Company: OXY-WT
Filing Date: 2025-02-18
Form Type: 10-K
Source: 0000797468-25-000029
Chunk: 194

Company: OCCIDENTAL PETROLEUM CORP /DE/
Filing Date: 2025-02-18
Form: 10-K
Item: Item 7
Chunk 194
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 represent the majority of the change in the oil and gas and chemical segments sales. Midstream and marketing sales generally represent the margins earned by the marketing business as it strives to optimize the use of its transportation, storage and terminal commitments to provide access to domestic and international markets and, to a lesser extent, NGL and sulfur revenues from the gas processing business. 

The decrease in net sales in 2024, compared to 2023, was primarily due to the expiration of crude supply contracts in the midstream and marketing segment at the end of 2023, which also decreased purchased commodities for the same periods, lower domestic natural gas and oil prices in the oil and gas segment and lower realized prices across most products in the chemical segment, partially offset by higher oil volumes, largely related to the CrownRock Acquisition in the oil and gas segment.

GAINS (LOSSES) ON SALES OF ASSETS AND OTHER, NET

Gains (losses) on sales of assets and other, net for 2024 included the sale of non-core assets in the Powder River Basin with near to intermediate term lease expirations and certain Delaware Basin assets in Texas and New Mexico for combined net proceeds of $769 million. Occidental recognized a pre-tax loss of $479 million on the asset sales. These and other losses were partially offset by the pre-tax gain of $489 million resulting from the sale of 19.5 million of Occidental’s limited partner units in WES for proceeds of $697 million. 

EXPENSE ITEMS

millions202420232022Oil and gas operating expense$4,738 $4,677 $4,028 Transportation and gathering expense$1,608 $1,481 $1,475 Chemical and midstream cost of sales$3,121 $3,116 $3,273 Purchased commodities$337 $2,009 $3,287 Selling, general and administrative$1,062 $1,083 $945 Other operating and non-operating expense$1,581 $1,084 $1,271 Taxes other than on income$1,039 $1,087 $1,548 Depreciation, depletion and amortization$7,371 $6,865 $6,926 Asset impairments and other charges$1,281 $209 $— Acquisition-related costs$84 $26 $89 Expl