XML 22 R12.htm IDEA: XBRL DOCUMENT v3.19.2
Revenue Recognition
 6 Months Ended
Jun. 30, 2019
Revenue from Contract with Customer [Abstract]  
Revenue Recognition Revenue Recognition

Revenue from customers is recognized when obligations under the terms of a contract with our customers are satisfied; this generally occurs with the delivery of oil, gas, natural gas liquids (NGL), chemicals or services such as transportation. Occidental does not typically receive payment in advance of satisfying its obligations under the terms of its sales contracts with customers; therefore, liabilities related to such payment are immaterial to Occidental. As of June 30, 2019, trade receivables, net, of $5.3 billion represent rights to payment for which Occidental has satisfied its obligations under a contract and its right to payment is conditioned only on the passage of time.

The following table shows a reconciliation of revenue from customers to total net sales (in millions):
 
 
For the three months ended June 30,
 
For the six months ended June 30,
 
 
2019
 
2018
 
2019
 
2018
 
 
 
 
 
 
 
 
 
Revenue from customers
 
$
3,731

 
$
3,831

 
$
7,166

 
$
7,556

All other revenues (a)
 
689

 
252

 
1,258

 
290

Total net sales
 
$
4,420

 
$
4,083

 
$
8,424

 
$
7,846

(a) Includes net marketing margin and chemical exchange contracts.

The following table presents Occidental's revenue from customers by segment, product and geographical area. The oil and gas segment typically sells its oil, gas and NGL at the lease or concession area. Chemical revenues are shown by geographic area based on the location of the sale. Excluding net marketing revenue, midstream revenues are shown by the location of sale (in millions):
For the three months ended June 30, 2019
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue by Product
 
United States
 
Middle East
 
Latin America
 
Other International
 
Eliminations
 
Total
 
 
 
 
 
 
 
 
 
 
 
 
 
Oil and Gas Segment
 
 
 
 
 
 
 
 
 
 
 
 
Oil
 
$
1,447

 
$
825

 
$
212

 
$
—

 
$
—

 
$
2,484

NGL
 
84

 
68

 
—

 
—

 
—

 
152

Gas
 
8

 
76

 
5

 
—

 
—

 
89

Other
 
(1
)
 
(6
)
 
—

 
—

 
—

 
(7
)
Segment Total
 
$
1,538

 
$
963

 
$
217

 
$
—

 
$
—

 
$
2,718

 
 
 
 
 
 
 
 
 
 
 
 
 
Chemical Segment
 
$
935

 
$
—

 
$
40

 
$
18

 
$
—

 
$
993

 
 
 
 
 
 
 
 
 
 
 
 
 
Midstream Segment
 
 
 
 
 
 
 
 
 
 
 
 
Gas Processing
 
104

 
89

 
—

 
—

 
—

 
193

Power and Other
 
32

 
—

 
—

 
—

 
—

 
32

Segment Total
 
$
136

 
$
89

 
$
—

 
$
—

 
$
—

 
$
225

 
 
 
 
 
 
 
 
 
 
 
 
 
Eliminations
 
$
—

 
$
—

 
$
—

 
$
—

 
$
(205
)
 
$
(205
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Consolidated
 
$
2,609

 
$
1,052

 
$
257

 
$
18

 
$
(205
)
 
$
3,731


For the three months ended June 30, 2018
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue by Product
 
United States
 
Middle East
 
Latin America
 
Other International
 
Eliminations
 
Total
 
 
 
 
 
 
 
 
 
 
 
 
 
Oil and Gas Segment
 
 
 
 
 
 
 
 
 
 
 
 
Oil
 
$
1,334

 
$
718

 
$
180

 
$
—

 
$
—

 
$
2,232

NGL
 
111

 
64

 
—

 
—

 
—

 
175

Gas
 
42

 
73

 
3

 
—

 
—

 
118

Other
 
4

 
1

 
1

 
—

 
—

 
6

Segment Total
 
$
1,491

 
$
856

 
$
184

 
$
—

 
$
—

 
$
2,531

 
 
 
 
 
 
 
 
 
 
 
 
 
Chemical Segment
 
$
1,102

 
$
—

 
$
51

 
$
17

 
$
—

 
$
1,170

 
 
