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Derivatives (Tables) | 9 Months Ended
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Sep. 30, 2016
Derivatives |
Other comprehensive income related to derivatives |
|  | After-tax
|  | Three months ended September 30 |  | Nine months ended September 30
|  | 2016 |  | 2015 |  | 2016 |  | 2015
Unrealized losses (gains) on derivatives |  | $ | 1 |  | $ | 2 |  | $ | (13) |  | $ | 2
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 September 30, 2016 and December 31, 2015 (in millions):
|  | Asset Derivatives |  | Fair |  | Liability Derivatives |  | Fair
September 30, 2016 |  | Balance Sheet Location |  | Value |  | Balance Sheet Location |  | Value
Cash-flow hedges(a) |  |  |  |  |  |  |  |
Commodity contracts |  | Other current assets |  | $ | — |  | Accrued liabilities |  | $ | 3
Derivatives not designated as hedging instruments (a) |  |  |  |  |  |  |  |
|  | Other current assets |  | 171 |  | Accrued liabilities |  | 242
Commodity contracts |  | Long-term receivables and other assets, net |  | 13 |  | Deferred credits and other liabilities |  | 215
|  |  |  | 184 |  |  |  | 457
Total gross fair value |  |  |  | 184 |  |  |  | 460
Less: counterparty netting and cash collateral (b,c) |  |  |  | (149) |  |  |  | (171)
Total net fair value of derivatives |  |  |  | $ | 35 |  |  |  | $ | 289
|  | 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 September 30, 2016, collateral received of zero has been netted against the derivative assets, and collateral paid of $22 million has been netted against derivative liabilities.
| (c) |  | Select clearinghouses and brokers require Occidental to post an initial margin deposit. Collateral, mainly for initial margin, of $32 million and $3 million deposited by Occidental has not been reflected in these derivative fair value tables as of September 30, 2016 and December 31, 2015, respectively. This collateral is included in other current assets in the consolidated balance sheets as of September 30, 2016 and December 31, 2015, respectively.
| (d) |  | 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.
Not designated as hedging instruments | Commodity contracts |
Derivatives |
Net volumes of outstanding commodity derivatives contracts |
|  | Net Outstanding Position |
|  | Long / (Short) |
Commodity |  | 2016 |  | 2015 |
Oil (million barrels) |  | 44 |  | 83 |
Natural gas (billion cubic feet) |  | (49) |  | (5) |
Carbon dioxide (billion cubic feet) |  | 555 |  | 603 |

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- Definition Tabular disclosure of the effective portion of gains and losses on derivative instruments (and nonderivative instruments) designated and qualifying in cash flow hedges recorded in accumulated other comprehensive income (loss) during the term of the hedging relationship and reclassified into earnings during the current period. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5624171-113959 + Details
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- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5624163-113959 + Details
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- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=64837297&loc=d3e41641-113959 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5624163-113959 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=64837297&loc=d3e41678-113959 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=64837297&loc=d3e41638-113959 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5580258-113959 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5579245-113959 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5624171-113959 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5579240-113959 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=64837297&loc=d3e41620-113959 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(n)(2)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 + Details
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