SEGMENTS (Tables)

3 Months Ended

Mar. 31, 2024

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.