GEOGRAPHIC AREAS AND INDUSTRY SEGMENTS (Tables)

12 Months Ended

Dec. 31, 2023

Net sales and property, plant and equipment, net by geographic areas

The following table represents Occidental’s property, plant and equipment, net by geographic area:


millions	Property, plant and equipment, net
For the years ended December 31,	2023		2022		2021
United States	$	51,646	$	51,706	$	53,197
International
UAE	3,609		3,663		3,645
Oman	2,156		2,159		2,055
Algeria	624		350		496

Qatar	393		428		468
Other International	101		78		69
Total International	6,883		6,678		6,733
Total	$	58,529	$	58,384	$	59,930

Schedule of industry segments


millions	Oil and gas (a)		Chemical		Midstream and marketing (b)		Corporate and eliminations (c)		Total
Year ended December 31, 2023
Net sales	$	21,284	$	5,321	$	2,551	$	(899)	$	28,257
Income (loss) from continuing operations before income taxes	$	6,240	$	1,531	$	24	$	(1,366)	$	6,429
Income tax expense (d)	—		—		—		(1,733)		(1,733)
Income (loss) from continuing operations	$	6,240	$	1,531	$	24	$	(3,099)	$	4,696
Investments in unconsolidated entities	$	93	$	550	$	2,581	$	—	$	3,224
Property, plant and equipment additions (e)	$	5,028	$	551	$	664	$	125	$	6,368
Depreciation, depletion and amortization	$	6,112	$	356	$	326	$	71	$	6,865
Total assets	$	53,786	$	4,682	$	13,327	$	2,213	$	74,008
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	$	2,508	$	273	$	(1,467)	$	14,117
Income tax expense (d)	—		—		—		(813)		(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	$	1,544	$	257	$	(2,241)	$	3,705
Income tax expense (d)	—		—		—		(915)		(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

(a)The 2023 income included a gain on sale of $142 million for the sale of certain non-core proved and unproved properties in the Permian Basin, a gain on sale of $25 million related to the 2020 Colombia divestiture, a $180 million impairment related to undeveloped acreage in the northern non-core area of the Powder River Basin, a $29 million impairment related to an equity method investment in the Black Butte Coal Company, and a $26 million legal settlement gain. The 2022 income included gains on sale of $148 million, primarily related to the sale of certain non-strategic assets in the Permian Basin, a gain on sale of $55 million related to the 2020 Colombia divestiture. The 2021 income included $282 million of asset impairments and $280 million of net oil, gas and CO2 derivative losses.

(b)The 2023 income included a fair value gain of $283 million related to the Carbon Engineering acquisition, $60 million of asset impairment and other charges included in income from equity investments and other, a gain on sale of $51 million on the sale of 5.1 million limited partner units in WES, $20 million for the acquisition-related costs on acquiring Carbon Engineering and $14 million of net derivative mark-to-market losses. The 2022 income 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 income 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.

(c)The 2023 loss included a $260 million remeasurement of the valuation allowance for Occidental’s claim against Maxus and $6 million of costs for the CrownRock Acquisition. The 2022 loss included net derivative mark-to-market gains of $317 million, interest rate swaps and $149 million on early debt extinguishment expenses and $89 million costs for the Anadarko Acquisition. The 2021 included $153 million of costs for the Anadarko Acquisition, $122 million net derivative mark-to-market gains on interest rate swaps and $118 million of early debt extinguishment expenses.

(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. The 2022 amount included a tax benefit of $2.7 billion for Occidental’s legal entity reorganization, further discussed in the Income Taxes section of the Management’s Discussion and Analysis of Financial Condition and Results of Operations 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.