REVENUE

9 Months Ended

Sep. 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 September 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 nine months ended September 30, 2024 and 2023:

	Three months ended September 30,				Nine months ended September 30,
millions	2024		2023		2024		2023
Revenue from customers	$	7,020	$	7,271	$	20,553	$	20,987
All other revenues (a)	153		(113)		(588)		98
Net sales	$	7,173	$	7,158	$	19,965	$	21,085

(a)    Includes other net 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. Midstream and marketing segment revenues are shown by the location of sale:

millions	United States		International		Eliminations		Total
Three months ended September 30, 2024
Oil and gas
Oil	$	4,204	$	726	$	—	$	4,930
NGL	495		97		—		592
Gas	60		91		—		151
Other	23		1		—		24
Segment total	$	4,782	$	915	$	—	$	5,697
Chemical	$	1,171	$	75	$	—	$	1,246
Midstream and marketing	$	186	$	101	$	—	$	287
Eliminations	$	—	$	—	$	(210)	$	(210)
Consolidated	$	6,139	$	1,091	$	(210)	$	7,020
millions	United States		International		Eliminations		Total
Three months ended September 30, 2023
Oil and gas
Oil	$	3,997	$	742	$	—	$	4,739
NGL	419		91		—		510
Gas	221		87		—		308
Other	37		—		—		37
Segment total	$	4,674	$	920	$	—	$	5,594
Chemical	$	1,234	$	74	$	—	$	1,308
Midstream and marketing	$	563	$	103	$	—	$	666
Eliminations	$	—	$	—	$	(297)	$	(297)
Consolidated	$	6,471	$	1,097	$	(297)	$	7,271

millions	United States		International		Eliminations		Total
Nine months ended September 30, 2024
Oil and gas
Oil	$	11,564	$	2,259	$	—	$	13,823
NGL	1,314		293		—		1,607
Gas	314		269		—		583
Other	67		1		—		68
Segment total	$	13,259	$	2,822	$	—	$	16,081
Chemical	$	3,489	$	215	$	—	$	3,704
Midstream and marketing	$	1,118	$	293	$	—	$	1,411
Eliminations	$	—	$	—	$	(643)	$	(643)
Consolidated	$	17,866	$	3,330	$	(643)	$	20,553

        

millions	United States		International		Eliminations		Total
Nine months ended September 30, 2023
Oil and gas
Oil	$	11,093	$	2,255	$	—	$	13,348
NGL	1,231		266		—		1,497
Gas	737		246		—		983
Other	31		1		—		32
Segment total	$	13,092	$	2,768	$	—	$	15,860
Chemical	$	3,834	$	250	$	—	$	4,084
Midstream and marketing	$	1,524	$	302	$	—	$	1,826
Eliminations	$	—	$	—	$	(783)	$	(783)
Consolidated	$	18,450	$	3,320	$	(783)	$	20,987