XML 63 R35.htm IDEA: XBRL DOCUMENT
v3.20.1

Financial and Derivative Instruments (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Consolidated Balance Sheet: Fair Value of Derivatives Not Designated as Hedging Instruments | Derivative instruments measured at fair value at March 31, 2020, and December 31, 2019, and their classification on the Consolidated Balance Sheet and Consolidated Statement of Income are as follows:
Consolidated Balance Sheet: Fair Value of Derivatives Not Designated as Hedging Instruments (Millions of dollars)
Type of Contract |  | Balance Sheet Classification |  | At March 31, 2020 |  | At December 31, 2019
Commodity |  | Accounts and notes receivable, net |  | $ | 491 |  |  | $ | 11 |
Commodity |  | Long-term receivables, net |  | 11 |  |  | — |
Total Assets at Fair Value |  | $ | 502 |  |  | $ | 11 |
Commodity |  | Accounts payable |  | $ | 31 |  |  | $ | 74 |
Commodity |  | Deferred credits and other noncurrent obligations |  | 1 |  |  | — |
Total Liabilities at Fair Value |  | $ | 32 |  |  | $ | 74 |
Consolidated Statement of Income: The Effect of Derivatives Not Designated as Hedging Instruments |
Consolidated Statement of Income: The Effect of Derivatives Not Designated as Hedging Instruments (Millions of dollars)
Type of |  |  |  | Gain / (Loss) Three Months Ended March 31
Contract |  | Statement of Income Classification |  | 2020 |  | 2019
Commodity |  | Sales and other operating revenues |  | $ | 461 |  |  | $ | (238 | )
Commodity |  | Purchased crude oil and products |  | (4 | ) |  | (7 | )
Commodity |  | Other income |  | — |  |  | — |
|  |  |  | $ | 457 |  |  | $ | (245 | )
Schedule of Offsetting Assets | The table below represents gross and net derivative assets and liabilities subject to netting agreements on the Consolidated Balance Sheet at March 31, 2020, and December 31, 2019.
Consolidated Balance Sheet: The Effect of Netting Derivative Assets and Liabilities (Millions of dollars)
|  | Gross Amount Recognized |  | Gross Amounts Offset |  | Net Amounts Presented |  | Gross Amounts Not Offset |  | Net Amount
At March 31, 2020 |  |  |  |  |
Derivative Assets |  | $ | 6,259 |  |  | $ | 5,757 |  |  | $ | 502 |  |  | $ | — |  |  | $ | 502 |
Derivative Liabilities |  | $ | 5,789 |  |  | $ | 5,757 |  |  | $ | 32 |  |  | $ | — |  |  | $ | 32 |
At December 31, 2019 |  |  |  |  |  |  |  |  |  |
Derivative Assets |  | $ | 656 |  |  | $ | 645 |  |  | $ | 11 |  |  | $ | — |  |  | $ | 11 |
Derivative Liabilities |  | $ | 719 |  |  | $ | 645 |  |  | $ | 74 |  |  | $ | — |  |  | $ | 74 |
Schedule of Offsetting Liabilities | The table below represents gross and net derivative assets and liabilities subject to netting agreements on the Consolidated Balance Sheet at March 31, 2020, and December 31, 2019.
Consolidated Balance Sheet: The Effect of Netting Derivative Assets and Liabilities (Millions of dollars)
|  | Gross Amount Recognized |  | Gross Amounts Offset |  | Net Amounts Presented |  | Gross Amounts Not Offset |  | Net Amount
At March 31, 2020 |  |  |  |  |
Derivative Assets |  | $ | 6,259 |  |  | $ | 5,757 |  |  | $ | 502 |  |  | $ | — |  |  | $ | 502 |
Derivative Liabilities |  | $ | 5,789 |  |  | $ | 5,757 |  |  | $ | 32 |  |  | $ | — |  |  | $ | 32 |
At December 31, 2019 |  |  |  |  |  |  |  |  |  |
Derivative Assets |  | $ | 656 |  |  | $ | 645 |  |  | $ | 11 |  |  | $ | — |  |  | $ | 11 |
Derivative Liabilities |  | $ | 719 |  |  | $ | 645 |  |  | $ | 74 |  |  | $ | — |  |  | $ | 74 |

X
- References No definition available. + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of derivative and other financial assets that are subject to offsetting, including master netting arrangements. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=51824906&loc=SL20225862-175312 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=51824906&loc=SL20225877-175312 + Details
Name: | us-gaap_OffsettingAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of derivative and other financial liabilities that are subject to offsetting, including master netting arrangements. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=51824906&loc=SL20225862-175312 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=51824906&loc=SL20225877-175312 + Details
Name: | us-gaap_OffsettingLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4E -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624181-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5618551-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624171-113959 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624163-113959 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration