v3.26.1
SEGMENTS
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
SEGMENTS
NOTE 10 - SEGMENTS

The Company conducts its operations through two segments: oil and gas 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 made at prices that approximate market. Identifiable assets are those assets used in the operations of the segments. Corporate assets consist of cash and restricted cash, certain corporate receivables and PP&E.
As a result of the OxyChem Transaction, the chemical segment results are presented separately as discontinued operations and corporate costs directly attributable to the chemical segment are included under discontinued operations. See Note 1 - General for related disclosure.
Occidental's President and CEO is ultimately responsible for allocating resources and assessing the performance of each operating segment and is the Chief Operating Decision Maker. The CEO may be assisted in this function by other members of Occidental's executive management including, but not limited to, the Chief Financial Officer and Chief Operating Officer. While other executives are responsible for the performance of their individual areas, the CEO is solely responsible for allocating resources across the Company as a whole.
For both reporting segments, segment income (loss) from continuing operations before income taxes is used 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 March 31,
millions 20262025
Segment income (losses) from continuing operations before taxes  
Oil and gas segment$1,017 $1,697 
Midstream and marketing segment(87)(72)
Corporate and eliminations(108)(138)
Interest and debt expense, net(432)(310)
Income from continuing operations before income taxes$390 $1,177 
Income tax expense
(154)(347)
Income from continuing operations
$236 $830 
Discontinued operations, net of tax3,123 115 
Net income$3,359 $945 
Less: Net income attributable to noncontrolling interest(14)(9)
Less: Preferred stock dividends (170)(170)
Net income attributable to common stockholders$3,175 $766 
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 Chief Operating Decision Maker.
OIL AND GAS SEGMENT

Three months ended March 31,
millions 20262025
Revenues and other income  
Net sales (a)
$4,975 $5,683 
Losses on sale of assets and other, net(29)(6)
Total$4,946 $5,677 
Significant segment expenses
Oil and gas lease operating expense1,118 1,217 
Transportation and gathering expense391 407 
Other operating and non-operating expense273 244 
Taxes other than on income252 260 
Depreciation, depletion and amortization1,690 1,702 
Other segment expenses (b)
203 150 
Total$3,927 $3,980 
Segment income before other items$1,019 $1,697 
Losses from equity investments and other(2)— 
Segment income from continuing operations before taxes$1,017 $1,697 
(a) Includes revenue from customers and all other revenues.
(b) Includes general and administrative expense and exploration expense.

MIDSTREAM AND MARKETING SEGMENT

Three months ended March 31,
millions 20262025
Revenues and other income  
Net sales (a)
$397 $173 
Gains (losses) on sale of assets and other income, net(149)27 
Total$248 $200 
Significant segment expenses
Transportation and gathering expense184 203 
Other operating and non-operating expense79 81 
Depreciation, depletion and amortization71 73 
Asset impairments and other charges105 — 
Other segment expenses (b)
34 29 
Total$473 $386 
Segment losses before other items$(225)$(186)
Income from equity investments and other
138 114 
Segment losses from continuing operations before taxes$(87)$(72)
(a) Includes revenue from customers and all other revenues.
(b) Includes taxes other than on income and general and administrative expense.
SEGMENT INVESTMENTS AND EXPENDITURES
The following table includes segment-level PP&E additions for the three months ended March 31, 2026 and 2025:

millionsOil and gasMidstream and marketingCorporate and eliminationsTotal
March 31, 2026
PP&E Additions$1,402 $192 $10 $1,604 
March 31, 2025  
PP&E Additions$1,568 $148 $8 $1,724 

SEGMENT PROPERTY PLANT AND EQUIPMENT
The following table includes segment-level balance sheet information:

millionsOil and gasMidstream and marketingCorporate and eliminationsAssets held for saleTotal
As of March 31, 2026
Property Plant and Equipment, Gross$128,076 $8,824 $1,223 $— $138,123 
Accumulated DD&A$(71,859)$(2,576)$(572)$— $(75,007)
Property, Plant and Equipment, Net$56,217 $6,248 $651 $— $63,116 
Investments in unconsolidated entities$137 $2,204 $— $— $2,341 
Total Assets$60,412 $15,219 $4,833 $— $80,464 
As of December 31, 2025
Property Plant and Equipment, Gross$126,896 $9,638 $1,219 $— $137,753 
Accumulated DD&A$(70,292)$(3,273)$(545)$— $(74,110)
Property, Plant and Equipment, Net$56,604 $6,365 $674 $— $63,643 
Investments in unconsolidated entities$129 $2,346 $— $— $2,475 
Total Assets$60,393 $13,901 $3,372 $6,520 $84,186