Risk Management (Tables)

12 Months Ended

Dec. 31, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

As of December 31, 2019, we had the following outstanding commodity forward contracts to hedge our forecasted energy commodity purchases and sales: 

	Net open position long/(short)
Derivatives designated as hedging contracts
Crude oil fixed price	(19.6	)	MMBbl
Crude oil basis	(7.2	)	MMBbl
Natural gas fixed price	(30.8	)	Bcf
Natural gas basis	(22.3	)	Bcf
NGL fixed price	(1.3	)	MMBbl
Derivatives not designated as hedging contracts
Crude oil fixed price	(0.8	)	MMBbl
Crude oil basis	(4.1	)	MMBbl
Natural gas fixed price	(5.2	)	Bcf
Natural gas basis	(8.8	)	Bcf
NGL fixed price	(1.9	)	MMBbl

Schedule of Interest Rate Derivatives [Table Text Block]

The following table summarizes our outstanding interest rate contracts as of December 31, 2019 (in millions):

	Notional amount	Accounting treatment	Maximum term
Derivatives designated as hedging instruments
Fixed-to-variable interest rate contracts(a)	$8,725	Fair value hedge	March 2035
Variable-to-fixed interest rate contracts	$250	Cash flow hedge	January 2023

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(a) The principal amount of hedged senior notes consisted of $1,100 million included in “Current portion of debt” and $7,625 million included in “Long-term debt” on our accompanying consolidated balance sheet.

Schedule of Foreign Exchange Contracts, Statement of Financial Position [Table Text Block]

The following table summarizes our outstanding foreign currency contracts as of December 31, 2019 (in millions):

	Notional amount	Accounting treatment	Maximum term
Derivatives designated as hedging instruments
EUR-to-USD cross currency swap contracts(a)	$1,358	Cash flow hedge	March 2027

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The following table summarizes the fair values of our derivative contracts included in our accompanying consolidated balance sheets (in millions):

Fair Value of Derivative Contracts
		Derivatives Asset				Derivatives Liability
		December 31,				December 31,
		2019		2018		2019			2018
	Location	Fair value				Fair value
Derivatives designated as hedging instruments
Energy commodity derivative contracts	Fair value of derivative contracts/(Other current liabilities)	$	31	$	135	$	(43	)	$	(45	)
	Deferred charges and other assets/(Other long-term liabilities and deferred credits)	17		64		(8		)	—
Subtotal		48		199		(51		)	(45		)
Interest rate contracts	Fair value of derivative contracts/(Other current liabilities)	45		12		—			(37		)
	Deferred charges and other assets/(Other long-term liabilities and deferred credits)	313		121		(1		)	(78		)
Subtotal		358		133		(1		)	(115		)
Foreign currency contracts	Fair value of derivative contracts/(Other current liabilities)	—		91		(6		)	(6		)
	Deferred charges and other assets/(Other long-term liabilities and deferred credits)	46		106		—			—
Subtotal		46		197		(6		)	(6		)
Total		452		529		(58		)	(166		)
Derivatives not designated as  hedging instruments
Energy commodity derivative contracts	Fair value of derivative contracts/(Other current liabilities)	8		22		(7		)	(5		)
Total		8		22		(7		)	(5		)
Total derivatives		$	460	$	551	$	(65	)	$	(171	)

Schedule of Derivative Assets at Fair Value [Table Text Block]

The following two tables summarize the fair value measurements of our derivative contracts based on the three levels established by the Codification (in millions). The tables also identify the impact of derivative contracts which we have elected to present on our accompanying consolidated balance sheets on a gross basis that are eligible for netting under master netting agreements.

	Balance sheet asset fair value measurements by level
	Level 1		Level 2		Level 3		Gross amount		Contracts available for netting			Cash collateral held(b)			Net amount
As of December 31, 2019
Energy commodity derivative contracts(a)	$	19	$	37	$	—	$	56	$	(19	)	$	(21	)	$	16
Interest rate contracts	$	—	$	358	$	—	$	358	$	—		$	—		$	358
Foreign currency contracts	$	—	$	46	$	—	$	46	$	(6	)	$	—		$	40
As of December 31, 2018
Energy commodity derivative contracts(a)	$	28	$	193	$	—	$	221	$	(39	)	$	(25	)	$	157
Interest rate contracts	$	—	$	133	$	—	$	133	$	(7	)	$	—		$	126
Foreign currency contracts	$	—	$	197	$	—	$	197	$	(6	)	$	—		$	191

