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INVESTMENTS AND RELATED-PARTY TRANSACTIONS (Tables)
 12 Months Ended
Dec. 31, 2017
INVESTMENTS AND RELATED-PARTY TRANSACTIONS  
Summarized financial information of equity-method investments

 

For the years ended December 31, (in millions)

 

2017

 

2016

 

2015

 

Revenues

 

$
1,252

 

$
1,238

 

$
1,050

 

Costs and expenses

 
973

 
1,043

 
827

 

 

 

 

 

 

 

 

 

Net income

 

$
279

 

$
195

 

$
223

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, (in millions)

 

2017

 

2016

 

 

 

 

 

 

 

 

 

 

 

Current assets

 

$
602

 

$
914

 

 

 

Non-current assets

 

$
2,072

 

$
3,605

 

 

 

Current liabilities

 

$
247

 

$
577

 

 

 

Long-term debt

 

$
1,174

 

$
1,957

 

 

 

Other non-current liabilities

 

$
66

 

$
159

 

 

 

Stockholders’ equity

 

$
1,187

 

$
1,826

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Summary of related-party transactions

 

For the years ended December 31, (in millions)

 

2017

 

2016

 

2015

 

Sales (a)

 

$
636

 

$
602

 

$
555

 

Purchases (b)

 

$
387

 

$
7

 

$
26

 

Services

 

$
38

 

$
17

 

$
32

 

Advances and amounts due from

 

$
63

 

$
59

 

$
60

 

Amounts due to

 

$
45

 

$

—

 

$
5

 

 

 

 

 

 

 

 

 

 

 

 

 

(a)

In 2017, 2016 and 2015, sales of Occidental-produced oil and NGLs to Plains Pipeline affiliates accounted for 86 percent, 89 percent and 87 percent of these totals, respectively. Sales to Plains Pipeline affiliates related to Occidental’s oil and gas production are disclosed above. In addition to these sales, Occidental conducts marketing activities with Plains Pipeline affiliates for oil, NGLs and transportation. Net margins associated with these marketing activities are negligible.

(b)

In 2017, purchases of ethylene from the Ingleside ethylene cracker accounted for 98 percent of related-party purchases.