Occidental Petroleum 2015 Annual Report Download - page 75
Download and view the complete annual report
Please find page 75 of the 2015 Occidental Petroleum annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
1 -
2
-
3
-
4
-
5
-
6
-
7
-
8
-
9
-
10
-
11
-
12
-
13
-
14
-
15
-
16
-
17
-
18
-
19
-
20
-
21
-
22
-
23
-
24
-
25
-
26
-
27
-
28
-
29
-
30
-
31
-
32
-
33
-
34
-
35
-
36
-
37
-
38
-
39
-
40
-
41
-
42
-
43
-
44
-
45
-
46
-
47
-
48
-
49
-
50
-
51
-
52
-
53
-
54
-
55
-
56
-
57
-
58
-
59
-
60
-
61
-
62
-
63
-
64
-
65 -
66 -
67 -
68 -
69 -
70 -
71 -
72 -
73 -
74 -
75 -
76 -
77 -
78 -
79 -
80 -
81 -
82 -
83 -
84 -
85 -
86
-
87
-
88
-
89
-
90
-
91
-
92
-
93
-
94
-
95
-
96
-
97
-
98
-
99
-
100
-
101
-
102
-
103
-
104
-
105
-
106
-
107
-
108
-
109
-
110
-
111
-
112
-
113
-
114
-
115
-
116
-
117
-
118
-
119
-
120
-
121
-
122
-
123
-
124
-
125
-
126
-
127
-
128
-
129
-
130
-
131
-
132
-
133
-
134
-
135
-
136
-
137
-
138
-
139
-
140
-
141
-
142
-
143
-
144
-
145
 |
 |
RELATED-PARTY TRANSACTIONS
For the years ended December 31, (in millions)
2014
2013
Sales (a)
$ 835
$ 663
Purchases
$ 6
$ —
Services
$ 27
$ 30
Advances and amounts due from
$ 26
$ 67
Amounts due to
$ 15
$ 3
(a) In 2015, 2014 and 2013, sales of Occidental-produced oil and NGLs to Plains Pipeline accounted for 87 percent, 46 percent and 72 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.
NOTE 15 FAIR VALUE MEASUREMENTS
FAIR VALUES – RECURRING
(in millions)
Commodity derivatives
Available for sale investment
Commodity derivatives
(in millions)
Fair Value Measurements at December 31, 2014 Using
Netting and Collateral
Total
Fair Value
Description
Level 1
Level 2
Level 3
Commodity derivatives
$ 712
$ 127
$ —
$ (742) $ 97
Available for sale investment
$ 394
$ —
$ —
$ —
$ 394
Commodity derivatives
$ 750
$ 246
$ —
$ (756) $ 240
FAIR VALUES – NONRECURRING
72