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DERIVATIVES (Tables)
 6 Months Ended
Jun. 30, 2024
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 as of:

long (short)June 30, 2024December 31, 2023
 Oil commodity contracts
Volume (MMbbl)(54)(20)
Natural gas commodity contracts
Volume (Bcf)(254)(113)
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:

millionsFair Value Measurements Using
Netting (a)
Total Fair Value
Balance Sheet ClassificationsLevel 1Level 2Level 3
June 30, 2024
Marketing Derivatives
Other current assets$881 $115 $— $(952)$44 
Other long-term assets1 1 — — 2 
Accrued liabilities(907)(96)— 952 (51)
Deferred credits and other liabilities - other— — — — — 
December 31, 2023
Marketing Derivatives
Other current assets$1,008 $100 $— $(1,009)$99 
Other long-term assets47 1 — (43)5 
Accrued liabilities(967)(64)— 1,009 (22)
Deferred credits and other liabilities - other(43)(6)— 43 (6)
(a)These amounts do not include collateral. Occidental netted $1 million of collateral received with brokers against derivative assets and $25 million of collateral deposited with brokers against derivatives liabilities as of June 30, 2024 and netted $42 million of collateral received from brokers against derivative assets as of December 31, 2023.
Schedule of Losses on Derivatives
The following table presents net losses related to Occidental's derivative instruments and the location on the Consolidated Condensed Statements of Operations.

millionsThree months ended June 30,Six months ended June 30,
Income Statement Classification2024202320242023
Marketing Derivatives (included in Net sales)$(58)$(136)$(296)$(142)