Company: OXY-WT
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0000797468-25-000076
Chunk: 53

Company: OCCIDENTAL PETROLEUM CORP /DE/
Filing Date: 2025-05-07
Form: 10-Q
Item: Item 8
Chunk 53
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 December 31, 2024. Derivative instruments that are not designated as hedging instruments are required to be recorded on the balance sheet at fair value. Changes in fair value will impact Occidental’s earnings through mark-to-market adjustments until the physical commodity is delivered or the financial instrument is settled. Net gains and losses associated with marketing derivative instruments are recognized currently in net sales.The following table summarizes net short volumes associated with the outstanding marketing commodity derivatives as of:long (short)March 31, 2025December 31, 2024 Oil commodity contractsVolume (MMbbl)(62)(34)Natural gas commodity contractsVolume (Bcf)(237)(130)

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FAIR VALUE OF DERIVATIVESThe 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:millionsFair Value Measurements UsingNetting (a)Total Fair ValueBalance Sheet ClassificationsLevel 1Level 2Level 3March 31, 2025Marketing DerivativesOther current assets$755 $111 $— $(828)$38 Other long-term assets— 1 — — 1 Accrued liabilities(803)(94)— 827 (70)Deferred credits and other liabilities - other— (1)— 1 — 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)(a)These amounts do not include collateral. Occidental netted $48 million of collateral deposited with brokers against derivative liabilities as of March 31, 2025. As of December 31, 2024, Occidental netted $12 million of collateral received from brokers against derivative assets and $9 million collateral deposited with brokers against derivative liabilities.GAINS AND LOSSES ON DERIVATIVESThe following table presents losses related to Occidental's derivative instruments and the location on the Consolidated Condensed Statements of Operations.millionsThree months ended March 31,Income Statement Classification20252024Marketing Derivatives (included in Net sales)$(107)$(238