Financial Risk Management Activities (Tables)

3 Months Ended

Mar. 31, 2020

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Notional Amounts of Outstanding Financial Risk Management Derivative Contracts

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

	March 31, 2020		December 31, 2019
	(In millions)
Commodity - crude oil (millions of barrels)		41.3		54.9
Foreign exchange	$	65	$	90
Interest rate swaps	$	100	$	100

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)
March 31, 2020
Derivative Contracts Designated as Hedging Instruments:
Crude oil derivative contracts	$	1,098	$	—
Interest rate - Other assets (noncurrent)		6		—
Total derivative contracts designated as hedging instruments		1,104		—
Derivative Contracts Not Designated as Hedging Instruments:
Foreign exchange		—		(2	)
Total derivative contracts not designated as hedging instruments		—		(2	)
Gross fair value of derivative contracts		1,104		(2	)
Master netting arrangements		—		—
Net Fair Value of Derivative Contracts	$	1,104	$	(2	)
December 31, 2019
Derivative Contracts Designated as Hedging Instruments:
Crude oil derivative contracts	$	125	$	—
Interest rate - Other assets (noncurrent)		1		—
Total derivative contracts designated as hedging instruments		126		—
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		126		(1	)
Master netting arrangements		—		—
Net Fair Value of Derivative Contracts	$	126	$	(1	)