Segments (Tables)

9 Months Ended

Sep. 30, 2021

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.