Financial Risk Management Activities (Tables)

9 Months Ended

Sep. 30, 2017

Gross Notional Amounts of Financial Risk Management Derivative Contracts Outstanding

The gross notional amounts of financial risk management derivative contracts outstanding were as follows:  

	September 30, 2017		December 31, 2016
	(In millions)
Commodity - crude oil (millions of barrels)		54		—
Foreign exchange	$	35	$	785
Interest rate swaps	$	909	$	350

Gross and Net Fair Values of Financial Risk Management Derivative Instruments

The table below reflects the gross and net fair values of the risk management derivative instruments, all of which are based on Level 2 inputs:

	Assets			Liabilities
	(In millions)
September 30, 2017
Derivative Contracts Designated as Hedging Instruments
Commodity - Accounts receivable	$	105		$	—
Commodity - Other assets (noncurrent)		41			—
Interest rate -  Other assets (noncurrent) and Accounts payable		2			(3	)
Total derivative contracts designated as hedging instruments		148			(3	)
Derivative Contracts Not Designated as Hedging Instruments
Foreign exchange		—			—
Total derivative contracts not designated as hedging instruments		—			—
Gross fair value of derivative contracts		148			(3	)
Net Fair Value of Derivative Contracts	$	148		$	(3	)
December 31, 2016
Derivative Contracts Designated as Hedging Instruments
Interest rate	$	—		$	—
Total derivative contracts designated as hedging instruments		—			—
Derivative Contracts Not Designated as Hedging Instruments
Foreign exchange - Accounts receivable and Accrued liabilities		9			(1	)
Total derivative contracts not designated as hedging instruments		9			(1	)
Gross fair value of derivative contracts		9			(1	)
Master netting arrangements		(1	)		1
Net Fair Value of Derivative Contracts	$	8		$	—

Crude Oil Collars

Crude Oil Collar Positions by Year of Settlement

At September 30, 2017, we have outstanding Brent and West Texas Intermediate (WTI) crude oil collar positions by year of settlement as follows:

	2017				2018
	Brent		WTI		Brent		WTI
Outstanding average barrels of oil per day		20,000		110,000		—		115,000
Average ceiling price	$	75	$	68		—	$	65
Average floor price	$	55	$	50		—	$	50