Occidental Petroleum 2014 Annual Report Download - page 26
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Chemical
(in millions)
2013
2012
$ 4,673
$ 4,580
$ 743
$ 720
Midstream, Marketing and Other
(in millions)
2013
2012
$ 1,174
$ 1,164
$ 1,523
$ 440
SIGNIFICANT ITEMS AFFECTING EARNINGS
Significant Items Affecting Earnings
Benefit (Charge) (in millions)
2013
2012
Hugoton sale gain
$ —
$ —
Asset impairments and related items domestic
(607)
(1,690)
Asset impairments and related items
international
—
—
Total Oil and Gas
$ (607)
$ (1,690)
Carbocloro sale gain
$ 131
$ —
Asset impairments
—
—
Total Chemical
$ 131
$ —
BridgeTex Pipeline sale gain
$ —
$ —
Plains Pipeline sale gain
1,044
—
Asset impairments and related items
(58)
44
Total Midstream and Marketing
$ 986
$ 44
Other than temporary loss on available for sale
investment
$ —
$ —
Joslyn impairment
Spin-off costs and other related items
—
—
Charge for former employees and consultants
(55)
—
Litigation reserves
—
(20)
Tax effect of pre-tax and other adjustments
(167)
612
Discontinued operations, net of tax
971
769
Total Corporate
$ 749
$ 1,361
TAXES
Worldwide Effective Tax Rate
(in millions)
2013
2012
Oil and Gas
$ 6,411
$ 5,840
Chemical
743
720
Midstream and Marketing (a)
1,523
440
Unallocated Corporate Items
(531)
(512)
Pre-tax income
8,146
6,488
Income tax expense
Federal and State
1,061
235
Foreign
2,153
2,424
Total income tax expense
3,214
2,659
Income (loss) from continuing operations(a)
$ 4,932
$ 3,829
Worldwide effective tax rate
40%
41%
25