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Segments | 9 Months Ended
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Sep. 30, 2022
Segment Reporting [Abstract] |
Segments |
NOTE 11 - 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 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 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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