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SEGMENTS (Tables) | 6 Months Ended
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Jun. 30, 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 June 30, 2024 |  |  |  |  |
Net sales | $ | 5,469 |  | $ | 1,274 |  | $ | 282 |  | $ | (208) |  | $ | 6,817 |
Income (loss) before income taxes | $ | 1,639 |  | $ | 296 |  | $ | 116 |  | $ | (416) |  | $ | 1,635 |
Income tax expense | — |  | — |  | — |  | (465) |  | (465) |
Income (loss) from continuing operations | $ | 1,639 |  | $ | 296 |  | $ | 116 |  | $ | (881) |  | $ | 1,170 |
Three months ended June 30, 2023 |  |  |  |  |
Net sales | $ | 4,941 |  | $ | 1,375 |  | $ | 616 |  | $ | (230) |  | $ | 6,702 |
Income (loss) before income taxes | $ | 1,059 |  | $ | 436 |  | $ | (30) |  | $ | (138) |  | $ | 1,327 |
Income tax expense | — |  | — |  | — |  | (467) |  | (467) |
Income (loss) from continuing operations | $ | 1,059 |  | $ | 436 |  | $ | (30) |  | $ | (605) |  | $ | 860 |
millions | Oil and gas (a) | Chemical | Midstream and marketing (b) | Corporate and eliminations (c) | Total
Six months ended June 30, 2024 |  |  |  |  |
Net sales | $ | 10,384 |  | $ | 2,460 |  | $ | 381 |  | $ | (433) |  | $ | 12,792 |
Income (loss) before income taxes | $ | 2,877 |  | $ | 550 |  | $ | 83 |  | $ | (865) |  | $ | 2,645 |
Income tax expense | — |  | — |  | — |  | (769) |  | (769) |
Income (loss) from continuing operations | $ | 2,877 |  | $ | 550 |  | $ | 83 |  | $ | (1,634) |  | $ | 1,876 |
Six months ended June 30, 2023 |  |  |  |  |
Net sales | $ | 10,266 |  | $ | 2,780 |  | $ | 1,367 |  | $ | (486) |  | $ | 13,927 |
Income (loss) before income taxes | $ | 2,699 |  | $ | 908 |  | $ | (28) |  | $ | (518) |  | $ | 3,061 |
Income tax expense | — |  | — |  | — |  | (938) |  | (938) |
Income (loss) from continuing operations | $ | 2,699 |  | $ | 908 |  | $ | (28) |  | $ | (1,456) |  | $ | 2,123 |
(a) The three and six months ended June 30, 2024 included a $10 million and $54 million international legal settlement provision, respectively. The three and six months ended June 30, 2023 included a $180 million impairment related to undeveloped acreage in the northern non-core area of the Powder River Basin and a $29 million impairment related to an equity method investment in the Black Butte Coal Company. The six months ended June 30, 2023 included a $26 million litigation settlement gain. (b) The three and six months ended June 30, 2024 included $35 million and $157 million of income from equity investments respectively, related to Occidental's share of WES's gains on asset divestitures. The three and six months ended June 30, 2024 also included $5 million of net derivative gains and $86 million of net derivative losses, respectively. The three and six months ended June 30, 2023 included $48 million and $40 million of net derivative gains, respectively. (c) The three months ended June 30, 2024 included $29 million of acquisition-related costs made up of $15 million of financing costs and $14 million of transaction costs relating to the CrownRock Acquisition. The six months ended June 30, 2024 included $85 million of acquisition-related costs made up of $59 million for financing costs and $26 million of transaction costs relating to the CrownRock Acquisition. The three and six months ended June 30, 2024 included a $20 million income tax expense related to the Algeria contract renewal. The three and six months ended June 30, 2023 included a $68 million deferred tax charge related to the Algeria contract renewal and a $260 million gain related to a Maxus environmental reserve adjustment

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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 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: 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 3: 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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