INDUSTRY SEGMENTS AND GEOGRAPHIC AREAS (Tables)

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Schedule of reconciliation of operating profit (loss) from segments to consolidated

The following table reconciles segment income from continuing operations before taxes to net income attributable to common shares:

	Years Ended December 31,
millions	2024		2023		2022
Segment income from continuing operations before taxes
Oil and gas segment	$	5,214	$	6,240	$	12,803
Chemical segment	1,124		1,531		2,508
Midstream and marketing segment	580		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 tax	182		—		—
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

Schedule of industry segments

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	2024		2023		2022
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 expense	1,583		1,427		1,393
Other operating and non-operating expense	997		889		942
Taxes other than on income	1,026		1,076		1,535
Depreciation, depletion and amortization	6,565		6,112		6,179
Other segment expenses	993		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

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

	Years Ended December 31,
millions	2024		2023		2022
Revenues and other income
Net sales	$	4,923	$	5,321	$	6,757
Gains on sale of assets and other income	19		57		65
Total	4,942		5,378		6,822
Significant segment expenses
Cost of sales	3,367		3,425		3,909
Depreciation, depletion and amortization	363		356		370
Other segment expenses	191		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

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	2024		2023		2022
Revenues and other income
Net sales	$	962	$	2,551	$	4,136
Gains on sale of assets and other income	627		493		267
Total	$	1,589	$	3,044	$	4,403
Significant segment expenses
Cost of sales	558		597		706
Purchased commodities	470		2,144		3,497
Other operating and non-operating expense	298		239		143
Depreciation, depletion and amortization	329		326		328
Other segment expenses	151		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

The following table includes segment-level balance sheet information:

millions	Oil and gas		Chemical		Midstream and marketing		Corporate 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

Schedule of property, plant and equipment, net by geographic area

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

	Years Ended December 31,
millions	2024		2023		2022
United States	$	62,604	$	51,646	$	51,706
International
UAE	3,495		3,609		3,663
Oman	2,187		2,156		2,159
Algeria	618		624		350
Qatar	361		393		428
Other International	113		101		78
Total International	6,774		6,883		6,678
Total	$	69,378	$	58,529	$	58,384