Company: OXY-WT
Filing Date: 2025-02-18
Form Type: 10-K
Source: 0000797468-25-000029
Chunk: 33

Company: OCCIDENTAL PETROLEUM CORP /DE/
Filing Date: 2025-02-18
Form: 10-K
Item: Item 8
Chunk 33
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 Revenue from power sales is recognized upon delivery. Net marketing revenue is recognized upon completion of contract terms that are a prerequisite to payment and upon title transfer for physical deliveries. Unless the normal purchases and sales exception has been elected, net marketing revenue is classified as a derivative, reported on a net basis, recorded at fair value. Changes in fair value are reflected in net sales and excluded from revenue from customers in the table below.DISAGGREGATION OF REVENUE FROM CONTRACTS WITH CUSTOMERSThe following table reconciles revenue from customers to total net sales for the years ended December 31:millions202420232022Revenue from customers$27,413 $28,325 $36,234 All other revenues(688)(68)400 Net sales$26,725 $28,257 $36,634 

 OXY 2024 FORM 10-K79

table of contentsFINANCIAL STATEMENTSFOOTNOTES

The table below presents Occidental's revenue from customers by segment, product and geographical area. The oil and gas segment typically sells its oil, NGL and natural gas at the lease or concession area. Chemical segment revenues are shown by geographic area based on the location of the sale. Excluding net marketing revenue, midstream and marketing segment revenues are shown by the location of sale.millionsUnited StatesInternationalEliminationsTotalYear ended December 31, 2024Oil and gasOil$15,604 $2,940 $— $18,544 NGL1,865 390 — 2,255 Gas514 361 — 875 Other29 2 — 31 Segment total$18,012 $3,693 $— $21,705 Chemical$4,628 $292 $— $4,920 Midstream and marketing$1,240 $413 $— $1,653 Eliminations$— $— $(865)$(865)Consolidated$23,880 $4,398 $(865)$27,413 Year ended December 31, 2023Oil and gasOil$14,893 $3,057 $— $17,950 NGL1,619 372 — 1,991 Gas970 335 — 1,305 Other36 2 — 38 Segment total$17,518 $3,766 $