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INVESTMENTS AND RELATED-PARTY TRANSACTIONS (Tables) | 12 Months Ended
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Dec. 31, 2024
Investments And Related Party Transactions Disclosure [Abstract] |
Schedule of significant 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.
Schedule of financial information of equity-method investments | 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 |
Schedule of related-party transactions | 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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- Definition Tabular disclosure of equity method investments including, but not limited to, name of each investee or group of investments, percentage ownership, difference between recorded amount of an investment and the value of the underlying equity in the net assets, and summarized financial information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 + Details
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- Definition Tabular disclosure of related party transactions. Examples of related party transactions include, but are not limited to, transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners and (d) affiliates. + References No definition available. + Details
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