XML 52 R26.htm IDEA: XBRL DOCUMENT
v3.25.0.1

INDUSTRY SEGMENTS AND GEOGRAPHIC AREAS | 12 Months Ended
--- | ---
Dec. 31, 2024
Segment Reporting [Abstract] |
INDUSTRY SEGMENTS AND GEOGRAPHIC AREAS |
NOTE 16 - INDUSTRY SEGMENTS AND GEOGRAPHIC AREAS
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 acquisition-related costs of Occidental and its operating subsidiaries and unallocated corporate expenses are consolidated under corporate and eliminations. Intersegment sales eliminate upon consolidation and are made at prices that approximate market. Identifiable assets are those assets used in the operations of the segments. Corporate assets consist of cash and restricted cash, certain corporate receivables and PP&E. Occidental’s President and CEO is ultimately responsible for allocating resources and assessing the performance of each operating segment and is Occidental’s CODM. The CEO may be assisted in this function by other members of Occidental’s executive management including, but not limited to, the Chief Financial Officer. While other executives are responsible for the performance of their individual areas, the CEO is solely responsible for allocating resources across Occidental as a whole. For all three reporting segments the CODM utilizes segment income (loss) from continuing operations before income taxes to measure performance, as well as allocate resources (including financial or capital resources) for each segment, predominantly in the annual budget and forecasting process. The following table reconciles segment income from continuing operations before taxes to net income attributable to common shares:
| Years Ended December 31,
millions | 2024 | 2023 | 2022
Segment income from continuing operations before taxes |  |  |
Oil and gas segment | $ | 5,214 |  | $ | 6,240 |  | $ | 12,803 |
Chemical segment | 1,124 |  | 1,531 |  | 2,508 |
Midstream and marketing segment | 580 |  | 24 |  | 273 |
Corporate and eliminations | (1,673) |  | (421) |  | (437) |
Interest and debt expense, net | (1,175) |  | (945) |  | (1,030) |
Income from continuing operations before income taxes | $ | 4,070 |  | $ | 6,429 |  | $ | 14,117 |
Income tax expense | (1,174) |  | (1,733) |  | (813) |
Income from continuing operations | $ | 2,896 |  | $ | 4,696 |  | $ | 13,304 |
Discontinued operations, net of tax | 182 |  | — |  | — |
Net income | $ | 3,078 |  | $ | 4,696 |  | $ | 13,304 |
Less: Net income attributable to noncontrolling interest | (22) |  | — |  | — |
Less: Preferred stock dividends and redemption premiums | (679) |  | (923) |  | (800) |
Net income attributable to common stockholders | $ | 2,377 |  | $ | 3,773 |  | $ | 12,504 |
The following tables include a summary of significant revenue and expense line items for each segment. Items within “Significant segment expenses” align with the significant segment-level information that is regularly provided to the CODM as required by the adoption of ASU 2023-07 in the fourth quarter of 2024. Intersegment expenses are included within the amounts shown. OIL AND GAS SEGMENT Other segment expenses include asset impairments and other charges, selling, general and administrative expense, acquisition-related costs and exploration expense:
| Years Ended December 31,
millions | 2024 | 2023 | 2022
Revenues and other income |  |  |
Net sales | $ | 21,705 |  | $ | 21,284 |  | $ | 27,165 |
Gains (losses) on sale of assets and other income | (551) |  | 192 |  | 220 |
Total | $ | 21,154 |  | $ | 21,476 |  | $ | 27,385 |
Significant segment expenses |  |  |
Oil and gas lease operating expense | 4,738 |  | 4,677 |  | 4,028 |
Transportation and gathering expense | 1,583 |  | 1,427 |  | 1,393 |
Other operating and non-operating expense | 997 |  | 889 |  | 942 |
Taxes other than on income | 1,026 |  | 1,076 |  | 1,535 |
Depreciation, depletion and amortization | 6,565 |  | 6,112 |  | 6,179 |
Other segment expenses | 993 |  | 1,031 |  | 498 |
Total | $ | 15,902 |  | $ | 15,212 |  | $ | 14,575 |
Segment income before other items | $ | 5,252 |  | $ | 6,264 |  | $ | 12,810 |
Losses from equity investments and other | (38) |  | (24) |  | (7) |
Segment income from continuing operations before taxes | $ | 5,214 |  | $ | 6,240 |  | $ | 12,803 |
CHEMICAL SEGMENT Other segment expenses include asset impairments and other charges, and selling, general and administrative expense:
