DERIVATIVES (Tables)

12 Months Ended

Dec. 31, 2023

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:

	2023	2022
Oil commodity contracts
Volume (MMbbl)	(20)	(33)
Natural gas commodity contracts
Volume (Bcf)	(113)	(112)

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, 2023
Marketing Derivatives
Other current assets	$	1,008	$	100	$	—	$	(1,009)	$	99
Long-term receivables and other assets, net	47		1		—		(43)		5
Accrued liabilities	(967)		(64)		—		1,009		(22)
Deferred credits and other liabilities - other	(43)		(6)		—		43		(6)
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 $42 million of collateral received with brokers against derivative assets as of December 31, 2023 and $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 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	2023		2022		2021
Collars and Calls(a)
Net sales	$	—	$	—	$	(344)
Marketing Derivatives
Net sales (b)	(74)		381		338
Interest Rate Swaps
Gains on interest rate swaps, net (c)	—		317		122

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

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

(c)Occidental retired all remaining outstanding interest rate swaps on or before December 31, 2022.