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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2021
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ___________ to ___________

Commission file number 1-9210
_____________________

OCCIDENTAL PETROLEUM CORPORATION
(Exact name of registrant as specified in its charter)
Delaware95-4035997
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
5 Greenway Plaza, Suite 110
Houston,Texas77046
(Address of principal executive offices) (Zip Code)
(713) 215-7000
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.20 par valueOXYNew York Stock Exchange
Warrants to Purchase Common Stock, $0.20 par value
OXY WSNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
þ Yes    No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
þ Yes    No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer        þ    Accelerated Filer            Non-Accelerated Filer     
Smaller Reporting Company        Emerging Growth Company    
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes   þ No

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Class Outstanding at March 31, 2021 
 Common Stock, $0.20 par value 933,418,685





TABLE OF CONTENTSPAGE
Part IFinancial Information
Item 1.
Consolidated Condensed Balance Sheets — March 31, 2021 and December 31, 2020
5
Consolidated Condensed Statements of Equity — Three months ended March 31, 2021 and 2020
Note 2—Divestitures and Other Transactions
Item 2.
Item 3.
Item 4.
Part IIOther Information
Item 1.
Item 1A.
Item 2.
Item 6.

1


PART I    FINANCIAL INFORMATION

Item 1. Financial Statements (unaudited)

Consolidated Condensed Balance SheetsOccidental Petroleum Corporation and Subsidiaries
millionsMarch 31, 2021December 31, 2020
ASSETS
CURRENT ASSETS
Cash and cash equivalents$2,270 $2,008 
Restricted cash and restricted cash equivalents183 170 
Trade receivables, net3,046 2,115 
Inventories2,173 1,898 
Other current assets1,153 1,195 
Assets held for sale1,249 1,433 
Total current assets10,074 8,819 
INVESTMENTS IN UNCONSOLIDATED ENTITIES3,170 3,250 
PROPERTY, PLANT AND EQUIPMENT
Oil and gas segment102,718 102,454 
Chemical segment7,387 7,356 
Midstream and marketing segment8,249 8,232 
Corporate924 922 
Gross property, plant and equipment119,278 118,964 
Accumulated depreciation, depletion and amortization(55,205)(53,075)
Net property, plant and equipment64,073 65,889 
OPERATING LEASE ASSETS949 1,062 
LONG-TERM RECEIVABLES AND OTHER ASSETS, NET1,089 1,044 
TOTAL ASSETS$79,355 $80,064 
The accompanying notes are an integral part of these consolidated condensed financial statements.

2



Consolidated Condensed Balance SheetsOccidental Petroleum Corporation and Subsidiaries
millions, except per share amountsMarch 31, 2021December 31, 2020
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Current maturities of long-term debt$559 $440 
Current operating lease liabilities369 473 
Accounts payable3,416 2,987 
Accrued liabilities3,566 3,570 
Liabilities of assets held for sale721 753 
Total current liabilities8,631 8,223 
LONG-TERM DEBT, NET
Long-term debt, net35,466 35,745 
DEFERRED CREDITS AND OTHER LIABILITIES
Deferred income taxes, net6,941 7,113 
Asset retirement obligations4,030 3,977 
Pension and postretirement obligations1,553 1,763 
Environmental remediation liabilities1,029 1,028 
Operating lease liabilities628 641 
Other2,777 3,001 
Total deferred credits and other liabilities16,958 17,523 
STOCKHOLDERS' EQUITY
Preferred stock at par value, 100,000 shares at March 31, 2021 and December 31, 2020
9,762 9,762 
Common stock at par value, 1,082,618,615 shares at March 31, 2021 and 1,080,564,947 shares at December 31, 2020
217 216 
Treasury stock, 149,199,930 shares at March 31, 2021 and 149,051,634 shares at December 31, 2020
(10,668)(10,665)
Additional paid-in capital16,585 16,552 
Retained earnings2,639 2,996 
Accumulated other comprehensive loss(235)(288)
Total stockholders' equity18,300 18,573 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$79,355 $80,064 
The accompanying notes are an integral part of these consolidated condensed financial statements.
3



