DERIVATIVES (Tables)

12 Months Ended

Dec. 31, 2013

Derivatives

Cash-flow hedges - after-tax gains and losses recognized in, and reclassified to income from, Accumulated Other Comprehensive Income (in millions)

	After-tax
	2013			2012
Beginning Balance — AOCI	$	(7	)	$	1
Unrealized (losses) gains recognized in AOCI	(3		)	16
Gains reclassified to income	(4		)	(24		)
Ending Balance — AOCI	$	(14	)	$	(7	)

Gross and net fair values of outstanding derivatives (in millions)

December 31, 2013	Asset Derivatives Balance Sheet Location	Fair Value			Liability Derivatives Balance Sheet Location	Fair Value
Cash-flow hedges (a)
Commodity contracts	Other current assets	$	—		Accrued liabilities	$	4
	Long-term receivables and other assets, net	—			Deferred credits and other liabilities	—
		$	—			$	4
Derivatives not designated as hedging instruments (a)
Commodity contracts	Other current assets	$	367		Accrued liabilities	$	407
	Long-term receivables and other assets, net	13			Deferred credits and other liabilities	11
		380				418
Total gross fair value		380				422
Less: counterparty netting and cash collateral (b) (d)		(329		)		(364		)
Total net fair value of derivatives		$	51			$	58
December 31, 2012	Asset Derivatives Balance Sheet Location	Fair Value			Liability Derivatives Balance Sheet Location	Fair Value
Cash-flow hedges (a)
Commodity contracts	Other current assets	$	11		Accrued liabilities	$	1
	Long-term receivables and other assets, net	—			Deferred credits and other liabilities	1
		$	11			$	2
Derivatives not designated as hedging instruments (a)
Commodity contracts	Other current assets	$	386		Accrued liabilities	$	479
	Long-term receivables and other assets, net	22			Deferred credits and other liabilities	16
		408				495
Total gross fair value		419				497
Less: counterparty netting and cash collateral (c) (d)		(301		)		(371		)
Total net fair value of derivatives		$	118			$	126

(a)   Fair values are presented at gross amounts, including when the derivatives are subject to master netting arrangements and presented on a net basis in the consolidated balance sheets.

(b)   As of December 31, 2013, collateral received of $11 million has been netted against derivative assets and collateral paid of $46 million has been netted against derivative liabilities.

(c)   As of December 31, 2012, collateral received of $25 million has been netted against derivative assets and collateral paid of $95 million has been netted against derivative liabilities.

(d)   Select clearinghouses and brokers require Occidental to post an initial margin deposit.  Collateral, mainly for initial margin, of $103 million and $116 million deposited by Occidental has not been reflected in these derivative fair value tables.  This collateral is included in other current assets in the consolidated balance sheets as of December 31, 2013 and 2012, respectively.

Derivatives Not Designated as Hedging Instruments | Commodity Contracts

Derivatives

Net volumes of outstanding commodity derivatives contracts

	Net Outstanding Position Long / (Short)
Commodity	2013		2012
Oil (million barrels)	(22	)	(4	)
Natural gas (billion cubic feet)	(10	)	(170	)
Precious metals (million troy ounces)	1		1