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REVENUE | 6 Months Ended
--- | ---
Jun. 30, 2024
Revenue from Contract with Customer [Abstract] |
REVENUE |
NOTE 2 - REVENUE
Revenue from customers is recognized when obligations under the terms of a contract with customers are satisfied; this generally occurs with the delivery of oil, NGL, gas, chemicals or services, such as transportation. As of June 30, 2024, trade receivables, net of $3.9 billion represent rights to payment for which Occidental has satisfied its obligations under a contract and its right to payment is conditioned only on the passage of time. The following table shows a reconciliation of revenue from customers to total net sales for the three and six months ended June 30, 2024 and 2023:
| Three months ended June 30, | Six months ended June 30,
millions | 2024 | 2023 | 2024 | 2023
Revenue from customers | $ | 6,802 |  | $ | 6,601 |  | $ | 13,533 |  | $ | 13,716 |
All other revenues (a) | 15 |  | 101 |  | (741) |  | 211 |
Net sales | $ | 6,817 |  | $ | 6,702 |  | $ | 12,792 |  | $ | 13,927 |
(a) Includes other revenues from the midstream and marketing segment and chemical segment. DISAGGREGATION OF REVENUE FROM CONTRACTS WITH CUSTOMERS The table below presents Occidental's revenue from customers by segment, product and geographical area. The oil and gas segment typically sells its oil, NGL and gas at the lease or concession area. Chemical segment revenues are shown by geographic area based on the location of the sale. Excluding net marketing revenue, midstream and marketing segment revenues are shown by the location of sale:
millions | United States | International | Eliminations | Total
Three months ended June 30, 2024 |  |  |  |
Oil and gas |  |  |  |
Oil | $ | 4,011 |  | $ | 761 |  | $ | — |  | $ | 4,772 |
NGL | 403 |  | 97 |  | — |  | 500 |
Gas | 67 |  | 91 |  | — |  | 158 |
Other | 39 |  | — |  | — |  | 39 |
Segment total | $ | 4,520 |  | $ | 949 |  | $ | — |  | $ | 5,469 |
Chemical | $ | 1,203 |  | $ | 70 |  | $ | — |  | $ | 1,273 |
Midstream and marketing | $ | 172 |  | $ | 96 |  | $ | — |  | $ | 268 |
Eliminations | $ | — |  | $ | — |  | $ | (208) |  | $ | (208) |
Consolidated | $ | 5,895 |  | $ | 1,115 |  | $ | (208) |  | $ | 6,802 |
millions | United States | International | Eliminations | Total
Three months ended June 30, 2023 |  |  |  |
Oil and gas |  |  |  |
Oil | $ | 3,446 |  | $ | 795 |  | $ | — |  | $ | 4,241 |
NGL | 352 |  | 90 |  | — |  | 442 |
Gas | 161 |  | 87 |  | — |  | 248 |
Other | 10 |  | — |  | — |  | 10 |
Segment total | $ | 3,969 |  | $ | 972 |  | $ | — |  | $ | 4,941 |
Chemical | $ | 1,292 |  | $ | 82 |  | $ | — |  | $ | 1,374 |
Midstream and marketing | $ | 421 |  | $ | 95 |  | $ | — |  | $ | 516 |
Eliminations | $ | — |  | $ | — |  | $ | (230) |  | $ | (230) |
Consolidated | $ | 5,682 |  | $ | 1,149 |  | $ | (230) |  | $ | 6,601 |
millions | United States | International | Eliminations | Total
Six months ended June 30, 2024 |  |  |  |
Oil and gas |  |  |  |
Oil | $ | 7,360 |  | $ | 1,533 |  | $ | — |  | $ | 8,893 |
NGL | 819 |  | 196 |  | — |  | 1,015 |
Gas | 254 |  | 178 |  | — |  | 432 |
Other | 44 |  | — |  | — |  | 44 |
Segment total | $ | 8,477 |  | $ | 1,907 |  | $ | — |  | $ | 10,384 |
Chemical | $ | 2,318 |  | $ | 140 |  | $ | — |  | $ | 2,458 |
Midstream and marketing | $ | 932 |  | $ | 192 |  | $ | — |  | $ | 1,124 |
Eliminations | $ | — |  | $ | — |  | $ | (433) |  | $ | (433) |
Consolidated | $ | 11,727 |  | $ | 2,239 |  | $ | (433) |  | $ | 13,533 |
millions | United States | International | Eliminations | Total
Six months ended June 30, 2023 |  |  |  |
Oil and gas |  |  |  |
Oil | $ | 7,096 |  | $ | 1,513 |  | $ | — |  | $ | 8,609 |
NGL | 812 |  | 175 |  | — |  | 987 |
Gas | 516 |  | 159 |  | — |  | 675 |
Other | (6) |  | 1 |  | — |  | (5) |
Segment total | $ | 8,418 |  | $ | 1,848 |  | $ | — |  | $ | 10,266 |
Chemical | $ | 2,600 |  | $ | 176 |  | $ | — |  | $ | 2,776 |
Midstream and marketing | $ | 961 |  | $ | 199 |  | $ | — |  | $ | 1,160 |
Eliminations | $ | — |  | $ | — |  | $ | (486) |  | $ | (486) |
Consolidated | $ | 11,979 |  | $ | 2,223 |  | $ | (486) |  | $ | 13,716 |

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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