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Derivatives (Tables) | 6 Months Ended
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Jun. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
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:
long (short) |  | June 30, 2022 |  | December 31, 2021
Oil commodity contracts |  |  |  |
Volume (MMbbl) |  | (32) |  |  | (28) |
Natural gas commodity contracts |  |  |  |
Volume (Bcf) |  | (111) |  |  | (136) |
Summary of Derivative Instruments | Occidental had the following outstanding interest rate swaps as of June 30, 2022:
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 | %
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 |  |
June 30, 2022 |  |  |  |  |  |  |  |  |
Marketing Derivatives |  |  |  |  |  |  |  |  |
Other current assets | $ | 1,602 |  |  | $ | 319 |  |  | $ | — |  |  | $ | (1,766) |  |  | $ | 155 |
Long-term receivables and other assets, net | 90 |  |  | 1 |  |  | — |  |  | (90) |  |  | 1 |
Accrued liabilities | (1,577) |  |  | (220) |  |  | — |  |  | 1,766 |  |  | (31) |
Deferred credits and other liabilities - other | (90) |  |  | — |  |  | — |  |  | 90 |  |  | — |
Interest Rate Swaps |  |  |  |  |  |  |  |  |
Accrued liabilities | — |  |  | (194) |  |  | — |  |  | — |  |  | (194) |
Deferred credits and other liabilities - other | — |  |  | (274) |  |  | — |  |  | — |  |  | (274) |
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) |
(a)These amounts do not include collateral. As of June 30, 2022 and December 31, 2021, $160 million and $323 million of collateral related to interest rate swaps had been netted against derivative liabilities, respectively. Occidental netted $11 million of collateral received from brokers against derivative assets related to marketing derivatives as of June 30, 2022 and netted $110 million of collateral deposited with brokers against derivative liabilities related to marketing derivatives as of December 31, 2021.
Schedule of Gains and Losses on Derivatives | The following table presents gains and (losses) related to Occidental's derivative instruments on the Consolidated Condensed Statements of Operations:
millions |  | Three months ended June 30, |  | Six months ended June 30,
Income Statement Classification |  | 2022 |  | 2021 |  | 2022 |  | 2021
Interest Rate Swaps |  |  |  |  |  |  |  |
Gains (losses) on interest rate swaps, net |  | $ | 127 |  |  | $ | (223) |  |  | $ | 262 |  |  | $ | 176 |
Marketing Derivatives |  |  |  |  |  |  |  |
Net sales (a) |  | $ | 324 |  |  | $ | 22 |  |  | $ | 459 |  |  | $ | 202 |
Collars and Calls |  |  |  |  |  |  |  |
Net sales (b) |  | $ | — |  |  | $ | (166) |  |  | $ | — |  |  | $ | (238) |
(a) Includes derivative and non-derivative marketing activity. (b) All of Occidental's calls and collars expired on or before December 31, 2021.

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