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Industry Segments (Tables)
 9 Months Ended
Sep. 30, 2016
Industry Segments  
Industry segment and corporate disclosures

 

The following tables present Occidental’s industry segments (in millions):

 

 

 

Oil

 

 

 

Midstream

 

Corporate

 

 

 

 

 

and

 

 

 

and

 

and

 

 

 

 

 

Gas

 

Chemical

 

Marketing

 

Eliminations

 

Total

Three months ended September 30, 2016

 

 

 

 

 

 

 

 

 

 

 

Net sales

 

$
1,660

 

$
988

 

$
202

 

$
(202)

 

$
2,648

Pre-tax operating profit (loss)

 

$
(51)

(a)

$
117

 

$
(180)

 

$
(154)

(b)

$
(268)

Income taxes

 

—

 

—

 

—

 
30

(c)
30

Discontinued operations, net

 

—

 

—

 

—

 
(3)

 
(3)

Net income (loss)

 

$
(51)

 

$
117

 

$
(180)

 

$
(127)

 

$
(241)

 

 

 

 

 

 

 

 

 

 

 

Three months ended September 30, 2015

 

 

 

 

 

 

 

 

 

 

Net sales

 

$
2,054

 

$
1,008

 

$
231

 

$
(177)

 

$
3,116

Pre-tax operating profit (loss)

 

$
(3,128)

(d)

$
272

(e)

$
24

 

$
(219)

(b)

$
(3,051)

Income taxes

 

—

 

—

 

—

 
445

(c)
445

Discontinued operations, net

 

—

 

—

 

—

 
(3)

 
(3)

Net income (loss)

 

$
(3,128)

 

$
272

 

$
24

 

$
223

 

$
(2,609)

 

 

 

Oil

 

 

 

Midstream

 

Corporate

 

 

 

 

 

and

 

 

 

and

 

and

 

 

 

 

 

Gas

 

Chemical

 

Marketing

 

Eliminations

 

Total

 

Nine months ended September 30, 2016

 

 

 

 

 

 

 

 

 

 

 

Net sales

 

$
4,560

 

$
2,786

 

$
476

 

$
(520)

 

$
7,302

 

Pre-tax operating profit (loss)

 

$
(653)

(a)

$
419

(e)

$
(333)

 

$
(496)

(b)

$
(1,063)

 

Income taxes

 

—

 

—

 

—

 
329

(c)
329

 

Discontinued operations, net

 

—

 

—

 

—

 
432

 
432

 

Net income (loss)

 

$
(653)

 

$
419

 

$
(333)

 

$
265

 

$
(302)

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine months ended September 30, 2015

 

 

 

 

 

 

 

 

 

 

 

Net sales

 

$
6,405

 

$
3,038

 

$
722

 

$
(491)

 

$
9,674

 

Pre-tax operating profit (loss)

 

$
(3,039)

(d)

$
547

(e)

$
96

 

$
(385)

(b)

$
(2,781)

 

Income taxes

 

—

 

—

 

—

 
140

(c)
140

 

Discontinued operations, net

 

—

 

—

 

—

 
(10)

 
(10)

 

Net income (loss)

 

$
(3,039)

 

$
547

 

$
96

 

$
(255)

 

$
(2,651)

 

 

(a)

The three and nine months ended September 30, 2016 include pre-tax impairment charges of $112 million related to Occidental’s Libya operations and $160 million related to terminated crude oil supply contracts partially offset by pre-tax gains of $59 million on the sale of South Texas Eagle Ford non-operated properties.  The nine months ended September 30, 2016 also reflected a $121 million pre-tax gain on the sale of Occidental’s Piceance Basin operations in Colorado.

(b)

Includes unallocated net interest expense, administration expense, environmental remediation and other pre-tax items.

(c)

Includes all foreign and domestic income taxes from continuing operations.

(d)

The three months ended September 30, 2015 includes pre-tax impairment charges of $3.1 billion. In September 2015, Occidental entered into a sales agreement to sell its Williston operations in North Dakota, and as such an impairment charge of $756 million was recorded to write down the net book value of the assets and liabilities held for sale to the sales price. Due to the significant decline in oil and gas futures prices, Occidental also recorded impairment charges on proved and unproved properties related to Occidental’s domestic gas operations of $924 million, Iraq operations of $760 million and Libya operations of $676 million. The nine months ended September 30, 2015 also reflected first quarter impairment charges of $195 million for Occidental’s South Texas Eagle Ford non-operated properties and $41 million to write-off the remaining investment in Yemen due to the collapse of the country’s government.

(e)

The nine months ended September 30, 2016 and 2015 include gains on sale of the Occidental Tower and Indspec for $88 million and an idled chemical site for $98 million, respectively.