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DERIVATIVES (Tables) | 6 Months Ended
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Jun. 30, 2025
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 as of:
long (short) | June 30, 2025 | December 31, 2024
Oil commodity contracts |  |
Volume (MMbbl) | (54) |  | (34) |
Natural gas commodity contracts |  |
Volume (Bcf) | (182) |  | (130) |
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, 2025 |  |  |  |  |
Marketing Derivatives |  |  |  |  |
Other current assets | $ | 1,214 |  | $ | 94 |  | $ | — |  | $ | (1,238) |  | $ | 70 |
Other long-term assets | 10 |  | — |  | — |  | (5) |  | 5 |
Accrued liabilities | (1,200) |  | (58) |  | — |  | 1,238 |  | (20) |
Deferred credits and other liabilities - other | (5) |  | (2) |  | — |  | 5 |  | (2) |
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) |
(a)These amounts do not include collateral. Occidental netted $11 million of collateral received from brokers against derivative assets as of June 30, 2025. As of December 31, 2024, Occidental netted $12 million of collateral received from brokers against derivative assets and $9 million collateral deposited with brokers against derivative liabilities.
Schedule of Losses on Derivatives | The following table presents gains and losses related to Occidental's derivative instruments and the location on the Consolidated Condensed Statements of Operations.
millions | Three months ended June 30, | Six months ended June 30,
Income Statement Classification | 2025 | 2024 | 2025 | 2024
Marketing derivatives (included in net sales) | $ | 97 |  | $ | (58) |  | $ | (10) |  | $ | (296) |

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