INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of domestic and foreign components of income from continuing operations before domestic and foreign income taxes

The following summarizes domestic and foreign components of income from continuing operations before domestic and foreign income taxes for the years ended December 31:


millions	2024		2023		2022
Domestic	$	2,398	$	4,246	$	11,314
Foreign	1,672		2,183		2,803
Total income from continuing operations before income taxes	$	4,070	$	6,429	$	14,117

Schedule of income tax (expense) benefit for domestic and foreign income taxes on continuing operations

The following summarizes components of income tax (expense) benefit on continuing operations for the years ended December 31:


millions	2024		2023		2022
Current
Federal	$	(956)	$	(871)	$	(1,272)
State and local	(50)		(92)		(105)
Foreign	(629)		(713)		(1,080)
Total current tax expense	$	(1,635)	$	(1,676)	$	(2,457)
Deferred
Federal	389		(37)		1,569
State and local	28		25		57
Foreign	44		(45)		18
Total deferred tax (expense) benefit	$	461	$	(57)	$	1,644
Total income tax expense	$	(1,174)	$	(1,733)	$	(813)

Schedule of reconciliation of the United States federal statutory income tax rate to Occidental's worldwide effective tax rate on income from continuing operations stated as a percentage of pre-tax income

The following reconciliation of the U.S. federal statutory income tax rate to Occidental’s worldwide effective tax rate on income from continuing operations for the years ended December 31 is stated as a percentage of income from continuing operations before income taxes:


	2024		2023		2022
U.S. federal statutory tax rate	21	%	21	%	21	%
Legal entity reorganization	—		—		(18)



Tax impact from foreign operations	5		3		3
State income taxes, net of federal benefit	—		1		—
Uncertain tax positions	3		2		—



Other	—		—		—
Worldwide effective tax rate	29	%	27	%	6	%

Schedule of tax effects of temporary differences resulting in deferred income taxes

The tax effects of temporary differences resulting in deferred income taxes as of December 31:


millions	2024		2023
Deferred tax liabilities
Property, plant and equipment differences	$	(7,100)	$	(6,994)
Equity investments, partnerships and international subsidiaries	(633)		(709)
Gross long-term deferred tax liabilities	(7,733)		(7,703)

Deferred tax assets
Environmental reserves	416		223
Postretirement benefit accruals	249		229
Deferred compensation and benefits	258		237
Asset retirement obligations	788		722
Foreign tax credit carryforwards	1,975		2,759
Business credit carryforwards	54		43
Net operating loss carryforward	1,031		1,056
Interest expense carryforward	11		11
All other	539		586
Gross long-term deferred tax assets	5,321		5,866
Valuation allowance	(2,962)		(3,901)
Net long-term deferred tax assets	$	2,359	$	1,965
Total deferred income tax liability, net	$	(5,374)	$	(5,738)
Less: foreign deferred tax asset in long-term receivables and other assets, net	(20)		(26)
Total deferred income tax liability	$	(5,394)	$	(5,764)

Schedule of reconciliation of the beginning and ending amount of unrecognized tax benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:


millions	2024		2023		2022
Balance as of January 1	$	1,951	$	2,010	$	2,026
Increases related to prior-year positions	—		—		2
Increases related to current-year positions	—		—		—
Settlements	—		—		—
Reductions for tax positions of prior years	—		(59)		(18)
Balance as of December 31	$	1,951	$	1,951	$	2,010