DERIVATIVES (Tables)

9 Months Ended

Sep. 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)	September 30, 2024	December 31, 2023
Oil commodity contracts
Volume (MMbbl)	(56)	(20)
Natural gas commodity contracts
Volume (Bcf)	(260)	(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:

millions	Fair Value Measurements Using						Netting (a)		Total Fair Value
Balance Sheet Classifications	Level 1		Level 2		Level 3
September 30, 2024
Marketing Derivatives
Other current assets	$	1,271	$	151	$	—	$	(1,253)	$	169
Other long-term assets	34		1		—		(30)		5
Accrued liabilities	(1,178)		(98)		—		1,253		(23)
Deferred credits and other liabilities - other	(30)		—		—		30		—
December 31, 2023
Marketing Derivatives
Other current assets	$	1,008	$	100	$	—	$	(1,009)	$	99
Other long-term assets	47		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 $94 million of collateral received from brokers against derivative assets and $9 million of collateral deposited with brokers against derivatives liabilities as of September 30, 2024. As of December 31, 2023, Occidental netted $42 million of collateral received from brokers against derivative assets and no collateral deposited with brokers against derivative liabilities.

Schedule of Losses on Derivatives

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

millions	Three months ended September 30,				Nine months ended September 30,
Income Statement Classification	2024		2023		2024		2023
Marketing Derivatives (included in Net sales)	$	86	$	(189)	$	(210)	$	(331)