Financial Risk Management Activities (Tables)

12 Months Ended

Dec. 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:

	December 31, 2020		December 31, 2019
	(In millions)
Commodity - crude oil put options (millions of barrels)	27.4		54.9
Foreign exchange forwards	$	163	$	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:

	Assets		Liabilities
	(In millions)
December 31, 2020
Derivative Contracts Designated as Hedging Instruments:
Crude oil put options	$	64	$	—
Crude oil swaps	—		(54)
Interest rate swaps	5		—
Total derivative contracts designated as hedging instruments	69		(54)
Derivative Contracts Not Designated as Hedging Instruments:
Foreign exchange forwards	—		(1)
Total derivative contracts not designated as hedging instruments	—		(1)
Gross fair value of derivative contracts	69		(55)
Gross amount offset in the Consolidated Balance Sheet	(13)		13
Net Amounts Presented in the Consolidated Balance Sheet	$	56	$	(42)
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)
Gross fair value of derivative contracts	126		(1)
Gross amount offset in the Consolidated Balance Sheet	—		—
Net Amounts Presented in the Consolidated Balance Sheet	$	126	$	(1)