XML 33 R19.htm IDEA: XBRL DOCUMENT v3.8.0.1
Industry Segments
 3 Months Ended
Mar. 31, 2018
Industry Segments  
Industry Segments

12. Industry Segments

 

Occidental conducts its operations through three segments: (1) oil and gas (2) chemical and (3) midstream and marketing.  The oil and gas segment explores for, develops and produces oil and condensate, NGL and natural gas. The chemical segment mainly manufactures and markets basic chemicals and vinyls.  The midstream and marketing segment gathers, processes, transports, stores, purchases and markets oil, condensate, NGL, natural gas, CO2 and power.  It also trades around its assets, including transportation and storage capacity. Additionally, the midstream and marketing segment invests in entities that conduct similar activities.

 

Results of industry segments generally exclude income taxes, interest income, interest expense, environmental remediation expenses, unallocated corporate expenses and discontinued operations, but include gains and losses from dispositions of segment and geographic area assets and income from the segments' equity investments.  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.

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

Oil

    

 

 

    

Midstream

    

Corporate

    

 

 

 

 

and

 

 

 

 

and

 

and

 

 

 

 

 

Gas

 

Chemical

 

Marketing

 

Eliminations

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended  March 31, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales

 

$

2,454

 

$

1,154

 

$

389

 

$

(234)

 

$

3,763

Pre-tax operating profit (loss)

 

$

750

 

$

298

 

$

179

 

$

(180)

(a)  

$

1,047

Income taxes

 

 

—

 

 

—

 

 

—

 

 

(339)

(b)  

 

(339)

Net income (loss)

 

$

750

 

$

298

 

$

179

 

$

(519)

 

$

708

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended  March 31, 2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales

 

$

1,894

 

$

1,068

 

$

211

 

$

(216)

 

$

2,957

Pre-tax operating profit (loss)

 

$

220

 

$

170

 

$

(47)

 

$

(148)

(a)  

$

195

Income taxes

 

 

 —

 

 

 —

 

 

 —

 

 

(78)

(b)  

 

(78)

Net income (loss)

 

$

220

 

$

170

 

$

(47)

 

$

(226)

 

$

117

(a)

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

(b)

Includes all foreign and domestic income taxes from continuing operations.