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Derivative Instruments (Tables) | 9 Months Ended
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Sep. 30, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Summary of Derivative Instruments | The following interest rate swaps were outstanding at September 30, 2019:
millions except percentages |  |  |  | Mandatory |  | Weighted-Average
Notional Principal Amount |  | Reference Period |  | Termination Date |  | Interest Rate
$ | 375 |  |  |  | December 2019 - 2024 |  | December 2019 |  | 2.662 | %
$ | 375 |  |  |  | December 2019 - 2029 |  | December 2019 |  | 2.802 | %
$ | 375 |  |  |  | December 2019 - 2049 |  | December 2019 |  | 2.885 | %
Occidental had the following collars and calls outstanding at September 30, 2019:
Collars and Calls, not designated as hedges |  |
2019 Settlement |  |  |
Three-way collars (Oil MMBL) |  |  | 8.0 |
| Average price per barrel (NYMEX/Brent oil pricing) |  |  |
|  | Ceiling sold price (call) |  |  | $ | 72.98 |
|  | Floor purchased price (put) |  |  | $ | 56.72 |
|  | Floor sold price (put) |  |  | $ | 46.72 |
2020 Settlement |  |  |
Three-way collars (Oil MMBL) |  |  | 109.8 |
| 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 MMBL) |  |  | 109.5 |
| Average price per barrel (Brent oil pricing) |  |  |
|  | Ceiling sold price (call) |  |  | $ | 74.09 |
Occidental had the following outstanding interest rate swaps at September 30, 2019:
millions except percentages |  |  |  | Mandatory |  | Weighted-Average
Notional Principal Amount |  | Reference Period |  | Termination Date |  | Interest Rate
$ | 125 |  |  |  | September 2016 - 2046 |  | October 2019 |  | 6.782 | %
$ | 550 |  |  |  | September 2016 - 2046 |  | September 2020 |  | 6.418 | %
$ | 125 |  |  |  | September 2016 - 2046 |  | September 2022 |  | 6.835 | %
$ | 100 |  |  |  | September 2017 - 2047 |  | September 2020 |  | 6.891 | %
$ | 250 |  |  |  | September 2017 - 2047 |  | September 2021 |  | 6.570 | %
$ | 450 |  |  |  | September 2017 - 2047 |  | September 2023 |  | 6.445 | %
Summary of net sales related to the outstanding commodity derivative instruments | The following table summarizes net long/(short) volumes associated with the outstanding marketing commodity derivatives not designated as hedging instruments as of September 30, 2019, and December 31, 2018.
|  | 2019 |  | 2018
Crude Oil Commodity Contracts |  |  |  |
Volume (MMBL) |  | 36 |  |  | 61 |
Natural Gas Commodity Contracts |  |  |  |
Volume (Bcf) |  | (128 | ) |  | (142 | )
Gross and net fair values of outstanding derivatives | The following tables present the fair values of Occidental’s outstanding derivatives. Fair values are presented at gross amounts, including when the derivatives are subject to master netting arrangements, and are presented on a net basis in the Consolidated Condensed Balance Sheets.
Balance Sheet Classification |  | Fair-Value Measurements Using |  | Netting (a) |  | Total Fair Value
millions |  | Level 1 |  | Level 2 |  | Level 3 |  |
September 30, 2019 |  |  |  |  |  |  |  |  |  |
Oil Collars and Calls |  |  |  |  |  |  |  |  |  |
Other current assets |  | $ | — |  |  | $ | 217 |  |  | $ | — |  |  | $ | (4 | ) |  | $ | 213 |
Accrued liabilities |  | — |  |  | 3 |  |  | — |  |  | (3 | ) |  | — |
Deferred credits and other liabilities - other |  | — |  |  | 97 |  |  | — |  |  | — |  |  | 97 |
Marketing Derivatives |  |  |  |  |  |  |  |  |  |
Other current assets |  | 838 |  |  | 97 |  |  | — |  |  | (861 | ) |  | 74 |
Long-term receivables and other assets, net |  | 70 |  |  | 12 |  |  | — |  |  | (70 | ) |  | 12 |
Accrued liabilities |  | 827 |  |  | 45 |  |  | — |  |  | (861 | ) |  | 11 |
Deferred credits and other liabilities - other |  | 71 |  |  | 1 |  |  | — |  |  | (70 | ) |  | 2 |
Interest Rate Swaps (excluding WES) |  |  |  |  |  |  |  |  |  |
Other current assets |  | — |  |  | 14 |  |  | — |  |  | — |  |  | 14 |
Long-term receivables and other assets, net |  | — |  |  | 13 |  |  | — |  |  | — |  |  | 13 |
Accrued liabilities |  | — |  |  | 882 |  |  | — |  |  | — |  |  | 882 |
Deferred credits and other liabilities - other |  | — |  |  | 879 |  |  | — |  |  | — |  |  | 879 |
WES Interest Rate Swaps |  |  |  |  |  |  |  |  |  |
Accrued liabilities |  | — |  |  | 171 |  |  | — |  |  | — |  |  | 171 |
Warrant |  |  |  |  |  |  |  |  |  |
Deferred credits and other liabilities - other |  | — |  |  | 168 |  |  | — |  |  | — |  |  | 168 |
December 31, 2018 |  |  |  |  |  |  |  |  |  |
Marketing Derivatives |  |  |  |  |  |  |  |  |  |
Other current assets |  | $ | 2,531 |  |  | $ | 110 |  |  | $ | — |  |  | $ | (2,392 | ) |  | $ | 249 |
Long-term receivables and other assets, net |  | 5 |  |  | 9 |  |  | — |  |  | (6 | ) |  | 8 |
Accrued liabilities |  | 2,357 |  |  | 101 |  |  | — |  |  | (2,392 | ) |  | 66 |
Deferred credits and other liabilities - other |  | 6 |  |  | 2 |  |  | — |  |  | (6 | ) |  | 2 |
(a) These amounts do not include collateral.
Schedule of Gains and Losses on Derivatives | Gains and Losses on Derivatives The following table presents the effect of Occidental's derivative instruments on the Consolidated Condensed Statements of Operations:
Income Statement Classification |  | Three months ended September 30 |  | Nine months ended September 30
millions |  | 2019 |  | 2018 |  | 2019 |  | 2018
Oil Collars and Calls |  |  |  |  |  |  |  |
Net sales |  | $ | 75 |  |  | $ | — |  |  | $ | 75 |  |  | $ | — |
Marketing Derivatives |  |  |  |  |  |  |  |
Net sales |  | 91 |  |  | 36 |  |  | (119 | ) |  | 8 |
Interest Rate Swaps (Excluding WES) |  |  |  |  |  |  |  |
Losses on interest rate swaps and warrants, net |  | (45 | ) |  | — |  |  | (45 | ) |  | — |
Interest Rate Swaps (WES) |  |  |  |  |  |  |  |
Losses on interest rate swaps and warrants, net |  | (8 | ) |  | — |  |  | (8 | ) |  | — |
Warrants |  |  |  |  |  |  |  |
Gains on interest rate swaps and warrants, net |  | 20 |  |  | — |  |  | 20 |  |  | — |

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