OCCIDENTAL PETROLEUM CORP /DE/OXY
OCCIDENTAL PETROLEUM CORP /DE/ Segments Disclosure
| NOTE 15 - INDUSTRY SEGMENTS AND GEOGRAPHIC AREAS | ||
The Company conducts its operations through two segments: oil and gas and midstream and marketing. Income taxes, interest income, interest expense, environmental remediation expenses and acquisition-related costs of the Company’s operating subsidiaries and unallocated corporate expenses are consolidated under corporate and eliminations. Intersegment sales eliminate upon consolidation and are made at prices that approximate market. Identifiable assets are those assets used in the operations of the segments. Corporate assets consist of cash and restricted cash, certain corporate receivables and PP&E.
In October 2025, the Company announced entry into a purchase and sale agreement with Berkshire Hathaway to sell all of the issued and outstanding equity interests in OxyChem in an all-cash transaction for $9.7 billion. The sale was completed on January 2, 2026, with final proceeds subject to post-closing adjustments. The Company reassessed its operating segments. Accordingly, the chemical segment results are presented separately as discontinued operations and corporate costs directly attributable to the chemical segment are included under discontinued operations. See Note 4 - Acquisitions, Divestitures and Other Transactions for related disclosure.
The Company’s President and CEO is ultimately responsible for allocating resources and assessing the performance of each operating segment and is the Company’s CODM. The CEO may be assisted in this function by other members of the Company’s executive management including, but not limited to, the Chief Financial Officer and Chief Operating Officer. While other executives are responsible for the performance of their individual areas, the CEO is solely responsible for allocating resources across the Company as a whole.
For both 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:
| Years Ended December 31, | |||||||||||
| millions | 2025 | 2024 | 2023 | ||||||||
| Segment income from continuing operations before taxes | |||||||||||
| Oil and gas segment | $ | 4,586 | $ | 5,214 | $ | 6,240 | |||||
| Midstream and marketing segment | 252 | 563 | (35) | ||||||||
| Corporate and eliminations | (631) | (584) | (586) | ||||||||
| Interest and debt expense, net | (1,079) | (1,169) | (957) | ||||||||
Income from continuing operations before income taxes | $ | 3,128 | $ | 4,024 | $ | 4,662 | |||||
Income tax expense | (1,021) | (1,158) | (1,330) | ||||||||
Income from continuing operations | $ | 2,107 | $ | 2,866 | $ | 3,332 | |||||
| Discontinued operations, net of tax | 262 | 212 | 1,364 | ||||||||
| Net income | $ | 2,369 | $ | 3,078 | $ | 4,696 | |||||
| Less: Net income attributable to noncontrolling interest | (43) | (22) | — | ||||||||
Less: Preferred stock dividends and redemption premiums | (679) | (679) | (923) | ||||||||
| Net income attributable to common stockholders | $ | 1,647 | $ | 2,377 | $ | 3,773 | |||||
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.
