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DERIVATIVES (Tables) | 6 Months Ended
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Jun. 30, 2023
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:
long (short) | June 30, 2023 | December 31, 2022
Oil commodity contracts |  |
Volume (MMbbl) | (46) |  | (33) |
Natural gas commodity contracts |  |
Volume (Bcf) | (73) |  | (112) |
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
June 30, 2023 |  |  |  |  |
Marketing Derivatives |  |  |  |  |
Other current assets | $ | 976 |  | $ | 62 |  | $ | — |  | $ | (948) |  | $ | 90 |
Long-term receivables and other assets, net | 22 |  | 1 |  | — |  | (20) |  | 3 |
Accrued liabilities | (926) |  | (42) |  | — |  | 948 |  | (20) |
Deferred credits and other liabilities - other | (20) |  | — |  | — |  | 20 |  | — |
December 31, 2022 |  |  |  |  |
Marketing Derivatives |  |  |  |  |
Other current assets | $ | 920 |  | $ | 127 |  | $ | — |  | $ | (980) |  | $ | 67 |
Long-term receivables and other assets, net | 1 |  | 2 |  | — |  | (1) |  | 2 |
Accrued liabilities | (938) |  | (96) |  | — |  | 980 |  | (54) |
Deferred credits and other liabilities - other | (1) |  | (1) |  | — |  | 2 |  | — |
(a)These amounts do not include collateral. Occidental netted $35 million of collateral received from brokers against derivative assets and $1 million of collateral deposited with brokers against derivatives liabilities related to marketing derivatives as of June 30, 2023 and netted $15 million of collateral deposited with brokers against derivative liabilities related to marketing derivatives as of December 31, 2022.
Schedule of Gains and Losses on Derivatives | The following table presents net gains 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 | 2023 | 2022 | 2023 | 2022
Marketing Derivatives |  |  |  |
Net sales (a) | $ | 100 |  | $ | 324 |  | $ | 207 |  | $ | 459 |
Interest Rate Swaps |  |  |  |
Gains on interest rate swaps, net (b) | $ | — |  | $ | 127 |  | $ | — |  | $ | 262 |
(a) Includes derivative and non-derivative marketing activity. (b) Occidental retired all remaining outstanding interest rate swaps in the twelve months ended December 31, 2022.

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