XML 52 R26.htm IDEA: XBRL DOCUMENT v3.25.0.1
INDUSTRY SEGMENTS AND GEOGRAPHIC AREAS
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
INDUSTRY SEGMENTS AND GEOGRAPHIC AREAS
NOTE 16 - INDUSTRY SEGMENTS AND GEOGRAPHIC AREAS
Occidental conducts its operations through three segments: oil and gas, chemical and midstream and marketing. Income taxes, interest income, interest expense, environmental remediation expenses and acquisition-related costs of Occidental and its operating subsidiaries and unallocated corporate expenses are consolidated under corporate and eliminations. Intersegment sales eliminate upon consolidation and are made at prices that approximate market. Identifiable assets are those assets used in the operations of the segments. Corporate assets consist of cash and restricted cash, certain corporate receivables and PP&E.
Occidental’s President and CEO is ultimately responsible for allocating resources and assessing the performance of each operating segment and is Occidental’s CODM. The CEO may be assisted in this function by other members of Occidental’s executive management including, but not limited to, the Chief Financial Officer. While other executives are responsible for the performance of their individual areas, the CEO is solely responsible for allocating resources across Occidental as a whole.
For all three reporting segments the CODM utilizes segment income (loss) from continuing operations before income taxes to measure performance, as well as allocate resources (including financial or capital resources) for each segment, predominantly in the annual budget and forecasting process.
The following table reconciles segment income from continuing operations before taxes to net income attributable to common shares:

Years Ended December 31,
millions 202420232022
Segment income from continuing operations before taxes   
Oil and gas segment$5,214 $6,240 $12,803 
Chemical segment1,124 1,531 2,508 
Midstream and marketing segment580 24 273 
Corporate and eliminations(1,673)(421)(437)
Interest and debt expense, net(1,175)(945)(1,030)
Income from continuing operations before income taxes
$4,070 $6,429 $14,117 
Income tax expense
(1,174)(1,733)(813)
Income from continuing operations
$2,896 $4,696 $13,304 
Discontinued operations, net of tax182 — — 
Net income$3,078 $4,696 $13,304 
Less: Net income attributable to noncontrolling interest(22)— — 
Less: Preferred stock dividends and redemption premiums
(679)(923)(800)
Net income attributable to common stockholders$2,377 $3,773 $12,504 


The following tables include a summary of significant revenue and expense line items for each segment. Items within “Significant segment expenses” align with the significant segment-level information that is regularly provided to the CODM as required by the adoption of ASU 2023-07 in the fourth quarter of 2024. Intersegment expenses are included within the amounts shown.
OIL AND GAS SEGMENT
Other segment expenses include asset impairments and other charges, selling, general and administrative expense, acquisition-related costs and exploration expense:

Years Ended December 31,
millions 202420232022
Revenues and other income   
Net sales$21,705 $21,284 $27,165 
Gains (losses) on sale of assets and other income(551)192 220 
Total$21,154 $21,476 $27,385 
Significant segment expenses 
Oil and gas lease operating expense
4,738 4,677 4,028 
Transportation and gathering expense1,583 1,427 1,393 
Other operating and non-operating expense997 889 942 
Taxes other than on income1,026 1,076 1,535 
Depreciation, depletion and amortization6,565 6,112 6,179 
Other segment expenses993 1,031 498 
Total$15,902 $15,212 $14,575 
Segment income before other items$5,252 $6,264 $12,810 
Losses from equity investments and other(38)(24)(7)
Segment income from continuing operations before taxes$5,214 $6,240 $12,803 

CHEMICAL SEGMENT
Other segment expenses include asset impairments and other charges, and selling, general and administrative expense:

Years Ended December 31,
millions 202420232022
Revenues and other income   
Net sales$4,923 $5,321 $6,757 
Gains on sale of assets and other income19 57 65 
Total4,942 5,378 6,822 
Significant segment expenses 
Cost of sales3,367 3,425 3,909 
Depreciation, depletion and amortization363 356 370 
Other segment expenses191 175 149 
Total$3,921 $3,956 $4,428 
Segment income before other items$1,021 $1,422 $2,394 
Income from equity investments and other
103 109 114 
Segment income from continuing operations before taxes$1,124 $1,531 $2,508 
MIDSTREAM AND MARKETING SEGMENT
Other segment expenses include asset impairments and other charges, transportation expense, taxes other than on income, and selling, general and administrative expense:

Years Ended December 31,
millions 202420232022
Revenues and other income   
Net sales$962 $2,551 $4,136 
Gains on sale of assets and other income627 493 267 
Total$1,589 $3,044 $4,403 
Significant segment expenses 
Cost of sales558 597 706 
Purchased commodities470 2,144 3,497 
Other operating and non-operating expense298 239 143 
Depreciation, depletion and amortization329 326 328 
Other segment expenses151 163 167 
Total$1,806 $3,469 $4,841 
Segment losses before other items$(217)$(425)$(438)
Income from equity investments and other
797 449 711 
Segment income from continuing operations before taxes$580 $24 $273 
SEGMENT INVESTMENTS AND EXPENDITURES
The following table includes segment-level balance sheet information:

millionsOil and gasChemicalMidstream and marketingCorporate and
eliminations		Total
Year ended December 31, 2024
PP&E Additions$5,408 $718 $941 $141 $7,208 
Investments in unconsolidated entities$94 $513 $2,552 $— $3,159 
Total Assets$63,596 $5,122 $13,641 $3,086 $85,445 
Year ended December 31, 2023   
PP&E Additions$5,028 $551 $664 $125 $6,368 
Investments in unconsolidated entities$93 $550 $2,581 $— $3,224 
Total Assets$53,786 $4,682 $13,327 $2,213 $74,008 

GEOGRAPHIC AREAS
The following table represents Occidental’s property, plant and equipment, net by geographic area:

Years Ended December 31,
millions202420232022
United States$62,604 $51,646 $51,706 
International
UAE3,495 3,609 3,663 
Oman2,187 2,156 2,159 
Algeria618 624 350 
Qatar361 393 428 
Other International113 101 78 
Total International6,774 6,883 6,678 
Total$69,378 $58,529 $58,384