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ACQUISITIONS, DIVESTITURES AND OTHER TRANSACTIONS (Tables) | 12 Months Ended
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Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract] |
Schedule of preliminary purchase price | Occidental allocated the preliminary purchase price to the fair value of Carbon Engineering’s assets as follows:
millions | 2023
Fair value of assets acquired:
Cash and other current assets | $ | 154 |
Property, plant and equipment | 11 |
Intangible assets related to developed technology | 845 |
Goodwill | 668 |
Total fair value of assets acquired | $ | 1,678 |
Fair value of liabilities acquired:
Liabilities acquired | 110 |
Deferred tax liability | 190 |
Total liabilities assumed | $ | 300 |
Fair value of previously held interest | 371 |
Total acquisition consideration | $ | 1,007 |
Schedule of discontinued operations | The following table presents the amounts reported in discontinued operations, net of income taxes, related to the Ghana assets for the years ended December 31, 2021:
millions | 2021
Revenues and other income |
Net sales | $ | 458 |
Costs and other deductions |
Oil and gas lease operating expense | 71 |
Fair value adjustment on assets held for sale (a) | 409 |
Other | 24 |
Total costs and other deductions | $ | 504 |
Loss before income taxes | $ | (46) |
Income tax benefit | 15 |
Discontinued operations, net of tax | $ | (31) |
(a) For 2021, included effective date to close date adjustments as well as settlements of certain tax claims.

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