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SEGMENTS (Tables) | 3 Months Ended
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Mar. 31, 2024
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 March 31, 2024 |  |  |  |  |
Net sales | $ | 4,915 |  | $ | 1,186 |  | $ | 99 |  | $ | (225) |  | $ | 5,975 |
Income (loss) before income taxes | $ | 1,238 |  | $ | 254 |  | $ | (33) |  | $ | (449) |  | $ | 1,010 |
Income tax expense | — |  | — |  | — |  | (304) |  | (304) |
Net income (loss) | $ | 1,238 |  | $ | 254 |  | $ | (33) |  | $ | (753) |  | $ | 706 |
Three months ended March 31, 2023 |  |  |  |  |
Net sales | $ | 5,325 |  | $ | 1,405 |  | $ | 751 |  | $ | (256) |  | $ | 7,225 |
Income (loss) before income taxes | $ | 1,640 |  | $ | 472 |  | $ | 2 |  | $ | (380) |  | $ | 1,734 |
Income tax expense | — |  | — |  | — |  | (471) |  | (471) |
Net income (loss) | $ | 1,640 |  | $ | 472 |  | $ | 2 |  | $ | (851) |  | $ | 1,263 |
(a) The three months ended March 31, 2024 included a $44 million international legal settlement provision. The three months ended March 31, 2023 included a $26 million litigation settlement gain. (b) The three months ended March 31, 2024 included $122 million of income from equity investments related to Occidental's share of WES's gains on asset divestitures and a $91 million derivative loss. The three months ended March 31, 2023 included a $26 million impairment charge included in income from equity investments. (c) The three months ended March 31, 2024 included $56 million of acquisition-related costs made up of $44 million for financing costs and $12 million of transaction costs relating to the CrownRock Acquisition.

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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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