Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2019

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following tables present assets and liabilities accounted for at fair value on a recurring basis as of September 30, 2019 and December 31, 2018 by hierarchy level.



	September 30, 2019
(In millions)	Level 1			Level 2			Level 3		Total
Derivative instruments, assets
Commodity^(a)	$	—		$	61		$	—	$	61
Derivative instruments, assets	$	—		$	61		$	—	$	61
Derivative instruments, liabilities
Commodity^(a)	$	(3	)	$	—		$	—	$	(3	)
Interest rate	$	—		$	(1	)	$	—	$	(1	)
Derivative instruments, liabilities	$	(3	)	$	(1	)	$	—	$	(4	)


^(a)	Derivative instruments are recorded on a net basis in our consolidated balance sheet. See Note 14.



	December 31, 2018
(In millions)	Level 1		Level 2		Level 3		Total
Derivative instruments, assets
Commodity^(a)	$	21	$	106	$	—	$	127
Derivative instruments, assets	$	21	$	106	$	—	$	127
Derivative instruments, liabilities
Derivative instruments, liabilities	$	—	$	—	$	—	$	—


^(a)	Derivative instruments are recorded on a net basis in our consolidated balance sheet. See Note 14.

Fair Value, by Balance Sheet Grouping

The following table summarizes financial instruments, excluding receivables, payables and derivative financial instruments, and their reported fair values by individual balance sheet line item at September 30, 2019 and December 31, 2018.



	September 30, 2019				December 31, 2018
(In millions)	Fair Value		Carrying Amount		Fair Value		Carrying Amount
Financial assets
Current assets	$	4	$	4	$	3	$	3
Other noncurrent assets	29		35		76		81
Total financial assets	$	33	$	39	$	79	$	84
Financial liabilities
Other current liabilities	$	75	$	103	$	37	$	58
Long-term debt, including current portion^(a)	6,018		5,529		5,469		5,528
Deferred credits and other liabilities	108		96		93		88
Total financial liabilities	$	6,201	$	5,728	$	5,599	$	5,674


^(a)	Excludes debt issuance costs.