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INDUSTRY SEGMENTS AND GEOGRAPHIC AREAS (Tables) | 12 Months Ended
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Dec. 31, 2022
Segment Reporting [Abstract] |
Schedule of industry segments |
millions | Oil and gas |  | Chemical |  | Midstream and marketing |  | Corporate and eliminations |  | Total
Year ended December 31, 2022 |  |  |  |  |  |  |  |  |
Net sales | $ | 27,165 |  |  | $ | 6,757 |  |  | $ | 4,136 |  |  | $ | (1,424) |  |  | $ | 36,634 |
Income (loss) from continuing operations before income taxes | $ | 12,803 |  | (a) | $ | 2,508 |  |  | $ | 273 |  | (b) | $ | (1,467) |  | (c) | $ | 14,117 |
Income tax expense | — |  |  | — |  |  | — |  |  | (813) |  | (d) | (813) |
Income (loss) from continuing operations | $ | 12,803 |  |  | $ | 2,508 |  |  | $ | 273 |  |  | $ | (2,280) |  |  | $ | 13,304 |
Investments in unconsolidated entities | $ | 142 |  |  | $ | 578 |  |  | $ | 2,456 |  |  | $ | — |  |  | $ | 3,176 |
Property, plant and equipment additions (e) | $ | 3,898 |  |  | $ | 331 |  |  | $ | 270 |  |  | $ | 67 |  |  | $ | 4,566 |
Depreciation, depletion and amortization | $ | 6,179 |  |  | $ | 370 |  |  | $ | 328 |  |  | $ | 49 |  |  | $ | 6,926 |
Total assets | $ | 54,058 |  |  | $ | 4,558 |  |  | $ | 12,076 |  |  | $ | 1,917 |  |  | $ | 72,609 |
Year ended December 31, 2021 |  |  |  |  |  |  |  |  |
Net sales | $ | 18,941 |  |  | $ | 5,246 |  |  | $ | 2,863 |  |  | $ | (1,094) |  |  | $ | 25,956 |
Income (loss) from continuing operations before income taxes | $ | 4,145 |  | (a) | $ | 1,544 |  |  | $ | 257 |  | (b) | $ | (2,241) |  | (c) | $ | 3,705 |
Income tax benefit | — |  |  | — |  |  | — |  |  | (915) |  | (d) | (915) |
Income (loss) from continuing operations | $ | 4,145 |  |  | $ | 1,544 |  |  | $ | 257 |  |  | $ | (3,156) |  |  | $ | 2,790 |
Investments in unconsolidated entities | $ | 154 |  |  | $ | 608 |  |  | $ | 2,176 |  |  | $ | — |  |  | $ | 2,938 |
Property, plant and equipment additions (e) | $ | 2,458 |  |  | $ | 316 |  |  | $ | 107 |  |  | $ | 50 |  |  | $ | 2,931 |
Depreciation, depletion and amortization | $ | 7,741 |  |  | $ | 343 |  |  | $ | 325 |  |  | $ | 38 |  |  | $ | 8,447 |
Total assets | $ | 56,132 |  |  | $ | 4,671 |  |  | $ | 11,132 |  |  | $ | 3,101 |  |  | $ | 75,036 |
Year ended December 31, 2020 |  |  |  |  |  |  |  |  |
Net sales | $ | 13,066 |  |  | $ | 3,733 |  |  | $ | 1,768 |  |  | $ | (758) |  |  | $ | 17,809 |
Income (loss) from continuing operations before income taxes | $ | (9,632) |  | (a) | $ | 664 |  |  | $ | (4,175) |  | (b) | $ | (2,562) |  | (c) | $ | (15,705) |
Income tax expense | — |  |  | — |  |  | — |  |  | 2,172 |  | (d) | 2,172 |
Income (loss) from continuing operations | $ | (9,632) |  |  | $ | 664 |  |  | $ | (4,175) |  |  | $ | (390) |  |  | $ | (13,533) |
Investments in unconsolidated entities | $ | 168 |  |  | $ | 645 |  |  | $ | 2,437 |  |  | $ | — |  |  | $ | 3,250 |
Property, plant and equipment additions (e) | $ | 2,279 |  |  | $ | 261 |  |  | $ | 50 |  |  | $ | 29 |  |  | $ | 2,619 |
Depreciation, depletion and amortization | $ | 7,414 |  |  | $ | 356 |  |  | $ | 312 |  |  | $ | 15 |  |  | $ | 8,097 |
Total assets | $ | 62,931 |  |  | $ | 4,326 |  |  | $ | 9,856 |  |  | $ | 2,951 |  |  | $ | 80,064 |
(a)The 2022 amount included $148 million of gains, primarily related to the sale of certain non-strategic assets in the Permian Basin. The 2022 amount included $55 million related to post-closing consideration earned from 2020 asset sales as a result of certain production and pricing targets being met as well as the closing of the sale of certain assets that were negotiated with the 2020 Colombia divestiture. The 2021 amount included $282 million of asset impairments and $280 million of net oil, gas and CO 2 derivative losses. The 2020 amount included $7.1 billion related to asset impairments and net asset sale losses of $1.6 billion, partially offset by a $1.1 billion gain on the oil and gas collars and calls and a loss on the sale of Occidental’s Colombia assets of $353 million. (b)The 2022 amount included $259 million of net derivative mark-to-market losses, $62 million relating to a gain on the sale of 10 million limited partner units in WES and a $36 million gain on the sale of a joint venture. The 2021 amount included $252 million in derivative mark-to-market losses and $124 million of gains on sales, primarily from the sale of 11.5 million limited partner units in WES. The 2020 amount included $2.7 billion of other-than-temporary impairment of WES equity investment and $1.4 billion of impairments related to the write-off of goodwill and a $236 million loss from an equity investment related to WES' write-off of its goodwill. (c)The 2022 amount included a tax benefit of $2.7 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 section under Part II, Item 7, of this Form 10-K and Note 10 - Income Taxes in the Notes to Consolidated Financial Statements in Part II Item 8 of this Form 10-K, as well as $317 million of net gains on interest rate swaps, $149 million of net gains on early debt extinguishment and $89 million of Anadarko acquisition-related costs. The 2021 amount included $153 million of Anadarko acquisition-related costs, $122 million net derivative mark-to-market gains on interest rate swaps and $118 million of early debt extinguishment expenses. The 2020 amount included $339 million in expenses related to Anadarko Acquisition-related costs and a $428 million loss on interest rate swaps. (d)Included all foreign and domestic income taxes from continuing operations. (e)Included capital expenditures and capitalized interest, but excluded acquisition and disposition of assets.
Net sales and property, plant and equipment, net by geographic areas |
millions |  | Property, plant and equipment, net
For the years ended December 31, |  | 2022 |  | 2021 |  | 2020
United States |  | $ | 51,706 |  |  | $ | 53,197 |  |  | $ | 59,016 |
International |  |  |  |  |  |
UAE |  | 3,663 |  |  | 3,645 |  |  | 3,737 |
Oman |  | 2,159 |  |  | 2,055 |  |  | 1,901 |
Algeria |  | 350 |  |  | 496 |  |  | 664 |
Qatar |  | 428 |  |  | 468 |  |  | 510 |
Other International |  | 78 |  |  | 69 |  |  | 61 |
Total International |  | 6,678 |  |  | 6,733 |  |  | 6,873 |
Total |  | $ | 58,384 |  |  | $ | 59,930 |  |  | $ | 65,889 |

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