DERIVATIVES (Tables)

12 Months Ended

Dec. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule 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 December 31:

	2024	2023
Oil commodity contracts
Volume (MMbbl)	(34)	(20)
Natural gas commodity contracts
Volume (Bcf)	(130)	(113)

Schedule of 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, 2024
Marketing Derivatives
Other current assets	$	455	$	92	$	—	$	(512)	$	35
Other long-term assets	—		1		—		(1)		—
Accrued liabilities	(451)		(90)		—		512		(29)
Deferred credits and other liabilities - other	—		(2)		—		1		(1)
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 $12 million of collateral received from brokers against derivative assets and $9 million of collateral deposited with brokers against derivatives liabilities as of December 31, 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 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	2024	2023	2022
Marketing Derivatives
Net sales (a)	(374)	(74)	381
Interest Rate Swaps
Gains on interest rate swaps, net (b)	—	—	317

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

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