DERIVATIVES (Tables)

6 Months Ended

Jun. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of of Net Sales Related to the Outstanding Commodity Derivative Instruments

The following table summarizes net short volumes associated with the outstanding marketing commodity derivatives:

long (short)	June 30, 2023	December 31, 2022
Oil commodity contracts
Volume (MMbbl)	(46)	(33)
Natural gas commodity contracts
Volume (Bcf)	(73)	(112)

Schedule of 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
June 30, 2023
Marketing Derivatives
Other current assets	$	976	$	62	$	—	$	(948)	$	90
Long-term receivables and other assets, net	22		1		—		(20)		3
Accrued liabilities	(926)		(42)		—		948		(20)
Deferred credits and other liabilities - other	(20)		—		—		20		—
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		—

(a)These amounts do not include collateral. Occidental netted $35 million of collateral received from brokers against derivative assets and $1 million of collateral deposited with brokers against derivatives liabilities related to marketing derivatives as of June 30, 2023 and netted $15 million of collateral deposited with brokers against derivative liabilities related to marketing derivatives as of December 31, 2022.

Schedule of Gains and Losses on Derivatives

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

millions	Three months ended June 30,				Six months ended June 30,
Income Statement Classification	2023		2022		2023		2022
Marketing Derivatives
Net sales (a)	$	100	$	324	$	207	$	459
Interest Rate Swaps
Gains on interest rate swaps, net (b)	$	—	$	127	$	—	$	262

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

(b)     Occidental retired all remaining outstanding interest rate swaps in the twelve months ended December 31, 2022.