ACQUISITIONS, DIVESTITURES AND OTHER TRANSACTIONS

3 Months Ended

Mar. 31, 2026

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

ACQUISITIONS, DIVESTITURES AND OTHER TRANSACTIONS


NOTE 4 - ACQUISITIONS, DIVESTITURES AND OTHER TRANSACTIONS

ACQUISITIONS AND DIVESTITURES

During the first quarter of 2026, the Company entered into an agreement to divest non-core proved and unproved royalty and mineral interests as well as certain processing plants in the Permian Basin. The Company recorded a $186 million loss primarily attributable to the processing plants. The transaction closed in the second quarter of 2026.

DISCONTINUED OPERATIONS

In October 2025, the Company announced a purchase and sale agreement with Berkshire Hathaway to sell all of the issued and outstanding equity interests in OxyChem in an all-cash transaction for an adjusted purchase price of $9.5 billion, subject to additional post-closing adjustments. The sale was completed on January 2, 2026, resulting in a gain of $3.1 billion, net of taxes. The OxyChem Transaction marks a strategic change in the Company's operations. For information related to the presentation of financials for discontinued operations, see Note 1 - Genera l. Refer to Note 3 Long-Term Debt for the Company's use of the after-tax sale proceeds.

The following table summarizes the components of the purchase price:


in millions	Total
Cash purchase price	$	9,700
Closing Adjustments
Working capital adjustment	(158)
Post-close adjustments	(40)
Total Cash Purchase Price	$	9,502

The following table presents the amounts reported in discontinued operations, net of income taxes, for the three months ended March 31:


millions	2026		2025
Revenues and other income
Net Sales	$	26	$	1,099
Interest, dividends and other income	—		6
Gains on sales of assets and others, net	4,072		—
Total revenues and other income	4,098		1,105
Costs and other deductions
Chemical cost of sales	23		762
General and administrative expense	4		26
Other operating and non-operating expense	28		66
Depreciation, depletion and amortization	—		113
Acquisition-related costs	—		—
Other expense, net	—		8
Total costs and other deductions	55		975
Income before income taxes and other items	4,043		130
Income from equity investments and other	1		25
Income before income taxes	4,044		155
Income tax expense	(921)		(40)
Income from discontinued operations, net of tax	$	3,123	$	115