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Derivatives (Tables) | 9 Months Ended
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Sep. 30, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Summary of net sales related to the outstanding commodity derivative instruments | The following table summarizes the amounts reported in net sales related to the outstanding commodity derivatives not designated as hedging instruments as of September 30, 2018, and December 31, 2017.
(in millions, except Long/(Short) volumes) |  | 2018 |  | 2017
Unrealized gain (loss) on derivatives not designated as hedges |  |  |  |
Crude Oil Commodity Contracts |  | $ | (37 | ) |  | $ | (47 | )
Natural Gas Commodity Contracts |  | $ | (1 | ) |  | $ | 1 |
Outstanding net volumes on derivatives not designated as hedges |  |  |  |
Crude Oil Commodity Contracts |  |  |  |
Volume (MMBL) |  | 73 |  |  | 61 |
Natural Gas Commodity Contracts |  |  |  |
Volume (Bcf) |  | (88 | ) |  | (47 | )
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, 2018, and December 31, 2017 (in millions):
As of September 30, 2018 (in millions) |  | Fair Value Measurements Using |  | Netting (b) |  | Total Fair Value
Balance Sheet Location |  | Level 1 |  | Level 2 |  | Level 3 |  |
Assets: |  |  | Derivatives not designated as hedging instruments (a)
Other current assets |  | 1,210 |  |  | 631 |  |  | — |  |  | (1,235 | ) |  | 606 |
Long-term receivables and other assets, net |  | 101 |  |  | 4 |  |  | — |  |  | (101 | ) |  | 4 |
Liabilities: |  |  | Cash flow hedges (a)
Accrued liabilities |  | — |  |  | 1 |  |  | — |  |  | — |  |  | 1 |
|  | Derivatives not designated as hedging instruments (a)
Accrued liabilities |  | 1,252 |  |  | 627 |  |  | — |  |  | (1,235 | ) |  | 644 |
Deferred credits and other liabilities - other |  | 101 |  |  | 4 |  |  | — |  |  | (101 | ) |  | 4 |
As of December 31, 2017 (in millions) |  | Fair Value Measurements Using |  | Netting (b) |  | Total Fair Value
Balance Sheet Location |  | Level 1 |  | Level 2 |  | Level 3 |  |
Assets: |  | Cash flow hedges (a)
Other current assets |  | — |  |  | 3 |  |  | — |  |  | — |  |  | 3 |
|  | Derivatives not designated as hedging instruments (a)
Other current assets |  | 485 |  |  | 227 |  |  | — |  |  | (517 | ) |  | 195 |
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 |
Deferred credits and other liabilities - other | 1 |  |  | 3 |  |  | — |  |  | (1 | ) |  | 3 |
(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 condensed balance sheets.
(b) | These amounts do not include collateral. As of September 30, 2018, no collateral received has been netted against derivative assets and collateral paid of $64 million has been netted against derivative liabilities. 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 clearinghouse and brokers require Occidental to post an initial margin deposit. Collateral deposited by Occidental, mainly for initial margin, of $73 million and $53 million as of September 30, 2018 and December 31, 2017, respectively, has not been reflected in these derivative fair -value tables. This collateral is included in other current assets in the consolidated condensed balance sheets.

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