XML 40 R29.htm IDEA: XBRL DOCUMENT
v3.19.1

Derivatives (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2019
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 March 31, 2019, and December 31, 2018.
(in millions, except Long/(Short) volumes) |  | 2019 |  | 2018
Unrealized gain (loss) on derivatives not designated as hedges |  |  |  |
Crude Oil Commodity Contracts |  | $ | (63 | ) |  | $ | 184 |
Natural Gas Commodity Contracts |  | $ | 3 |  |  | $ | 5 |
Outstanding net volumes on derivatives not designated as hedges |  |  |  |
Crude Oil Commodity Contracts |  |  |  |
Volume (MMBL) |  | 56 |  |  | 61 |
Natural Gas Commodity Contracts |  |  |  |
Volume (Bcf) |  | (162 | ) |  | (142 | )
Gross and net fair values of outstanding derivatives | The following tables present the gross and net fair values of Occidental’s outstanding derivatives:
As of March 31, 2019 |  | Fair Value Measurements Using |  | Netting (b) |  | Total Fair Value
(in millions) |  | Balance Sheet Location |  | Level 1 |  | Level 2 |  | Level 3 |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Derivatives not designated as hedges (a) |  |  |  |  |  |  |  |  |  |
Commodity Contracts | Other current assets |  | 1,077 |  |  | 48 |  |  | — |  |  | (1,099 | ) |  | 26 |
Long-term receivables and other assets, net |  | 19 |  |  | 8 |  |  | — |  |  | (19 | ) |  | 8 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Derivatives not designated as hedges (a) |  |  |  |  |  |  |  |  |  |
Commodity Contracts | Accrued liabilities |  | 1,136 |  |  | 54 |  |  | — |  |  | (1,099 | ) |  | 91 |
Deferred credits and other liabilities - other |  | 20 |  |  | 2 |  |  | — |  |  | (19 | ) |  | 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 March 31, 2019, no collateral received has been netted against derivative assets and collateral paid of $66 million has been netted against derivative liabilities. Occidental had $94 million of initial margin deposited with brokers as of March 31, 2019. Initial margin is included in other current assets in the consolidated condensed balance sheets and has not been reflected in these derivative fair-value tables.
As of December 31, 2018 |  | Fair Value Measurements Using |  | Netting (b) |  | Total Fair Value
(in millions) |  | Balance Sheet Location |  | Level 1 |  | Level 2 |  | Level 3 |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Derivatives not designated as hedges (a) |  |  |  |  |  |  |  |  |  |
Commodity Contracts |  | Other current assets |  | 2,531 |  |  | 110 |  |  | — |  |  | (2,392 | ) |  | 249 |
| Long-term receivables and other assets, net |  | 5 |  |  | 9 |  |  | — |  |  | (6 | ) |  | 8 |
Liabilities: |  |  |  |  |  |  |  |  |  |
Cash-flow hedges(a) |  |  |  |  |  |  |  |  |  |
Commodity contracts |  | Accrued liabilities |  | — |  |  | 2 |  |  | — |  |  | — |  |  | 2 |
Derivatives not designated as hedges (a) |  |  |  |  |  |  |  |  |  |
Commodity contracts |  | Accrued liabilities |  | 2,357 |  |  | 101 |  |  | — |  |  | (2,392 | ) |  | 66 |
| Deferred credits and other liabilities - other |  | 6 |  |  | 2 |  |  | — |  |  | (6 | ) |  | 2 |
(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 December 31, 2018, $45 million collateral received has been netted against derivative assets and collateral paid of $1 million has been netted against derivative liabilities. Occidental had $178 million of initial margin deposited with brokers as of December 31, 2018. Initial margin is included in other current assets in the consolidated condensed balance sheets and has not been reflected in these derivative fair-value tables.

X
- References No definition available. + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624163-113959 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of gains and losses on derivative instruments included in an entity's trading activities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4F -Subparagraph (a),(b) -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624186-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 55 -Paragraph 184 -URI http://asc.fasb.org/extlink&oid=109975725&loc=SL5634876-113961 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsIncludedInTradingActivitiesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration