Industry Segments

6 Months Ended

Jun. 30, 2020

Segment Reporting [Abstract]

Industry Segments

NOTE 14 - SEGMENTS

Occidental conducts its operations through three segments: (1) oil and gas; (2) chemical; and (3) midstream and marketing. Income taxes, interest income, interest expense, environmental remediation expenses, Anadarko acquisition-related costs and unallocated corporate expenses are included under Corporate and Eliminations. 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 table presents Occidental’s industry segments:

millions	Oil and Gas (a)		Chemical		Midstream and Marketing (b)		Corporate and Eliminations (c)		Total
Three months ended June 30, 2020
Net sales	$	2,040	$	846	$	204	$	(162)	$	2,928
Income (loss) from continuing operations before income taxes	$	(7,734)	$	108	$	(7)	$	(551)	$	(8,184)
Income tax benefit							1,468		1,468
Income (loss) from continuing operations	$	(7,734)	$	108	$	(7)	$	917	$	(6,716)
Three months ended June 30, 2019
Net sales	$	2,718	$	998	$	909	$	(205)	$	4,420
Income (loss) from continuing operations before income taxes	$	726	$	208	$	331	$	(324)	$	941
Income tax expense	—		—		—		(306)		(306)
Income (loss) from continuing operations	$	726	$	208	$	331	$	(630)	$	635

millions	Oil and Gas (a)		Chemical		Midstream and Marketing (b)		Corporate  and Eliminations (c)		Total
Six months ended June 30, 2020
Net sales	$	7,100	$	1,808	$	994	$	(361)	$	9,541
Income (loss) from continuing operations before income taxes	$	(7,498)	$	294	$	(1,294)	$	(1,724)	$	(10,222)
Income tax benefit							1,493		1,493
Income (loss) from continuing operations	$	(7,498)	$	294	$	(1,294)	$	(231)	$	(8,729)
Six months ended June 30, 2019
Net sales	$	5,069	$	2,057	$	1,725	$	(427)	$	8,424
Income (loss) from continuing operations before income taxes	$	1,210	$	473	$	610	$	(496)	$	1,797
Income tax expense	—		—		—		(531)		(531)
Income (loss) from continuing operations	$	1,210	$	473	$	610	$	(1,027)	$	1,266

^(a) Includes $6.4 billion and $7.0 billion related to asset impairments and other charges for the three and six months ended June 30, 2020, respectively. Additionally includes a $957 million gain on the oil collars and calls for the six months ended June 30, 2020.

^(b) Includes $1.4 billion of impairments related to the write-off of goodwill and a loss from an equity investment related to WES's write-off of its goodwill for the six months ended June 30, 2020.

^(c) Includes $149 million and $297 million in expenses related to Anadarko acquisition-related costs for the three and six months ended June 30, 2020, respectively, and a $665 million loss on interest rate swaps for the six months ended June 30, 2020.