XML 65 R39.htm IDEA: XBRL DOCUMENT
v3.25.0.1

DERIVATIVES (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of net sales related to the outstanding commodity derivative instruments | The following table summarizes net short volumes associated with the outstanding marketing commodity derivatives as of December 31:
| 2024 | 2023
Oil commodity contracts |  |
Volume (MMbbl) | (34) |  | (20) |
Natural gas commodity contracts |  |
Volume (Bcf) | (130) |  | (113) |
Schedule of 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, 2024 |  |  |  |  |
Marketing Derivatives |  |  |  |  |
Other current assets | $ | 455 |  | $ | 92 |  | $ | — |  | $ | (512) |  | $ | 35 |
Other long-term assets | — |  | 1 |  | — |  | (1) |  | — |
Accrued liabilities | (451) |  | (90) |  | — |  | 512 |  | (29) |
Deferred credits and other liabilities - other | — |  | (2) |  | — |  | 1 |  | (1) |
December 31, 2023 |  |  |  |  |
Marketing Derivatives |  |  |  |  |
Other current assets | $ | 1,008 |  | $ | 100 |  | $ | — |  | $ | (1,009) |  | $ | 99 |
Other long-term assets | 47 |  | 1 |  | — |  | (43) |  | 5 |
Accrued liabilities | (967) |  | (64) |  | — |  | 1,009 |  | (22) |
Deferred credits and other liabilities - other | (43) |  | (6) |  | — |  | 43 |  | (6) |
(a)These amounts do not include collateral. Occidental netted $12 million of collateral received from brokers against derivative assets and $9 million of collateral deposited with brokers against derivatives liabilities as of December 31, 2024. As of December 31, 2023, Occidental netted $42 million of collateral received from brokers against derivative assets and no collateral deposited with brokers against derivative liabilities.
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 |  |  |  |  |  | 2024 |  | 2023 |  | 2022
Marketing Derivatives |  |  |  |  |  |  |  |  |  |
Net sales (a) |  |  |  |  |  | (374) |  |  | (74) |  |  | 381 |
Interest Rate Swaps |  |  |  |  |  |  |  |  |  |
Gains on interest rate swaps, net (b) |  |  |  |  |  | — |  |  | — |  |  | 317 |
(a)Included derivative and non-derivative marketing activity. (b)Occidental retired all remaining outstanding interest rate swaps on or before December 31, 2022.

X
- References No definition available. + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4E -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4E Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4B + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of gains and losses on derivative instruments included in an entity's trading activities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4F -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4F Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4F -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4F Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 55 -Paragraph 184 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480401/815-10-55-184 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsIncludedInTradingActivitiesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration