SEGMENTS (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2024
Net sales	$	5,469	$	1,274	$	282	$	(208)	$	6,817
Income (loss) before income taxes	$	1,639	$	296	$	116	$	(416)	$	1,635
Income tax expense	—		—		—		(465)		(465)
Income (loss) from continuing operations	$	1,639	$	296	$	116	$	(881)	$	1,170

Three months ended June 30, 2023
Net sales	$	4,941	$	1,375	$	616	$	(230)	$	6,702
Income (loss) before income taxes	$	1,059	$	436	$	(30)	$	(138)	$	1,327
Income tax expense	—		—		—		(467)		(467)
Income (loss) from continuing operations	$	1,059	$	436	$	(30)	$	(605)	$	860

millions	Oil and gas (a)		Chemical		Midstream and marketing (b)		Corporate and eliminations (c)		Total
Six months ended June 30, 2024
Net sales	$	10,384	$	2,460	$	381	$	(433)	$	12,792
Income (loss) before income taxes	$	2,877	$	550	$	83	$	(865)	$	2,645
Income tax expense	—		—		—		(769)		(769)
Income (loss) from continuing operations	$	2,877	$	550	$	83	$	(1,634)	$	1,876

Six months ended June 30, 2023
Net sales	$	10,266	$	2,780	$	1,367	$	(486)	$	13,927
Income (loss) before income taxes	$	2,699	$	908	$	(28)	$	(518)	$	3,061
Income tax expense	—		—		—		(938)		(938)
Income (loss) from continuing operations	$	2,699	$	908	$	(28)	$	(1,456)	$	2,123

(a) The three and six months ended June 30, 2024 included a $10 million and $54 million international legal settlement provision, respectively. The three and six months ended June 30, 2023 included a $180 million impairment related to undeveloped acreage in the northern non-core area of the Powder River Basin and a $29 million impairment related to an equity method investment in the Black Butte Coal Company. The six months ended June 30, 2023 included a $26 million litigation settlement gain.

(b) The three and six months ended June 30, 2024 included $35 million and $157 million of income from equity investments respectively, related to Occidental's share of WES's gains on asset divestitures. The three and six months ended June 30, 2024 also included $5 million of net derivative gains and $86 million of net derivative losses, respectively. The three and six months ended June 30, 2023 included $48 million and $40 million of net derivative gains, respectively.

(c) The three months ended June 30, 2024 included $29 million of acquisition-related costs made up of $15 million of financing costs and $14 million of transaction costs relating to the CrownRock Acquisition. The six months ended June 30, 2024 included $85 million of acquisition-related costs made up of $59 million for financing costs and $26 million of transaction costs relating to the CrownRock Acquisition. The three and six months ended June 30, 2024 included a $20 million income tax expense related to the Algeria contract renewal. The three and six months ended June 30, 2023 included a $68 million deferred tax charge related to the Algeria contract renewal and a $260 million gain related to a Maxus environmental reserve adjustment