Revenue

9 Months Ended

Sep. 30, 2020

Revenue from Contract with Customer [Abstract]

Revenue

NOTE 4 - REVENUE

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, natural gas liquids (NGL), gas, chemicals or services, such as transportation. As of September 30, 2020, trade receivables, net, of $2.1 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 for the three and nine months ended September 30, 2020 and 2019:

	Three months ended September 30,				Nine months ended September 30,
millions	2020		2019		2020		2019
Revenue from customers	$	4,018	$	5,403	$	12,576	$	12,569
All other revenues (a)	90		456		1,073		1,714
Net sales	$	4,108	$	5,859	$	13,649	$	14,283

(a) Includes net marketing derivatives, oil collars and calls, and chemical exchange contracts.

DISAGGREGATION OF REVENUE FROM CONTRACTS WITH CUSTOMERS

The table below presents Occidental's revenue from customers by segment, product and geographical area. The oil and gas segment typically sells its oil, NGLs and gas at the lease or concession area. Chemical segment revenues are shown by geographic area based on the location of the sale. Excluding net marketing revenue, midstream and marketing segment revenues are shown by the location of sale.

millions	United States		Middle East / Africa		Latin America		Other International		Eliminations		Total
Three months ended September 30, 2020
Oil and Gas
Oil	$	1,784	$	397	$	138	$	—	$	—	$	2,319
NGL	252		53		—		—		—		305
Gas	155		77		3		—		—		235
Other	23		—		—		—		—		23
Segment total	$	2,214	$	527	$	141	$	—	$	—	$	2,882
Chemical	$	888	$	—	$	33	$	18	$	—	$	939
Midstream and Marketing
Gas processing	$	89	$	73	$	—	$	—	$	—	$	162
Marketing	110		—		—		62		—		172
Power and other	45		—		—		—		—		45
Segment total	$	244	$	73	$	—	$	62	$	—	$	379
Eliminations	$	—	$	—	$	—	$	—	$	(182)	$	(182)
Consolidated	$	3,346	$	600	$	174	$	80	$	(182)	$	4,018

millions	United States		Middle East/Africa		Latin America		Other International		Eliminations		Total
Three months ended September 30, 2019
Oil and Gas
Oil	$	2,453	$	852	$	177	$	—	$	—	$	3,482
NGL	177		66		—		—		—		243
Gas	125		78		5		—		—		208
Other	(18)		3		—		—		—		(15)
Segment total	$	2,737	$	999	$	182	$	—	$	—	$	3,918
Chemical	$	1,009	$	—	$	36	$	16	$	—	$	1,061
Midstream and Marketing
Gas processing	$	93	$	81	$	—	$	—	$	—	$	174
Marketing	157		—		—		37		—		194
Power and other	41		—		—		—		—		41
Segment total	$	291	$	81	$	—	$	37	$	—	$	409
WES Midstream (a)	$	383	$	—	$	—	$	—	$	—	$	383
Eliminations	$	—	$	—	$	—	$	—	$	(368)	$	(368)
Consolidated	$	4,420	$	1,080	$	218	$	53	$	(368)	$	5,403

(a) Occidental and WES executed several agreements to allow WES to operate as an independent midstream company     resulting in Occidental's loss of control on December 31, 2019.

millions	United States		Middle East / Africa		Latin America		Other International		Eliminations		Total
Nine months ended September 30, 2020
Oil and Gas
Oil	$	5,705	$	1,426	$	353	$	—	$	—	$	7,484
NGL	592		158		—		—		—		750
Gas	476		239		12		—		—		727
Other	54		1		—		—		—		55
Segment total	$	6,827	$	1,824	$	365	$	—	$	—	$	9,016
Chemical	$	2,591	$	—	$	101	$	47	$	—	$	2,739
Midstream and Marketing
Gas processing	$	261	$	215	$	—	$	—	$	—	$	476
Marketing	655		—		—		163		—		818
Power and other	70		—		—		—		—		70
Segment total	$	986	$	215	$	—	$	163	$	—	$	1,364
Eliminations	$	—	$	—	$	—	$	—	$	(543)	$	(543)
Consolidated	$	10,404	$	2,039	$	466	$	210	$	(543)	$	12,576

millions	United States		Middle East/Africa		Latin America		Other International		Eliminations		Total
Nine months ended September 30, 2019
Oil and Gas
Oil	$	5,105	$	2,435	$	524	$	—	$	—	$	8,064
NGL	339		199		—		—		—		538
Gas	180		233		14		—		—		427
Other	(40)		(2)		—		—		—		(42)
Segment total	$	5,584	$	2,865	$	538	$	—	$	—	$	8,987
Chemical	$	2,937	$	—	$	119	$	53	$	—	$	3,109
Midstream and Marketing
Gas processing	$	302	$	272	$	—	$	—	$	—	$	574
Marketing	162		—		—		37		—		199
Power and other	112		—		—		—		—		112
Segment total	$	576	$	272	$	—	$	37	$	—	$	885
WES Midstream (a)	$	383	$	—	$	—	$	—	$	—	$	383
Eliminations	$	—	$	—	$	—	$	—	$	(795)	$	(795)
Consolidated	$	9,480	$	3,137	$	657	$	90	$	(795)	$	12,569

(a) Occidental and WES executed several agreements to allow WES to operate as an independent midstream company resulting in Occidental's loss of control on December 31, 2019.

TRANSACTION PRICE ALLOCATED TO REMAINING PERFORMANCE OBLIGATIONS

Revenue expected to be recognized from certain performance obligations that are unsatisfied as of September 30, 2020 is reflected in the table below. Occidental applies the optional exemptions in ASU 2014-09 Revenue from Contracts with Customers (Topic 606) and does not disclose consideration for remaining performance obligations with an original expected duration of one year or less or for variable consideration related to unsatisfied performance obligations. As a result, the following table represents a small portion of Occidental's expected future consolidated revenues, as future revenue from the sale of most products and services is dependent on future production or variable customer volume and variable commodity prices for that volume:

millions
Remainder of 2020	$	38
2021	114
2022	9
2023	9
2024	9
Thereafter	85
Total	$	264