Segments (Tables)

3 Months Ended

Mar. 31, 2022

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 March 31, 2022
Net sales	$	6,075	$	1,684	$	882	$	(292)	$	8,349
Income (loss) from continuing operations before income taxes	$	2,898	$	671	$	(50)	$	(436)	$	3,083
Income tax benefit	—		—		—		1,793		1,793
Income (loss) from continuing operations	$	2,898	$	671	$	(50)	$	1,357	$	4,876

Three months ended March 31, 2021
Net sales	$	3,664	$	1,088	$	807	$	(266)	$	5,293
Income (loss) from continuing operations before income taxes	$	(62)	$	251	$	282	$	(156)	$	315
Income tax expense	—		—		—		(16)		(16)
Income (loss) from continuing operations	$	(62)	$	251	$	282	$	(172)	$	299

(a) The 2022 amount included $125 million of gains related to the sale of certain non-strategic assets in the Permian Basin. The 2021 amount included a $135 million impairment charge related to non-core domestic undeveloped leases that either expired in the first quarter of 2021 or were set to expire in the near-term, where Occidental had no plans to pursue exploration activities.

(b) The 2022 amount included $198 million of net derivative mark-to-market losses. In March 2021, Occidental sold 11.5 million limited partner units of WES for proceeds of approximately $200 million, resulting in a gain of $102 million.

(c) The 2022 amount included a non-cash tax benefit of $2.6 billion in connection with Occidental's legal entity reorganization, which is further discussed in the Income Taxes section of the Management’s Discussion and Analysis of Financial Condition and Results of Operations in Part I, Item 2 of this Form 10-Q as well as a $135 million gain on interest rate swaps and $65 million in Anadarko acquisition-related costs. The 2021 amount included a $399 million gain on interest rate swaps and $41 million in Anadarko acquisition-related costs.