SEGMENTS (Tables)

3 Months Ended

Mar. 31, 2023

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, 2023
Net sales	$	5,325	$	1,405	$	751	$	(256)	$	7,225
Income (loss) before income taxes	$	1,640	$	472	$	2	$	(380)	$	1,734
Income tax expense	—		—		—		(471)		(471)
Net income (loss)	$	1,640	$	472	$	2	$	(851)	$	1,263

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

(a) The three months ended March 31, 2023 included a $26 million litigation settlement gain. The three months ended March 31, 2022 included $125 million of gains related to the sale of certain non-strategic assets in the Permian Basin.

(b) The three months ended March 31, 2023 included a $26 million impairment charge included in Income from equity investments. The three months ended March 31, 2022 included $198 million of net derivative mark-to-market losses.

(c) The three months ended March 31, 2022 included a 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 of Anadarko acquisition-related costs.