Occidental Petroleum 2012 Annual Report Download - page 70
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RELATED-PARTY TRANSACTIONS
December 31, (in millions)
2011
2010
Purchases (a)
$10
$153
Sales (b)
$392
$ 440
Services
$10
$ 2
Advances and amounts due from
$32
$135
Amounts due to
$21
$383
(a) In 2010, purchases from EHP accounted for 90 percent of total purchases.
(b) In 2012, 2011 and 2010, sales of Occidental-produced oil and NGLs to Plains Pipeline accounted for 80 percent, 76 percent and 50 percent of these totals, respectively. Additionally,
Occidental conducts marketing and trading activities with Plains Pipeline for oil and NGLs. These transactions are reported in Occidental's income statement on a net margin basis.
The sales amounts above include the net margins on such transactions, which were negligible. In 2012 and 2011, sales to Dolphin Energy accounted for 12 percent and 16 percent, of
total sales, respectively. In 2010, sales to EHP and Dolphin Energy accounted for 44 percent of total sales.
NOTE 15 FAIR VALUE MEASUREMENTS
FAIR VALUES – RECURRING
Commodity derivatives
Commodity derivatives
Fair Value Measurements at December 31, 2011 Using
Netting and
Collateral (a)
Total
Fair Value
Description
Level 1
Level 2
Level 3
Commodity derivatives
$310
$ 640
$—
$(758) $192
Commodity derivatives
$311
$652
$—
$(782) $181
(a) Represents the impact of netting assets, liabilities and collateral when a legal right of offset exists.