DERIVATIVES (Tables)

12 Months Ended

Dec. 31, 2015

Derivatives - table

Cash-flow hedges - after-tax gains and losses recognized in, and reclassified to income from, Accumulated Other Comprehensive Income (in millions)

	After-tax
As of December 31, (in millions)	2015		2014
Unrealized gains (losses) recognized in AOCI	$	5	$	(5	)
Losses reclassified to income	$	—	$	8

Gross and net fair values of outstanding derivatives (in millions)

(in millions)
December 31, 2015	Asset Derivatives Balance Sheet Location	Fair Value			Liability Derivatives Balance Sheet Location	Fair Value
Cash-flow hedges (a)
Commodity contracts	Other current assets	$	9		Accrued liabilities	$	1
	Long-term receivables and other assets, net	—			Deferred credits and other liabilities	—
		$	9			$	1
Derivatives not designated as hedging instruments (a)
Commodity contracts	Other current assets	$	626		Accrued liabilities	$	672
	Long-term receivables and other assets, net	9			Deferred credits and other liabilities	275
		635				947
Total gross fair value		644				948
Less: counterparty netting and cash collateral (b) (d)		(535		)		(525		)
Total net fair value of derivatives		$	109			$	423

(in millions)
December 31, 2014	Asset Derivatives Balance Sheet Location	Fair Value			Liability Derivatives Balance Sheet Location	Fair Value
Cash-flow hedges (a)
Commodity contracts	Other current assets	$	—		Accrued liabilities	$	—
	Long-term receivables and other assets, net	—			Deferred credits and other liabilities	—
		$	—			$	—
Derivatives not designated as hedging instruments (a)
Commodity contracts	Other current assets	$	828		Accrued liabilities	$	886
	Long-term receivables and other assets, net	11			Deferred credits and other liabilities	110
		839				996
Total gross fair value		839				996
Less: counterparty netting and cash collateral (c) (d)		(742		)		(756		)
Total net fair value of derivatives		$	97			$	240

(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 balance sheets.

(b) As of December 31, 2015, collateral received of $14 million has been netted against derivative assets and collateral paid of $4 million has been netted against derivative liabilities.

(c) As of December 31, 2014, collateral received of zero has been netted against derivative assets and collateral paid of $8 million has been netted against derivative liabilities.

(d) Select clearinghouses and brokers require Occidental to post an initial margin deposit.  Collateral, mainly for initial margin, of $3 million and $44 million as of December 31, 2015 and 2014, respectively, deposited by Occidental, has not been reflected in these derivative fair value tables.  This collateral is included in other current assets in the consolidated balance sheets.

Not designated as hedging instruments | Commodity Contracts

Derivatives - table

Net volumes of outstanding commodity derivatives contracts

	Net Outstanding Position Long / (Short)
Commodity	2015		2014
Oil (million barrels)	83		(9	)
Natural gas (billion cubic feet)	(58	)	(32	)
CO2 (billion cubic feet)	603		621