Segments (Tables)

6 Months Ended

Jun. 30, 2021

The following table presents Occidental’s industry segments:


millions	Oil and gas (a)		Chemical		Midstream and marketing (b)		Corporate and eliminations (c)		Total
Three months ended June 30, 2021
Net sales	$	4,505	$	1,187	$	497	$	(231)	$	5,958
Income (loss) from continuing operations before income taxes	$	631	$	312	$	(30)	$	(770)	$	143
Income tax expense	—		—		—		(43)		(43)
Income (loss) from continuing operations	$	631	$	312	$	(30)	$	(813)	$	100
Three months ended June 30, 2020
Net sales	$	2,040	$	846	$	204	$	(162)	$	2,928
Income (loss) from continuing operations before income taxes	$	(7,734)	$	108	$	(7)	$	(551)	$	(8,184)
Income tax benefit	—		—		—		1,468		1,468
Income (loss) from continuing operations	$	(7,734)	$	108	$	(7)	$	917	$	(6,716)
millions	Oil and gas (a)		Chemical		Midstream and marketing (b)		Corporate and eliminations (c)		Total
Six months ended June 30, 2021
Net sales	$	8,169	$	2,275	$	1,304	$	(497)	$	11,251
Income (loss) from continuing operations before income taxes	$	569	$	563	$	252	$	(926)	$	458
Income tax expense	—		—		—		(59)		(59)
Income (loss) from continuing operations	$	569	$	563	$	252	$	(985)	$	399
Six months ended June 30, 2020
Net sales	$	7,100	$	1,808	$	994	$	(361)	$	9,541
Income (loss) from continuing operations before income taxes	$	(7,498)	$	294	$	(1,294)	$	(1,724)	$	(10,222)
Income tax benefit	—		—		—		1,493		1,493
Income (loss) from continuing operations	$	(7,498)	$	294	$	(1,294)	$	(231)	$	(8,729)

(a) The three months ended June 30, 2021 included $21 million of asset impairments and $140 million of net oil, gas, and CO2 derivative losses. The six months ended June 30, 2021 included $156 million of asset impairments and $180 million of net oil, gas, and CO2 derivative losses. The three months ended June 30, 2020 included $6.4 billion of asset impairments. The six months ended June 30, 2020 included $923 million of net oil, gas, and CO2 derivative gains and $7.0 billion of asset impairments.

(b) The three months ended June 30, 2021 included $180 million of net derivative mark-to-market losses, partially offset by a $22 million settlement gain. The six months ended June 30, 2021 included a $124 million of gains on sales, primarily from the sale of 11.5 million limited partner units in WES, and $165 million in derivative mark-to-market losses. The six months ended June 30, 2020 included $1.4 billion impairment of goodwill and a loss from an equity investment related to WES' write-off of its goodwill, partially offset by derivative mark-to-market gains of $305 million.

(c) The three months ended June 30, 2021 included $223 million of net derivative mark-to-market losses on interest rate swaps and $52 million of Anadarko acquisition-related costs. The six months ended June 30, 2021 included $176 million net derivative mark-to-market gains on interest rate swaps and $93 million of Anadarko acquisition-related costs. The three months ended June 30, 2020 included $149 million of Anadarko acquisition-related costs and $79 million of net derivative mark-to-market losses on warrants, partially offset by a $114 million Anadarko acquisition-related pension and termination benefits gain. The six months ended June 30, 2020 included $665 million of net derivative mark-to-market losses on interest rate swaps, $297 million of Anadarko acquisition-related costs, $5 million of net derivative mark-to-market gains on warrants, and the $114 million Anadarko acquisition-related pension and termination benefits gain.