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GEOGRAPHIC AREAS AND INDUSTRY SEGMENTS | 12 Months Ended
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Dec. 31, 2023
Segment Reporting [Abstract] |
GEOGRAPHIC AREAS AND INDUSTRY SEGMENTS |
NOTE 16 - GEOGRAPHIC AREAS AND INDUSTRY SEGMENTS
GEOGRAPHIC AREAS The following table represents Occidental’s property, plant and equipment, net by geographic area:
millions | Property, plant and equipment, net
For the years ended December 31, | 2023 | 2022 | 2021
United States | $ | 51,646 |  | $ | 51,706 |  | $ | 53,197 |
International |  |  |
UAE | 3,609 |  | 3,663 |  | 3,645 |
Oman | 2,156 |  | 2,159 |  | 2,055 |
Algeria | 624 |  | 350 |  | 496 |
Qatar | 393 |  | 428 |  | 468 |
Other International | 101 |  | 78 |  | 69 |
Total International | 6,883 |  | 6,678 |  | 6,733 |
Total | $ | 58,529 |  | $ | 58,384 |  | $ | 59,930 |
Occidental conducts its operations through three segments: (1) oil and gas; (2) chemical; and (3) midstream and marketing. The factors used to identify these segments are based on the nature of the operations that are undertaken in each segment. Income taxes, interest income, interest expense, environmental remediation expenses, acquisition-related costs 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. Identifiable assets are those assets used in the operations of the segments. Corporate assets consist of cash and restricted cash, certain corporate receivables and PP&E. The chief operating decision maker analyzes each segment’s operating results to make decisions about resources to be allocated to the segment and to assess its performance as well as Occidental’s overall performance. INDUSTRY SEGMENTS
millions | Oil and gas (a) | Chemical | Midstream and marketing (b) | Corporate and eliminations (c) | Total
Year ended December 31, 2023 |  |  |  |  |
Net sales | $ | 21,284 |  | $ | 5,321 |  | $ | 2,551 |  | $ | (899) |  | $ | 28,257 |
Income (loss) from continuing operations before income taxes | $ | 6,240 |  | $ | 1,531 |  | $ | 24 |  | $ | (1,366) |  | $ | 6,429 |
Income tax expense (d) | — |  | — |  | — |  | (1,733) |  | (1,733) |
Income (loss) from continuing operations | $ | 6,240 |  | $ | 1,531 |  | $ | 24 |  | $ | (3,099) |  | $ | 4,696 |
Investments in unconsolidated entities | $ | 93 |  | $ | 550 |  | $ | 2,581 |  | $ | — |  | $ | 3,224 |
Property, plant and equipment additions (e) | $ | 5,028 |  | $ | 551 |  | $ | 664 |  | $ | 125 |  | $ | 6,368 |
Depreciation, depletion and amortization | $ | 6,112 |  | $ | 356 |  | $ | 326 |  | $ | 71 |  | $ | 6,865 |
Total assets | $ | 53,786 |  | $ | 4,682 |  | $ | 13,327 |  | $ | 2,213 |  | $ | 74,008 |
Year ended December 31, 2022 |  |  |  |  |
Net sales | $ | 27,165 |  | $ | 6,757 |  | $ | 4,136 |  | $ | (1,424) |  | $ | 36,634 |
Income (loss) from continuing operations before income taxes | $ | 12,803 |  | $ | 2,508 |  | $ | 273 |  | $ | (1,467) |  | $ | 14,117 |
Income tax expense (d) | — |  | — |  | — |  | (813) |  | (813) |
Income (loss) from continuing operations | $ | 12,803 |  | $ | 2,508 |  | $ | 273 |  | $ | (2,280) |  | $ | 13,304 |
Investments in unconsolidated entities | $ | 142 |  | $ | 578 |  | $ | 2,456 |  | $ | — |  | $ | 3,176 |
Property, plant and equipment additions (e) | $ | 3,898 |  | $ | 331 |  | $ | 270 |  | $ | 67 |  | $ | 4,566 |
Depreciation, depletion and amortization | $ | 6,179 |  | $ | 370 |  | $ | 328 |  | $ | 49 |  | $ | 6,926 |
Total assets | $ | 54,058 |  | $ | 4,558 |  | $ | 12,076 |  | $ | 1,917 |  | $ | 72,609 |
Year ended December 31, 2021 |  |  |  |  |
