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INVESTMENTS AND RELATED-PARTY TRANSACTIONS
 12 Months Ended
Dec. 31, 2025
Investments And Related Party Transactions Disclosure [Abstract]  
INVESTMENTS AND RELATED-PARTY TRANSACTIONS
NOTE 3 - INVESTMENTS AND RELATED-PARTY TRANSACTIONS

INVESTMENTS IN UNCONSOLIDATED ENTITIES
The following table represents significant investments in unconsolidated entities as of December 31, 2025:

millions% Economic InterestCarrying amount
WES43.1 %$2,032 
NET Power40.3 %— 
DEL(a)
24.5 %— 
Othervarious443 
Total Investments in unconsolidated entities $2,475 
(a)    Not presented in investments in unconsolidated entities is the Company’s 24.5% ownership in DEL, which had a carrying value of $220 million and is presented in deferred credits and other liabilities - other.

The following table represents cumulative undistributed earnings and investments in excess of equity as of December 31, 2025 and 2024:

millions20252024
Cumulative undistributed earnings$664 $764 
Investments in excess of equity
Investment in excess of equity allocated to PP&E and equity investments$279 $316 
Investment in excess of equity allocated to intangibles and other assets$93 $105 
Total investments in excess of equity$372 $421 

Dividends received from equity investments were $705 million, $682 million and $571 million to the Company in 2025, 2024 and 2023, respectively.
In 2025, the Company recorded its share of NET Power’s impairment losses of $401 million, bringing book value of its investment to zero. In the fourth quarter of 2025, WES acquired Aris Water Solutions, Inc. with a mix of stock and cash, and the Company recognized a gain of $301 million from its pro-rata ownership reduction in WES. In 2024 and 2023, the Company sold 19.5 million and 5.1 million of its limited partner units in WES, respectively, resulting in gains on sale of $489 million and $51 million, respectively.

The following table presents the summarized financial information of its equity-method investments combined for the years ended and as of December 31, 2025, 2024 and 2023:

millions202520242023
Summarized Results of Operations
Revenues and other income$4,794 $4,580 $4,086 
Costs and expenses5,136 3,025 3,219 
Net income$(342)$1,555 $867 
Summarized Balance Sheet
Current assets$4,086 $4,643 $4,493 
Non-current assets$17,599 $17,132 $17,634 
Current liabilities$2,279 $2,183 $2,462 
Long-term debt$9,787 $9,296 $9,673 
Other non-current liabilities$2,624 $2,328 $2,292 
Equity
$6,995 $7,968 $7,700 
RELATED-PARTY TRANSACTIONS
The Company sells oil, NGL, natural gas and power to and purchases oil and NGL from its equity method investees and other related parties. The Company is charged service fees primarily related to gathering, processing and treatment of oil, NGL and natural gas by certain of its equity investees and other related parties. Berkshire Hathaway is a related party of the Company due to its ownership of Occidental’s common stock. The Company has, from time to time, contracted with Berkshire Hathaway for the provision of electricity and insurance. On January 2, 2026, the Company completed the sale of OxyChem to Berkshire Hathaway. As a result, OxyChem’s results of operations, cash flows and the related retained liabilities and indemnification obligations are reported as discontinued operations in the Company’s Consolidated Statements of Operations and Cash Flows for all periods presented, with its assets and liabilities reclassified as held for sale in the Company’s Consolidated Balance Sheets. For more information, refer to Note 4 - Acquisition, Divestitures and Other Transactions. The Company entered into the following related-party transactions and had the following amounts due from or to its related parties for the years ended December 31:

millions202520242023
Sales (a)
$128 $146 $153 
Purchases (b)
$4 $28 $159 
Services (c)
$1,505 $1,415 $1,156 
Advances and amounts due from related parties$30 $36 $49 
Amounts due to related parties$333 $342 $331 
(a)In 2025, 2024 and 2023, sales of Company-produced oil and NGL to WES accounted for 53%, 58% and 63% of related party sales, respectively.
(b)In 2025, 2024 and 2023, purchases of gas and NGL marketed on behalf of WES accounted for all of the related party purchases.
(c)In 2025, 2024 and 2023, services primarily related to fees charged by WES to gather, process and treat the Company produced oil, NGL and natural gas.