ACQUISITIONS, DIVESTITURES AND OTHER TRANSACTIONS

6 Months Ended

Jun. 30, 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 second quarter of 2026, the Company divested non-core operated and non-operated leasehold interests as well as certain processing plants in the Permian Basin. The Company recorded a loss of $230 million primarily attributable to the processing plants for the first six months 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 sales price of $9.5 billion, subject to additional post-closing adjustments. The sale was completed on January 2, 2026, resulting in a gain of approximately $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 - General. 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 sales price:


in millions	Total
Cash sales price	$	9,700
Closing adjustments:
Working capital adjustment	(158)
Post-close adjustments	(70)
Total cash sales price	$	9,472

The following table presents the amounts reported in discontinued operations, net of income taxes, for the following:


	Three months ended				Six months ended
millions	June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025
Revenues and other income
Net sales	$	—	$	1,156	$	26	$	2,255
Interest, dividends and other income	12		(4)		12		2
Gains (losses) on sales of assets and other, net	(36)		3		4,036		3
Total revenues and other income	(24)		1,155		4,074		2,260
Costs and other deductions
Chemical cost of sales	—		808		23		1,570
General and administrative expense	5		27		9		53
Other operating and non-operating expense	47		52		75		118
Depreciation, depletion and amortization	—		113		—		226

Other expense, net	—		5		—		13
Total costs and other deductions	52		1,005		107		1,980
Income (loss) before income taxes and other items	(76)		150		3,967		280
Income from equity investments and other	—		28		1		53
Income (loss) before income taxes	(76)		178		3,968		333
Income tax benefit (expense)	72		(48)		(849)		(88)
Income (loss) from discontinued operations, net of tax	$	(4)	$	130	$	3,119	$	245

The effective tax rate for discontinued operations was 21% and 26% for the six months ended June 30, 2026 and 2025, respectively.