Consolidated Condensed Statements of OperationsOccidental Petroleum Corporation and Subsidiaries
Three months ended March 31,
millions, except per share amounts20212020
REVENUES AND OTHER INCOME
Net sales$5,293 $6,613 
Interest, dividends and other income75 34 
Gains on sales of assets and equity investments, net111 7 
Total5,479 6,654 
COSTS AND OTHER DEDUCTIONS
Oil and gas operating expense776 1,069 
Transportation and gathering expense329 565 
Chemical and midstream cost of sales594 612 
Purchased commodities558 393 
Selling, general and administrative expenses166 264 
Other operating and non-operating expense258 197 
Taxes other than on income210 225 
Depreciation, depletion and amortization2,194 2,309 
Asset impairments and other charges135 1,803 
Anadarko acquisition-related costs41 148 
Exploration expense28 37 
Interest and debt expense, net395 352 
Total5,684 7,974 
Loss before income taxes and other items(205)(1,320)
OTHER ITEMS
Gains (losses) on interest rate swaps and warrants, net399 (585)
Income (loss) from equity investments121 (133)
Total520 (718)
Income (loss) from continuing operations before income taxes315 (2,038)
Income tax benefit (expense)(16)25 
Income (loss) from continuing operations299 (2,013)
Loss from discontinued operations, net of tax(445) 
NET LOSS(146)(2,013)
Less: Preferred stock dividends(200)(219)
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS$(346)$(2,232)
PER COMMON SHARE
Income (loss) from continuing operations—basic$0.11 $(2.49)
Loss from discontinued operations—basic$(0.48)$ 
Net loss attributable to common stockholders—basic$(0.37)$(2.49)
Income (loss) from continuing operations—diluted$0.10 $(2.49)
Loss from discontinued operations—diluted$(0.46)$ 
Net loss attributable to common stockholders—diluted$(0.36)$(2.49)
The accompanying notes are an integral part of these consolidated condensed financial statements.


4


Consolidated Condensed Statements of Comprehensive Income (Loss)Occidental Petroleum Corporation and Subsidiaries
Three months ended March 31,
millions20212020
Net loss$(146)$(2,013)
Other comprehensive income (loss) items:
Losses on derivatives1  
Pension and postretirement gains (losses) (a)
52 (111)
Other (2)
Other comprehensive income (loss), net of tax53 (113)
Comprehensive loss attributable to preferred and common stockholders$(93)$(2,126)
(a) Net of tax expense of $15 million and tax benefit of $31 million for the three months ended March 31, 2021 and 2020, respectively.

The accompanying notes are an integral part of these consolidated condensed financial statements.
5



Consolidated Condensed Statements of Cash FlowsOccidental Petroleum Corporation and Subsidiaries
Three months ended March 31,
millions20212020
CASH FLOW FROM OPERATING ACTIVITIES
Net loss$(146)$(2,013)
Adjustments to reconcile net loss to net cash provided by operating activities:
Discontinued operations, net445  
Depreciation, depletion and amortization of assets2,194 2,309 
Deferred income tax benefit(81)(218)
Asset impairments and other charges135 1,768 
Gains on sales of equity investments and other assets, net(111)(7)
Other noncash benefits to income(301)(355)
Changes in operating assets and liabilities:
(Increase) decrease in receivables(937)3,909 
(Increase) in inventory(311)(68)
(Increase) decrease in other current assets(82)254 
(Decrease) in accounts payable and accrued liabilities(42)(4,332)
Increase in current domestic and foreign income taxes25 48 
Operating cash flow from continuing operations788 1,295 
Operating cash flow from discontinued operations, net of taxes122 44 
Net cash provided by operating activities910 1,339 
CASH FLOW FROM INVESTING ACTIVITIES
Capital expenditures(579)(1,300)
Change in capital accrual(75)(435)
Purchases of businesses and assets, net(105)(35)
Proceeds from sales of equity investments and other assets, net496 112 
Equity investments and other, net(10)142 
Investing cash flow from continuing operations(273)(1,516)
Investing cash flow from discontinued operations(9)(14)
Net cash used by investing activities(282)(1,530)
CASH FLOW FROM FINANCING ACTIVITIES
Payments of long-term debt(174) 
Proceeds from issuance of common stock6 90 
Purchases of treasury stock(3) 
Cash dividends paid on common and preferred stock(211)(913)
Financing portion of net cash received (paid) for derivative instruments45 (149)
Other financing, net(15)(47)
Financing cash flow from continuing operations(352)(1,019)
Financing cash flow from discontinued operations(2) 
Net cash used by financing activities(354)(1,019)
Increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents274 (1,210)
Cash, cash equivalents, restricted cash and restricted cash equivalents — beginning of period2,194 3,574 
Cash, cash equivalents, restricted cash and restricted cash equivalents — end of period$2,468 $2,364 
The accompanying notes are an integral part of these consolidated condensed financial statements.