	Balance sheet liability fair value measurements by level
	Level 1			Level 2			Level 3		Gross amount			Contracts available for netting		Cash collateral posted(b)		Net amount
As of December 31, 2019
Energy commodity derivative contracts(a)	$	(3	)	$	(55	)	$	—	$	(58	)	$	19	$	—	$	(39	)
Interest rate contracts	$	—		$	(1	)	$	—	$	(1	)	$	—	$	—	$	(1	)
Foreign currency contracts	$	—		$	(6	)	$	—	$	(6	)	$	6	$	—	$	—
As of December 31, 2018
Energy commodity derivative contracts(a)	$	(11	)	$	(39	)	$	—	$	(50	)	$	39	$	—	$	(11	)
Interest rate contracts	$	—		$	(115	)	$	—	$	(115	)	$	7	$	—	$	(108	)
Foreign currency contracts	$	—		$	(6	)	$	—	$	(6	)	$	6	$	—	$	—

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(a) Level 1 consists primarily of NYMEX natural gas futures.  Level 2 consists primarily of OTC WTI swaps, NGL swaps and crude oil basis swaps.

(b) Any cash collateral paid or received is reflected in this table, but only to the extent that it represents variation margins. Any amount associated with derivative prepayments or initial margins that are not influenced by the derivative asset or liability amounts or those that are determined solely on their volumetric notional amounts are excluded from this table.

Schedule of Derivative Instruments, Gain (Loss) in Statement of Income

The following tables summarize the pre-tax impact of our derivative contracts in our accompanying consolidated statements of income and comprehensive income (in millions):

Derivatives in fair value hedging relationships	Location	Gain/(loss) recognized in income on derivatives and related hedged item
		Year Ended December 31,
		2019			2018			2017
Interest rate contracts	Interest, net	$	340		$	(122	)	$	(103	)
Hedged fixed rate debt(a)	Interest, net	$	(353	)	$	113		$	105

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(a) As of December 31, 2019, the cumulative amount of fair value hedging adjustments to our hedged fixed rate debt was an increase of $359 million included in “Debt fair value adjustments” on our accompanying consolidated balance sheets.

Derivatives in cash flow hedging relationships	Gain/(loss) recognized in OCI on derivative(a)								Location	Gain/(loss) reclassified from Accumulated OCI into income(b)
	Year Ended									Year Ended
	December 31,									December 31,
	2019			2018			2017			2019			2018			2017
Energy commodity derivative contracts	$	(168	)	$	201		$	37	Revenues—Commodity sales	$	16		$	(59	)	$	73
									Costs of sales	5			21			14
Interest rate contracts(c)	(1		)	3			—		Earnings from equity investments(c)	2			(4		)	(5		)
Foreign currency contracts	(60		)	(59		)	190		Other, net	(31		)	(67		)	186
Total	$	(229	)	$	145		$	227	Total	$	(8	)	$	(109	)	$	268

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(a) We expect to reclassify an approximate $22 million gain associated with cash flow hedge price risk management activities included in our accumulated other comprehensive loss balance as of December 31, 2019 into earnings during the next twelve months (when the associated forecasted transactions are also expected to impact earnings); however, actual amounts reclassified into earnings could vary materially as a result of changes in market prices.

(b) During the year ended December 31, 2019, we recognized a $12 million gain associated with a write-down of hedged inventory. During the year ended December 31, 2018, we recognized a $3 million loss as a result of our equity investment’s forecasted transactions being probable of not occurring and a $21 million gain associated with a write-down of hedged inventory. All other amounts reclassified were the result of the hedged forecasted transactions actually affecting earnings (i.e., when the forecasted sales and purchases actually occurred).

(c) Amounts represent our share of an equity investee’s accumulated other comprehensive income (loss).

Derivatives in net investment hedging relationships	Gain/(loss) recognized in OCI on derivative							Location	Gain/(loss) reclassified from Accumulated OCI into income(a)
	Year Ended								Year Ended
	December 31,								December 31,
	2019			2018		2017			2019		2018		2017
Foreign currency contracts	$	(8	)	$	91	$	—	(Gain) loss on divestitures and impairments, net	$	83	$	26	$	—
Total	$	(8	)	$	91	$	—	Total	$	83	$	26	$	—

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(a) During the year ended December 31, 2019, we recognized a $83 million gain related to the KML and U.S. Cochin Sale. During the year ended December 31, 2018, we recognized a $26 million gain related to the TMPL Sale. See Note 3.

Derivatives not designated as accounting hedges	Location	Gain/(loss) recognized in income on derivatives
		Year Ended December 31,
		2019			2018			2017
Energy commodity derivative contracts	Revenues—Commodity sales	$	33		$	(9	)	$	4
	Costs of sales	(7		)	2			—
	Earnings from equity investments(b)	3			—			—
Total(a)		$	29		$	(7	)	$	4

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(a) The years ended December 31, 2019, 2018 and 2017 include approximate losses of $8 million and $4 million, and gains of $57 million, respectively, associated with natural gas, crude and NGL derivative contract settlements.

(b) Amounts represent our share of an equity investee’s income (loss).