Net sales | $ | 18,941 |  | $ | 5,246 |  | $ | 2,863 |  | $ | (1,094) |  | $ | 25,956 |
Income (loss) from continuing operations before income taxes | $ | 4,145 |  | $ | 1,544 |  | $ | 257 |  | $ | (2,241) |  | $ | 3,705 |
Income tax expense (d) | — |  | — |  | — |  | (915) |  | (915) |
Income (loss) from continuing operations | $ | 4,145 |  | $ | 1,544 |  | $ | 257 |  | $ | (3,156) |  | $ | 2,790 |
Investments in unconsolidated entities | $ | 154 |  | $ | 608 |  | $ | 2,176 |  | $ | — |  | $ | 2,938 |
Property, plant and equipment additions (e) | $ | 2,458 |  | $ | 316 |  | $ | 107 |  | $ | 50 |  | $ | 2,931 |
Depreciation, depletion and amortization | $ | 7,741 |  | $ | 343 |  | $ | 325 |  | $ | 38 |  | $ | 8,447 |
Total assets | $ | 56,132 |  | $ | 4,671 |  | $ | 11,132 |  | $ | 3,101 |  | $ | 75,036 |
(a)The 2023 income included a gain on sale of $142 million for the sale of certain non-core proved and unproved properties in the Permian Basin, a gain on sale of $25 million related to the 2020 Colombia divestiture, 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 legal settlement gain. The 2022 income included gains on sale of $148 million, primarily related to the sale of certain non-strategic assets in the Permian Basin, a gain on sale of $55 million related to the 2020 Colombia divestiture. The 2021 income included $282 million of asset impairments and $280 million of net oil, gas and CO 2 derivative losses. (b)The 2023 income included a fair value gain of $283 million related to the Carbon Engineering acquisition, $60 million of asset impairment and other charges included in income from equity investments and other, a gain on sale of $51 million on the sale of 5.1 million limited partner units in WES, $20 million for the acquisition-related costs on acquiring Carbon Engineering and $14 million of net derivative mark-to-market losses. The 2022 income included $259 million of net derivative mark-to-market losses, $62 million relating to a gain on the sale of 10 million limited partner units in WES and a $36 million gain on the sale of a joint venture. The 2021 income included $252 million in derivative mark-to-market losses and $124 million of gains on sales, primarily from the sale of 11.5 million limited partner units in WES. (c)The 2023 loss included a $260 million remeasurement of the valuation allowance for Occidental’s claim against Maxus and $6 million of costs for the CrownRock Acquisition. The 2022 loss included net derivative mark-to-market gains of $317 million, interest rate swaps and $149 million on early debt extinguishment expenses and $89 million costs for the Anadarko Acquisition. The 2021 included $153 million of costs for the Anadarko Acquisition, $122 million net derivative mark-to-market gains on interest rate swaps and $118 million of early debt extinguishment expenses. (d)Included all foreign and domestic income taxes from continuing operations. (e)Included capital expenditures and capitalized interest, but excluded acquisition and disposition of assets. The 2022 amount included a tax benefit of $2.7 billion for Occidental’s legal entity reorganization, further discussed in the Income Taxes section of the Management’s Discussion and Analysis of Financial Condition and Results of Operations under Part II, Item 7, of this Form 10-K and Note 10 - Income Taxes in the Notes to Consolidated Financial Statements in Part II Item 8 of this Form 10-K.

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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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