Occidental Petroleum 2006 Annual Report Download - page 81
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NOTE 15 INDUSTRY SEGMENTS AND GEOGRAPHIC AREAS
Occidental has identified two reportable segments through which subsidiaries and affiliates of OPC conduct Occidental's continuing
operations: oil and gas and chemical. The factors for determining the reportable segments were based on the distinct nature of their operations.
They are managed as separate business units because each requires and is responsible for executing a unique business strategy.
Earnings of industry segments and geographic areas generally exclude income taxes, interest income, interest expense, environmental
remediation expenses, unallocated corporate expenses, discontinued operations and cumulative effect of changes in accounting principles, but
include gains and losses from dispositions of segment and geographic area assets and results and other earnings from the segments’ equity
investments (except as noted below).
Identifiable assets are those assets used in the operations of the segments. Corporate and other assets consist of cash, short-term investments,
certain corporate receivables, an 8-percent available-for-sale investment in Lyondell, 12-percent ownership interest in Premcor (sold in 2005), a
leased cogeneration facility in Taft, Louisiana, a cogeneration facility at Ingleside, Texas (consolidated in October 2006) and a common carrier oil
pipeline company.
Industry Segments
70