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SEGMENTS | 9 Months Ended
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Sep. 30, 2024
Segment Reporting [Abstract] |
SEGMENTS |
NOTE 11 - SEGMENTS
Occidental conducts its operations through three segments: oil and gas, chemical and midstream and marketing. Income taxes, interest income, interest expense, environmental remediation expenses and unallocated corporate expenses are included under corporate and eliminations. Intersegment sales eliminate upon consolidation and are generally made at prices approximating those that the selling entity would be able to obtain in third-party transactions. 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 The entire disclosure for reporting segments including data and tables. 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