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Derivatives (Tables) | 6 Months Ended
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Jun. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Summary of Derivative Instruments | Occidental had the following collars and calls outstanding at June 30, 2020:
Collars and Calls, not designated as hedges |  |  |
2020 Settlement |  |  |
Three-way collars (Oil MMBBL) |  |  | 64.4 |
| 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 |
| Average price per barrel (Brent oil pricing) |  |
|  | Ceiling sold price (call) | $ | 74.16 |
Occidental had the following outstanding interest rate swaps at June 30, 2020:
millions except percentages |  |  |  |  | Mandatory |  | Weighted-Average
Notional Principal Amount |  |  | Reference Period |  | Termination Date |  | Interest Rate
$ | 400 |  |  |  | September 2016 - 2046 |  | September 2021 |  | 6.348 | %
$ | 350 |  |  |  | September 2017 - 2047 |  | September 2021 |  | 6.662 | %
$ | 275 |  |  |  | September 2016 - 2046 |  | September 2022 |  | 6.709 | %
$ | 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.
|  | June 30, 2020 |  | December 31, 2019
Crude Oil Commodity Contracts |  |  |  |
Volume (MMBBL) |  | 28 |  |  | 55 |
Natural Gas Commodity Contracts |  |  |  |
Volume (Bcf) |  | (131) |  |  | (128) |
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 below, including when the derivatives are subject to master netting arrangements, and are presented on a net basis in the Consolidated Condensed Balance Sheets.
millions | Fair Value Measurements Using |  |  |  |  |  | Netting (a) |  | Total Fair Value
Balance Sheet Classifications | Level 1 |  | Level 2 |  | Level 3 |  |  |  |
June 30, 2020 |  |  |  |  |  |  |  |  |
Oil Collars and Calls |  |  |  |  |  |  |  |  |
Other current assets | $ | — |  |  | $ | 510 |  |  | $ | — |  |  | $ | — |  |  | $ | 510 |
Deferred credits and other liabilities - other | — |  |  | (47) |  |  | — |  |  | — |  |  | (47) |
Marketing Derivatives |  |  |  |  |  |  |  |  |
Other current assets | 2,201 |  |  | 38 |  |  | — |  |  | (2,103) |  |  | 136 |
Long-term receivables and other assets, net | 79 |  |  | 8 |  |  | — |  |  | (79) |  |  | 8 |
Accrued liabilities | (2,105) |  |  | (35) |  |  | — |  |  | 2,103 |  |  | (37) |
Deferred credits and other liabilities - other | (79) |  |  | — |  |  | — |  |  | 79 |  |  | — |
Interest Rate Swaps |  |  |  |  |  |  |  |  |
Accrued liabilities | — |  |  | (92) |  |  | — |  |  | — |  |  | (92) |
Deferred credits and other liabilities - other | — |  |  | (1,948) |  |  | — |  |  | — |  |  | (1,948) |
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) |
Berkshire Warrants |  |  |  |  |  |  |  |  |
Deferred credits and other liabilities - other | — |  |  | (107) |  |  | — |  |  | — |  |  | (107) |
(a)These amounts do not include collateral.
Schedule of Gains and Losses on Derivatives | The following table presents the effect of Occidental's derivative instruments on the Consolidated Condensed Statements of Operations:
millions |  | Three months ended June 30, |  |  |  | Six months ended June 30, |  |
Income Statement Classification |  | 2020 |  | 2019 |  | 2020 |  | 2019
Oil Collars and Calls |  |  |  |  |  |  |  |
Net sales |  | $ | 5 |  |  | $ | — |  |  | $ | 957 |  |  | $ | — |
Marketing Derivatives |  |  |  |  |  |  |  |
Net sales (a) |  | (392) |  |  | 683 |  |  | 18 |  |  | 1,248 |
Interest Rate Swaps |  |  |  |  |  |  |  |
Gains (losses) on interest rate swaps and warrants, net |  | 3 |  |  | — |  |  | (666) |  |  | — |
Berkshire Warrants |  |  |  |  |  |  |  |
(Losses) gains on interest rate swaps and warrants, net (b) |  | $ | (79) |  |  | $ | — |  |  | $ | 5 |  |  | $ | — |
(a) Includes derivative and non-derivative marketing activity. (b) Includes losses and gains on Berkshire Warrants prior to the May 29, 2020 reclassification to equity.

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