If the value of a given date (actually, any datatype) variable / column is null, then nothing is stored. Null is just shorthand for nothing, nada, zip (at least in terms of what data is stored).
You can see that from this test case:
create table test (col1 number, col2 date);
insert into test (col1) values (1);
insert into test (col1, col2) values (2, sysdate);
commit;
select col1,
to_char(col2, 'dd/mm/yyyy hh:mi:ss') col2,
dump(col1) col1_dump,
dump(col2) col2_dump
from test;
COL1 COL2 COL1_DUMP COL2_DUMP
---------- ------------------- -------------------- ----------------------------------------
1 Typ=2 Len=2: 193,2 NULL
2 28/01/2015 11:12:33 Typ=2 Len=2: 193,3 Typ=12 Len=7: 120,115,1,28,12,13,34
drop table test;
Note the "NULL" reported by the dump of col2 for the null value; that means "there is nothing stored in this column for this row".