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INVESTMENTS AND RELATED-PARTY TRANSACTIONS
 12 Months Ended
Dec. 31, 2019
Investments And Related Party Transactions Disclosure [Abstract]  
INVESTMENTS AND RELATED-PARTY TRANSACTIONS
NOTE 16 - INVESTMENTS AND RELATED-PARTY TRANSACTIONS

EQUITY INVESTMENTS
As of December 31, 2019, and 2018, investments in unconsolidated entities were $6.4 billion and $1.7 billion, respectively. As of December 31, 2019, Occidental’s significant equity investments primarily consisted of the following:
millions
 
% Interest

 
Carrying amount

WES
 
56.3
%
 
$
5,128

OxyChem Ingleside Facility
 
50.0
%
 
679

Dolphin Energy Limited
 
24.5
%
 
240

Other
 
various

 
342

Total
 
 
 
$
6,389



As of December 31, 2018, Occidental’s significant equity investments consisted of investments in Plains, OxyChem Ingleside Facility and Dolphin Energy Limited. In September 2019, Occidental sold its equity investment in Plains, which consisted of an 11 percent interest in the general partner that owned approximately 40 percent in Plains Pipeline. See Note 4 - Acquisitions, Dispositions, and Other Transactions for additional information.
As part of the Acquisition, Occidental acquired equity investments in certain oil and gas properties and gathering and processing assets and assumed an associated notes payable which Occidental has the legal right of setoff and intends to net settle with its ownership interest in the equity investments. The notes payable can be net settled starting in 2022. The carrying value of the investment and note payable was $2.8 billion and $2.8 billion at December 31, 2019, respectively. Accordingly, the equity investments and the related notes payable are presented net on the Consolidated Balance Sheets. 
Dividends received from equity investments were $422 million, $329 million, and $297 million to Occidental in 2019, 2018 and 2017, respectively. As of December 31, 2019, cumulative undistributed earnings of equity-method investees since they were acquired was immaterial. As of December 31, 2019, Occidental’s investments in equity investees exceeded the underlying equity in net assets by approximately $3.6 billion, of which $1.5 billion represented goodwill and the remainder comprised intangibles amortized over their estimated useful lives.
The following table presents the summarized financial information of its equity-method investments combined for the years ended and as of December 31:
millions
 
2019

 
2018

 
2017

Summarized Results of Operations(a)
 
 
 
 
 
 
Revenues and other income
 
$
26,520

 
$
28,091

 
$
13,843

Costs and expenses
 
24,084

 
25,029

 
12,230

Net income
 
$
2,436

 
$
3,062

 
$
1,613

 
 
 
 
 
 
 
Summarized Balance Sheet(b)
 
 
 
 
 
 
Current assets
 
$
1,130

 
$
5,587

 
$
5,754

Non-current assets
 
$
21,158

 
$
25,871

 
$
25,108

Current liabilities
 
$
785

 
$
4,879

 
$
4,479

Long-term debt
 
$
8,673

 
$
12,505

 
$
14,091

Other non-current liabilities
 
$
859

 
$
95

 
$
414

Stockholders’ equity
 
$
11,971

 
$
13,979

 
$
11,878


(a) 
The 2019 Summarized Results of Operations include results of Plains for the period beginning January 1, 2019 through the date Occidental’s interest was sold in September 2019.
(b) 
The 2019 Summarized Balance Sheet included the balance of WES due to the loss of control on December 30, 2019 and excluded the balances of Plains as the interest was sold in September 2019.

RELATED-PARTY TRANSACTIONS
From time to time, Occidental purchases oil, NGL, power, steam and chemicals from and sells oil, NGL, natural gas, chemicals and power to certain of its equity investees and other related parties. During 2019, 2018 and 2017, Occidental entered into the following related-party transactions and had the following amounts due from or to its related parties for the years ended December 31:
millions
 
2019

 
2018

 
2017

Sales (a,c)
 
$
691

 
$
805

 
$
636

Purchases (b,c)
 
$
463

 
$
502

 
$
387

Services
 
$
28

 
$
52

 
$
38

Advances and amounts due from related parties
 
$
133

 
$
63

 
$
63

Amounts due to related parties (d)
 
$
463

 
$
46

 
$
45

(a) 
In 2019, 2018 and 2017, sales of Occidental-produced oil and NGL to Plains Pipeline affiliates accounted for 87 percent, 89 percent and 86 percent of these totals, respectively. In September 2019, Occidental sold its remaining interest in Plains Pipeline.
(b) 
In 2019 and 2018, purchases of ethylene from the Ingleside ethylene cracker accounted for 98 percent of related-party purchases, respectively.
(c) 
Excluded sales to and purchases from WES as it was a consolidated subsidiary from the date of the Acquisition through December 31, 2019.
(d) 
Amounts due to related parties at December 31, 2019 primarily consists of a 6.5% note payable to WES due 2038.