SEGMENTS (Tables)

9 Months Ended

Sep. 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 September 30, 2024
Net sales	$	5,697	$	1,246	$	440	$	(210)	$	7,173
Income (loss) before income taxes	$	1,165	$	304	$	631	$	(506)	$	1,594
Income tax expense	—		—		—		(454)		(454)
Income (loss) from continuing operations	$	1,165	$	304	$	631	$	(960)	$	1,140

Three months ended September 30, 2023
Net sales	$	5,594	$	1,309	$	552	$	(297)	$	7,158
Income (loss) before income taxes	$	1,969	$	373	$	(130)	$	(403)	$	1,809
Income tax expense	—		—		—		(434)		(434)
Income (loss) from continuing operations	$	1,969	$	373	$	(130)	$	(837)	$	1,375

millions	Oil and gas (a)		Chemical		Midstream and marketing (b)		Corporate and eliminations (c)		Total
Nine months ended September 30, 2024
Net sales	$	16,081	$	3,706	$	821	$	(643)	$	19,965
Income (loss) before income taxes	$	4,042	$	854	$	714	$	(1,371)	$	4,239
Income tax expense	—		—		—		(1,223)		(1,223)
Income (loss) from continuing operations	$	4,042	$	854	$	714	$	(2,594)	$	3,016

Nine months ended September 30, 2023
Net sales	$	15,860	$	4,089	$	1,919	$	(783)	$	21,085
Income (loss) before income taxes	$	4,668	$	1,281	$	(158)	$	(921)	$	4,870
Income tax expense	—		—		—		(1,372)		(1,372)
Income (loss) from continuing operations	$	4,668	$	1,281	$	(158)	$	(2,293)	$	3,498

(a) The three and nine months ended September 30, 2024 included $572 million of losses primarily related to the sale of non-core onshore U.S. assets. The nine months ended September 30, 2024 also included a $54 million international legal settlement provision. The three and nine months ended September 30, 2023 included the sale of certain properties in the Permian Basin for a net gain of $142 million. The nine months ended September 30, 2023 also included a $180 million impairment related to undeveloped acreage in the Powder River Basin, a $29 million impairment related to an equity method investment in the Black Butte Coal Company and a $26 million litigation settlement gain.

(b) The three months ended September 30, 2024 included a $489 million gain on the sale of 19.5 million limited partner units in WES, a $21 million impairment charge on non-core gas processing assets, and $142 million of net derivative gains. The nine months ended September 30, 2024 included a $489 million gain on the sale of 19.5 million limited partner units in WES and a $21 million impairment charge on non-core gas processing assets, $56 million of net derivative gains, $158 million of income from equity investments related to Occidental's share of WES's gains on asset divestitures and a $27 million fair value gain on the TerraLithium equity investment. The three and nine months ended September 30, 2023 included $81 million and $41 million of net derivative losses, respectively, and $34 million and $60 million of asset impairments and other charges, respectively, and a $51 million gain on the sale of 5.1 million limited partner units in WES.

(c) The three and nine months ended September 30, 2024 included $56 million and $141 million of CrownRock Acquisition-related costs, respectively. The nine months ended September 30, 2023 included a $65 million deferred tax charge related to the Algeria contract renewal and a $260 million gain related to a Maxus environmental reserve adjustment.