6



Consolidated Condensed Statements of EquityOccidental Petroleum Corporation and Subsidiaries
Equity Attributable to Common Stock
millions, except per share amountsPreferred StockCommon StockTreasury StockAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive LossTotal Equity
Balance at December 31, 2020$9,762 $216 $(10,665)$16,552 $2,996 $(288)$18,573 
Net loss    (146) (146)
Other comprehensive income, net
  of tax
     53 53 
Dividends on common stock,
  $0.01 per share
    (11) (11)
Dividends on preferred stock,
  $2,000 per share
    (200) (200)
Shareholder warrants exercised   3   3 
Issuance of common stock and
  other, net
 1  30   31 
Purchases of treasury stock  (3)   (3)
Balance at March 31, 2021$9,762 $217 $(10,668)$16,585 $2,639 $(235)$18,300 

Equity Attributable to Common Stock
millions, except per share amountsPreferred StockCommon StockTreasury StockAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive LossTotal Equity
Balance at December 31, 2019$9,762 $209 $(10,653)$14,955 $20,180 $(221)$34,232 
Net loss— — — — (2,013)— (2,013)
Other comprehensive loss, net of
tax
— — — — — (113)(113)
Dividends on common stock,
  $0.79 per share
— — — — (719)— (719)
Dividends on preferred stock,
  $2,222 per share
— — — — (219)— (219)
Issuance of common stock and
other, net
— 1 — 126 — — 127 
Balance at March 31, 2020$9,762 $210 $(10,653)$15,081 $17,229 $(334)$31,295 
The accompanying notes are an integral part of these consolidated condensed financial statements.
7



Notes to Consolidated Condensed Financial StatementsOccidental Petroleum Corporation and Subsidiaries

NOTE 1 - GENERAL

NATURE OF OPERATIONS
In this report, "Occidental" means Occidental Petroleum Corporation, a Delaware corporation and one or more entities in which it owns a controlling interest (subsidiaries). Occidental conducts its operations through various subsidiaries and affiliates. Occidental has made its disclosures in accordance with United States generally accepted accounting principles as they apply to interim reporting, and condensed or omitted, as permitted by the U.S. Securities and Exchange Commission’s rules and regulations, certain information and disclosures normally included in consolidated financial statements and the notes thereto. These unaudited consolidated condensed financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto in Occidental’s Annual Report on Form 10-K for the year ended December 31, 2020 (the 2020 Form 10-K).
In the opinion of Occidental’s management, the accompanying unaudited consolidated condensed financial statements contain all adjustments (consisting of normal recurring adjustments) necessary to fairly present Occidental’s consolidated condensed balance sheets as of March 31, 2021 and December 31, 2020, and the consolidated condensed statements of operations, comprehensive income, cash flows and stockholders' equity for the three months ended March 31, 2021 and 2020. Certain data in the financial statements and notes for prior periods have been reclassified to conform to the current presentation. The income and cash flows for the periods ended March 31, 2021 and 2020 are not necessarily indicative of the income or cash flows to be expected for the full year.

CASH EQUIVALENTS AND RESTRICTED CASH EQUIVALENTS
Occidental considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents or restricted cash equivalents. The cash equivalents and restricted cash equivalents balances at March 31, 2021 and 2020 included investments in government money market funds in which the carrying value approximates fair value.
The following table provides a reconciliation of cash, cash equivalents, restricted cash and restricted cash equivalents as reported at the end of the period in the consolidated condensed statements of cash flows for the three months ended March 31, 2021 and 2020, respectively.

millions20212020
Cash and cash equivalents$2,270 $2,021 
Restricted cash and restricted cash equivalents183 269 
Restricted cash and restricted cash equivalents included in long-term receivables and other assets, net15 74 
Cash, cash equivalents, restricted cash and restricted cash equivalents$2,468 $2,364 

Total restricted cash and restricted cash equivalents are primarily associated with international joint ventures, a benefits trust associated with the acquisition of Anadarko Petroleum Corporation (Anadarko) and a judicially controlled account related to a Brazilian tax dispute.

SUPPLEMENTAL CASH FLOW INFORMATION
The following table represents U.S. federal, domestic state and international income taxes paid, tax refunds received and interest paid related to continuing operations during the three months ended March 31, 2021 and 2020, respectively.

millions20212020
Income tax payments$(122)$(168)
Income tax refunds received$42 $26 
Interest paid (a)
$(607)$(548)
(a) Net of capitalized interest of $15 million and $24 million for the three months ended March 31, 2021 and 2020, respectively.
8


WES INVESTMENT
In March 2021, Occidental sold 11.5 million limited partner units of Western Midstream Partners, LP (WES) for proceeds of approximately $200 million, resulting in a gain of $102 million. As of March 31, 2021, Occidental owned all of the 2% non-voting general partner interest and 49.1% of the limited partner units in WES. On a combined basis, with its 2.0% non-voting limited partner interest in WES Operating, a WES subsidiary, Occidental's total effective economic interest in WES and its subsidiaries was 51.2%.
The following table represents the related-party transactions between Occidental and WES for the three months ended March 31, 2021 and 2020, respectively:

millions20212020
Sales$53 $113 
Purchases$37 $219 
Transportation, gathering and other fees paid$227 $310 

DISCONTINUED OPERATIONS
Occidental is continuing to actively market its Ghana assets. The results of operations in Ghana, an after-tax loss of $42 million for the three months ended March 31, 2021, are presented as discontinued operations. The amounts related to the Ghana assets, of which approximately $1.2 billion and $1.4 billion are related to property, plant and equipment, net, as of March 31, 2021 and December 31, 2020, respectively. Approximately $607 million and $670 million of liabilities held for sale are related to deferred income taxes, asset retirement obligations and a finance lease liability as of March 31, 2021 and December 31, 2020, respectively.
Occidental recorded a $403 million after-tax loss contingency in discontinued operations associated with its former operations in Ecuador, see Note 8 - Lawsuits, Claims, Commitments and Contingencies.

NOTE 2 - DIVESTITURES AND OTHER TRANSACTIONS

DIVESTITURES
In March 2021, Occidental completed the sale of certain non-operated assets in the DJ Basin for net cash proceeds of approximately $280 million. The difference in the asset’s net book value and adjusted purchase price was treated as a recovery of cost and normal retirement, which resulted in no gain or loss being recognized.

9


ALGERIA OPERATIONS - RECLASSIFICATION
In April 2020, Occidental decided to continue to operate within Algeria. As a result, beginning in the second quarter of 2020, the Algerian operations were no longer classified as held for sale or within discontinued operations. The following table presents the amounts previously reported in discontinued operations, net of income taxes, which were reclassified to continuing operations for the three months ended March 31, 2020.

millionsThree months ended March 31, 2020
Revenues and other income
Net sales$203 
Costs and other deductions
Oil and gas lease operating expense23 
Transportation expense7 
Taxes other than on income43 
Depreciation, depletion and amortization67 
Other6 
Total costs and other deductions146 
Income before income taxes57 
Income tax expense(57)
Net income of Algeria operations, after taxes$ 


NOTE 3 - REVENUE

Revenue from customers is recognized when obligations under the terms of a contract with our customers are satisfied; this generally occurs with the delivery of oil, natural gas liquids (NGL), gas, chemicals or services, such as transportation. As of March 31, 2021, trade receivables, net, of $3.0 billion represent rights to payment, for which Occidental has satisfied its obligations under a contract and its right to payment is conditioned only on the passage of time.
The following table shows a reconciliation of revenue from customers to total net sales for the three months ended March 31, 2021 and 2020:

Three months ended March 31,
millions20212020
Revenue from customers$5,184 $5,250 
All other revenues (a)
109 1,363 
Net sales$5,293 $6,613 
(a) Includes net marketing derivatives, natural gas collars, oil collars and calls and chemical exchange contracts.

10


DISAGGREGATION OF REVENUE FROM CONTRACTS WITH CUSTOMERS
The table below presents Occidental's revenue from customers by segment, product and geographical area. The oil and gas segment typically sells its oil, NGL and gas at the lease or concession area. Chemical segment revenues are shown by geographic area based on the location of the sale. Excluding net marketing revenue, midstream and marketing segment revenues are shown by the location of sale.

millionsUnited StatesInternationalEliminationsTotal
Three months ended March 31, 2021
Oil and gas
Oil$2,464 $549 $ $3,013 
NGL384 52  436 
Gas253 64  317 
Other(31)  (31)
Segment total$3,070 $665 $ $3,735 
Chemical$1,037 $50 $ $1,087 
Midstream and marketing
Gas processing$101 $84 $ $185 
Marketing438 47  485 
Power and other(42)  (42)
Segment total$497 $131 $ $628 
Eliminations$ $ $(266)$(266)
Consolidated$4,604 $846 $(266)$5,184 

millionsUnited StatesInternationalEliminationsTotal
Three months ended March 31, 2020
Oil and gas
Oil$2,755 $789 $ $3,544 
NGL213 65  278 
Gas183 85  268 
Other11   11 
Segment total$3,162 $939 $ $4,101 
Chemical$910 $51 $ $961 
Midstream and marketing
Gas processing$105 $71 $ $176 
Marketing246 (51) 195 
Power and other16   16 
Segment total$367 $20 $ $387 
Eliminations$— $— $(199)$(199)
Consolidated$4,439 $1,010 $(199)$5,250 
11



NOTE 4 - INVENTORIES

Finished goods primarily represents oil, which is carried at the lower of weighted-average cost or net realizable value, and caustic soda and chlorine, which are valued under the last in first out (LIFO) method. Inventories consisted of the following:

millionsMarch 31, 2021December 31, 2020
Raw materials$69 $70 
Materials and supplies851 848 
Commodity inventory and finished goods1,282 1,009 
2,202 1,927 
Revaluation to LIFO(29)(29)
Total
$2,173 $1,898 


NOTE 5 - DERIVATIVES

OBJECTIVE AND STRATEGY
Occidental uses a variety of derivative financial instruments and physical contracts to manage its exposure to commodity price fluctuations, interest rate risks and transportation commitments and to fix margins on the future sale of stored commodity volumes. Occidental also enters into derivative financial instruments for trading purposes.
Occidental may elect normal purchases and normal sales exclusions when physically delivered commodities are purchased or sold to a customer. Occidental occasionally applies cash flow hedge accounting treatment to derivative financial instruments to lock in margins on the forecasted sales of its natural gas storage volumes, and at times for other strategies, such as to lock in rates on forecasted debt issuances. The value of cash flow hedges was insignificant at March 31, 2021 and December 31, 2020. Derivatives are carried at fair value and on a net basis when a legal right of offset exists with the same counterparty.

DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS
As of March 31, 2021, Occidental’s derivatives not designated as hedges consist of oil call options, natural gas collars, interest rate swaps and marketing derivatives.
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. The fair value does not reflect the ultimate realized cash value of the instrument at settlement.

COLLARS AND OIL CALL OPTIONS
Occidental's natural gas two-way collar derivative instruments settle in 2021 and were entered into to manage its near-term exposure to cash flow variability from natural gas price risk.
Occidental's Brent-priced call options were entered into to enhance the upside of three-way collars that expired in 2020. Net gains and losses associated with collars and calls are recognized in net sales.
12


Occidental had the following collars and calls outstanding at March 31, 2021:

Collars and Calls, not designated as hedges
2021 Settlement - oil
Call options sold (MMbbl)96.3 
Average price per barrel (Brent oil pricing)
Ceiling sold price (call)$74.16 
2021 Settlement - natural gas
Natural Gas Collars (millions of MMbtu)154.4 
Volume weighted-average price per MMbtu (NYMEX)
Ceiling sold price (call)$3.61 
Floor purchased price (put)$2.50 

INTEREST RATE SWAPS
Occidental's interest rate swap contracts lock in a fixed interest rate in exchange for a floating interest rate indexed to the three-month London InterBank Offered Rate (LIBOR) throughout the reference period. Net gains and losses associated with interest rate swaps are recognized currently in gains (losses) on interest rate swaps and warrants, net.
Occidental had the following outstanding interest rate swaps at March 31, 2021:

millions, except percentagesMandatoryWeighted-Average
Notional Principal AmountReference PeriodTermination DateInterest Rate
$400 September 2016 - 2046September 20216.348 %
$350 September 2017 - 2047September 20216.662 %
$275 September 2016 - 2046September 20226.709 %
$450 September 2017 - 2047September 20236.445 %

Depending on market conditions, liability management actions or other factors, Occidental may enter into offsetting interest rate swap positions or settle or amend certain or all of the currently outstanding interest rate swaps.
Derivative settlements and collateralization are classified as cash flow 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. In the first quarter of 2021, net cash payments related to settlements of interest rate swap agreements were $47 million. Additionally, $92 million of collateral was returned.

MARKETING DERIVATIVES
Occidental's marketing derivative instruments not designated as hedges are short-duration physical and financial forward contracts. Marketing derivative instruments do not include the collars and call options discussed above. A substantial majority of Occidental's physically settled derivative contracts are index-based and carry no mark-to-market valuation in earnings. As of March 31, 2021, the weighted-average settlement price of these forward contracts was $58.84 per barrel and $2.51 per thousand cubic feet (Mcf) for crude oil and natural gas, respectively. The weighted-average settlement price was $46.05 per barrel and $2.58 per Mcf for crude oil and natural gas, respectively, at December 31, 2020. Net gains and losses associated with marketing derivative instruments not designated as hedging instruments are recognized currently in net sales.
The following table summarizes net short volumes associated with the outstanding marketing commodity derivatives not designated as hedging instruments.

 March 31, 2021December 31, 2020
 Oil Commodity Contracts
Volume (MMbbl)(28)(31)
Natural gas commodity contracts
Volume (Bcf)(130)(117)
13



FAIR VALUE OF 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 master netting arrangements, and are presented on a net basis in the consolidated condensed balance sheets.

