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INDUSTRY SEGMENTS AND GEOGRAPHIC AREAS (Tables) | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
Schedule of reconciliation of operating profit (loss) from segments to consolidated | 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 |
Schedule of industry segments | 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 |
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 |
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 |
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 |
Schedule of property, plant and equipment, net by geographic area | 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 |

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- Definition Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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- Definition Tabular disclosure of information concerning material long-lived assets (excluding financial instruments, customer relationships with financial institutions, mortgage and other servicing rights, deferred policy acquisition costs, and deferred taxes assets) located in identified geographic areas and/or the amount of revenue from external customers attributed to that country from which revenue is material. An entity may also provide subtotals of geographic information about groups of countries. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(1)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 + Details
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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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