OIL AND GAS SEGMENT
Other segment expenses include asset impairments and other charges, selling, general and administrative expense and exploration expense:
| Years Ended December 31, | |||||||||||
| millions | 2025 | 2024 | 2023 | ||||||||
| Revenues and other income | |||||||||||
| Net sales | $ | 20,902 | $ | 21,705 | $ | 21,284 | |||||
| Gains (losses) on sale of assets and other income | (70) | (551) | 192 | ||||||||
| Total | $ | 20,832 | $ | 21,154 | $ | 21,476 | |||||
| Significant segment expenses | |||||||||||
Oil and gas lease operating expense | 4,681 | 4,738 | 4,677 | ||||||||
| Transportation and gathering expense | 1,629 | 1,583 | 1,427 | ||||||||
| Other operating and non-operating expense | 1,161 | 997 | 889 | ||||||||
| Taxes other than on income | 1,009 | 1,026 | 1,076 | ||||||||
| Depreciation, depletion and amortization | 7,115 | 6,565 | 6,112 | ||||||||
| Other segment expenses | 633 | 993 | 1,031 | ||||||||
| Total | $ | 16,228 | $ | 15,902 | $ | 15,212 | |||||
| Segment income before other items | $ | 4,604 | $ | 5,252 | $ | 6,264 | |||||
| Losses from equity investments and other | (18) | (38) | (24) | ||||||||
| Segment income from continuing operations before taxes | $ | 4,586 | $ | 5,214 | $ | 6,240 | |||||
MIDSTREAM AND MARKETING SEGMENT
Other segment expenses include asset impairments and other charges, transportation expense, taxes other than on income, and selling, general and administrative expense:
| Years Ended December 31, | |||||||||||
| millions | 2025 | 2024 | 2023 | ||||||||
| Revenues and other income | |||||||||||
| Net sales | $ | 1,279 | $ | 886 | $ | 2,433 | |||||
| Gains on sale of assets and other income | 500 | 628 | 494 | ||||||||
| Total | $ | 1,779 | $ | 1,514 | $ | 2,927 | |||||
| Significant segment expenses | |||||||||||
| Purchased commodities and midstream cost of sales | 800 | 1,035 | 2,749 | ||||||||
| Other operating and non-operating expense | 359 | 289 | 234 | ||||||||
| Depreciation, depletion and amortization | 294 | 273 | 266 | ||||||||
| Other segment expenses | 168 | 151 | 163 | ||||||||
| Total | $ | 1,621 | $ | 1,748 | $ | 3,412 | |||||
| Segment income (losses) before other items | $ | 158 | $ | (234) | $ | (485) | |||||
Income from equity investments and other | 94 | 797 | 450 | ||||||||
| Segment income (losses) from continuing operations before taxes | $ | 252 | $ | 563 | $ | (35) | |||||
SEGMENT INVESTMENTS AND EXPENDITURES
The following table includes segment-level balance sheet information:
| millions | Oil and gas | Midstream and marketing | Corporate and eliminations | Assets held for sale | Total | ||||||||||||
| Year ended December 31, 2025 | |||||||||||||||||
| PP&E Additions | $ | 5,703 | $ | 806 | $ | 98 | $ | — | $ | 6,607 | |||||||
| Investments in unconsolidated entities | $ | 129 | $ | 2,346 | $ | — | $ | — | $ | 2,475 | |||||||
| Total Assets | $ | 60,393 | $ | 13,901 | $ | 3,372 | $ | 6,520 | $ | 84,186 | |||||||
| Year ended December 31, 2024 | |||||||||||||||||
| PP&E Additions | $ | 5,408 | $ | 930 | $ | 82 | $ | — | $ | 6,420 | |||||||
| Investments in unconsolidated entities | $ | 94 | $ | 2,552 | $ | — | $ | — | $ | 2,646 | |||||||
| Total Assets | $ | 63,596 | $ | 13,177 | $ | 3,102 | $ | 5,570 | $ | 85,445 | |||||||
GEOGRAPHIC AREAS
The following table represents the Company’s property, plant and equipment, net by geographic area for the years ended December 31:
| millions | 2025 | 2024 | 2023 | ||||||||
| United States | $ | 57,038 | $ | 59,158 | $ | 48,677 | |||||
| International | |||||||||||
| UAE | 3,375 | 3,495 | 3,609 | ||||||||
| Oman | 2,238 | 2,187 | 2,156 | ||||||||
| Algeria | 626 | 618 | 624 | ||||||||
| Qatar | 326 | 361 | 393 | ||||||||
| Other International | 40 | 44 | 35 | ||||||||
| Total International | 6,605 | 6,705 | 6,817 | ||||||||
| Total | $ | 63,643 | $ | 65,863 | $ | 55,494 | |||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 18, 2026 | Showing above |
| 2024 | Feb 18, 2025 | |
| 2023 | Feb 14, 2024 | |
| 2022 | Feb 27, 2023 | |
| 2021 | Feb 24, 2022 | |
| 2020 | Feb 26, 2021 | |
| 2019 | Feb 28, 2020 | |
| 2018 | Feb 21, 2019 | |
| 2017 | Feb 23, 2018 | |
| 2016 | Feb 23, 2017 | |
| 2015 | Feb 26, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.