XML 121 R37.htm IDEA: XBRL DOCUMENT
v3.19.3.a.u2

DERIVATIVES (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Summary of derivative instruments | Occidental had the following collars and calls outstanding at December 31, 2019:
Collars and Calls, not designated as hedges |  |
2020 Settlement |  |
Three-way collars (oil MMBBL) |  | 128.1 |
| Volume weighted average price per barrel (Brent oil pricing) |  |
|  | Ceiling sold price (call) |  | $ | 74.16 |
|  | Floor purchased price (put) |  | $ | 55.00 |
|  | Floor sold price (put) |  | $ | 45.00 |
2021 Settlement |  |
Call options sold (oil MMBBL) |  | 127.8 |
| Volume weighted average price per barrel (Brent oil pricing) |  |
|  | Ceiling sold price (call) |  | $ | 74.16 |
Occidental had the following outstanding interest rate swaps at December 31, 2019:
millions except percentages |  |  |  | Mandatory |  | Weighted-Average |
Notional Principal Amount |  | Reference Period |  | Termination Date |  | Interest Rate |
$ | 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 December 31, 2019, and 2018:
|  | 2019 |  |  | 2018 |
Oil Commodity Contracts |  |  |  |
Volume (MMBBL) |  | 55 |  |  | 61 |
Natural gas commodity contracts |  |  |  |
Volume (Bcf) |  | (128 | ) |  | (142 | )
Gross and net fair values of outstanding derivatives | The following table presents the fair values of Occidental’s outstanding derivatives. Fair values are presented at gross amounts below, including when derivatives are subject to netting arrangements, and are presented on a net basis in the Consolidated Balance Sheets.
millions |  | Fair Value Measurements Using |  |  |  | Total Fair Value |
Balance Sheet Classification |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Netting (a) |  |
December 31, 2019 |  |  |  |  |  |  |  |  |  |
Oil Collars and Calls |  |  |  |  |  |  |  |  |  |
Other current assets |  | $ | — |  |  | $ | 92 |  |  | $ | — |  |  | $ | — |  |  | $ | 92 |
Deferred credits and other liabilities - other |  | — |  |  | (160 | ) |  | — |  |  | — |  |  | (160 | )
Marketing Derivatives |  |  |  |  |  |  |  |  |  |
Other current assets |  | 945 |  |  | 79 |  |  | — |  |  | (973 | ) |  | 51 |
Long-term receivables and other assets, net |  | 4 |  |  | 12 |  |  | — |  |  | (4 | ) |  | 12 |
Accrued liabilities |  | (1,008 | ) |  | (44 | ) |  | — |  |  | 973 |  |  | (79 | )
Deferred credits and other liabilities - other |  | (4 | ) |  | (1 | ) |  | — |  |  | 4 |  |  | (1 | )
Interest Rate Swaps |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other current assets |  | — |  |  | 5 |  |  | — |  |  | — |  |  | 5 |
Long-term receivables and other assets, net |  | — |  |  | 5 |  |  | — |  |  | — |  |  | 5 |
Accrued liabilities |  | — |  |  | (657 | ) |  | — |  |  | — |  |  | (657 | )
Deferred credits and other liabilities - other |  | — |  |  | (776 | ) |  | — |  |  | — |  |  | (776 | )
Warrant |  |  |  |  |  |  |  |  |  |
Deferred credits and other liabilities - other |  | — |  |  | (107 | ) |  | — |  |  | — |  |  | (107 | )
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. As of December 31, 2019, $104 million of collateral has been netted against derivative liabilities related to interest rate swaps. Occidental had $65 million and $54 million of initial margin deposited with brokers as of December 31, 2019 and 2018, respectively, related to marketing derivatives.
Schedule of gains and losses on derivatives | The following table presents gains and (losses) related to Occidental’s derivative instruments on the Consolidated Statements of Operations:
millions |  | December 31,
Income Statement Classification |  | 2019 |  |  | 2018 |  |  | 2017 |
Oil Collars and Calls |  |  |  |  |  |
Net sales |  | $ | (107 | ) |  | $ | — |  |  | $ | — |
Marketing Derivatives |  |  |  |  |  |
Net sales (a) |  | 1,804 |  |  | 2,254 |  |  | (138 | )
Interest Rate Swaps (Excluding WES) |  |  |  |  |  |
Gain on interest rate swaps and warrants, net |  | 122 |  |  | — |  |  | — |
Interest Rate Swaps (WES) |  |  |  |  |  |
Gain on interest rate swaps and warrants, net |  | 30 |  |  | — |  |  | — |
Warrant |  |  |  |  |  |
Gain on interest rate swaps and warrants, net |  | 81 |  |  | — |  |  | — |
(a) Included derivative and non-derivative marketing activity.

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 amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4E -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624181-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5618551-113959 Reference 3: 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 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
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=116861445&loc=SL5634876-113961 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsIncludedInTradingActivitiesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfDerivativeInstrumentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration