Derivatives (Tables)

9 Months Ended

Sep. 30, 2015

Derivatives - table

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

	Asset Derivatives				Liability Derivatives
September 30, 2015	Balance Sheet Location	Fair Value			Balance Sheet Location	Fair Value
Cash-flow hedges(a)
Commodity contracts	Other current assets	3			Accrued liabilities	—
		3				—
Derivatives not designated as hedging instruments (a)
	Other current assets	274			Accrued liabilities	309
Commodity contracts	Long-term receivables and other assets, net	9			Deferred credits and other liabilities	235
		283				544
Total gross fair value		286				544
Less: counterparty netting and cash collateral (b,d)		(223		)		(240		)
Total net fair value of derivatives		$	63			$	304

	Asset Derivatives				Liability Derivatives
December 31, 2014	Balance Sheet Location	Fair Value			Balance Sheet Location	Fair Value
Derivatives not designated as hedging instruments (a)
	Other current assets	828			Accrued liabilities	886
Commodity contracts	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 September 30, 2015, collateral received of $1 million has been netted against the derivative assets and collateral paid of $17 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 $35 million and $44 million deposited by Occidental has not been reflected in these derivative fair value tables as of September 30, 2015 and December 31, 2014, respectively. This collateral is included in other current assets in the consolidated balance sheets as of September 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)	81		(9	)
Natural gas (billion cubic feet)	(54	)	(32	)
Carbon dioxide (billion cubic feet)	607		621