Company: OXY-WT
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0000797468-25-000076
Chunk: 62

Company: OCCIDENTAL PETROLEUM CORP /DE/
Filing Date: 2025-05-07
Form: 10-Q
Item: Item 8
Chunk 62
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 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 endedmillions March 31, 2025March 31, 2024Segment income from continuing operations before taxes  Oil and gas segment$1,697 $1,238 Chemical segment185 254 Midstream and marketing segment(77)(33)Corporate and eliminations(155)(165)Interest and debt expense, net(318)(284)Income from continuing operations before income taxes$1,332 $1,010 Income tax expense(387)(304)Income from continuing operations$945 $706 Discontinued operations, net of tax— 182 Net income$945 $888 Less: Net income attributable to noncontrolling interest(9)— Less: Preferred stock dividends (170)(170)Net income attributable to common stockholders$766 $718  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.

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OIL AND GAS SEGMENT Three months endedmillions March 31, 2025March 31, 2024Revenues and other income  Net sales$5,683 $4,915 Gains (losses) on sale of assets and other, net(6)3 Total$5,677 $4,918 Significant segment expensesOil and gas lease operating expense1,217 1,161 Transportation and gathering expense407