Derivatives (Tables)

6 Months Ended

Jun. 30, 2015

Derivatives - table

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

	Asset Derivatives			Liability Derivatives
June 30, 2015	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Derivatives not designated as hedging instruments (a)
Commodity contracts	Other current assets	166		Accrued liabilities	159
	Long-term receivables and other assets, net	8		Deferred credits and other liabilities	133
		174			292
Total gross fair value		174			292
Less: counterparty netting and cash collateral (b,d)		(139)			(127)
Total net fair value of derivatives		$	35		$	165
	Asset Derivatives			Liability Derivatives
December 31, 2014	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
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 (c,d)		(742)			(756)
Total net fair value of derivatives		$	97		$	240

(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, 2015, collateral received of $15 million has been netted against the derivative assets and collateral paid of $3 million has been netted against derivative liabilities.

(c) As of December 31, 2014, no collateral was received against the derivative assets and collateral paid of $8 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 $7 million and $44 million deposited by Occidental has not been reflected in these derivative fair value tables as of June 30, 2015 and December 31, 2014, respectively. This collateral is included in other current assets in the consolidated balance sheets as of June 30, 2015 and December 31, 2014, respectively.

Not designated as hedging instruments | Commodity Contracts

Derivatives - table

Net volumes of outstanding commodity derivatives contracts

	Net Outstanding Position
	Long / (Short)
Commodity	2015	2014
Oil (million barrels)	76	(9)
Natural gas (billion cubic feet)	(33)	(32)
Carbon dioxide (billion cubic feet)	612	621