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DERIVATIVES (Tables) | 12 Months Ended
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Dec. 31, 2017
DERIVATIVES |
Gross and net fair values of outstanding derivatives |
As of December 31, 2017 |  |  |  | Fair Value Measurements Using |  | Netting(b) |  | Total Fair Value
(in millions) |  | Balance Sheet Location |  | Level 1 |  | Level 2 |  | Level 3 |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Cash-flow hedges (a) |  |  |  |  |  |  |  |  |  |  |  |
Commodity contracts |  | Other current assets |  | — |  | 3 |  | — |  | — |  | 3
Derivatives not designated as hedging instruments (a) |  |  |  |  |  |  |  |  |  |
|  | Other current assets |  | 485 |  | 227 |  | — |  | (517) |  | 195
Commodity contracts |  | Long-term receivables and other assets, net |  | 1 |  | 2 |  | — |  | (1) |  | 2
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Derivatives not designated as hedging instruments (a) |  |  |  |  |  |  |  |  |  |
|  | Accrued liabilities |  | 535 |  | 222 |  | — |  | (517) |  | 240
Commodity contracts |  | Deferred credits and liabilities |  | 1 |  | 3 |  | — |  | (1) |  | 3
| (a) |  | Fair values are presented at gross amounts, including when the derivatives are subject to netting arrangements and presented on a net basis in the consolidated balance sheets.
| (b) |  | These amounts do not include collateral. As of December 31, 2017, no collateral received has been netted against derivative assets and collateral paid of $54 million has been netted against derivative liabilities. Select clearinghouses and brokers require Occidental to post an initial margin deposit. Collateral, mainly for initial margin, of $53 million as of December 31, 2017, deposited by Occidental, has not been reflected in these derivative fair value tables. This collateral is included in other current assets in the consolidated balance sheets.
As of December 31, 2016 |  |  |  | Fair Value Measurements Using |  | Netting (b) |  | Total Fair Value
(in millions) |  | Balance Sheet Location |  | Level 1 |  | Level 2 |  | Level 3 |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Cash-flow hedges (a) |  |  |  |  |  |  |  |  |  |  |  |
|  | Other current assets |  | — |  | 1 |  | — |  | — |  | 1
Commodity contracts |  | Long-term receivables and other assets, net |  | — |  | — |  | — |  | — |  | —
Derivatives not designated as hedging instruments (a) |  |  |  |  |  |  |  |  |  |
|  | Other current assets |  | 166 |  | 57 |  | — |  | (196) |  | 27
Commodity contracts |  | Long-term receivables and other assets, net |  | 2 |  | 3 |  | — |  | (2) |  | 3
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Cash-flow hedges (a) |  |  |  |  |  |  |  |  |  |  |  |
|  | Accrued liabilities |  | — |  | 6 |  | — |  | — |  | 6
Commodity contracts |  | Deferred credits and liabilities |  | — |  | — |  | — |  | — |  | —
Derivatives not designated as hedging instruments (a) |  |  |  |  |  |  |  |  |  |
|  | Accrued liabilities |  | 172 |  | 51 |  | — |  | (196) |  | 27
Commodity contracts |  | Deferred credits and liabilities |  | 1 |  | 6 |  | — |  | (2) |  | 5
| (a) |  | Fair values are presented at gross amounts, including when the derivatives are subject to netting arrangements and presented on a net basis in the consolidated balance sheets.
| (b) |  | These amounts do not include collateral. As of December 31, 2016, collateral received of $4 million has been netted against derivative assets and collateral paid of $13 million has been netted against derivative liabilities. Select clearinghouses and brokers require Occidental to post an initial margin deposit. Collateral, mainly for initial margin, of $25 million as of December 31, 2016, deposited by Occidental, has not been reflected in these derivative fair value tables. This collateral is included in other current assets in the consolidated balance sheets.
Not designated as hedging instruments | Commodity contracts |
DERIVATIVES |
Summary of net sales related to the outstanding commodity derivative instruments |
As of December 31, (in millions, except Long/(Short) volumes) |  | 2017 |  | 2016
Unrealized gain (loss) on derivatives not designated as hedges |  |  |  |
Oil commodity contracts |  | $ | (47) |  | $ | (5)
Natural gas commodity contracts |  | $ | 1 |  | $ | 1
Outstanding net volumes on derivatives not designated as hedges |  |  |  |
Oil Commodity Contracts |  |  |  |
Volume (MMBOE) |  | 61 |  | 67
Price Per Bbl |  | $ | 57.38 |  | $ | 53.86
Natural gas commodity contracts |  |  |  |
Volume (Bcf) |  | (47) |  | (12)
Price Per MMBTU |  | $ | 2.73 |  | $ | 3.19

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