  |  | $ | 407 |  |  | $ | 20 |  |  | $ | (677) |  |  | $ | 1,217 |
Income tax expense |  | — |  |  | — |  |  | — |  |  | (387) |  |  | (387) |
Income (loss) from continuing operations |  | $ | 1,467 |  |  | $ | 407 |  |  | $ | 20 |  |  | $ | (1,064) |  |  | $ | 830 |
millions |  | Oil and gas (a) |  | Chemical |  | Midstream and marketing (b) |  | Corporate and eliminations (c) |  | Total
Nine months ended September 30, 2022 |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 20,869 |  |  | $ | 5,284 |  |  | $ | 3,361 |  |  | $ | (1,099) |  |  | $ | 28,415 |
Income (loss) from continuing operations before income taxes |  | $ | 10,337 |  |  | $ | 2,051 |  |  | $ | 318 |  |  | $ | (989) |  |  | $ | 11,717 |
Income tax expense |  | — |  |  | — |  |  | — |  |  | (340) |  |  | (340) |
Income (loss) from continuing operations |  | $ | 10,337 |  |  | $ | 2,051 |  |  | $ | 318 |  |  | $ | (1,329) |  |  | $ | 11,377 |
Nine months ended September 30, 2021 |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 13,124 |  |  | $ | 3,671 |  |  | $ | 2,006 |  |  | $ | (758) |  |  | $ | 18,043 |
Income (loss) from continuing operations before income taxes |  | $ | 2,036 |  |  | $ | 970 |  |  | $ | 272 |  |  | $ | (1,603) |  |  | $ | 1,675 |
Income tax expense |  | — |  |  | — |  |  | — |  |  | (446) |  |  | (446) |
Income (loss) from continuing operations |  | $ | 2,036 |  |  | $ | 970 |  |  | $ | 272 |  |  | $ | (2,049) |  |  | $ | 1,229 |
(a) The three months ended September 30, 2021 included $97 million of oil, gas and CO 2 net derivative losses. The nine months ended September 30, 2022 included $147 million of gains, primarily related to the sale of certain non-strategic assets in the Permian Basin. The nine months ended September 30, 2021 included $277 million of oil, gas and CO 2 net derivative losses and $173 million of asset impairments. (b) The three and nine months ended September 30, 2022 included $84 million and $186 million of net derivative mark-to-market losses, respectively, and $62 million of gain on the sale of 10 million limited partner units in WES. The nine months ended September 30, 2021 included $124 million of gains on sales, primarily from the sale of 11.5 million limited partner units in WES, and $176 million in net derivative mark-to-market losses. (c) The three months ended September 30, 2022 included a $70 million net gain on interest rate swaps. The nine months ended September 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 $332 million of net gains on interest rate swaps, $143 million of net gains on early debt extinguishment and $82 million of Anadarko acquisition-related costs. The three months ended September 30, 2021 included $88 million of losses on debt tenders. The nine months ended September 30, 2021 also included $150 million of net gains on interest rate swaps and $122 million of 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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://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 https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599 + Details
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