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SEGMENTS (Tables) | 9 Months Ended
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Sep. 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 September 30, 2024 |  |  |  |  |
Net sales | $ | 5,697 |  | $ | 1,246 |  | $ | 440 |  | $ | (210) |  | $ | 7,173 |
Income (loss) before income taxes | $ | 1,165 |  | $ | 304 |  | $ | 631 |  | $ | (506) |  | $ | 1,594 |
Income tax expense | — |  | — |  | — |  | (454) |  | (454) |
Income (loss) from continuing operations | $ | 1,165 |  | $ | 304 |  | $ | 631 |  | $ | (960) |  | $ | 1,140 |
Three months ended September 30, 2023 |  |  |  |  |
Net sales | $ | 5,594 |  | $ | 1,309 |  | $ | 552 |  | $ | (297) |  | $ | 7,158 |
Income (loss) before income taxes | $ | 1,969 |  | $ | 373 |  | $ | (130) |  | $ | (403) |  | $ | 1,809 |
Income tax expense | — |  | — |  | — |  | (434) |  | (434) |
Income (loss) from continuing operations | $ | 1,969 |  | $ | 373 |  | $ | (130) |  | $ | (837) |  | $ | 1,375 |
millions | Oil and gas (a) | Chemical | Midstream and marketing (b) | Corporate and eliminations (c) | Total
Nine months ended September 30, 2024 |  |  |  |  |
Net sales | $ | 16,081 |  | $ | 3,706 |  | $ | 821 |  | $ | (643) |  | $ | 19,965 |
Income (loss) before income taxes | $ | 4,042 |  | $ | 854 |  | $ | 714 |  | $ | (1,371) |  | $ | 4,239 |
Income tax expense | — |  | — |  | — |  | (1,223) |  | (1,223) |
Income (loss) from continuing operations | $ | 4,042 |  | $ | 854 |  | $ | 714 |  | $ | (2,594) |  | $ | 3,016 |
Nine months ended September 30, 2023 |  |  |  |  |
Net sales | $ | 15,860 |  | $ | 4,089 |  | $ | 1,919 |  | $ | (783) |  | $ | 21,085 |
Income (loss) before income taxes | $ | 4,668 |  | $ | 1,281 |  | $ | (158) |  | $ | (921) |  | $ | 4,870 |
Income tax expense | — |  | — |  | — |  | (1,372) |  | (1,372) |
Income (loss) from continuing operations | $ | 4,668 |  | $ | 1,281 |  | $ | (158) |  | $ | (2,293) |  | $ | 3,498 |
(a) The three and nine months ended September 30, 2024 included $572 million of losses primarily related to the sale of non-core onshore U.S. assets. The nine months ended September 30, 2024 also included a $54 million international legal settlement provision. The three and nine months ended September 30, 2023 included the sale of certain properties in the Permian Basin for a net gain of $142 million. The nine months ended September 30, 2023 also included a $180 million impairment related to undeveloped acreage in the Powder River Basin, a $29 million impairment related to an equity method investment in the Black Butte Coal Company and a $26 million litigation settlement gain. (b) The three months ended September 30, 2024 included a $489 million gain on the sale of 19.5 million limited partner units in WES, a $21 million impairment charge on non-core gas processing assets, and $142 million of net derivative gains. The nine months ended September 30, 2024 included a $489 million gain on the sale of 19.5 million limited partner units in WES and a $21 million impairment charge on non-core gas processing assets, $56 million of net derivative gains, $158 million of income from equity investments related to Occidental's share of WES's gains on asset divestitures and a $27 million fair value gain on the TerraLithium equity investment. The three and nine months ended September 30, 2023 included $81 million and $41 million of net derivative losses, respectively, and $34 million and $60 million of asset impairments and other charges, respectively, and a $51 million gain on the sale of 5.1 million limited partner units in WES. (c) The three and nine months ended September 30, 2024 included $56 million and $141 million of CrownRock Acquisition-related costs, respectively. The nine months ended September 30, 2023 included a $65 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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