Occidental Petroleum 2015 Annual Report Download - page 78
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Footnotes:
(a) Oil sales represented approximately 90 percent, 90 percent and 91 percent of the oil and gas segment net sales for the years ended December 31, 2015, 2014 and 2013, respectively.
(b) Net sales for the chemical segment comprised the following products:
Basic Chemicals
Vinyls
Other Chemicals
Year ended December 31, 2014
54%
43%
3%
Year ended December 31, 2013
55%
42%
3%
(c) Net sales for the midstream and marketing segment comprised the following:
Gas Processing
Power
Marketing,
Transportation and other *
Year ended December 31, 2014
49%
31%
20%
Year ended December 31, 2013
54%
30%
16%
Revenue from all marketing and trading activities is reported on a net basis.
(d) The 2015 amount includes pre-tax charges of $5 billion for impairment of international oil and gas assets and related items and $3.5 billion for the impairment of domestic oil and gas assets and
related items. The 2014 amount includes pre-tax charges of $4.7 billion for the impairment of domestic oil and gas assets, pre-tax charges of $1.1 billion for the impairment of foreign oil and gas
assets, and pre-tax gain of $531 million for the sale of the Hugoton field. The 2013 amount includes pre-tax charges of $607 million for the impairment of domestic non-producing acreage.
(e) The 2015 amount includes the pre-tax charge of $121 million related to asset impairment partially offset by a $98 million gain on sale of an idled facility. The 2014 amount includes the pre-tax charge
of $149 million related to asset impairment. The 2013 amount includes a pre-tax gain of $131 million for the sale of an investment in Carbocloro.
(f) The 2015 amount includes pre-tax charges of $1.3 billion related asset impairments and related items. The 2014 amount includes pre-tax gains of $633 million and $1,351 million for the sales of
BridgeTex Pipeline and a portion of an investment in Plains Pipeline, respectively, and other charges of $31 million. The 2013 amount includes a pre-tax gain of $1,044 million for the sale of a portion
of an investment in Plains Pipeline and other items of $58 million.
(g) Includes unallocated net interest expense, administration expense, environmental remediation and other pre-tax items noted in footnote (j) below.
(h) Includes all foreign and domestic income taxes from continuing operations.
(i) Includes discontinued operations from Ecuador and California Resources.
(j) Includes the following significant items affecting earnings for the years ended December 31:
Benefit (Charge) (in millions)
2014
2013
Asset sale losses
$ —
$ —
Asset impairments
(1,358)
—
Severance, spin-off and other items
(61)
(55)
$ (1,419)
$ (55)
Tax effect of pre-tax and other adjustments *
$ 927
$ (167)
* Amounts represent the tax effect of the pre-tax adjustments listed in this note, as well as those in footnotes (d), (e) and (f).
(k) Includes capital expenditures and capitalized interest, but excludes acquisition and disposition of assets.
GEOGRAPHIC AREAS
(in millions)
Net sales (a)
Property, plant and equipment, net
For the years ended December 31,
2014
2013
2014
2013
United States
$ 11,943
$ 11,724
$ 26,673
$ 42,956
Foreign
Oman
2,524
2,567
2,876
2,509
Qatar
2,803
2,995
2,605
2,605
Colombia
938
1,022
1,396
1,259
United Arab Emirates
—
—
4,312
3,131
Other Foreign
1,104
1,862
1,868
3,361
Total Foreign
7,369
8,446
13,057
12,865
Total
$ 19,312
$ 20,170
$ 39,730
$ 55,821
(a) Sales are shown by individual country based on the location of the entity making the sale.
NOTE 17 SPIN-OFF OF CALIFORNIA RESOURCES CORPORATION