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INVESTMENTS AND RELATED-PARTY TRANSACTIONS | 12 Months Ended
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Dec. 31, 2024
Investments And Related Party Transactions Disclosure [Abstract] |
INVESTMENTS AND RELATED-PARTY TRANSACTIONS |
NOTE 4 - INVESTMENTS AND RELATED-PARTY TRANSACTIONS
EQUITY INVESTMENTS The following table represents significant investments in unconsolidated entities as of December 31, 2024:
millions | % Economic Interest |  | Carrying amount
WES (a) |  | 46.0 | % |  | $ | 1,850 |
OxyChem Ingleside Facility |  | 50.0 | % |  | 503 |
NET Power |  | 41.6 | % |  | 488 |
DEL(b) |  | 24.5 | % |  | — |
Other |  | various |  | 318 |
Total Investments in unconsolidated entities |  |  |  | $ | 3,159 |
(a) In 2024, 2023, and 2022, Occidental sold 19.5 million, 5.1 million and 10.0 million of its limited partner units in WES, respectively, resulting in gains on sale of $489 million, $51 million and $62 million, respectively. (b) Not presented in investments in unconsolidated entities is Occidental’s 24.5% ownership in DEL, which had a carrying value of $237 million and is presented in deferred credits and other liabilities - other. As a result of a refinancing transaction at DEL in November 2021, Occidental received cash distributions in excess of its investment balance. Since Occidental may be requested to provide financial support to DEL in the future, the excess distributions were recorded against the carrying amount of the equity investment and in deferred credits and other liabilities - other. Dividends received from equity investments were $822 million, $708 million and $643 million to Occidental in 2024, 2023 and 2022, respectively. As of December 31, 2024 and 2023, cumulative undistributed earnings of equity-method investees since they were acquired were $764 million and $613 million, respectively. Excluding Occidental’s investment in NET Power and DEL, as of December 31, 2024, Occidental’s investments in equity investees exceeded the underlying equity in net assets by approximately $421 million, of which $316 million represented PP&E and equity investments with the remainder comprised of intangibles; both are subject to amortization over their estimated average lives. As of December 31, 2023, Occidental’s investments in equity investees exceeded the underlying equity in net assets by approximately $424 million, of which $371 million represented PP&E and equity investments with the remainder comprised of intangibles; both are subject to amortization over their estimated average lives. The following table presents the summarized financial information of its equity-method investments combined for the years ended and as of December 31:
millions | 2024 | 2023 | 2022
Summarized Results of Operations |  |  |
Revenues and other income | $ | 5,184 |  | $ | 4,724 |  | $ | 6,342 |
Costs and expenses | 3,527 |  | 3,753 |  | 4,514 |
Net income | $ | 1,657 |  | $ | 971 |  | $ | 1,828 |
Summarized Balance Sheet |  |  |
Current assets | $ | 4,874 |  | $ | 4,772 |  | $ | 3,482 |
Non-current assets | $ | 18,151 |  | $ | 18,715 |  | $ | 15,282 |
Current liabilities | $ | 2,270 |  | $ | 2,547 |  | $ | 1,342 |
Long-term debt | $ | 9,296 |  | $ | 9,673 |  | $ | 9,512 |
Other non-current liabilities | $ | 2,504 |  | $ | 2,396 |  | $ | 1,289 |
Equity | $ | 8,955 |  | $ | 8,870 |  | $ | 6,621 |
RELATED-PARTY TRANSACTIONS Occidental sells oil, NGL, natural gas, chemicals, power and steam to and purchases oil, NGL and chemicals from its equity method investees and other related parties. Occidental is charged service fees primarily related to gathering, processing and treatment of oil, NGL and natural gas by certain of its equity investees and other related parties. Berkshire Hathaway is a related party of Occidental due to its ownership of Occidental's common stock. Occidental has, from time to time, contracted with Berkshire Hathaway for the provision of electricity, rail and insurance. In addition, certain Berkshire Hathaway subsidiaries purchase various chemicals from OxyChem. Occidental entered into the following related-party transactions and had the following amounts due from or to its related parties for the years ended December 31:
millions | 2024 | 2023 | 2022
Sales (a) | $ | 244 |  | $ | 256 |  | $ | 337 |
Purchases (b) | $ | 560 |  | $ | 722 |  | $ | 948 |
Services (c) | $ | 1,413 |  | $ | 1,155 |  | $ | 1,006 |
Advances and amounts due from related parties | $ | 49 |  | $ | 62 |  | $ | 40 |
Amounts due to related parties | $ | 384 |  | $ | 371 |  | $ | 306 |
(a)In 2024, 2023 and 2022 sales of Occidental-produced oil and NGL to WES accounted for 35%, 37% and 42% of related party sales, respectively. (b)In 2024, 2023 and 2022, purchases of gas and NGL marketed on behalf of WES accounted for 5%, 22% and 24% of related party purchases, respectively, while purchases of ethylene from the OxyChem Ingleside Facility accounted for 82%, 69% and 64%, respectively, of related party purchases. (c)In 2024, 2023 and 2022, services primarily related to fees charged by WES to gather, process and treat Occidental produced oil, NGL and natural gas.

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