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SEGMENTS (Tables) | 6 Months Ended
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Jun. 30, 2023
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 June 30, 2023 |  |  |  |  |
Net sales | $ | 4,941 |  | $ | 1,375 |  | $ | 616 |  | $ | (230) |  | $ | 6,702 |
Income (loss) before income taxes | $ | 1,059 |  | $ | 436 |  | $ | (30) |  | $ | (138) |  | $ | 1,327 |
Income tax expense | — |  | — |  | — |  | (467) |  | (467) |
Net income (loss) | $ | 1,059 |  | $ | 436 |  | $ | (30) |  | $ | (605) |  | $ | 860 |
Three months ended June 30, 2022 |  |  |  |  |
Net sales | $ | 7,696 |  | $ | 1,909 |  | $ | 1,474 |  | $ | (403) |  | $ | 10,676 |
Income (loss) before income taxes | $ | 4,094 |  | $ | 800 |  | $ | 264 |  | $ | (172) |  | $ | 4,986 |
Income tax expense | — |  | — |  | — |  | (1,231) |  | (1,231) |
Net income (loss) | $ | 4,094 |  | $ | 800 |  | $ | 264 |  | $ | (1,403) |  | $ | 3,755 |
millions | Oil and gas (a) | Chemical | Midstream and marketing (b) | Corporate and eliminations (c) | Total
Six months ended June 30, 2023 |  |  |  |  |
Net sales | $ | 10,266 |  | $ | 2,780 |  | $ | 1,367 |  | $ | (486) |  | $ | 13,927 |
Income (loss) before income taxes | $ | 2,699 |  | $ | 908 |  | $ | (28) |  | $ | (518) |  | $ | 3,061 |
Income tax expense | — |  | — |  | — |  | (938) |  | (938) |
Net income (loss) | $ | 2,699 |  | $ | 908 |  | $ | (28) |  | $ | (1,456) |  | $ | 2,123 |
Six months ended June 30, 2022 |  |  |  |  |
Net sales | $ | 13,771 |  | $ | 3,593 |  | $ | 2,356 |  | $ | (695) |  | $ | 19,025 |
Income (loss) before income taxes | $ | 6,992 |  | $ | 1,471 |  | $ | 214 |  | $ | (608) |  | $ | 8,069 |
Income tax benefit | — |  | — |  | — |  | 562 |  | 562 |
Net income (loss) | $ | 6,992 |  | $ | 1,471 |  | $ | 214 |  | $ | (46) |  | $ | 8,631 |
(a) The three and six months ended June 30, 2023 included a $180 million impairment related to undeveloped acreage in the northern non-core area of the Powder River Basin and $29 million impairment related to an equity method investment in the Black Butte Coal Company. The six months ended June 30, 2023 also included a $26 million litigation settlement gain. The six months ended June 30, 2022 included $147 million of gains, primarily related to the sale of certain non-strategic assets in the Permian Basin. (b) The three and six months ended June 30, 2023 included $48 million and $40 million of net derivative mark-to-market gains, respectively. The three and six months ended June 30, 2022 included $96 million and $102 million of net derivative mark-to-market gains and losses, respectively. (c) The three and six months ended June 30, 2023 included a $68 million deferred tax charge related to the Algeria contract renewal and a $260 million gain related to a Maxus environmental reserve adjustment, see Note 8 - Lawsuits, Claims, Commitments and Contingencies for further information. The three months ended June 30, 2022 included a $179 million gain on early debt extinguishment and a $127 million gain on interest rate swaps. The six months ended June 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 a $262 million gain on interest rate swaps and a $161 million gain on early debt extinguishment.

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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 -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-25 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30 + Details
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