Derivatives (Tables)

6 Months Ended

Jun. 30, 2014

Derivatives - table

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

	Asset Derivatives				Liability Derivatives
June 30, 2014	Balance Sheet Location	Fair Value			Balance Sheet Location	Fair Value
Cash-flow hedges (a)
Commodity contracts	Other current assets	$	—		Accrued liabilities	$	—
	Long-term receivables and other assets, net	—			Deferred credits and other liabilities	—
		—				—
Derivatives not designated as hedging instruments (a)
Commodity contracts	Other current assets	576			Accrued liabilities	654
	Long-term receivables and other assets, net	10			Deferred credits and other liabilities	8
		586				662
Total gross fair value		586				662
Less: counterparty netting and cash collateral (b) (d)		(553		)		(578		)
Total net fair value of derivatives		$	33			$	84

	Asset Derivatives				Liability Derivatives
December 31, 2013	Balance Sheet Location	Fair Value			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 (c) (d)		(329		)		(364		)
Total net fair value of derivatives		$	51			$	58

(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 June 30, 2014, collateral received of $7 million has been netted against derivative assets and collateral paid of $32 million has been netted against derivative liabilities.

(c) 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.

(d) Select clearinghouses and brokers require Occidental to post an initial margin deposit.  Collateral, mainly for initial margin, of $115 million and $103 million deposited by Occidental has not been reflected in these derivative fair value tables as of June 30, 2014 and December 31, 2013, respectively. This collateral is included in other current assets in the consolidated balance sheets as of June 30, 2014 and December 31, 2013, respectively.

Derivatives Not Designated as Hedging Instruments | Commodity Contracts

Derivatives - table

Net volumes of outstanding commodity derivatives contracts

	Net Outstanding Position
	Long / (Short)
Commodity	2014		2013
Oil (million barrels)	6		(1	)
Natural gas (billion cubic feet)	(9	)	(10	)
Precious metals (million troy ounces)	—		1