Financial Risk Management Activities (Tables)

9 Months Ended

Sep. 30, 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:


	September 30, 2020		December 31, 2019

	(In millions)
Commodity - crude oil put options (millions of barrels)	13.8		54.9

Foreign exchange forwards	$	130	$	90
Interest rate swaps	$	100	$	100

Fair Values of Financial Risk Management Derivative Instruments

The table below reflects the fair values of risk management derivative instruments.


	Assets		Liabilities

	(In millions)
September 30, 2020
Derivative Contracts Designated as Hedging Instruments:
Crude oil put options	$	205	$	—
Crude oil swaps	—		(29)
Interest rate swaps	6		—
Total derivative contracts designated as hedging instruments	211		(29)
Derivative Contracts Not Designated as Hedging Instruments:
Foreign exchange forwards	—		—
Total derivative contracts not designated as hedging instruments	—		—
Fair Value of Derivative Contracts	$	211	$	(29)
December 31, 2019
Derivative Contracts Designated as Hedging Instruments:
Crude oil put options	$	125	$	—
Interest rate swaps	1		—
Total derivative contracts designated as hedging instruments	126		—
Derivative Contracts Not Designated as Hedging Instruments:
Foreign exchange forwards	—		(1)
Total derivative contracts not designated as hedging instruments	—		(1)
Fair Value of Derivative Contracts	$	126	$	(1)

- 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