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DERIVATIVES (Tables) | 12 Months Ended
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Dec. 31, 2023
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 as of December 31:
| 2023 | 2022
Oil commodity contracts |  |
Volume (MMbbl) | (20) |  | (33) |
Natural gas commodity contracts |  |
Volume (Bcf) | (113) |  | (112) |
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, 2023 |  |  |  |  |  |  |  |  |  |
Marketing Derivatives |  |  |  |  |  |  |  |  |  |
Other current assets |  | $ | 1,008 |  |  | $ | 100 |  |  | $ | — |  |  | $ | (1,009) |  |  | $ | 99 |
Long-term receivables and other assets, net |  | 47 |  |  | 1 |  |  | — |  |  | (43) |  |  | 5 |
Accrued liabilities |  | (967) |  |  | (64) |  |  | — |  |  | 1,009 |  |  | (22) |
Deferred credits and other liabilities - other |  | (43) |  |  | (6) |  |  | — |  |  | 43 |  |  | (6) |
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 $42 million of collateral received with brokers against derivative assets as of December 31, 2023 and $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 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 |  |  |  |  |  | 2023 |  | 2022 |  | 2021
Collars and Calls(a) |  |  |  |  |  |  |  |  |  |
Net sales |  |  |  |  |  | $ | — |  |  | $ | — |  |  | $ | (344) |
Marketing Derivatives |  |  |  |  |  |  |  |  |  |
Net sales (b) |  |  |  |  |  | (74) |  |  | 381 |  |  | 338 |
Interest Rate Swaps |  |  |  |  |  |  |  |  |  |
Gains on interest rate swaps, net (c) |  |  |  |  |  | — |  |  | 317 |  |  | 122 |
(a)All of Occidental’s collars and calls expired on or before December 31, 2021. (b)Includes derivative and non-derivative marketing activity. (c)Occidental retired all remaining outstanding interest rate swaps on or before December 31, 2022.

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