DERIVATIVES (Tables)

12 Months Ended

Dec. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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 as of December 31:

	2022	2021
Oil commodity contracts
Volume (MMbbl)	(33)	(28)
Natural gas commodity contracts
Volume (Bcf)	(112)	(136)

Gross and net fair values of outstanding derivatives

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

millions	Fair Value Measurements Using								Total Fair Value
Balance Sheet Classification	Level 1		Level 2		Level 3		Netting (a)
December 31, 2022
Marketing Derivatives
Other current assets	$	920	$	127	$	—	$	(980)	$	67
Long-term receivables and other assets, net	1		2		—		(1)		2
Accrued liabilities	(938)		(96)		—		980		(54)
Deferred credits and other liabilities - other	(1)		(1)		—		2		—
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 December 31, 2021, $323 million of collateral related to interest rate swaps had been netted against derivative liabilities. Occidental netted $15 million and $110 million of collateral deposited with brokers against derivative liabilities related to marketing derivatives as of December 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 in the Consolidated Statements of Operations for the years ended December 31:

millions
Income Statement Classification	2022		2021		2020
Collars and Calls(a)
Net sales	$	—	$	(344)	$	1,064
Marketing Derivatives
Net sales (b)	381		338		(393)
Interest Rate Swaps
Gains (losses) on interest rate swaps and warrants, net	317		122		(428)

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

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