Financial Risk Management Activities (Tables)

12 Months Ended

Dec. 31, 2018

Derivative Instruments Gain Loss [Line Items]

Gross and Net Fair Values of Financial Risk Management Derivative Instruments

The table below reflects the gross and net fair values of risk management derivative instruments and their respective financial statement caption in the Consolidated Balance Sheet:

	Assets		Liabilities
	(In millions)
December 31, 2018
Derivative Contracts Designated as Hedging Instruments
Commodity - Other current assets	$	484	$	—
Interest rate - Other liabilities and deferred credits (noncurrent)		—		(2	)
Total derivative contracts designated as hedging instruments		484		(2	)
Gross fair value of derivative contracts		484		(2	)
Master netting arrangements		—		—
Net Fair Value of Derivative Contracts	$	484	$	(2	)

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 - Accounts receivable: Joint venture and other		1		—
Total derivative contracts not designated as hedging instruments		1		(2	)
Gross fair value of derivative contracts		1		(13	)
Master netting arrangements		—		—
Net Fair Value of Derivative Contracts	$	1	$	(13	)

Derivative Instruments Gain Loss [Line Items]

Gross Notional Amounts of Outstanding Financial Risk Management Derivative Contracts

The gross notional amounts of outstanding financial risk management derivative contracts related to WTI instruments as of the dates shown below were as follows:

	December 31, 2018		December 31, 2017
Calendar year program	2019		2018
Instrument type	Puts		Collars
Crude oil volumes (millions of barrels)		34.7		42.0
Ceiling price	N/A		$	65
Floor price	$	60	$	50

Excluding West Texas Intermediate (WTI)

Derivative Instruments Gain Loss [Line Items]

Gross Notional Amounts of Outstanding Financial Risk Management Derivative Contracts

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

	December 31, 2018		December 31, 2017
	(In millions)
Foreign exchange	$	16	$	52
Interest rate swaps	$	100	$	450

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References

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+ Details