Financial Risk Management Activities (Tables)

3 Months Ended

Mar. 31, 2018

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Gross Notional Amounts of Outstanding Financial Risk Management Derivative Contracts

The gross notional amounts of outstanding financial risk management derivative contracts related to West Texas Intermediate (WTI) instruments were as follows:  

	March 31, 2018		December 31, 2017
Instrument type	Puts		Collars
Effective date	Apr. 1, 2018		Jan. 1, 2018
End date	Dec. 31, 2018		Dec. 31, 2018
Crude oil volumes (millions of barrels)		31.6		42.0
Ceiling price	N/A		$	65
Floor price	$	50	$	50

Gross Notional Amounts of Financial Risk Management Derivative Contracts Outstanding Excluding Commodity Contracts

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

	March 31, 2018		December 31, 2017
	(In millions)
Foreign exchange	$	31	$	52
Interest rate swaps	$	100	$	450

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)
March 31, 2018
Derivative Contracts Designated as Hedging Instruments
Commodity - Accounts receivable	$	10	$	—
Interest rate - Other liabilities and deferred credits (noncurrent)		—		(4	)
Total derivative contracts designated as hedging instruments		10		(4	)
Derivative Contracts Not Designated as Hedging Instruments
Commodity - Accounts receivable		3		—
Total derivative contracts not designated as hedging instruments		3		—
Gross fair value of derivative contracts		13		(4	)
Net Fair Value of Derivative Contracts	$	13	$	(4	)
December 31, 2017
Derivative Contracts Designated as Hedging Instruments
Commodity - Accounts payable	$	—	$	(7	)
Interest rate - Other assets (noncurrent) and Accounts payable		—		(4	)
Total derivative contracts designated as hedging instruments		—		(11	)
Derivative Contracts Not Designated as Hedging Instruments
Commodity - Accounts payable		—		(2	)
Foreign exchange		1		—
Total derivative contracts not designated as hedging instruments		1		(2	)
Gross fair value of derivative contracts		1		(13	)
Net Fair Value of Derivative Contracts	$	1	$	(13	)