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SEGMENTS (Tables) | 9 Months Ended
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Sep. 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 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 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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