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INVESTMENTS AND RELATED-PARTY TRANSACTIONS | 12 Months Ended
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Dec. 31, 2023
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, 2023 and 2022, investments in unconsolidated entities were $3.2 billion and its significant equity investments consisted of investments in WES, OxyChem Ingleside Facility, NET Power and DEL. Occidental’s equity investments presented in investments in unconsolidated entities primarily consist of the following:
millions | % Economic Interest |  | Carrying amount
WES (a) |  | 51.0 | % |  | $ | 1,928 |
OxyChem Ingleside Facility |  | 50.0 | % |  | 539 |
NET Power (b) |  | 42.2 | % |  | 495 |
DEL(c) |  | 24.5 | % |  | — |
Other |  | various |  | 262 |
Total Investments in unconsolidated entities |  |  |  | $ | 3,224 |
(a) In 2023, 2022, and 2021, Occidental sold 5.1 million, 10.0 million and 14.0 million of its limited partner units in WES, respectively, resulting in gains on sale of $51 million, $62 million and $102 million, respectively. (b) In June 2023, Occidental invested an additional $351 million in NET Power, increasing its economic interest to 42.2%. (c) Not presented in investments in unconsolidated entities is Occidental’s 24.5% ownership in DEL, which had a carrying value of $252 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. Dividends received from equity investments were $708 million, $643 million and $652 million to Occidental in 2023, 2022 and 2021, respectively. As of December 31, 2023 and 2022, cumulative undistributed earnings of equity-method investees since they were acquired was $613 million and $594 million, respectively. Excluding Occidental’s investment in NET Power and DEL, as of December 31, 2023, Occidental’s investments in equity investees exceeded the underlying equity in net assets by approximately $424 million, of which $371 million represented PP&E and equity investments with the remainder comprised of intangibles, both are subject to amortization over their estimated average lives. As a result of a refinancing transaction at DEL in November 2021, Occidental received cash distributions in excess of its investment balance. 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 following table presents the summarized financial information of its equity-method investments combined for the years ended and as of December 31:
millions | 2023 | 2022 | 2021
Summarized Results of Operations |  |  |
Revenues and other income | $ | 4,724 |  | $ | 6,342 |  | $ | 6,252 |
Costs and expenses | 3,753 |  | 4,514 |  | 4,569 |
Net income | $ | 971 |  | $ | 1,828 |  | $ | 1,683 |
Summarized Balance Sheet |  |  |
Current assets | $ | 4,772 |  | $ | 3,482 |  | $ | 3,387 |
Non-current assets | $ | 18,715 |  | $ | 15,282 |  | $ | 19,341 |
Current liabilities | $ | 2,547 |  | $ | 1,342 |  | $ | 1,976 |
Long-term debt | $ | 9,673 |  | $ | 9,512 |  | $ | 9,464 |
Other non-current liabilities | $ | 2,396 |  | $ | 1,289 |  | $ | 1,187 |
Equity | $ | 8,870 |  | $ | 6,621 |  | $ | 10,101 |
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 OxyChem. 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 | 2023 | 2022 | 2021
Sales (a) | $ | 256 |  | $ | 337 |  | $ | 261 |
Purchases (b) | $ | 722 |  | $ | 948 |  | $ | 773 |
Services (c) | $ | 1,155 |  | $ | 1,006 |  | $ | 942 |
Advances and amounts due from related parties | $ | 62 |  | $ | 40 |  | $ | 57 |
Amounts due to related parties | $ | 371 |  | $ | 306 |  | $ | 280 |
(a)In 2023 and 2022 and 2021 sales of Occidental-produced oil and NGL to WES accounted for 37% and 42% and 58% of these totals, respectively. (b)In 2023 and 2022 and 2021, purchases of gas and NGL marketed on behalf of WES accounted for 22% and 24% and 27% of related party purchases, respectively, while purchases of ethylene from the OxyChem Ingleside Facility accounted for 69% and 64% and 70%, respectively, of related party purchases. (c)In 2023 and 2022 and 2021, services primarily related to fees charged by WES to gather, process and treat Occidental produced oil, NGL and natural gas.

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