REVENUE

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

REVENUE

NOTE 2 - REVENUE

Revenue from customers is recognized when obligations under the terms of a contract with customers are satisfied; this generally occurs with the delivery of oil, NGL, gas, chemicals or services, such as transportation. As of June 30, 2024, trade receivables, net of $3.9 billion represent rights to payment for which Occidental has satisfied its obligations under a contract and its right to payment is conditioned only on the passage of time.

The following table shows a reconciliation of revenue from customers to total net sales for the three and six months ended June 30, 2024 and 2023:

	Three months ended June 30,				Six months ended June 30,
millions	2024		2023		2024		2023
Revenue from customers	$	6,802	$	6,601	$	13,533	$	13,716
All other revenues (a)	15		101		(741)		211
Net sales	$	6,817	$	6,702	$	12,792	$	13,927

(a)    Includes other revenues from the midstream and marketing segment and chemical segment.

DISAGGREGATION OF REVENUE FROM CONTRACTS WITH CUSTOMERS

The table below presents Occidental's revenue from customers by segment, product and geographical area. The oil and gas segment typically sells its oil, NGL and gas at the lease or concession area. Chemical segment revenues are shown by geographic area based on the location of the sale. Excluding net marketing revenue, midstream and marketing segment revenues are shown by the location of sale:

millions	United States		International		Eliminations		Total
Three months ended June 30, 2024
Oil and gas
Oil	$	4,011	$	761	$	—	$	4,772
NGL	403		97		—		500
Gas	67		91		—		158
Other	39		—		—		39
Segment total	$	4,520	$	949	$	—	$	5,469
Chemical	$	1,203	$	70	$	—	$	1,273
Midstream and marketing	$	172	$	96	$	—	$	268
Eliminations	$	—	$	—	$	(208)	$	(208)
Consolidated	$	5,895	$	1,115	$	(208)	$	6,802
millions	United States		International		Eliminations		Total
Three months ended June 30, 2023
Oil and gas
Oil	$	3,446	$	795	$	—	$	4,241
NGL	352		90		—		442
Gas	161		87		—		248
Other	10		—		—		10
Segment total	$	3,969	$	972	$	—	$	4,941
Chemical	$	1,292	$	82	$	—	$	1,374
Midstream and marketing	$	421	$	95	$	—	$	516
Eliminations	$	—	$	—	$	(230)	$	(230)
Consolidated	$	5,682	$	1,149	$	(230)	$	6,601

millions	United States		International		Eliminations		Total
Six months ended June 30, 2024
Oil and gas
Oil	$	7,360	$	1,533	$	—	$	8,893
NGL	819		196		—		1,015
Gas	254		178		—		432
Other	44		—		—		44
Segment total	$	8,477	$	1,907	$	—	$	10,384
Chemical	$	2,318	$	140	$	—	$	2,458
Midstream and marketing	$	932	$	192	$	—	$	1,124
Eliminations	$	—	$	—	$	(433)	$	(433)
Consolidated	$	11,727	$	2,239	$	(433)	$	13,533

        

millions	United States		International		Eliminations		Total
Six months ended June 30, 2023
Oil and gas
Oil	$	7,096	$	1,513	$	—	$	8,609
NGL	812		175		—		987
Gas	516		159		—		675
Other	(6)		1		—		(5)
Segment total	$	8,418	$	1,848	$	—	$	10,266
Chemical	$	2,600	$	176	$	—	$	2,776
Midstream and marketing	$	961	$	199	$	—	$	1,160
Eliminations	$	—	$	—	$	(486)	$	(486)
Consolidated	$	11,979	$	2,223	$	(486)	$	13,716