Company: OXY-WT
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0000797468-25-000076
Chunk: 43

Company: OCCIDENTAL PETROLEUM CORP /DE/
Filing Date: 2025-05-07
Form: 10-Q
Item: Item 1
Chunk 43
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 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 348 Other operating and non-operating expense244 274 Taxes other than on income260 232 Depreciation, depletion and amortization1,702 1,497 Other segment expenses (a)150 154 Total$3,980 $3,666 Segment income before other items$1,697 $1,252 Losses from equity investments and other— (14)Segment income from continuing operations before taxes$1,697 $1,238 (a) Other segment expenses include selling, general and administrative expense and exploration expense. CHEMICAL SEGMENT Three months endedmillions March 31, 2025March 31, 2024Revenues