| Years Ended December 31,
millions | 2024 | 2023 | 2022
Revenues and other income |  |  |
Net sales | $ | 4,923 |  | $ | 5,321 |  | $ | 6,757 |
Gains on sale of assets and other income | 19 |  | 57 |  | 65 |
Total | 4,942 |  | 5,378 |  | 6,822 |
Significant segment expenses |  |  |
Cost of sales | 3,367 |  | 3,425 |  | 3,909 |
Depreciation, depletion and amortization | 363 |  | 356 |  | 370 |
Other segment expenses | 191 |  | 175 |  | 149 |
Total | $ | 3,921 |  | $ | 3,956 |  | $ | 4,428 |
Segment income before other items | $ | 1,021 |  | $ | 1,422 |  | $ | 2,394 |
Income from equity investments and other | 103 |  | 109 |  | 114 |
Segment income from continuing operations before taxes | $ | 1,124 |  | $ | 1,531 |  | $ | 2,508 |
MIDSTREAM AND MARKETING SEGMENT Other segment expenses include asset impairments and other charges, transportation expense, taxes other than on income, and selling, general and administrative expense:
| Years Ended December 31,
millions | 2024 | 2023 | 2022
Revenues and other income |  |  |
Net sales | $ | 962 |  | $ | 2,551 |  | $ | 4,136 |
Gains on sale of assets and other income | 627 |  | 493 |  | 267 |
Total | $ | 1,589 |  | $ | 3,044 |  | $ | 4,403 |
Significant segment expenses |  |  |
Cost of sales | 558 |  | 597 |  | 706 |
Purchased commodities | 470 |  | 2,144 |  | 3,497 |
Other operating and non-operating expense | 298 |  | 239 |  | 143 |
Depreciation, depletion and amortization | 329 |  | 326 |  | 328 |
Other segment expenses | 151 |  | 163 |  | 167 |
Total | $ | 1,806 |  | $ | 3,469 |  | $ | 4,841 |
Segment losses before other items | $ | (217) |  | $ | (425) |  | $ | (438) |
Income from equity investments and other | 797 |  | 449 |  | 711 |
Segment income from continuing operations before taxes | $ | 580 |  | $ | 24 |  | $ | 273 |
SEGMENT INVESTMENTS AND EXPENDITURES The following table includes segment-level balance sheet information:
millions | Oil and gas | Chemical | Midstream and marketing |  | Corporate and eliminations | Total
Year ended December 31, 2024 |  |  |  |
PP&E Additions | $ | 5,408 |  | $ | 718 |  | $ | 941 |  |  | $ | 141 |  | $ | 7,208 |
Investments in unconsolidated entities | $ | 94 |  | $ | 513 |  | $ | 2,552 |  |  | $ | — |  | $ | 3,159 |
Total Assets | $ | 63,596 |  | $ | 5,122 |  | $ | 13,641 |  |  | $ | 3,086 |  | $ | 85,445 |
Year ended December 31, 2023 |  |  |  |
PP&E Additions | $ | 5,028 |  | $ | 551 |  | $ | 664 |  |  | $ | 125 |  | $ | 6,368 |
Investments in unconsolidated entities | $ | 93 |  | $ | 550 |  | $ | 2,581 |  |  | $ | — |  | $ | 3,224 |
Total Assets | $ | 53,786 |  | $ | 4,682 |  | $ | 13,327 |  |  | $ | 2,213 |  | $ | 74,008 |
GEOGRAPHIC AREAS The following table represents Occidental’s property, plant and equipment, net by geographic area:
| Years Ended December 31,
millions | 2024 | 2023 | 2022
United States | $ | 62,604 |  | $ | 51,646 |  | $ | 51,706 |
International |  |  |
UAE | 3,495 |  | 3,609 |  | 3,663 |
Oman | 2,187 |  | 2,156 |  | 2,159 |
Algeria | 618 |  | 624 |  | 350 |
Qatar | 361 |  | 393 |  | 428 |
Other International | 113 |  | 101 |  | 78 |
Total International | 6,774 |  | 6,883 |  | 6,678 |
Total | $ | 69,378 |  | $ | 58,529 |  | $ | 58,384 |

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 270 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482964/270-10-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (ee) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 6: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 7: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 8: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 9: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 10: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 11: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-34 Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26C -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26B -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-15 Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-42 Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-40 Reference 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/280/tableOfContent Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26 Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 24: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 25: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration