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INDUSTRY SEGMENTS AND GEOGRAPHIC AREAS | 12 Months Ended
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Dec. 31, 2022
Segment Reporting [Abstract] |
INDUSTRY SEGMENTS AND GEOGRAPHIC AREAS |
NOTE 16 - INDUSTRY SEGMENTS AND GEOGRAPHIC AREAS
Occidental conducts its operations through three segments: (1) oil and gas; (2) chemical; and (3) midstream and marketing. The factors used to identify these segments are based on the nature of the operations that are undertaken in each segment. 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. Identifiable assets are those assets used in the operations of the segments. Corporate assets consist of cash and restricted cash, certain corporate receivables and PP&E. The chief operating decision maker analyzes each segment’s operating results to make decisions about resources to be allocated to the segment and to assess its performance as well as Occidental’s overall performance.
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. 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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- 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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