XML 67 R43.htm IDEA: XBRL DOCUMENT v3.22.4
INDUSTRY SEGMENTS AND GEOGRAPHIC AREAS (Tables)
 12 Months Ended
Dec. 31, 2022
Segment Reporting [Abstract]  
Schedule of industry segments
millionsOil and gas ChemicalMidstream and marketingCorporate
and
eliminations		 Total
Year ended December 31, 2022       
Net sales$27,165 $6,757 $4,136 $(1,424)$36,634 
Income (loss) from continuing operations before income taxes
$12,803 
(a)
$2,508 $273 
(b)
$(1,467)
(c)
$14,117 
Income tax expense— — — (813)
(d)
(813)
Income (loss) from continuing operations
$12,803 $2,508 $273 $(2,280)$13,304 
Investments in unconsolidated entities$142 $578 $2,456 $—  $3,176 
Property, plant and equipment additions (e)
$3,898 $331 $270 $67  $4,566 
Depreciation, depletion and amortization$6,179 $370 $328 $49  $6,926 
Total assets$54,058 $4,558 $12,076 $1,917  $72,609 
Year ended December 31, 2021      
Net sales$18,941 $5,246 $2,863 $(1,094)$25,956 
Income (loss) from continuing operations before income taxes
$4,145 
(a)
$1,544 $257 
(b)
$(2,241)
(c)
$3,705 
Income tax benefit— — — (915)
(d)
(915)
Income (loss) from continuing operations
$4,145 $1,544 $257 $(3,156)$2,790 
Investments in unconsolidated entities$154 $608 $2,176 $— $2,938 
Property, plant and equipment additions (e)
$2,458 $316 $107 $50 $2,931 
Depreciation, depletion and amortization$7,741 $343 $325 $38 $8,447 
Total assets$56,132 $4,671 $11,132 $3,101 $75,036 
Year ended December 31, 2020      
Net sales$13,066 $3,733 $1,768 $(758)$17,809 
Income (loss) from continuing operations before income taxes 
$(9,632)
(a)
$664 $(4,175)
(b)
$(2,562)
(c)
$(15,705)
Income tax expense— — — 2,172 
(d)
2,172 
Income (loss) from continuing operations
$(9,632)$664 $(4,175)$(390)$(13,533)
Investments in unconsolidated entities$168 $645 $2,437 $— $3,250 
Property, plant and equipment additions (e)
$2,279 $261 $50 $29 $2,619 
Depreciation, depletion and amortization$7,414 $356 $312 $15 $8,097 
Total assets$62,931 $4,326 $9,856 $2,951 $80,064 
(a)The 2022 amount included $148 million of gains, primarily related to the sale of certain non-strategic assets in the Permian Basin. The 2022 amount included $55 million related to post-closing consideration earned from 2020 asset sales as a result of certain production and pricing targets being met as well as the closing of the sale of certain assets that were negotiated with the 2020 Colombia divestiture. The 2021 amount included $282 million of asset impairments and $280 million of net oil, gas and CO2 derivative losses. The 2020 amount included $7.1 billion related to asset impairments and net asset sale losses of $1.6 billion, partially offset by a $1.1 billion gain on the oil and gas collars and calls and a loss on the sale of Occidental’s Colombia assets of $353 million.
(b)The 2022 amount included $259 million of net derivative mark-to-market losses, $62 million relating to a gain on the sale of 10 million limited partner units in WES and a $36 million gain on the sale of a joint venture. The 2021 amount included $252 million in derivative mark-to-market losses and $124 million of gains on sales, primarily from the sale of 11.5 million limited partner units in WES. The 2020 amount included $2.7 billion of other-than-temporary impairment of WES equity
investment and $1.4 billion of impairments related to the write-off of goodwill and a $236 million loss from an equity investment related to WES' write-off of its goodwill.
(c)The 2022 amount included a tax benefit of $2.7 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 section under Part II, Item 7, of this Form 10-K and Note 10 - Income Taxes in the Notes to Consolidated Financial Statements in Part II Item 8 of this Form 10-K, as well as $317 million of net gains on interest rate swaps, $149 million of net gains on early debt extinguishment and $89 million of Anadarko acquisition-related costs. The 2021 amount included $153 million of Anadarko acquisition-related costs, $122 million net derivative mark-to-market gains on interest rate swaps and $118 million of early debt extinguishment expenses. The 2020 amount included $339 million in expenses related to Anadarko Acquisition-related costs and a $428 million loss on interest rate swaps.
(d)Included all foreign and domestic income taxes from continuing operations.
(e)Included capital expenditures and capitalized interest, but excluded acquisition and disposition of assets.
Net sales and property, plant and equipment, net by geographic areas
millionsProperty, plant and equipment, net
For the years ended December 31,202220212020
United States$51,706 $53,197 $59,016 
International
UAE3,663 3,645 3,737 
Oman2,159 2,055 1,901 
Algeria350 496 664 
Qatar428 468 510 
Other International78 69 61 
Total International6,678 6,733 6,873 
Total$58,384 $59,930 $65,889