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INVESTMENTS AND RELATED-PARTY TRANSACTIONS | 12 Months Ended
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Dec. 31, 2022
Investments And Related Party Transactions Disclosure [Abstract] |
INVESTMENTS AND RELATED-PARTY TRANSACTIONS |
NOTE 4 - INVESTMENTS AND RELATED-PARTY TRANSACTIONS
EQUITY INVESTMENTS Occidental’s significant equity investments are presented in investments in unconsolidated entities and in deferred credits and other liabilities - other. As of December 31, 2022 and 2021, investments in unconsolidated entities were $3.2 billion and $2.9 billion, respectively. Occidental’s equity investments presented in investments in unconsolidated entities primarily consist of the following:
millions | % Economic Interest |  | Carrying amount
WES (a) |  | 51.7 | % |  | $ | 2,006 |
OxyChem Ingleside Facility |  | 50.0 | % |  | 566 |
OLCV - related |  | various |  | 416 |
Other |  | various |  | 188 |
Total Investments in unconsolidated entities (b) |  |  |  | $ | 3,176 |
(a) In July 2022, Occidental sold 10.0 million limited partner units of WES for proceeds of approximately $250 million, resulting in a gain of $62 million. In 2021, Occidental sold 14.0 million limited partner units of WES for proceeds of $250 million, resulting in a gain of $102 million. In the first quarter of 2020, Occidental recorded an impairment of $1.2 billion in goodwill related to its ownership in WES and in the third quarter of 2020, recorded an other than temporary impairment of $2.7 billion related to the WES equity method investment. See Note 9 - Fair Value Measurements for more information on the impairments. (b) Not presented in investments in unconsolidated entities is Occidental’s 24.5% ownership in DEL, which had a carrying value of $213 million and is presented in deferred credits and other liabilities - other. Refer to the discussion below regarding the presentation of Occidental’s equity investment in DEL. As of December 31, 2022 and 2021, Occidental’s significant equity investments consisted of investments in WES, OxyChem Ingleside Facility, Net Power and DEL. As a result of a refinancing transaction at DEL in November 2021, Occidental received cash distributions comprised of $110 million in dividends and $450 million in excess distributions. Since Occidental may be requested to provide financial support to DEL in the future, the excess distributions were recorded against the carrying amount of the equity investment and in deferred credits and other liabilities - other. The $110 million in dividends were recorded as a return on investment in cash flow from operations and the $450 million excess distribution was recorded as a return of investment in cash flow from investing. Equity investments in certain oil and gas properties and gathering and processing assets and associated notes payable were presented net on the Consolidated Balance Sheets. The notes payable were net settled in 2022. The carrying value of the investment and note payable were $2.9 billion as of December 31, 2021. Dividends received from equity investments were $643 million, $652 million and $678 million to Occidental in 2022, 2021 and 2020, respectively. As of December 31, 2022 and 2021, cumulative undistributed earnings of equity-method investees since they were acquired was $475 million and $242 million, respectively. As of December 31, 2022, Occidental’s investments in equity investees exceeded the underlying equity in net assets by approximately $640 million, of which, $373 million represented PP&E and equity investments with the remainder comprised of intangibles, both are subject to amortization over their estimated average lives. The following table presents the summarized financial information of its equity-method investments combined for the years ended and as of December 31:
millions |  | 2022 |  | 2021 |  | 2020
Summarized Results of Operations |  |  |  |  |  |
Revenues and other income |  | $ | 6,342 |  |  | $ | 6,252 |  |  | $ | 5,455 |
Costs and expenses |  | 4,514 |  |  | 4,569 |  |  | 5,455 |
Net income |  | $ | 1,828 |  |  | $ | 1,683 |  |  | $ | — |
Summarized Balance Sheet |  |  |  |  |  |
Current assets |  | $ | 3,482 |  |  | $ | 3,387 |  |  | $ | 1,419 |
Non-current assets |  | $ | 15,282 |  |  | $ | 19,341 |  |  | $ | 18,693 |
Current liabilities |  | $ | 1,342 |  |  | $ | 1,976 |  |  | $ | 1,549 |
Long-term debt |  | $ | 9,512 |  |  | $ | 9,464 |  |  | $ | 7,860 |
Other non-current liabilities |  | $ | 1,289 |  |  | $ | 1,187 |  |  | $ | 866 |
Stockholders’ equity |  | $ | 6,621 |  |  | $ | 10,101 |  |  | $ | 9,837 |
RELATED-PARTY TRANSACTIONS Occidental sells oil, NGL, natural gas, chemicals, power and steam to and purchases oil, NGL and chemicals from its equity method investees and other related parties. Occidental is charged service fees primarily related to gathering, processing, oil, NGL and natural gas treatment by certain of its equity investees and other related parties. Berkshire Hathaway is a related party of Occidental due to its ownership of Occidental's common stock. Occidental has, from time to time, contracted with Berkshire Hathaway for the provision of electricity, rail and insurance. In addition, certain Berkshire Hathaway subsidiaries purchase various chemicals from our chemical segment. During 2022, 2021 and 2020, Occidental entered into the following related-party transactions and had the following amounts due from or to its related parties for the years ended December 31:
millions |  | 2022 |  | 2021 |  | 2020
Sales (a) |  | $ | 337 |  |  | $ | 261 |  |  | $ | 301 |
Purchases (b) |  | $ | 948 |  |  | $ | 773 |  |  | $ | 1,112 |
Services (c) |  | $ | 1,006 |  |  | $ | 942 |  |  | $ | 1,101 |
Advances and amounts due from related parties |  | $ | 40 |  |  | $ | 57 |  |  | $ | 62 |
Amounts due to related parties |  | $ | 306 |  |  | $ | 280 |  |  | $ | 296 |
(a)In 2022 and 2021 and 2020 sales of Occidental-produced oil and NGL to WES accounted for 42% and 58% and 70% of these totals, respectively. (b)In 2022 and 2021 and 2020, purchases of gas and NGL marketed on behalf of WES accounted for 24% and 27% and 59% of related party purchases, respectively, while purchases of ethylene from the OxyChem Ingleside Facility accounted for 64% and 70% in 2022 and 2021 respectively, and, in 2020, for 41% of related party purchases. (c)In 2022 and 2021 and 2020, services primarily related to fees charged by WES to gather, process and treat Occidental produced oil, NGL and natural gas. Excluded charges to WES for shared corporate services.

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