SEGMENTS

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

SEGMENTS

NOTE 11 - SEGMENTS

Occidental conducts its operations through three segments: (1) oil and gas; (2) chemical; and (3) midstream and marketing. Income taxes, interest income, interest expense, environmental remediation expenses and unallocated corporate expenses are included under corporate and eliminations. Intersegment sales eliminate upon consolidation and are generally made at prices approximating those that the selling entity would be able to obtain in third-party transactions. 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, 2024
Net sales	$	4,915	$	1,186	$	99	$	(225)	$	5,975
Income (loss) before income taxes	$	1,238	$	254	$	(33)	$	(449)	$	1,010
Income tax expense	—		—		—		(304)		(304)
Net income (loss)	$	1,238	$	254	$	(33)	$	(753)	$	706
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

(a)    The three months ended March 31, 2024 included a $44 million international legal settlement provision. The three months ended March 31, 2023 included a $26 million litigation settlement gain.

(b)    The three months ended March 31, 2024 included $122 million of income from equity investments related to Occidental's share of WES's gains on asset divestitures and a $91 million derivative loss. The three months ended March 31, 2023 included a $26 million impairment charge included in income from equity investments.

(c)    The three months ended March 31, 2024 included $56 million of acquisition-related costs made up of $44 million for financing costs and $12 million of transaction costs relating to the CrownRock Acquisition.