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Industry Segments (Tables)
 6 Months Ended
Jun. 30, 2014
Industry Segments  
Industry segment and corporate disclosures (in millions)

 

 

 

 

 

 

 

 

Midstream

 

Corporate

 

 

 

 

 

 

 

 

 

and

 

and

 

 

 

 

 

Oil and Gas

 

Chemical

 

Marketing

 

Eliminations

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended June 30, 2014

 

 

 

 

 

 

 

 

 

 

 

Net sales

 

$

4,807

 

$

1,242

 

$

530

 

$

(304

)

$

6,275

 

 

 

 

 

 

 

 

 

 

 

 

 

Pre-tax operating profit (loss)

 

$

2,182

(a)

$

133

 

$

222

 

$

(145

)(b)

$

2,392

 

Income taxes

 

—

 

—

 

—

 

(957

)(c)

(957

)

Discontinued operations, net

 

—

 

—

 

—

 

(1

)

(1

)

Net income attributable to noncontrolling interest

 

—

 

—

 

(3

)

—

 

(3

)

Net income (loss) attributable to common stock

 

$

2,182

 

$

133

 

$

219

 

$

(1,103

)

$

1,431

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended June 30, 2013

 

 

 

 

 

 

 

 

 

 

 

Net sales

 

$

4,721

 

$

1,187

 

$

269

 

$

(215

)

$

5,962

 

 

 

 

 

 

 

 

 

 

 

 

 

Pre-tax operating profit (loss)

 

$

2,100

 

$

275

(d)

$

48

 

$

(195

)(b)

$

2,228

 

Income taxes

 

—

 

—

 

—

 

(901

)(c)

(901

)

Discontinued operations, net

 

—

 

—

 

—

 

(5

)

(5

)

Net income (loss) attributable to common stock

 

$

2,100

 

$

275

 

$

48

 

$

(1,101

)

$

1,322

 

 

 

 

 

 

 

 

Midstream

 

Corporate

 

 

 

 

 

 

 

 

 

and

 

and

 

 

 

 

 

Oil and Gas

 

Chemical

 

Marketing

 

Eliminations

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

Six months ended June 30, 2014

 

 

 

 

 

 

 

 

 

 

 

Net sales

 

$

9,483

 

$

2,462

 

$

965

 

$

(547

)

$

12,363

 

 

 

 

 

 

 

 

 

 

 

 

 

Pre-tax operating profit (loss)

 

$

4,286

 (a)

$

269

 

$

394

 

$

(236

)(b)

$

4,713

 

Income taxes

 

—

 

—

 

—

 

(1,889

)(c)

(1,889

)

Discontinued operations, net

 

—

 

—

 

—

 

2

 

2

 

Net income attributable to noncontrolling interest

 

—

 

—

 

(5

)

—

 

(5

)

Net income (loss) attributable to common stock

 

$

4,286

 

$

269

 

$

389

 

$

(2,123

)

$

2,821

 

 

 

 

 

 

 

 

 

 

 

 

 

Six months ended June 30, 2013

 

 

 

 

 

 

 

 

 

 

 

Net sales

 

$

9,161

 

$

2,362

 

$

722

 

$

(411

)

$

11,834

 

 

 

 

 

 

 

 

 

 

 

 

 

Pre-tax operating profit (loss)

 

$

4,020

 

$

434

(d)

$

263

 

$

(286

)(b)

$

4,431

 

Income taxes

 

—

 

—

 

—

 

(1,745

)(c)

(1,745

)

Discontinued operations, net

 

—

 

—

 

—

 

(9

)

(9

)

Net income (loss) attributable to common stock

 

$

4,020

 

$

434

 

$

263

 

$

(2,040

)

$

2,677

 

 

(a)      Includes second quarter pre-tax gain of $535 million for the Hugoton sale. In addition, in June 2014, management determined it would not pursue the exploration and development of certain of its non-producing domestic oil and gas acreage, and Occidental recorded a pre-tax impairment charge of approximately $471 million.

(b)     Includes unallocated net interest expense, administration expense, environmental remediation and other pre-tax items. The three and six month periods ended June 30, 2013 include a $55 million pre-tax charge for the estimated costs related to employment and post-employment benefits for Occidental’s former Executive Chairman and termination of certain other employees and consulting arrangements.

(c)      Includes all foreign and domestic income taxes from continuing operations.

(d)     Includes a $131 million pre-tax gain for the sale of an investment in Carbocloro, a Brazilian chemical facility.