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SEGMENTS | 9 Months Ended
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Sep. 30, 2023
Segment Reporting [Abstract] |
Segments |
NOTE 10 - 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 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, 2023 |  |  |  |  |
Net sales | $ | 5,594 |  | $ | 1,309 |  | $ | 552 |  | $ | (297) |  | $ | 7,158 |
Income (loss) before income taxes | $ | 1,969 |  | $ | 373 |  | $ | (130) |  | $ | (403) |  | $ | 1,809 |
Income tax expense | — |  | — |  | — |  | (434) |  | (434) |
Net income (loss) | $ | 1,969 |  | $ | 373 |  | $ | (130) |  | $ | (837) |  | $ | 1,375 |
Three months ended September 30, 2022 |  |  |  |  |
Net sales | $ | 7,098 |  | $ | 1,691 |  | $ | 1,005 |  | $ | (404) |  | $ | 9,390 |
Income (loss) before income taxes | $ | 3,345 |  | $ | 580 |  | $ | 104 |  | $ | (381) |  | $ | 3,648 |
Income tax expense | — |  | — |  | — |  | (902) |  | (902) |
Net income (loss) | $ | 3,345 |  | $ | 580 |  | $ | 104 |  | $ | (1,283) |  | $ | 2,746 |
millions | Oil and gas (a) | Chemical | Midstream and marketing (b) | Corporate and eliminations (c) | Total
Nine months ended September 30, 2023 |  |  |  |  |
Net sales | $ | 15,860 |  | $ | 4,089 |  | $ | 1,919 |  | $ | (783) |  | $ | 21,085 |
Income (loss) before income taxes | $ | 4,668 |  | $ | 1,281 |  | $ | (158) |  | $ | (921) |  | $ | 4,870 |
Income tax expense | — |  | — |  | — |  | (1,372) |  | (1,372) |
Net income (loss) | $ | 4,668 |  | $ | 1,281 |  | $ | (158) |  | $ | (2,293) |  | $ | 3,498 |
Nine months ended September 30, 2022 |  |  |  |  |
Net sales | $ | 20,869 |  | $ | 5,284 |  | $ | 3,361 |  | $ | (1,099) |  | $ | 28,415 |
Income (loss) before income taxes | $ | 10,337 |  | $ | 2,051 |  | $ | 318 |  | $ | (989) |  | $ | 11,717 |
Income tax expense | — |  | — |  | — |  | (340) |  | (340) |
Net income (loss) | $ | 10,337 |  | $ | 2,051 |  | $ | 318 |  | $ | (1,329) |  | $ | 11,377 |
(a) The three and nine months ended September 30, 2023 included the sale of certain non-core proved and unproved properties in the Permian Basin for a net gain of $142 million. The nine months ended September 30, 2023 also included a $180 million impairment related to undeveloped acreage in the northern non-core area of the Powder River Basin, a $29 million impairment related to an equity method investment in the Black Butte Coal Company and a $26 million litigation settlement gain. 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. (b) The three and nine months ended September 30, 2023 included $81 million and $41 million of net derivative mark-to-market losses, $34 million and $60 million of asset impairments and other charges, respectively and a $51 million gain on the sale of 5.1 million limited partner units in WES. The three and nine months ended September 30, 2022 included $84 million and $186 million of net derivative mark-to-market losses, respectively and a $62 million gain on the sale of 10 million limited partner units in WES. (c) The three months ended September 30, 2023 included a $3 million deferred benefit and the nine months ended September 30, 2023 included a $65 million deferred tax charge related to the Algeria contract renewal. The nine months ended September 30, 2023 included 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 September 30, 2022 included a $70 million gain on interest rate swaps. The nine months ended September 30, 2022 included a tax benefit of $2.6 billion in connection with Occidental's legal entity reorganization, which is further discussed in Note 6 - Income Taxes, as well as a $332 million gain on interest rate swaps and a $143 million gain on early debt extinguishment.

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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 -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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