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INVESTMENTS AND RELATED-PARTY TRANSACTIONS (Tables) | 12 Months Ended
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Dec. 31, 2023
Investments And Related Party Transactions Disclosure [Abstract] |
Schedule of significant 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.
Summarized financial information of equity-method investments | 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 |
Summary of related-party transactions | 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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- Definition Tabular disclosure of equity method investments including, but not limited to, name of each investee or group of investments, percentage ownership, difference between recorded amount of an investment and the value of the underlying equity in the net assets, and summarized financial information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3 + Details
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- Definition Tabular disclosure of related party transactions. Examples of related party transactions include, but are not limited to, transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners and (d) affiliates. + References No definition available. + Details
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