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SEGMENTS | 6 Months Ended
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Jun. 30, 2025
Segment Reporting [Abstract] |
SEGMENTS |
NOTE 11 - SEGMENTS
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 unallocated corporate expenses are included under corporate and eliminations. Intersegment sales eliminate upon consolidation and are generally made at prices approximating those that the selling entity would be able to obtain in third-party transactions. Occidental’s President and CEO is the CODM and is ultimately responsible for allocating resources and assessing the performance of each operating segment. 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:
| Three months ended June 30, | Six months ended June 30,
millions | 2025 | 2024 | 2025 | 2024
Segment income (losses) from continuing operations before taxes |  |  |  |
Oil and gas segment | $ | 934 |  | $ | 1,639 |  | $ | 2,631 |  | $ | 2,877 |
Chemical segment | 213 |  | 296 |  | 398 |  | 550 |
Midstream and marketing segment | 49 |  | 116 |  | (28) |  | 83 |
Corporate and eliminations | (182) |  | (164) |  | (337) |  | (329) |
Interest and debt expense, net | (276) |  | (252) |  | (594) |  | (536) |
Income from continuing operations before income taxes | $ | 738 |  | $ | 1,635 |  | $ | 2,070 |  | $ | 2,645 |
Income tax expense | (270) |  | (465) |  | (657) |  | (769) |
Income from continuing operations | $ | 468 |  | $ | 1,170 |  | $ | 1,413 |  | $ | 1,876 |
Discontinued operations, net of tax | — |  | — |  | — |  | 182 |
Net income | $ | 468 |  | $ | 1,170 |  | $ | 1,413 |  | $ | 2,058 |
Less: Net income attributable to noncontrolling interest | (10) |  | (8) |  | (19) |  | (8) |
Less: Preferred stock dividends | (170) |  | (170) |  | (340) |  | (340) |
Net income attributable to common stockholders | $ | 288 |  | $ | 992 |  | $ | 1,054 |  | $ | 1,710 |
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
| Three months ended June 30, | Six months ended June 30,
millions | 2025 | 2024 | 2025 | 2024
Revenues and other income |  |  |  |
Net sales | $ | 5,009 |  | $ | 5,469 |  | $ | 10,692 |  | $ | 10,384 |
Gains (losses) on sale of assets and other, net | (2) |  | 7 |  | (8) |  | 10 |
Total | $ | 5,007 |  | $ | 5,476 |  | $ | 10,684 |  | $ | 10,394 |
Significant segment expenses |  |  |  |
Oil and gas lease operating expense | 1,135 |  | 1,179 |  | 2,352 |  | 2,340 |
Transportation and gathering expense | 403 |  | 400 |  | 810 |  | 748 |
Other operating and non-operating expense | 357 |  | 233 |  | 601 |  | 507 |
Taxes other than on income | 262 |  | 263 |  | 522 |  | 495 |
Depreciation, depletion and amortization | 1,718 |  | 1,573 |  | 3,420 |  | 3,070 |
Other segment expenses (a) | 187 |  | 183 |  | 337 |  | 337 |
Total | $ | 4,062 |  | $ | 3,831 |  | $ | 8,042 |  | $ | 7,497 |
Segment income before other items | $ | 945 |  | $ | 1,645 |  | $ | 2,642 |  | $ | 2,897 |
Losses from equity investments and other | (11) |  | (6) |  | (11) |  | (20) |
Segment income from continuing operations before taxes | $ | 934 |  | $ | 1,639 |  | $ | 2,631 |  | $ | 2,877 |
(a) Other segment expenses include selling, general and administrative expense and exploration expense. CHEMICAL SEGMENT
| Three months ended June 30, | Six months ended June 30,
millions | 2025 | 2024 | 2025 | 2024
Revenues and other income |  |  |  |
Net sales (a) | $ | 1,227 |  | $ | 1,274 |  | $ | 2,415 |  | $ | 2,460 |
Gains on sale of assets and other income, net | 6 |  | 7 |  | 18 |  | 12 |
Total | $ | 1,233 |  | $ | 1,281 |  | $ | 2,433 |  | $ | 2,472 |
Significant segment expenses |  |  |  |
Cost of sales | 913 |  | 868 |  | 1,783 |  | 1,688 |
Depreciation, depletion and amortization | 94 |  | 91 |  | 188 |  | 178 |
Other segment expenses (b) | 41 |  | 54 |  | 117 |  | 108 |
Total | $ | 1,048 |  | $ | 1,013 |  | $ | 2,088 |  | $ | 1,974 |
Segment income before other items | $ | 185 |  | $ | 268 |  | $ | 345 |  | $ | 498 |
Income from equity investments and other | 28 |  | 28 |  | 53 |  | 52 |
Segment income from continuing operations before taxes | $ | 213 |  | $ | 296 |  | $ | 398 |  | $ | 550 |
(a) Includes revenue from customers and all other revenues. (b) Other segment expenses include other operating and non-operating expense and selling, general and administrative expense. MIDSTREAM AND MARKETING SEGMENT
| Three months ended June 30, | Six months ended June 30,
millions | 2025 | 2024 | 2025 | 2024
Revenues and other income |  |  |  |
Net sales (a) | $ | 426 |  | $ | 282 |  | $ | 629 |  | $ | 381 |
Gains on sale of assets and other income, net | 38 |  | 69 |  | 64 |  | 96 |
Total | $ | 464 |  | $ | 351 |  | $ | 693 |  | $ | 477 |
Significant segment expenses |  |  |  |
Cost of sales | 199 |  | 280 |  | 412 |  | 531 |
Other operating and non-operating expense | 98 |  | 63 |  | 183 |  | 151 |
Depreciation, depletion and amortization | 88 |  | 82 |  | 175 |  | 166 |
Other segment expenses (b) | 37 |  | 30 |  | 72 |  | 57 |
Total | $ | 422 |  | $ | 455 |  | $ | 842 |  | $ | 905 |
Segment income (losses) before other items | $ | 42 |  | $ | (104) |  | $ | (149) |  | $ | (428) |
Income from equity investments and other | 7 |  | 220 |  | 121 |  | 511 |
Segment income (losses) from continuing operations before taxes | $ | 49 |  | $ | 116 |  | $ | (28) |  | $ | 83 |
(a) Includes revenue from customers and all other revenues. (b) Other segment expenses include transportation expense, taxes other than on income, and selling, general and administrative expense. 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
June 30, 2025 |  |  |  |
PP&E Additions | $ | 3,109 |  | $ | 529 |  | $ | 343 |  |  | $ | 40 |  | $ | 4,021 |
Investments in unconsolidated entities | $ | 115 |  | $ | 494 |  | $ | 2,335 |  |  | $ | — |  | $ | 2,944 |
Total Assets | $ | 61,713 |  | $ | 5,623 |  | $ | 13,658 |  |  | $ | 3,366 |  | $ | 84,360 |
June 30, 2024 |  |  |  |
PP&E Additions | $ | 2,864 |  | $ | 260 |  | $ | 432 |  |  | $ | 65 |  | $ | 3,621 |
Investments in unconsolidated entities | $ | 89 |  | $ | 541 |  | $ | 2,830 |  |  | $ | — |  | $ | 3,460 |
Total Assets | $ | 53,693 |  | $ | 4,878 |  | $ | 15,017 |  |  | $ | 2,628 |  | $ | 76,216 |

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- Definition The entire disclosure for reporting segments including data and tables. 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