Segments

9 Months Ended

Sep. 30, 2021

Segment Reporting [Abstract]

Segments

NOTE 12 - 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, 2021
Net sales	$	4,955	$	1,396	$	702	$	(261)	$	6,792
Income (loss) from continuing operations before income taxes	$	1,467	$	407	$	20	$	(677)	$	1,217
Income tax expense	—		—		—		(387)		(387)
Income (loss) from continuing operations	$	1,467	$	407	$	20	$	(1,064)	$	830
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	—		—		—		403		403
Income (loss) from continuing operations	$	(1,072)	$	178	$	(2,791)	$	30	$	(3,655)
millions	Oil and gas (a)		Chemical		Midstream and marketing (b)		Corporate and eliminations (c)		Total
Nine months ended September 30, 2021
Net sales	$	13,124	$	3,671	$	2,006	$	(758)	$	18,043
Income (loss) from continuing operations before income taxes	$	2,036	$	970	$	272	$	(1,603)	$	1,675
Income tax expense	—		—		—		(446)		(446)
Income (loss) from continuing operations	$	2,036	$	970	$	272	$	(2,049)	$	1,229
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	—		—		—		1,896		1,896
Income (loss) from continuing operations	$	(8,570)	$	472	$	(4,085)	$	(201)	$	(12,384)

(a) The three months ended September 30, 2021 included $97 million of net oil, gas, and CO2 derivative losses and $17 million in asset impairments. The nine months ended September 30, 2021 included $277 million of net oil, gas, and CO2 derivative losses and $173 million of asset impairments. The three and nine months ended September 30, 2020 included $795 million in net asset sale losses. Additionally, the nine months ended September 30, 2020 included $7.0 billion related to asset impairments and other charges partially offset by a $1.1 billion gain on the oil collars and call options.

(b) The three months ended September 30, 2021 included $11 million of net derivative mark-to-market losses. The nine months ended September 30, 2021 included $124 million of gains on sales, primarily from the sale of 11.5 million limited partner units in WES, and $176 million in derivative mark-to-market losses. The three and nine months ended September 30, 2020 included $2.7 billion of the other-than-temporary impairment of WES, an equity investment. Additionally, the nine months ended September 30, 2020 included $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) The three months ended September 30, 2021 included $88 million of losses on debt tenders, $26 million of net derivative mark-to-market losses on interest rate swaps and $29 million of Anadarko acquisition-related costs. The nine months ended September 30, 2021 included $88 million of losses on debt tenders, $150 million net derivative mark-to-market gains on interest rate swaps and $122 million of Anadarko acquisition-related costs. The nine months ended September 30, 2020 included $302 million of Anadarko acquisition-related costs and a $577 million loss on interest rate swaps.