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Derivatives (Tables)
6 Months Ended
Jun. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of Derivative Instruments
Occidental had the following collars and calls outstanding at June 30, 2020:

Collars and Calls, not designated as hedges
2020 Settlement
Three-way collars (Oil MMBBL)64.4  
Average price per barrel (Brent oil pricing)
Ceiling sold price (call)$74.16  
Floor purchased price (put)$55.00  
Floor sold price (put)$45.00  
2021 Settlement
Call options sold (Oil MMBBL)127.8  
Average price per barrel (Brent oil pricing)
Ceiling sold price (call)$74.16  
Occidental had the following outstanding interest rate swaps at June 30, 2020:

millions except percentagesMandatoryWeighted-Average
Notional Principal AmountReference PeriodTermination DateInterest Rate
$400  September 2016 - 2046September 20216.348 %
$350  September 2017 - 2047September 20216.662 %
$275  September 2016 - 2046September 20226.709 %
$450  September 2017 - 2047September 20236.445 %
Summary of net sales related to the outstanding commodity derivative instruments
The following table summarizes net long/(short) volumes associated with the outstanding marketing commodity derivatives not designated as hedging instruments.

 June 30, 2020December 31, 2019
Crude Oil Commodity Contracts
Volume (MMBBL)28  55  
Natural Gas Commodity Contracts
Volume (Bcf)(131) (128) 
Gross and net fair values of outstanding derivatives
The following tables present the fair values of Occidental’s outstanding derivatives. Fair values are presented at gross amounts below, including when the derivatives are subject to master netting arrangements, and are presented on a net basis in the Consolidated Condensed Balance Sheets.

millionsFair Value Measurements Using
Netting (a)
Total Fair Value
Balance Sheet ClassificationsLevel 1Level 2Level 3
June 30, 2020
Oil Collars and Calls
Other current assets$—  $510  $—  $—  $510  
Deferred credits and other liabilities - other—  (47) —  —  (47) 
Marketing Derivatives
Other current assets2,201  38  —  (2,103) 136  
Long-term receivables and other assets, net79   —  (79)  
Accrued liabilities(2,105) (35) —  2,103  (37) 
Deferred credits and other liabilities - other(79) —  —  79  —  
Interest Rate Swaps
Accrued liabilities—  (92) —  —  (92) 
Deferred credits and other liabilities - other—  (1,948) —  —  (1,948) 
December 31, 2019
Oil Collars and Calls
Other current assets$—  $92  $—  $—  $92  
Deferred credits and other liabilities - other—  (160) —  —  (160) 
Marketing Derivatives
Other current assets945  79  —  (973) 51  
Long-term receivables and other assets, net 12  —  (4) 12  
Accrued liabilities(1,008) (44) —  973  (79) 
Deferred credits and other liabilities - other(4) (1) —   (1) 
Interest Rate Swaps
Other current assets—   —  —   
Long-term receivables and other assets, net—   —  —   
Accrued liabilities—  (657) —  —  (657) 
Deferred credits and other liabilities - other—  (776) —  —  (776) 
Berkshire Warrants
Deferred credits and other liabilities - other—  (107) —  —  (107) 
(a)These amounts do not include collateral.
Schedule of Gains and Losses on Derivatives
The following table presents the effect of Occidental's derivative instruments on the Consolidated Condensed Statements of Operations:

millionsThree months ended June 30,Six months ended June 30,
Income Statement Classification2020201920202019
Oil Collars and Calls
Net sales$ $—  $957  $—  
Marketing Derivatives
Net sales (a)
(392) 683  18  1,248  
Interest Rate Swaps
Gains (losses) on interest rate swaps and warrants, net —  (666) —  
Berkshire Warrants
(Losses) gains on interest rate swaps and warrants, net (b)
$(79) $—  $ $—  
(a) Includes derivative and non-derivative marketing activity.
(b) Includes losses and gains on Berkshire Warrants prior to the May 29, 2020 reclassification to equity.