Industry Segments (Tables)

9 Months Ended

Sep. 30, 2020

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.