Financial Risk Management Activities (Tables)

9 Months Ended

Sep. 30, 2019

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)
September 30, 2019
Derivative Contracts Designated as Hedging Instruments:
Commodity - Other current assets	$	68	$	—
Interest rate - Other assets (noncurrent)		2		—
Total derivative contracts designated as hedging instruments		70		—
Derivative Contracts Not Designated as Hedging Instruments:
Foreign exchange		1		—
Total derivative contracts not designated as hedging instruments		1		—
Gross fair value of derivative contracts		71		—
Master netting arrangements		—		—
Net Fair Value of Derivative Contracts	$	71	$	—
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	)

Related to West Texas Intermediate (WTI) Instruments

Derivative Instruments Gain Loss [Line Items]

Summary of Gross Notional Amounts of Outstanding West Texas Intermediate (WTI) Commodity Contracts

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

	September 30, 2019		December 31, 2018
Calendar year program	2019		2019
Contract type	Puts		Puts
Effective date	Oct. 1, 2019		Jan. 1, 2019
End date	Dec. 31, 2019		Dec. 31, 2019
Crude oil volumes (millions of barrels)		8.7		34.7
Floor price per barrel – WTI	$	60	$	60

Excluding West Texas Intermediate (WTI)

Derivative Instruments Gain Loss [Line Items]

Gross Notional Amounts of Outstanding Financial Risk Management Derivative Contracts

In November 2019, the Corporation entered into WTI commodity contracts for 2020.  See Note 15, Subsequent Events.

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

	September 30, 2019		December 31, 2018
	(In millions)
Foreign exchange	$	85	$	16
Interest rate swaps	$	100	$	100