XML 36 R26.htm IDEA: XBRL DOCUMENT
v3.21.2

Derivatives (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Summary of Derivative Instruments | Occidental had the following collars and calls outstanding at June 30, 2021:
Collars and Calls, not designated as hedges |
2021 Settlement - oil |
Call options sold (MMbbl) | 64.4 |
| Average price per barrel (Brent oil pricing) |
|  | Ceiling sold price (call) | $ | 74.16 |
2021 Settlement - natural gas |
Natural gas collars (millions of MMbtu) | 96.4 |
| Volume weighted-average price per MMbtu (NYMEX) |
|  | Ceiling sold price (call) | $ | 3.61 |
|  | Floor purchased price (put) | $ | 2.50 |
Occidental had the following interest rate swaps outstanding at June 30, 2021:
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 short volumes associated with the outstanding marketing commodity derivatives not designated as hedging instruments.
|  | June 30, 2021 |  | December 31, 2020
Oil Commodity Contracts |  |  |  |
Volume (MMbbl) |  | (24) |  |  | (31) |
Natural gas commodity contracts |  |  |  |
Volume (Bcf) |  | (121) |  |  | (117) |
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, 2021 |  |  |  |  |  |  |  |  |
Collars and Call Options |  |  |  |  |  |  |  |  |
Accrued liabilities | $ | — |  |  | $ | (249) |  |  | $ | — |  |  | $ | — |  |  | $ | (249) |
Marketing Derivatives |  |  |  |  |  |  |  |  |
Other current assets | 1,584 |  |  | 112 |  |  | — |  |  | (1,679) |  |  | 17 |
Long-term receivables and other assets, net | 100 |  |  | 2 |  |  | — |  |  | (100) |  |  | 2 |
Accrued liabilities | (1,696) |  |  | (113) |  |  | — |  |  | 1,679 |  |  | (130) |
Deferred credits and other liabilities - other | (101) |  |  | — |  |  | — |  |  | 100 |  |  | (1) |
Interest Rate Swaps |  |  |  |  |  |  |  |  |
Accrued liabilities | — |  |  | (823) |  |  | — |  |  | — |  |  | (823) |
Deferred credits and other liabilities - other | — |  |  | (710) |  |  | — |  |  | — |  |  | (710) |
December 31, 2020 |  |  |  |  |  |  |  |  |
Collars and Call Options |  |  |  |  |  |  |  |  |
Other current assets | $ | — |  |  | $ | 25 |  |  | $ | — |  |  | $ | — |  |  | $ | 25 |
Accrued liabilities | — |  |  | (42) |  |  | — |  |  | — |  |  | (42) |
Marketing Derivatives |  |  |  |  |  |  |  |  |
Other current assets | 1,155 |  |  | 80 |  |  | — |  |  | (1,204) |  |  | 31 |
Long-term receivables and other assets, net | 7 |  |  | 2 |  |  | — |  |  | (7) |  |  | 2 |
Accrued liabilities | (1,252) |  |  | (81) |  |  | — |  |  | 1,204 |  |  | (129) |
Deferred credits and other liabilities - other | (7) |  |  | — |  |  | — |  |  | 7 |  |  | — |
Interest Rate Swaps |  |  |  |  |  |  |  |  |
Accrued liabilities | — |  |  | (936) |  |  | — |  |  | — |  |  | (936) |
Deferred credits and other liabilities - other | — |  |  | (822) |  |  | — |  |  | — |  |  | (822) |
(a)These amounts do not include collateral. As of June 30, 2021 and December 31, 2020, $326 million and $374 million of collateral related to interest rate swaps had been netted against derivative liabilities, respectively. Occidental netted $78 million and $85 million of collateral deposited with brokers against derivative liabilities related to marketing derivatives as of June 30, 2021 and December 31, 2020, respectively.
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 |  | 2021 |  | 2020 |  | 2021 |  | 2020
Collars and Calls |  |  |  |  |  |  |  |
Net sales |  | $ | (166) |  |  | $ | 5 |  |  | $ | (238) |  |  | $ | 957 |
Marketing Derivatives |  |  |  |  |  |  |  |
Net sales (a) |  | 22 |  |  | (392) |  |  | 202 |  |  | 18 |
Interest Rate Swaps |  |  |  |  |  |  |  |
Gains (losses) on interest rate swaps and warrants, net |  | (223) |  |  | 4 |  |  | 176 |  |  | (665) |
Other |  |  |  |  |  |  |  |
Gains (losses) on interest rate swaps and warrants, net (b) |  | $ | — |  |  | $ | (79) |  |  | $ | — |  |  | $ | 5 |
(a) Includes derivative and non-derivative marketing activity. (b) Includes gains on warrants which were reclassified to equity on May 29, 2020.

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=125515794&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=125515794&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=125515794&loc=SL5624171-113959 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types: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=125515794&loc=SL5624163-113959 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types: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=125515794&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=123421605&loc=SL5634876-113961 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsIncludedInTradingActivitiesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types: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=125515794&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=125515794&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=125515794&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=125515794&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=125515794&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=125515794&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=125515794&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=125515794&loc=SL5624171-113959 Reference 9: 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=125515794&loc=SL5579240-113959 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration