Occidental Petroleum 2012 Annual Report Download - page 25
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SIGNIFICANT ITEMS AFFECTING EARNINGS
Significant Items Affecting Earnings
Benefit (Charge) (in millions)
2011
2010
Asset impairments and related items
$—
$(275)
Libya exploration write-off
(35)
—
Gains on sale of Colombian pipeline interest
22
—
Foreign tax
(29)
—
Total Oil and Gas
$(42)
$(275)
No significant items affecting earnings
$—
$—
Total Chemical
$—
$—
No significant items affecting earnings
$—
$—
Total Midstream and Marketing
$—
$—
Litigation reserves
$—
$—
Premium on debt extinguishments
(163)
—
State income tax charge
(33)
—
Foreign tax credit carry-forwards
—
80
Tax effect of pre-tax adjustments
50
100
Discontinued operations, net of tax (a)
131
(39)
Total Corporate
$(15)
$ 141
TAXES
Worldwide Effective Tax Rate
$ in millions
2011
2010
Oil and Gas
$10,241
$7,151
Chemical
861
438
Midstream and Marketing
448
472
Unallocated Corporate Items
(709)
(497)
Pre-tax income
10,841
7,564
Income tax expense
Federal and State
1,795
1,087
Foreign
2,406
1,908
Total income tax expense
4,201
2,995
Income from continuing operations
$6,640
$4,569
Worldwide effective tax rate
39%
40%
CONSOLIDATED RESULTS OF OPERATIONS
Selected Revenue and Other Income Items
In millions
2011
2010
Net sales
$23,939
$19,045
Interest, dividends and other income
$ 180
$112