Financial Risk Management Activities (Tables)

3 Months Ended

Mar. 31, 2023

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, 2023		December 31, 2022
	(In millions)
Commodity - crude oil hedge contracts (millions of barrels)	35.8		—
Foreign exchange forwards / swaps	$	184	$	177
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)
March 31, 2023
Derivative Contracts Designated as Hedging Instruments:
Crude oil put options	$	173	$	—
Interest rate swaps	—		(3)
Total derivative contracts designated as hedging instruments	173		(3)
Derivative Contracts Not Designated as Hedging Instruments:
Foreign exchange forwards and swaps	—		(2)
Total derivative contracts not designated as hedging instruments	—		(2)
Gross fair value of derivative contracts	173		(5)
Gross amounts offset in the Consolidated Balance Sheet	—		—
Net Amounts Presented in the Consolidated Balance Sheet	$	173	$	(5)
December 31, 2022
Derivative Contracts Designated as Hedging Instruments:
Interest rate swaps	$	—	$	(4)
Total derivative contracts designated as hedging instruments	—		(4)
Derivative Contracts Not Designated as Hedging Instruments:
Foreign exchange forwards and swaps	—		(2)
Total derivative contracts not designated as hedging instruments	—		(2)
Gross fair value of derivative contracts	—		(6)
Gross amounts offset in the Consolidated Balance Sheet	—		—
Net Amounts Presented in the Consolidated Balance Sheet	$	—	$	(6)