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Derivatives (Tables) | 6 Months Ended
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Jun. 30, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of outstanding cash flow hedges | The following U.S. Treasury rate locks were outstanding as of June 30, 2019 (in millions):
Treasury tenor |  | Notional value |  | Weighted Average Fixed Rate |  | Expiration Date |  | Unrealized loss included in other comprehensive income |  | Liability (a)
10-year |  | $ | 750 |  |  | 2.11 | % |  | September 30, 2019 |  | $ | 7 |  |  | $ | 7 |
30-year |  | $ | 750 |  |  | 2.59 | % |  | September 30, 2019 |  | $ | 11 |  |  | $ | 11 |
(a) The total $18 million liability is considered a Level 2 fair value measurement and is included in current liabilities - accrued liabilities as of June 30, 2019.
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 June 30, 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 |  | $ | (24 | ) |  | $ | 184 |
Natural Gas Commodity Contracts |  | $ | 5 |  |  | $ | 5 |
Outstanding net volumes on derivatives not designated as hedges |  |  |  |
Crude Oil Commodity Contracts |  |  |  |
Volume (MMBL) |  | 54 |  |  | 61 |
Natural Gas Commodity Contracts |  |  |  |
Volume (Bcf) |  | (155 | ) |  | (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 June 30, 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 |  | $ | 1,053 |  |  | $ | 85 |  |  | $ | — |  |  | $ | (1,105 | ) |  | $ | 33 |
| Long-term receivables and other assets, net |  | $ | 24 |  |  | $ | 10 |  |  | $ | — |  |  | $ | (24 | ) |  | $ | 10 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Derivatives not designated as hedges (a) |  |  |  |  |  |  |  |  |  |
Commodity Contracts |  | Accrued liabilities |  | $ | 1,076 |  |  | $ | 89 |  |  | $ | — |  |  | $ | (1,105 | ) |  | $ | 60 |
| Deferred credits and other liabilities - other |  | $ | 25 |  |  | $ | 1 |  |  | $ | — |  |  | $ | (24 | ) |  | $ | 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 June 30, 2019, no collateral received has been netted against derivative assets and collateral paid of $19 million has been netted against derivative liabilities. Occidental had $43 million of initial margin deposited with brokers as of June 30, 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.
Summary of Derivative Instruments |
Summary July 2019 derivative instruments |  |
2020 Settlement |  |  |
Three-way collars (Oil MBBL/day) |  |  | 300 |
| Average price per barrel (Brent oil pricing) |  |  |
|  | Ceiling sold price (call) |  |  | $ | 74.09 |
|  | Floor purchased price (put) |  |  | $ | 55.00 |
|  | Floor sold price (put) |  |  | $ | 45.00 |
2021 Settlement |  |  |
Call Options sold (Oil MBBL/day) |  |  | 300 |
| Average price per barrel (Brent oil pricing) |  |  |
|  | Ceiling sold price (call) |  |  | $ | 74.09 |

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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://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 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5580258-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41620-113959 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5579245-113959 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41638-113959 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41678-113959 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41641-113959 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624171-113959 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -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 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5579240-113959 + Details
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