millionsFair Value Measurements Using
Netting (a)
Total Fair Value
Balance Sheet ClassificationsLevel 1Level 2Level 3
March 31, 2021
Collars and Call Options
Other current assets$ $8 $ $ $8 
Accrued liabilities (98)  (98)
Marketing Derivatives
Other current assets1,649 136  (1,732)53 
Long-term receivables and other assets, net38 2  (38)2 
Accrued liabilities(1,861)(94) 1,732 (223)
Deferred credits and other liabilities - other(38)  38  
Interest Rate Swaps
Accrued liabilities (708)  (708)
Deferred credits and other liabilities - other (604)  (604)
December 31, 2020
Collars and Call Options
Other current assets$ $25 $ $ $25 
Accrued liabilities (42)  (42)
Marketing Derivatives
Other current assets1,155 80  (1,204)31 
Long-term receivables and other assets, net7 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)
(a)These amounts do not include collateral. As of March 31, 2021 and December 31, 2020, $282 million and $374 million of collateral related to interest rate swaps had been netted against derivative liabilities, respectively. Occidental had $202 million and $85 million of initial margin related to marketing derivatives deposited with brokers as of March 31, 2021 and December 31, 2020, respectively.

14


GAINS AND LOSSES ON DERIVATIVES
The following table presents the effect of Occidental's derivative instruments on the consolidated condensed statements of operations:

millionsThree months ended March 31,
Income Statement Classification20212020
Collars and Calls
Net sales$(72)$952 
Marketing Derivatives
Net sales (a)
180 410 
Interest Rate Swaps
Gains (losses) on interest rate swaps and warrants, net399 (669)
Other (b)
Gains (losses) on interest rate swaps and warrants, net$ $84 
(a) Includes derivative and non-derivative marketing activity.
(b) Includes gains on warrants which were reclassified to equity on May 29, 2020.

CREDIT RISK
The majority of Occidental's counterparty credit risk is related to the physical delivery of energy commodities to its customers and their inability to meet their settlement commitments. Occidental manages credit risk by selecting counterparties that it believes to be financially strong, by entering into netting arrangements with counterparties and by requiring collateral or other credit risk mitigants, as appropriate. Occidental actively evaluates the creditworthiness of its counterparties, assigns appropriate credit limits and monitors credit exposures against those assigned limits. Occidental also enters into future contracts through regulated exchanges with select clearinghouses and brokers, which are subject to minimal credit risk as a significant portion of these transactions settle on a daily margin basis.
Certain of Occidental's over-the-counter derivative instruments contain credit-risk-contingent features, primarily tied to credit ratings for Occidental or its counterparties, which may affect the amount of collateral that each party would need to post. The aggregate fair value of derivative instruments with credit-risk-related contingent features for which a net liability position existed at March 31, 2021, was $210 million (net of $282 million of collateral), primarily related to interest rate swaps. The aggregate fair value of derivative instruments with credit-risk-contingent features for which a net liability position existed at December 31, 2020, was $104 million (net of $374 million of collateral) primarily related to interest rate swaps.

NOTE 6 - FAIR VALUE MEASUREMENTS

Occidental 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 recognized at the end of each reporting period.

FAIR VALUES - RECURRING
In January 2012, Occidental entered into a long-term contract to purchase carbon dioxide (CO2). This contract contains a price adjustment clause that is linked to changes in NYMEX oil prices. Occidental determined that the portion of this contract linked to NYMEX oil prices is not clearly and closely related to the host contract, and Occidental therefore bifurcated this embedded pricing feature from its host contract and accounts for it at fair value in the consolidated financial statements.

15


The following tables provide fair value measurement information for embedded derivatives that are measured on a recurring basis:

millionsFair Value Measurements Using
Embedded derivativesLevel 1Level 2Level 3Netting and
Collateral
Total Fair
Value
As of March 31, 2021
Accrued liabilities$ $32 $ $ $32 
As of December 31, 2020
Accrued liabilities$ $64 $ $ $64 

FAIR VALUES - NONRECURRING
In the first quarter 2021, Occidental recorded pre-tax impairments of $135 million related to non-core domestic undeveloped leases that either expired in the first quarter of 2021 or were set to expire in the near-term, where Occidental had no plans to pursue exploration activities.


NOTE 7 - LONG-TERM DEBT

The following table summarizes Occidental's outstanding debt, including finance lease liabilities:

millionsMarch 31, 2021December 31, 2020
Total borrowings at face value$35,061 $35,235 
Adjustments to book value:
Unamortized premium, net727 748 
Debt issuance costs(