Derivatives (Tables)

3 Months Ended

Mar. 31, 2016

Derivatives - table

Other comprehensive income related to derivatives

	After-tax
As of March 31, (in millions)	2016		2015
Unrealized losses on derivatives	$	(12)	$	—
Reclassification to income of realized loss on derivatives	$	7	$	—

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

The following table presents the gross and net fair values of Occidental’s outstanding derivatives as of March 31, 2016 and December 31, 2015 (in millions):

	Asset Derivatives	Fair		Liability Derivatives	Fair
March 31, 2016	Balance Sheet Location	Value		Balance Sheet Location	Value
Cash-flow hedges(a)
Commodity contracts	Other current assets	$	—	Accrued liabilities	$	1
Derivatives not designated as hedging instruments (a)
	Other current assets	535		Accrued liabilities	618
Commodity contracts	Long-term receivables and other assets, net	8		Deferred credits and other liabilities	293
		543			911
Total gross fair value		543			912
Less: counterparty netting and cash collateral (b,d)		(498)			(527)
Total net fair value of derivatives		$	45		$	385

	Asset Derivatives	Fair		Liability Derivatives	Fair
December 31, 2015	Balance Sheet Location	Value		Balance Sheet Location	Value
Cash-flow hedges(a)
Commodity contracts	Other current assets	$	9	Accrued liabilities	$	1
Derivatives not designated as hedging instruments (a)
	Other current assets	626		Accrued liabilities	672
Commodity contracts	Long-term receivables and other assets, net	9		Deferred credits and other liabilities	275
		635			947
Total gross fair value		644			948
Less: counterparty netting and cash collateral (c,d)		(535)			(525)
Total net fair value of derivatives		$	109		$	423

(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 March 31, 2016, collateral received of zero has been netted against the derivative assets and collateral paid of $29 million has been netted against derivative liabilities.

(c) As of December 31, 2015, collateral received of $14 million has been netted against derivative assets and collateral paid of $4 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 $33 million and $3 million deposited by Occidental has not been reflected in these derivative fair value tables as of March 31, 2016 and December 31, 2015, respectively. This collateral is included in other current assets in the consolidated balance sheets as of March 31, 2016 and December 31, 2015, respectively.

Not designated as hedging instruments | Commodity Contracts

Derivatives - table

Net volumes of outstanding commodity derivatives contracts

	Net Outstanding Position
	Long / (Short)
Commodity	2016	2015
Oil (million barrels)	152	83
Natural gas (billion cubic feet)	(84)	(58)
Carbon dioxide (billion cubic feet)	587	603