In the normal course of our business, we are exposed to commodity risks related to changes in the prices of crude oil and natural gas as well as changes in interest rates and foreign currency values. Financial risk management activities include transactions designed to reduce risk in the selling prices of crude oil or natural gas we produce or by reducing our exposure to foreign currency or interest rate movements. Generally, futures, swaps or option strategies may be used to fix the forward selling price of a portion of our crude oil or natural gas production. Forward contracts may also be used to purchase certain currencies in which we conduct business with the intent of reducing exposure to foreign currency fluctuations. At June 30, 2019, these forward contracts relate to the British Pound. Interest rate swaps may be used to convert interest payments on certain long-term debt from fixed to floating rates.

We present gross notional amounts of both long and short positions in the table below. These amounts include long and short positions that offset in closed positions and have not reached contractual maturity. Gross notional amounts do not quantify risk or represent assets or liabilities of the Corporation but are used in the calculation of cash settlements under the contracts.

The gross notional amounts of outstanding West Texas Intermediate (WTI) commodity contracts as of the dates shown below were as follows:

	June 30, 2019		December 31, 2018
Calendar year program	2019		2019
Contract type	Puts		Puts
Effective date	Jul. 1, 2019		Jan. 1, 2019
End date	Dec. 31, 2019		Dec. 31, 2019
Crude oil volumes (millions of barrels)		17.5		34.7
Floor price per barrel – WTI	$	60	$	60

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

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)
June 30, 2019
Derivative Contracts Designated as Hedging Instruments:
Commodity - Other current assets	$	91	$	—
Interest rate - Other assets (noncurrent)		1		—
Total derivative contracts designated as hedging instruments		92		—
Gross fair value of derivative contracts		92		—
Master netting arrangements		—		—
Net Fair Value of Derivative Contracts	$	92	$	—

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	)

Crude oil derivatives: In the three and six months ended June 30, 2019, the impact from crude oil hedging contracts on Sales and other operating revenues was a decrease of $14 million and an increase of $1 million, respectively. Crude oil price hedging contracts for the three and six months ended June 30, 2018 decreased Sales and other operating revenues by $44 million and $74 million, respectively. At June 30, 2019, pre-tax deferred gains in Accumulated other comprehensive income (loss) related to outstanding crude oil price hedging contracts were $17 million, all of which will be reclassified into earnings during the remainder of 2019 as the originally hedged crude oil sales are recognized in earnings.

Interest rate swaps designated as fair value hedges: At June 30, 2019 and December 31, 2018, we had interest rate swaps with gross notional amounts totaling $100 million, which were designated as fair value hedges where we have converted interest payments on certain long-term debt from fixed to floating rates. Changes in the fair value of interest rate swaps and the hedged fixed-rate debt are recorded in Interest expense in the Statement of Consolidated Income. For the three and six months ended June 30, 2019, the change in fair value of interest rate swaps was a decrease in the liability of $2 million and $3 million, respectively, compared with an increase in liability of $1 million and $4 million in the three and six months ended June 30, 2018, respectively, with a corresponding adjustment in the carrying value of the hedged fixed-rate debt.

Foreign exchange: Foreign exchange gains and losses which are reported in Other, net in Revenues and non-operating income in the Statement of Consolidated Income were losses of $2 million and gains of $3 million in the three and six months ended June 30, 2019, respectively, compared with losses of $5 million and less than $1 million in the three and six months ended June 30, 2018, respectively. A component of foreign exchange gains and losses are the results of foreign exchange derivative contracts that are not designated as hedges which amounted to gains of $1 million and $1 million in the three and six months ended June 30, 2019, respectively, compared with losses of $3 million and $1 million in the three and six months ended June 30, 2018, respectively.

Crude oil derivatives: In the three and six months ended June 30, 2018, noncash adjustments to de-designated crude oil price hedging contracts decreased Sales and other operating revenues by $8 million and $16 million, respectively.

We have other short-term financial instruments, primarily cash equivalents, accounts receivable and accounts payable, for which the carrying value approximated fair value at June 30, 2019. At June 30, 2019, total long-term debt, which was substantially comprised of fixed-rate debt instruments, had a carrying value of $6,525 million and a fair value of $7,264 million based on Level 2 inputs.