Derivatives (Tables)

6 Months Ended

Jun. 30, 2016

Derivatives - table

Other comprehensive income related to derivatives

	After-tax
	Three months ended June 30					Six months ended June 30
	2016			2015		2016			2015
Unrealized losses on derivatives	$	(2	)	$	—	$	(14	)	$	—
Reclassification to income of realized loss on derivatives	$	—		$	—	$	7		$	—

Gross and net fair values of outstanding derivatives

The following table presents the gross and net fair values of Occidental’s outstanding derivatives as of June 30, 2016 and December 31, 2015 (in millions):

	Asset Derivatives	Fair		Liability Derivatives	Fair
June 30, 2016	Balance Sheet Location	Value		Balance Sheet Location	Value
Cash-flow hedges(a)
Commodity contracts	Other current assets	$	—	Accrued liabilities	$	4
Derivatives not designated as hedging instruments (a)
Commodity contracts	Other current assets	117		Accrued liabilities	190
	Long-term receivables and other assets, net	8		Deferred credits and other liabilities	227
		125			417
Total gross fair value		125			421
Less: counterparty netting and cash collateral (b,d)		(85)			(101)
Total net fair value of derivatives		$	40		$	320

	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)
Commodity contracts	Other current assets	626		Accrued liabilities	672
	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 June 30, 2016, collateral received of zero has been netted against the derivative assets, and collateral paid of $15 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 $44 million and $3 million deposited by Occidental has not been reflected in these derivative fair value tables as of June 30, 2016 and December 31, 2015, respectively. This collateral is included in other current assets in the consolidated balance sheets as of June 30, 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)	149		83
Natural gas (billion cubic feet)	(71	)	(58	)
Carbon dioxide (billion cubic feet)	571		603