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Industry Segments (Tables)
 9 Months Ended
Sep. 30, 2017
Industry Segments  
Schedule of industry segments

 

The following tables present Occidental’s industry segments (in millions):

 

 

 

Oil

 

 

 

Midstream

 

Corporate

 

 

 

 

and

 

 

 

and

 

and

 

 

 

 

Gas

 

Chemical

 

Marketing

 

Eliminations

 

Total

Three months ended September 30, 2017

 

 

 

 

 

 

 

 

 

 

Net sales

 

$
1,865

 

 

$
1,071

 

 

$
266

 

 

$
(203

)

 

$
2,999

 

Pre-tax operating profit (loss)

 

$
220

 

(a)

$
200

 

 

$
4

 

 

$
(149

)

(b)

$
275

 

Income taxes

 

—

 

 

—

 

 

—

 

 
(85

)

(c)
(85

)

Net income (loss)

 

$
220

 

 

$
200

 

 

$
4

 

 

$
(234

)

 

$
190

 

Three months ended September 30, 2016

 

 

 

 

 

 

 

 

 

 

Net sales

 

$
1,660

 

 

$
988

 

 

$
202

 

 

$
(202

)

 

$
2,648

 

Pre-tax operating profit (loss)

 

$
(51

)

(d)

$
117

 

 

$
(180

)

 

$
(154

)

(b)

$
(268

)

Income taxes

 

—

 

 

—

 

 

—

 

 
30

 

(c)
30

 

Discontinued operations, net

 

—

 

 

—

 

 

—

 

 
(3

)

 
(3

)

Net income (loss)

 

$
(51

)

 

$
117

 

 

$
(180

)

 

$
(127

)

 

$
(241

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Oil

 

 

 

Midstream

 

Corporate

 

 

 

 

and

 

 

 

and

 

and

 

 

 

 

Gas

 

Chemical

 

Marketing

 

Eliminations

 

Total

Nine months ended September 30, 2017

 

 

 

 

 

 

 

 

 

 

Net sales

 

$
5,607

 

 

$
3,295

 

 

$
747

 

 

$
(633

)

 

$
9,016

 

Pre-tax operating profit (loss)

 

$
1,067

 

(a)

$
600

 

 

$
76

 

 

$
(481

)

(b)

$
1,262

 

Income taxes

 

—

 

 

—

 

 

—

 

 
(448

)

 
(448

)

Net income (loss)

 

$
1,067

 

 

$
600

 

 

$
76

 

 

$
(929

)

 

$
814

 

Nine months ended September 30, 2016

 

 

 

 

 

 

 

 

 

 

Net sales

 

$
4,560

 

 

$
2,786

 

 

$
476

 

 

$
(520

)

 

$
7,302

 

Pre-tax operating profit (loss)

 

$
(653

)

(d)

$
419

 

 

$
(333

)

 

$
(496

)

(b)

$
(1,063

)

Income taxes

 

—

 

 

—

 

 

—

 

 
329

 

(f)
329

 

Discontinued operations, net

 

—

 

 

—

 

 

—

 

 
432

 

 
432

 

Net income (loss)

 

$
(653

)

 

$
419

 

 

$
(333

)

 

$
265

 

 

$
(302

)

 

(a)

The three and nine months ended September 30, 2017, included pre-tax gains on sale of non-strategic acreage in the Midland Basin of $81 million. The nine months ended September 30, 2017, also included pre-tax gains of $510 million on sale of domestic oil and gas assets, including South Texas.

(b)

Included unallocated net interest expense, administration expense, environmental remediation and other pre-tax items.

(c)

Included all foreign and domestic income taxes from continuing operations.

(d)

The three and nine months ended September 30, 2016, included pre-tax impairment charges of $112 million related to Occidental’s former Libya operations and $160 million related to terminated crude oil supply contracts partially offset by pre-tax gains of $59 million on the sale of South Texas Eagle Ford non-operated properties. The nine months ended September 30, 2016, also reflected a $121 million pre-tax gain on the sale of Occidental’s Piceance Basin operations in Colorado.

(e)

Included a pre-tax non-cash fair value gain of $94 million on the Plains equity investment.

(f)

Included a pre-tax gain on sale of $57 million and $31 million related to the Occidental Tower in Dallas, Texas, and a non-core specialty chemicals business, respectively.