DERIVATIVES (Tables)

12 Months Ended

Dec. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of derivative instruments

Occidental had the following collars and calls outstanding at December 31, 2020:

Collars and Calls, not designated as hedges
2021 Settlement - oil
Call options sold (MMbbl)			127.8
	Average price per barrel (Brent oil pricing)
		Ceiling sold price (call)	$	74.16
2021 Settlement - natural gas
Natural Gas Collars (millions of MMbtu)			177.0
	Volume weighted average price per MMbtu (NYMEX)
		Ceiling sold price (call)	$	3.64
		Floor purchased price (put)	$	2.50

Occidental had the following outstanding interest rate swaps at December 31, 2020:

millions except percentages			Mandatory	Weighted-Average
Notional Principal Amount		Reference Period	Termination Date	Interest Rate
$	400	September 2016 - 2046	September 2021	6.348	%
$	350	September 2017 - 2047	September 2021	6.662	%
$	275	September 2016 - 2046	September 2022	6.709	%
$	450	September 2017 - 2047	September 2023	6.445	%

Summary of net sales related to the outstanding commodity derivative instruments

The following table summarizes net long/(short) volumes associated with the outstanding marketing commodity derivatives not designated as hedging instruments as of December 31, 2020, and 2019:

	2020	2019
Oil Commodity Contracts
Volume (MMbbl)	(31)	55
Natural gas commodity contracts
Volume (Bcf)	(117)	(128)

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, 2020
Collars and Calls
Other current assets	$	—	$	25	$	—	$	—	$	25
Accrued liabilities	—		(42)		—		—		(42)
Marketing Derivatives
Other current assets	1,155		80		—		(1,204)		31
Long-term receivables and other assets, net	7		2		—		(7)		2
Accrued liabilities	(1,252)		(81)		—		1,204		(129)
Deferred credits and other liabilities - other	(7)		—		—		7		—
Interest Rate Swaps
Accrued liabilities	—		(936)		—		—		(936)
Deferred credits and other liabilities - other	—		(822)		—		—		(822)
December 31, 2019
Collars and Calls
Other current assets	$	—	$	92	$	—	$	—	$	92
Deferred credits and other liabilities - other	—		(160)		—		—		(160)
Marketing Derivatives
Other current assets	945		79		—		(973)		51
Long-term receivables and other assets, net	4		12		—		(4)		12
Accrued liabilities	(1,008)		(44)		—		973		(79)
Deferred credits and other liabilities - other	(4)		(1)		—		4		(1)
Interest Rate Swaps
Other current assets	—		5		—		—		5
Long-term receivables and other assets, net	—		5		—		—		5
Accrued liabilities	—		(657)		—		—		(657)
Deferred credits and other liabilities - other	—		(776)		—		—		(776)
Berkshire Warrants
Deferred credits and other liabilities - other	—		(107)		—		—		(107)

(a)These amounts do not include collateral. As of December 31, 2020, $374 million of collateral has been netted against derivative liabilities related to interest rate swaps. Occidental had $85 million and $65 million of initial margin deposited with brokers as of December 31, 2020 and 2019, respectively, related to marketing derivatives.

Schedule of gains and losses on derivatives

The following table presents gains and (losses) related to Occidental’s derivative instruments on the Consolidated Statements of Operations:

millions	December 31,
Income Statement Classification	2020		2019		2018
Collars and Calls
Net sales	$	1,064	$	(107)	$	—
Marketing Derivatives
Net sales (a)	(393)		1,804		2,254
Interest Rate Swaps (Excluding WES)
Gains (losses) on interest rate swaps and warrants, net	(428)		122		—
Other (b)
Gains on interest rate swaps and warrants, net	5		111		—

(a)Includes derivative and non-derivative marketing activity.

(b)Primarily includes losses and gains on Berkshire Warrants prior to the May 29, 2020 reclassification to equity.