 
 
 
 
 
 
 
 
 
 
 
Midstream Segment
 
 
 
 
 
 
 
 
 
 
 
 
Gas Processing
 
131

 
104

 
—

 
—

 
—

 
235

Pipelines
 
101

 
—

 
—

 
—

 
—

 
101

Power and Other
 
21

 
—

 
—

 
—

 
—

 
21

Segment Total
 
$
253

 
$
104

 
$
—

 
$
—

 
$
—

 
$
357

 
 
 
 
 
 
 
 
 
 
 
 
 
Eliminations
 
$
—

 
$
—

 
$
—

 
$
—

 
$
(227
)
 
$
(227
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Consolidated
 
$
2,846

 
$
960

 
$
235

 
$
17

 
$
(227
)
 
$
3,831

For the six months ended June 30, 2019
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue by Product
 
United States
 
Middle East
 
Latin America
 
Other International
 
Eliminations
 
Total
 
 
 
 
 
 
 
 
 
 
 
 
 
Oil and Gas Segment
 
 
 
 
 
 
 
 
 
 
 
 
Oil
 
$
2,652

 
$
1,583

 
$
347

 
$
—

 
$
—

 
$
4,582

NGL
 
162

 
133

 
—

 
—

 
—

 
295

Gas
 
55

 
155

 
9

 
—

 
—

 
219

Other
 
(22
)
 
(5
)
 
—

 
—

 
—

 
(27
)
Segment Total
 
$
2,847

 
$
1,866

 
$
356

 
$
—

 
$
—

 
$
5,069

 
 
 
 
 
 
 
 
 
 
 
 
 
Chemical Segment
 
$
1,928

 
$
—

 
$
83

 
$
37

 
$
—

 
$
2,048

 
 
 
 
 
 
 
 
 
 
 
 
 
Midstream Segment
 
 
 
 
 
 
 
 
 
 
 
 
Gas Processing
 
209

 
191

 
—

 
—

 
—

 
400

Power and Other
 
76

 
—

 
—

 
—

 
—

 
76

Segment Total
 
$
285

 
$
191

 
$
—

 
$
—

 
$
—

 
$
476

 
 
 
 
 
 
 
 
 
 
 
 
 
Eliminations
 
$
—

 
$
—

 
$
—

 
$
—

 
$
(427
)
 
$
(427
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Consolidated
 
$
5,060

 
$
2,057

 
$
439

 
$
37

 
$
(427
)
 
$
7,166


For the six months ended June 30, 2018
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue by Product
 
United States
 
Middle East
 
Latin America
 
Other International
 
Eliminations
 
Total
 
 
 
 
 
 
 
 
 
 
 
 
 
Oil and Gas Segment
 
 
 
 
 
 
 
 
 
 
 
 
Oil
 
$
2,581

 
$
1,491

 
$
350

 
$
—

 
$
—

 
$
4,422

NGL
 
200

 
115

 
—

 
—

 
—

 
315

Gas
 
94

 
138

 
7

 
—

 
—

 
239

Other
 
7

 
1

 
1

 
—

 
—

 
9

Segment Total
 
$
2,882

 
$
1,745

 
$
358

 
$
—

 
$
—

 
$
4,985

 
 
 
 
 
 
 
 
 
 
 
 
 
Chemical Segment
 
$
2,182

 
$
—

 
$
103

 
$
38

 
$
—

 
$
2,323

 
 
 
 
 
 
 
 
 
 
 
 
 
Midstream Segment
 
 
 
 
 
 
 
 
 
 
 
 
Gas Processing
 
268

 
200

 
—

 
—

 
—

 
468

Pipelines
 
195

 
—

 
—

 
—

 
—

 
195

Power and Other
 
46

 
—

 
—

 
—

 
—

 
46

Segment Total
 
$
509

 
$
200

 
$
—

 
$
—

 
$
—

 
$
709

 
 
 
 
 
 
 
 
 
 
 
 
 
Eliminations
 
$
—

 
$
—

 
$
—

 
$
—

 
$
(461
)
 
$
(461
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Consolidated
 
$
5,573

 
$
1,945

 
$
461

 
$
38

 
$
(461
)
 
$
7,556