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DERIVATIVES (Tables) | 12 Months Ended
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Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Summary of derivative instruments | Occidental had the following outstanding interest rate swaps outstanding as of December 31, 2021:
millions except percentages |  |  |  | Mandatory |  | Weighted-Average
Notional Principal Amount |  | Reference Period |  | Termination Date |  | Interest Rate
$ | 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 short volumes associated with the outstanding marketing commodity derivatives not designated as hedging instruments as of December 31:
|  | 2021 |  | 2020
Oil commodity contracts |  |  |  |
Volume (MMbbl) |  | (28) |  |  | (31) |
Natural gas commodity contracts |  |  |  |
Volume (Bcf) |  | (136) |  |  | (117) |
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, 2021 |  |  |  |  |  |  |  |  |  |
Marketing Derivatives |  |  |  |  |  |  |  |  |  |
Other current assets |  | $ | 1,516 |  |  | $ | 173 |  |  | $ | — |  |  | $ | (1,645) |  |  | $ | 44 |
Long-term receivables and other assets, net |  | 4 |  |  | 1 |  |  | — |  |  | (4) |  |  | 1 |
Accrued liabilities |  | (1,608) |  |  | (196) |  |  | — |  |  | 1,645 |  |  | (159) |
Deferred credits and other liabilities - other |  | (4) |  |  | — |  |  | — |  |  | 4 |  |  | — |
Interest Rate Swaps |  |  |  |  |  |  |  |  |  |
Accrued liabilities |  | — |  |  | (315) |  |  | — |  |  | — |  |  | (315) |
Deferred credits and other liabilities - other |  | — |  |  | (436) |  |  | — |  |  | — |  |  | (436) |
December 31, 2020 |  |  |  |  |  |  |  |  |  |
Collars and Calls |  |  |  |  |  |  |  |  |  |
Other current assets |  | $ | — |  |  | $ | 25 |  |  | $ | — |  |  | $ | — |  |  | $ | 25 |
Deferred credits and other liabilities - other |  | — |  |  | (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) |
(a)These amounts do not include collateral. As of December 31, 2021, and December 31, 2020, $323 million and $374 million of collateral related to interest rate swaps had been netted against derivative liabilities, respectively. Occidental netted $110 million and $85 million of collateral deposited with brokers against derivative liabilities related to marketing derivatives as of December 31, 2021 and December 31, 2020, respectively.
Schedule of gains and losses on derivatives | The following table presents gains and (losses) related to Occidental’s derivative instruments in the consolidated condensed statements of operations for the years ended December 31:
millions |  |  |  |
Income Statement Classification |  |  |  |  |  | 2021 |  | 2020 |  | 2019
Collars and Calls |  |  |  |  |  |  |  |  |  |
Net sales |  |  |  |  |  | $ | (344) |  |  | $ | 1,064 |  |  | $ | (107) |
Marketing Derivatives |  |  |  |  |  |  |  |  |  |
Net sales (a) |  |  |  |  |  | 338 |  |  | (393) |  |  | 1,804 |
Interest Rate Swaps (Excluding WES) |  |  |  |  |  |  |  |  |  |
Gains (losses) on interest rate swaps and warrants, net |  |  |  |  |  | 122 |  |  | (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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