DERIVATIVES (Tables)

12 Months Ended

Dec. 31, 2011

Derivatives

Cash-flow hedges - Net after-tax derivative activity recorded in Accumulated Other Comprehensive Income

	2011			2010
Beginning Balance - AOCI	$	(111	)	$	(227	)
Unrealized gains recognized in AOCI	14			37
Losses reclassified into income	98			79
Ending Balance - AOCI	$	1		$	(111	)

Cash-flow hedges - Schedule of the location and amount of gains and losses reported

	2011		2010
Commodity Contracts — cash-flow hedges
Unrealized gains recognized in AOCI	$	20	$	55
Losses reclassified into income	$	154	$	123
Gains recognized in income - ineffective portion	$	1	$	2

Gross fair value of outstanding derivatives

December 31, 2011	Asset Derivatives Balance Sheet Location	Fair Value			Liability Derivatives Balance Sheet Location	Fair Value
Cash-flow hedges (a)
	Marketing and trading assets and other	$	41		Accrued liabilities	$	5
Commodity contracts	Long-term receivables and other assets, net	3			Deferred credits and other liabilities	—
		$	44			$	5
Derivatives not designated as hedging instruments (a)
	Marketing and trading assets and other	$	835		Accrued liabilities	$	887
Commodity contracts	Long-term receivables and other assets, net	71			Deferred credits and other liabilities	71
		906				958
Total gross fair value		950				963
Less: counterparty netting and cash collateral (b)		(755		)		(779		)
Total net fair value of derivatives		$	195			$	184

December 31, 2010	Asset Derivatives Balance Sheet Location	Fair Value			Liability Derivatives Balance Sheet Location	Fair Value
Cash-flow hedges (a)
	Marketing and trading assets and other	$	51		Accrued liabilities	$	209
Commodity contracts	Long-term receivables and other assets, net	9			Deferred credits and other liabilities	—
		$	60			$	209
Derivatives not designated as hedging instruments (a)
	Marketing and trading assets and other	$	829		Accrued liabilities	$	823
Commodity contracts	Long-term receivables and other assets, net	86			Deferred credits and other liabilities	85
		915				908
Total gross fair value		975				1,117
Less: counterparty netting and cash collateral (c)		(680		)		(736		)
Total net fair value of derivatives		$	295			$	381

(a)Fair values are presented at gross amounts, including when the derivatives are subject to master netting arrangements and qualify for net presentation in the consolidated balance sheet.

(b)As of December 31, 2011, collateral received of $39 million has been netted against derivative assets and collateral paid of $63 million has been netted against derivative liabilities.

(c)As of December 31, 2010, collateral received of $39 million has been netted against derivative assets and collateral paid of $95 million has been netted against derivative liabilities.

Natural Gas - Swaps January 2012- March 2012 (in cubic feet)

Derivatives

Schedule of outstanding derivative instruments

Natural Gas Swaps	Daily Volume (cubic feet)		Average Price
January 2012 - March 2012 (a)		50 million		$	6.07

(a)At December 31, 2010, these contracts were outstanding with the same daily volumes and terms indicated and also covered the period from January 1, 2011 to December 31, 2011.

Derivatives Not Designated as Hedging Instruments | Commodity Contracts

Derivatives

Schedule of outstanding derivative instruments

	Volumes
Commodity	2011	2010
Sales contracts related to Occidental’s production
Oil (million barrels)	9	8
Third-party marketing and trading activities
Purchase contracts
Oil (million barrels)	109	136
Natural gas (billion cubic feet)	481	833
Precious metals (million troy ounces)	4	13
Sales contracts
Oil (million barrels)	109	144
Natural gas (billion cubic feet)	723	1,156
Precious metals (million troy ounces)	1	1