Derivatives (Tables)

3 Months Ended

Mar. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Derivative Instruments

Occidental had the following outstanding interest rate swaps as of March 31, 2022:

millions, except percentages			Mandatory	Weighted-Average
Notional Principal Amount		Reference Period	Termination Date	Interest Rate
$	275	September 2016 - 2046	September 2022	6.709	%
$	450	September 2017 - 2047	September 2023	6.445	%

Summary of Net Sales Related to the Outstanding Commodity Derivative Instruments

The following table summarizes net short volumes associated with the outstanding marketing commodity derivatives not designated as hedging instruments.

	March 31, 2022	December 31, 2021
Oil commodity contracts
Volume (MMbbl)	(23)	(28)
Natural gas commodity contracts
Volume (Bcf)	(111)	(136)

Gross and Net Fair Values of Outstanding Derivatives

The following tables present the fair values of Occidental’s outstanding derivatives. Fair values are presented at gross amounts below, including when the derivatives are subject to netting arrangements, and are presented on a net basis in the Consolidated Condensed Balance Sheets.

millions	Fair Value Measurements Using						Netting (a)		Total Fair Value
Balance Sheet Classifications	Level 1		Level 2		Level 3
March 31, 2022
Marketing Derivatives
Other current assets	$	3,486	$	323	$	—	$	(3,708)	$	101
Long-term receivables and other assets, net	71		1		—		(71)		1
Accrued liabilities	(3,796)		(264)		—		3,708		(352)
Deferred credits and other liabilities - other	(73)		—		—		71		(2)
Interest Rate Swaps
Accrued liabilities	—		(250)		—		—		(250)
Deferred credits and other liabilities - other	—		(343)		—		—		(343)
December 31, 2021
Marketing Derivatives
Other current assets	$	1,516	$	173	$	—	$	(1,645)	$	44
Long-term receivables and other assets, net	4		1		—		(4)		1
Accrued liabilities	(1,608)		(196)		—		1,645		(159)
Deferred credits and other liabilities - other	(4)		—		—		4		—
Interest Rate Swaps
Accrued liabilities	—		(315)		—		—		(315)
Deferred credits and other liabilities - other	—		(436)		—		—		(436)

(a)These amounts do not include collateral. As of March 31, 2022 and December 31, 2021, $221 million and $323 million of collateral related to interest rate swaps had been netted against derivative liabilities, respectively. Occidental netted $296 million and $110 million of collateral deposited with brokers against derivative liabilities related to marketing derivatives as of March 31, 2022 and December 31, 2021, respectively.

Schedule of Gains and Losses on Derivatives

The following table presents gains and (losses) related to Occidental's derivative instruments on the Consolidated Condensed Statements of Operations:

millions	Three months ended March 31,
Income Statement Classification	2022		2021
Collars and Calls
Net sales (a)	$	—	$	(72)
Marketing Derivatives
Net sales (b)	$	135	$	180
Interest Rate Swaps
Gains on interest rate swaps, net	$	135	$	399

(a)    All of Occidental's calls and collars expired on or before December 31, 2021.

(b)    Includes derivative and non-derivative marketing activity.