Company: OXY-WT
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0000797468-25-000111
Chunk: 68

Company: OCCIDENTAL PETROLEUM CORP /DE/
Filing Date: 2025-08-06
Form: 10-Q
Item: Item 8
Chunk 68
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 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 ended June 30,Six months ended June 30,millions 2025202420252024Segment income (losses) from continuing operations before taxes  Oil and gas segment$934 $1,639 $2,631 $2,877 Chemical segment213 296 398 550 Midstream and marketing segment49 116 (28)83 Corporate and eliminations(182)(164)(337)(329)Interest and debt expense, net(276)(252)(594)(536)Income from continuing operations before income taxes$738 $1,635 $2,070 $2,645 Income tax expense(270)(465)(657)(769)Income from continuing operations$468 $1,170 $1,413 $1,876 Discontinued operations, net of tax— — — 182 Net income$468 $1,170 $1,413 $2,058 Less: Net income attributable to noncontrolling interest(10)(8)(19)(8)Less: Preferred stock dividends (170)(170)(340)(340)Net income attributable to common stockholders$288 $992 $1,054 $1,710  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 ended June 30,Six months ended June 30,millions 2025202420252024Revenues and other income  Net sales$5,009 $5,469 $10,692 $10,384 Gains (losses) on sale of assets and other, net(2)7 (8)10 Total$5,007 $5,476 $10,684 $10,394 Significant segment expensesOil and gas lease operating expense1,135 1,179 2,352 2,340