Derivatives (Tables)

12 Months Ended

Dec. 31, 2014

Derivatives - table

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

	After-tax
As of December 31, (in millions)	2014			2013
Unrealized losses recognized in AOCI	$	(5	)	$	(3	)
Losses (Gains) reclassified to income	$	8		$	(4	)

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

(in millions)
December 31, 2014	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	$	—
	Long-term receivables and other assets, net	—			Deferred credits and other liabilities	—
		$	—			$	—
Derivatives not designated as hedging instruments (a)
Commodity contracts	Other current assets	$	828		Accrued liabilities	$	886
	Long-term receivables and other assets, net	11			Deferred credits and other liabilities	110
		839				996
Total gross fair value		839				996
Less: counterparty netting and cash collateral (b) (d)		(742		)		(756		)
Total net fair value of derivatives		$	97			$	240

(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 (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 December 31, 2014, collateral received of zero has been netted against derivative assets and collateral paid of $8 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 $44 million and $103 million as of December 31, 2014 and 2013, respectively, 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.

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)	(9	)	(22	)
Natural gas (billion cubic feet)	(32	)	(10	)
CO2 (million cubic feet)	621		—