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INVESTMENTS AND RELATED-PARTY TRANSACTIONS (Tables)
 12 Months Ended
Dec. 31, 2023
Investments And Related Party Transactions Disclosure [Abstract]  
Schedule of significant equity investments
Occidental’s significant equity investments are presented in investments in unconsolidated entities and in deferred credits and other liabilities - other. As of December 31, 2023 and 2022, investments in unconsolidated entities were $3.2 billion and its significant equity investments consisted of investments in WES, OxyChem Ingleside Facility, NET Power and DEL. Occidental’s equity investments presented in investments in unconsolidated entities primarily consist of the following:

millions% Economic InterestCarrying amount
WES (a)
51.0 %$1,928 
OxyChem Ingleside Facility50.0 %539 
NET Power (b)
42.2 %495 
DEL(c)
24.5 %— 
Othervarious262 
Total Investments in unconsolidated entities
$3,224 
(a)     In 2023, 2022, and 2021, Occidental sold 5.1 million, 10.0 million and 14.0 million of its limited partner units in WES, respectively, resulting in gains on sale of $51 million, $62 million and $102 million, respectively.
(b)    In June 2023, Occidental invested an additional $351 million in NET Power, increasing its economic interest to 42.2%.
(c)    Not presented in investments in unconsolidated entities is Occidental’s 24.5% ownership in DEL, which had a carrying value of $252 million and is presented in deferred credits and other liabilities - other. Refer to the discussion below regarding the presentation of Occidental’s equity investment in DEL.
Summarized financial information of equity-method investments
The following table presents the summarized financial information of its equity-method investments combined for the years ended and as of December 31:

millions202320222021
Summarized Results of Operations
Revenues and other income$4,724 $6,342 $6,252 
Costs and expenses3,753 4,514 4,569 
Net income$971 $1,828 $1,683 
Summarized Balance Sheet
Current assets$4,772 $3,482 $3,387 
Non-current assets$18,715 $15,282 $19,341 
Current liabilities$2,547 $1,342 $1,976 
Long-term debt$9,673 $9,512 $9,464 
Other non-current liabilities$2,396 $1,289 $1,187 
Equity
$8,870 $6,621 $10,101 
Summary of related-party transactions Occidental entered into the following related-party transactions and had the following amounts due from or to its related parties for the years ended December 31:
millions202320222021
Sales (a)
$256 $337 $261 
Purchases (b)
$722 $948 $773 
Services (c)
$1,155 $1,006 $942 
Advances and amounts due from related parties$62 $40 $57 
Amounts due to related parties$371 $306 $280 
(a)In 2023 and 2022 and 2021 sales of Occidental-produced oil and NGL to WES accounted for 37% and 42% and 58% of these totals, respectively.
(b)In 2023 and 2022 and 2021, purchases of gas and NGL marketed on behalf of WES accounted for 22% and 24% and 27% of related party purchases, respectively, while purchases of ethylene from the OxyChem Ingleside Facility accounted for 69% and 64% and 70%, respectively, of related party purchases.
(c)In 2023 and 2022 and 2021, services primarily related to fees charged by WES to gather, process and treat Occidental produced oil, NGL and natural gas.