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SEGMENTS
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
SEGMENTS
NOTE 11 - SEGMENTS

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 unallocated corporate expenses are included under corporate and eliminations. Intersegment sales eliminate upon consolidation and are generally made at prices approximating those that the selling entity would be able to obtain in third-party transactions.
Occidental’s President and CEO is the CODM and is ultimately responsible for allocating resources and assessing the performance of each operating segment. 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:

Three months ended June 30,Six months ended June 30,
millions 2025202420252024
Segment income (losses) from continuing operations before taxes  
Oil and gas segment$934 $1,639 $2,631 $2,877 
Chemical segment213 296 398 550 
Midstream and marketing segment49 116 (28)83 
Corporate and eliminations(182)(164)(337)(329)
Interest and debt expense, net(276)(252)(594)(536)
Income from continuing operations before income taxes$738 $1,635 $2,070 $2,645 
Income tax expense
(270)(465)(657)(769)
Income from continuing operations
$468 $1,170 $1,413 $1,876 
Discontinued operations, net of tax— — — 182 
Net income$468 $1,170 $1,413 $2,058 
Less: Net income attributable to noncontrolling interest(10)(8)(19)(8)
Less: Preferred stock dividends (170)(170)(340)(340)
Net income attributable to common stockholders$288 $992 $1,054 $1,710 
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

Three months ended June 30,Six months ended June 30,
millions 2025202420252024
Revenues and other income  
Net sales$5,009 $5,469 $10,692 $10,384 
Gains (losses) on sale of assets and other, net(2)7 (8)10 
Total$5,007 $5,476 $10,684 $10,394 
Significant segment expenses
Oil and gas lease operating expense
1,135 1,179 2,352 2,340 
Transportation and gathering expense403 400 810 748 
Other operating and non-operating expense357 233 601 507 
Taxes other than on income262 263 522 495 
Depreciation, depletion and amortization1,718 1,573 3,420 3,070 
Other segment expenses (a)
187 183 337 337 
Total$4,062 $3,831 $8,042 $7,497 
Segment income before other items$945 $1,645 $2,642 $2,897 
Losses from equity investments and other(11)(6)(11)(20)
Segment income from continuing operations before taxes$934 $1,639 $2,631 $2,877 
(a) Other segment expenses include selling, general and administrative expense and exploration expense.

CHEMICAL SEGMENT

Three months ended June 30,Six months ended June 30,
millions 2025202420252024
Revenues and other income  
Net sales (a)
$1,227 $1,274 $2,415 $2,460 
Gains on sale of assets and other income, net6 7 18 12 
Total$1,233 $1,281 $2,433 $2,472 
Significant segment expenses
Cost of sales913 868 1,783 1,688 
Depreciation, depletion and amortization94 91 188 178 
Other segment expenses (b)
41 54 117 108 
Total$1,048 $1,013 $2,088 $1,974 
Segment income before other items$185 $268 $345 $498 
Income from equity investments and other
28 28 53 52 
Segment income from continuing operations before taxes$213 $296 $398 $550 
(a) Includes revenue from customers and all other revenues.
(b) Other segment expenses include other operating and non-operating expense and selling, general and administrative expense.
MIDSTREAM AND MARKETING SEGMENT

Three months ended June 30,Six months ended June 30,
millions 2025202420252024
Revenues and other income  
Net sales (a)
$426 $282 $629 $381 
Gains on sale of assets and other income, net38 69 64 96 
Total$464 $351 $693 $477 
Significant segment expenses
Cost of sales199 280 412 531 
Other operating and non-operating expense98 63 183 151 
Depreciation, depletion and amortization88 82 175 166 
Other segment expenses (b)
37 30 72 57 
Total$422 $455 $842 $905 
Segment income (losses) before other items$42 $(104)$(149)$(428)
Income from equity investments and other
7 220 121 511 
Segment income (losses) from continuing operations before taxes$49 $116 $(28)$83 
(a) Includes revenue from customers and all other revenues.
(b) Other segment expenses include transportation expense, taxes other than on income, and selling, general and administrative expense.

SEGMENT INVESTMENTS AND EXPENDITURES
The following table includes segment-level balance sheet information:

millionsOil and gasChemicalMidstream and marketingCorporate and
eliminations		Total
June 30, 2025
PP&E Additions$3,109 $529 $343 $40 $4,021 
Investments in unconsolidated entities$115 $494 $2,335 $— $2,944 
Total Assets$61,713 $5,623 $13,658 $3,366 $84,360 
June 30, 2024   
PP&E Additions$2,864 $260 $432 $65 $3,621 
Investments in unconsolidated entities$89 $541 $2,830 $— $3,460 
Total Assets$53,693 $4,878 $15,017 $2,628 $76,216