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DERIVATIVES (Tables) | 12 Months Ended
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Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Summary of derivative instruments | Occidental had the following collars and calls outstanding at December 31, 2020:
Collars and Calls, not designated as hedges |  |
2021 Settlement - oil |  |
Call options sold (MMbbl) |  | 127.8
| Average price per barrel (Brent oil pricing) |  |
|  | Ceiling sold price (call) |  | $ | 74.16 |
2021 Settlement - natural gas |  |
Natural Gas Collars (millions of MMbtu) |  | 177.0
| Volume weighted average price per MMbtu (NYMEX) |  |
|  | Ceiling sold price (call) |  | $ | 3.64 |
|  | Floor purchased price (put) |  | $ | 2.50 |
Occidental had the following outstanding interest rate swaps at December 31, 2020:
millions except percentages |  |  |  | Mandatory |  | Weighted-Average
Notional Principal Amount |  | Reference Period |  | Termination Date |  | Interest Rate
$ | 400 |  |  |  | September 2016 - 2046 |  | September 2021 |  | 6.348 | %
$ | 350 |  |  |  | September 2017 - 2047 |  | September 2021 |  | 6.662 | %
$ | 275 |  |  |  | September 2016 - 2046 |  | September 2022 |  | 6.709 | %
$ | 450 |  |  |  | September 2017 - 2047 |  | September 2023 |  | 6.445 | %
Summary of net sales related to the outstanding commodity derivative instruments | The following table summarizes net long/(short) volumes associated with the outstanding marketing commodity derivatives not designated as hedging instruments as of December 31, 2020, and 2019:
|  | 2020 |  | 2019
Oil Commodity Contracts |  |  |  |
Volume (MMbbl) |  | (31) |  |  | 55 |
Natural gas commodity contracts |  |  |  |
Volume (Bcf) |  | (117) |  |  | (128) |
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, 2020 |  |  |  |  |  |  |  |  |  |
Collars and Calls |  |  |  |  |  |  |  |  |  |
Other current assets |  | $ | — |  |  | $ | 25 |  |  | $ | — |  |  | $ | — |  |  | $ | 25 |
Accrued liabilities |  | — |  |  | (42) |  |  | — |  |  | — |  |  | (42) |
Marketing Derivatives |  |  |  |  |  |  |  |  |  |
Other current assets |  | 1,155 |  |  | 80 |  |  | — |  |  | (1,204) |  |  | 31 |
Long-term receivables and other assets, net |  | 7 |  |  | 2 |  |  | — |  |  | (7) |  |  | 2 |
Accrued liabilities |  | (1,252) |  |  | (81) |  |  | — |  |  | 1,204 |  |  | (129) |
Deferred credits and other liabilities - other |  | (7) |  |  | — |  |  | — |  |  | 7 |  |  | — |
Interest Rate Swaps |  |  |  |  |  |  |  |  |  |
Accrued liabilities |  | — |  |  | (936) |  |  | — |  |  | — |  |  | (936) |
Deferred credits and other liabilities - other |  | — |  |  | (822) |  |  | — |  |  | — |  |  | (822) |
December 31, 2019 |  |  |  |  |  |  |  |  |  |
Collars and Calls |  |  |  |  |  |  |  |  |  |
Other current assets |  | $ | — |  |  | $ | 92 |  |  | $ | — |  |  | $ | — |  |  | $ | 92 |
Deferred credits and other liabilities - other |  | — |  |  | (160) |  |  | — |  |  | — |  |  | (160) |
Marketing Derivatives |  |  |  |  |  |  |  |  |  |
Other current assets |  | 945 |  |  | 79 |  |  | — |  |  | (973) |  |  | 51 |
Long-term receivables and other assets, net |  | 4 |  |  | 12 |  |  | — |  |  | (4) |  |  | 12 |
Accrued liabilities |  | (1,008) |  |  | (44) |  |  | — |  |  | 973 |  |  | (79) |
Deferred credits and other liabilities - other |  | (4) |  |  | (1) |  |  | — |  |  | 4 |  |  | (1) |
Interest Rate Swaps |  |  |  |  |  |  |  |  |  |
Other current assets |  | — |  |  | 5 |  |  | — |  |  | — |  |  | 5 |
Long-term receivables and other assets, net |  | — |  |  | 5 |  |  | — |  |  | — |  |  | 5 |
Accrued liabilities |  | — |  |  | (657) |  |  | — |  |  | — |  |  | (657) |
Deferred credits and other liabilities - other |  | — |  |  | (776) |  |  | — |  |  | — |  |  | (776) |
Berkshire Warrants |  |  |  |  |  |  |  |  |  |
Deferred credits and other liabilities - other |  | — |  |  | (107) |  |  | — |  |  | — |  |  | (107) |
(a)These amounts do not include collateral. As of December 31, 2020, $374 million of collateral has been netted against derivative liabilities related to interest rate swaps. Occidental had $85 million and $65 million of initial margin deposited with brokers as of December 31, 2020 and 2019, respectively, related to marketing derivatives.
Schedule of gains and losses on derivatives | The following table presents gains and (losses) related to Occidental’s derivative instruments on the Consolidated Statements of Operations:
millions |  |  |  | December 31,
Income Statement Classification |  |  |  |  |  | 2020 |  | 2019 |  | 2018
Collars and Calls |  |  |  |  |  |  |  |  |  |
Net sales |  |  |  |  |  | $ | 1,064 |  |  | $ | (107) |  |  | $ | — |
Marketing Derivatives |  |  |  |  |  |  |  |  |  |
Net sales (a) |  |  |  |  |  | (393) |  |  | 1,804 |  |  | 2,254 |
Interest Rate Swaps (Excluding WES) |  |  |  |  |  |  |  |  |  |
Gains (losses) on interest rate swaps and warrants, net |  |  |  |  |  | (428) |  |  | 122 |  |  | — |
Other (b) |  |  |  |  |  |  |  |  |  |
Gains on interest rate swaps and warrants, net |  |  |  |  |  | 5 |  |  | 111 |  |  | — |
(a)Includes derivative and non-derivative marketing activity. (b)Primarily includes losses and gains on Berkshire Warrants prior to the May 29, 2020 reclassification to equity.

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