v3.26.1
SEGMENTS
 6 Months Ended
Jun. 30, 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. 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 endedSix months ended
millions June 30, 2026June 30, 2025June 30, 2026June 30, 2025
Segment income (losses) from continuing operations before taxes
Oil and gas segment$2,849 $934 $3,866 $2,631 
Midstream and marketing segment1,338 39 1,251 (33)
Corporate and eliminations(164)(142)(272)(280)
Interest and debt expense, net(108)(271)(540)(581)
Income from continuing operations before income taxes$3,915 $560 $4,305 $1,737 
Income tax expense
(915)(222)(1,069)(569)
Income from continuing operations
$3,000 $338 $3,236 $1,168 
Discontinued operations, net of tax(4)130 3,119 245 
Net income$2,996 $468 $6,355 $1,413 
Less: Net income attributable to noncontrolling interest(19)(10)(33)(19)
Less: Preferred stock dividends (170)(170)(340)(340)
Net income attributable to common stockholders$2,807 $288 $5,982 $1,054 
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 endedSix months ended
millions June 30, 2026June 30, 2025June 30, 2026June 30, 2025
Revenues and other income
Net sales (a)
$6,882 $5,009 $11,857 $10,692 
Losses on sale of assets and other, net(13)(2)(42)(8)
Total$6,869 $5,007 $11,815 $10,684 
Significant segment expenses
Oil and gas lease operating expense1,117 1,135 2,235 2,352 
Transportation and gathering expense395 403 786 810 
Other operating and non-operating expense272 357 545 601 
Taxes other than on income338 262 590 522 
Depreciation, depletion and amortization1,745 1,718 3,435 3,420 
Other segment expenses (b)
135 187 338 337 
Total$4,002 $4,062 $7,929 $8,042 
Segment income before other items$2,867 $945 $3,886 $2,642 
Losses from equity investments and other(18)(11)(20)(11)
Segment income from continuing operations before taxes$2,849 $934 $3,866 $2,631 
(a)    Includes revenue from customers and all other revenues.
(b)    Includes general and administrative expense and exploration expense.

MIDSTREAM AND MARKETING SEGMENT

Three months endedSix months ended
millions June 30, 2026June 30, 2025June 30, 2026June 30, 2025
Revenues and other income
Net sales (a)
$1,326 $390 $1,723 $563 
Gains on sale of assets and other income, net225 39 76 66 
Total$1,551 $429 $1,799 $629 
Significant segment expenses
Transportation and gathering expense219 197 403 400 
Other operating and non-operating expense54 95 133 176 
Depreciation, depletion and amortization68 74 139 147 
Asset impairments and other charges— — 105 — 
Other segment expenses (b)
24 31 58 60 
Total$365 $397 $838 $783 
Segment income (losses) before other items$1,186 $32 $961 $(154)
Income from equity investments and other
152 7 290 121 
Segment income (losses) from continuing operations before taxes$1,338 $39 $1,251 $(33)
(a)    Includes revenue from customers and all other revenues.
(b)    Includes taxes other than on income and general and administrative expense.
SEGMENT PROPERTY PLANT AND EQUIPMENT AND INVESTMENTS

The following table includes segment-level additions to property, plant and equipment:

Three months endedSix months ended
millions June 30, 2026June 30, 2025June 30, 2026June 30, 2025
Oil and gas$1,481 $1,541 $2,883 $3,109 
Midstream and marketing142 188 334 336 
Corporate and eliminations19 22 29 30 
Total$1,642 $1,751 $3,246 $3,475 

The following table includes segment-level balance sheet information:

millionsOil and gasMidstream and marketingCorporate and eliminationsAssets held for saleTotal
As of June 30, 2026
Property Plant and Equipment, Gross$124,245 $8,930 $1,234 $— $134,409 
Accumulated DD&A(68,619)(2,592)(598)— (71,809)
Property, Plant and Equipment, Net$55,626 $6,338 $636 $— $62,600 
Investments in unconsolidated entities$148 $2,421 $— $— $2,569 
Total Assets$59,531 $14,883 $5,944 $— $80,358 
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