Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2021

Fair Value Disclosures [Abstract]

Assets and Liabilities Accounted for at Fair Value on Recurring Basis

The following tables present assets and liabilities accounted for at fair value on a recurring basis as of June 30, 2021 and December 31, 2020 by fair value hierarchy level. We have elected to offset the fair value amounts recognized for multiple derivative contracts executed with the same counterparty, including any related cash collateral as shown below; however, fair value amounts by hierarchy level are presented on a gross basis in the following tables.

	June 30, 2021
	Fair Value Hierarchy
(In millions)	Level 1		Level 2		Level 3		Netting and Collateral(a)		Net Carrying Value on Balance Sheet(b)		Collateral Pledged Not Offset
Assets:
Commodity contracts	$	340	$	1	$	—	$	(336)	$	5	$	74
Liabilities:
Commodity contracts	$	376	$	6	$	—	$	(382)	$	—	$	—
Embedded derivatives in commodity contracts	—		—		102		—		102		—

	December 31, 2020
	Fair Value Hierarchy
(In millions)	Level 1		Level 2		Level 3		Netting and Collateral(a)		Net Carrying Value on Balance Sheet(b)		Collateral Pledged Not Offset
Assets:
Commodity contracts	$	82	$	6	$	—	$	(80)	$	8	$	31
Liabilities:
Commodity contracts	$	81	$	10	$	—	$	(91)	$	—	$	—
Embedded derivatives in commodity contracts	—		—		63		—		63		—

(a)Represents the impact of netting assets, liabilities and cash collateral when a legal right of offset exists. As of June 30, 2021, cash collateral of $46 million was netted with the mark-to-market derivative liabilities. As of December 31, 2020, cash collateral of $11 million was netted with mark-to-market derivative liabilities.

(b)We have no derivative contracts that are subject to master netting arrangements reflected gross on the balance sheet.

Reconciliation of Net Beginning and Ending Balances Recorded for Net Assets and Liabilities Classified as Level 3

The following is a reconciliation of the beginning and ending balances recorded for net liabilities classified as Level 3 in the fair value hierarchy.

	Three Months Ended  June 30,				Six Months Ended  June 30,
(In millions)	2021		2020		2021		2020
Beginning balance	$	66	$	45	$	63	$	60
Unrealized and realized (gains) losses included in net income	39		7		45		(7)
Settlements of derivative instruments	(3)		(1)		(6)		(2)
Ending balance	$	102	$	51	$	102	$	51
The amount of total losses (gains) for the period included in earnings attributable to the change in unrealized losses (gains) relating to assets still held at the end of period:	$	39	$	6	$	41	$	(7)