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REVENUE | 12 Months Ended
--- | ---
Dec. 31, 2024
Revenue from Contract with Customer [Abstract] |
REVENUE |
NOTE 2 - REVENUE
Revenue from customers is recognized when obligations under the terms of a contract are satisfied; this generally occurs with the delivery of oil, NGL, gas, chemicals or services such as transportation. Revenue from customers is measured as the amount of consideration Occidental expects to receive in exchange for the delivery of goods or services. Contracts may last from one month to one year or more and may have renewal terms that extend indefinitely at the option of either party. Price is typically based on market indexes. Volumes fluctuate due to production and, in certain cases, customer demand and transportation availability. Occidental records revenue net of certain taxes, such as sales taxes, that are assessed by government authorities on Occidental’s customers. Occidental does not incur significant costs to obtain contracts. Incidental items that are immaterial in the context of the contract are recognized as expenses. Sales of hydrocarbons and chemicals to customers are invoiced and settled on a monthly basis. Occidental is not usually subject to obligations for warranties, rebates, returns or refunds except in the case of customer incentive payments as discussed for the chemical segment below. Occidental does not typically receive payment in advance of satisfying its obligations under the terms of its sales contracts with customers; therefore, liabilities related to such payment are immaterial to Occidental. Occidental does not disclose consideration for remaining performance obligations with an original expected duration of one year or less or for variable consideration related to unsatisfied performance obligations. OIL AND GAS SEGMENT Revenue from oil and gas production is recognized when production is delivered and control passes to the customer. Revenues from the production of oil and gas properties in which Occidental has an interest with other producers are recognized on the basis of Occidental’s net revenue interest. CHEMICAL SEGMENT Revenue from chemical product sales is recognized when control passes to the customer. Certain incentive programs may provide for payments or credits to be made to customers based on the volume of product purchased over a defined period. Customer incentives are estimated and recorded as a reduction to revenue ratably over the contract period. Such estimates are evaluated and revised as warranted. Revenue from exchange contracts is excluded from revenue from customers. MIDSTREAM AND MARKETING SEGMENT Revenue from pipeline and gas processing is recognized upon the completion of the transportation or processing service. Revenue from power sales is recognized upon delivery. Net marketing revenue is recognized upon completion of contract terms that are a prerequisite to payment and upon title transfer for physical deliveries. Unless the normal purchases and sales exception has been elected, net marketing revenue is classified as a derivative, reported on a net basis, recorded at fair value. Changes in fair value are reflected in net sales and excluded from revenue from customers in the table below. DISAGGREGATION OF REVENUE FROM CONTRACTS WITH CUSTOMERS The following table reconciles revenue from customers to total net sales for the years ended December 31:
millions | 2024 | 2023 | 2022
Revenue from customers | $ | 27,413 |  | $ | 28,325 |  | $ | 36,234 |
All other revenues | (688) |  | (68) |  | 400 |
Net sales | $ | 26,725 |  | $ | 28,257 |  | $ | 36,634 |
The table below presents Occidental's revenue from customers by segment, product and geographical area. The oil and gas segment typically sells its oil, NGL and natural gas at the lease or concession area. Chemical segment revenues are shown by geographic area based on the location of the sale. Excluding net marketing revenue, midstream and marketing segment revenues are shown by the location of sale.
millions | United States | International | Eliminations | Total
Year ended December 31, 2024 |  |  |  |
Oil and gas |  |  |  |
Oil | $ | 15,604 |  | $ | 2,940 |  | $ | — |  | $ | 18,544 |
NGL | 1,865 |  | 390 |  | — |  | 2,255 |
Gas | 514 |  | 361 |  | — |  | 875 |
Other | 29 |  | 2 |  | — |  | 31 |
Segment total | $ | 18,012 |  | $ | 3,693 |  | $ | — |  | $ | 21,705 |
Chemical | $ | 4,628 |  | $ | 292 |  | $ | — |  | $ | 4,920 |
Midstream and marketing | $ | 1,240 |  | $ | 413 |  | $ | — |  | $ | 1,653 |
Eliminations | $ | — |  | $ | — |  | $ | (865) |  | $ | (865) |
Consolidated | $ | 23,880 |  | $ | 4,398 |  | $ | (865) |  | $ | 27,413 |
Year ended December 31, 2023 |  |  |  |
Oil and gas |  |  |  |
Oil | $ | 14,893 |  | $ | 3,057 |  | $ | — |  | $ | 17,950 |
NGL | 1,619 |  | 372 |  | — |  | 1,991 |
Gas | 970 |  | 335 |  | — |  | 1,305 |
Other | 36 |  | 2 |  | — |  | 38 |
Segment total | $ | 17,518 |  | $ | 3,766 |  | $ | — |  | $ | 21,284 |
Chemical | $ | 5,002 |  | $ | 313 |  | $ | — |  | $ | 5,315 |
Midstream and marketing | $ | 2,216 |  | $ | 409 |  | $ | — |  | $ | 2,625 |
Eliminations | $ | — |  | $ | — |  | $ | (899) |  | $ | (899) |
Consolidated | $ | 24,736 |  | $ | 4,488 |  | $ | (899) |  | $ | 28,325 |
Year ended December 31, 2022 |  |  |  |
Oil and gas |  |  |  |
Oil | $ | 17,421 |  | $ | 3,935 |  | $ | — |  | $ | 21,356 |
NGL | 2,631 |  | 421 |  | — |  | 3,052 |
Gas | 2,422 |  | 311 |  | — |  | 2,733 |
Other | 20 |  | 4 |  | — |  | 24 |
Segment total | $ | 22,494 |  | $ | 4,671 |  | $ | — |  | $ | 27,165 |
Chemical | $ | 6,359 |  | $ | 379 |  | $ | — |  | $ | 6,738 |
Midstream and marketing | $ | 3,167 |  | $ | 588 |  | $ | — |  | $ | 3,755 |
Eliminations | $ | — |  | $ | — |  | $ | (1,424) |  | $ | (1,424) |
Consolidated | $ | 32,020 |  | $ | 5,638 |  | $ | (1,424) |  | $ | 36,234 |

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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