Industry Segments

9 Months Ended

Sep. 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 September 30, 2020
Net sales	$	2,989	$	937	$	364	$	(182)	$	4,108
Income (loss) from continuing operations before income taxes	$	(1,072)	$	178	$	(2,791)	$	(373)	$	(4,058)
Income tax benefit (d)	—		—		—		403		403
Income (loss) from continuing operations	$	(1,072)	$	178	$	(2,791)	$	30	$	(3,655)
Three months ended September 30, 2019
Net sales	$	3,993	$	1,071	$	1,163	$	(368)	$	5,859
Income (loss) from continuing operations before income taxes	$	268	$	207	$	400	$	(1,449)	$	(574)
Income tax expense	—		—		—		(163)		(163)
Income (loss) from continuing operations	$	268	$	207	$	400	$	(1,612)	$	(737)

millions	Oil and Gas (a)		Chemical		Midstream and Marketing (b)		Corporate and Eliminations (c)		Total
Nine months ended September 30, 2020
Net sales	$	10,089	$	2,745	$	1,358	$	(543)	$	13,649
Income (loss) from continuing operations before income taxes	$	(8,570)	$	472	$	(4,085)	$	(2,097)	$	(14,280)
Income tax benefit (d)	—		—		—		1,896		1,896
Income (loss) from continuing operations	$	(8,570)	$	472	$	(4,085)	$	(201)	$	(12,384)
Nine months ended September 30, 2019
Net sales	$	9,062	$	3,128	$	2,888	$	(795)	$	14,283
Income (loss) from continuing operations before income taxes	$	1,478	$	680	$	1,010	$	(1,945)	$	1,223
Income tax expense	—		—		—		(694)		(694)
Income (loss) from continuing operations	$	1,478	$	680	$	1,010	$	(2,639)	$	529

(a) Includes $795 million in net asset sale losses for the three and nine months ended September 30, 2020. Additionally, for the nine months ended September 30, 2020, includes $7.0 billion related to asset impairments and other charges partially offset by a $1.1 billion gain on the oil collars and calls.

(b) Includes $2.7 billion of other-than-temporary impairment of WES equity investment for the three and nine months ended September 30, 2020. Additionally, for the nine months ended September 30, 2020, 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.

(c) Includes $302 million in expenses related to Anadarko acquisition-related costs and a $577 million loss on interest rate swaps for the nine months ended September 30, 2020.

(d) Includes a valuation allowance on tax assets of $37 million for the three and nine months ended September 30, 2020.