Company: OXY-WT
Filing Date: 2025-02-18
Form Type: 10-K
Source: 0000797468-25-000029
Chunk: 48

Company: OCCIDENTAL PETROLEUM CORP /DE/
Filing Date: 2025-02-18
Form: 10-K
Item: Item 8
Chunk 48
---
 $3.50 per Mcf for crude oil and natural gas, respectively. The weighted-average settlement prices were $76.36 per barrel and $2.62 per Mcf for crude oil and natural gas, respectively, as of December 31, 2023. Net gains and losses associated with marketing derivative instruments not designated as hedging instruments are recognized currently in net sales. Derivative settlements and collateralization are classified as cash flows from operating activities unless the derivatives contain an other-than-insignificant financing element, in which case the settlements and collateralization are classified as cash flows from financing activities.The following table summarizes net short volumes associated with the outstanding marketing commodity derivatives as of December 31:20242023Oil commodity contractsVolume (MMbbl)(34)(20)Natural gas commodity contractsVolume (Bcf)(130)(113)FAIR VALUE OF DERIVATIVESOccidental has categorized its assets and liabilities that are measured at fair value in a three-level fair value hierarchy, based on the inputs to the valuation techniques: Level 1 – using quoted prices in active markets for the assets or liabilities; Level 2 – using observable inputs other than quoted prices for the assets or liabilities; and Level 3 – using unobservable inputs. Transfers between levels, if any, are reported at the end of each reporting period. 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.

 OXY 2024 FORM 10-K91

table of contentsFINANCIAL STATEMENTSFOOTNOTES

millionsFair Value Measurements UsingTotal Fair ValueBalance Sheet ClassificationLevel 1Level 2Level 3Netting (a)December 31, 2024Marketing DerivativesOther 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, 2023Marketing DerivativesOther current assets$1,008 $100 $— $(1,009)$99 Other long-term assets47 1 — (43)5 Accrued liabilities(967)(64)— 1,009 (22)Deferred credits and other liabilities -