XML 49 R36.htm IDEA: XBRL DOCUMENT v3.21.1

Financial and Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2021

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, 2021, and December 31, 2020, and their classification on the Consolidated Balance Sheet and Consolidated Statement of Income are as follows:

Consolidated Balance Sheet: Fair Value of Derivatives (Millions of dollars)
Type of Contract						Balance Sheet Classification						At March 31, 2021						At December 31, 2020
Commodity						Accounts and notes receivable, net						$	47					$	73
Commodity						Long-term receivables, net						4						1
Total Assets at Fair Value												$	51					$	74
Commodity						Accounts payable						$	131					$	172
Commodity						Deferred credits and other noncurrent obligations						2						1
Total Liabilities at Fair Value												$	133					$	173

Consolidated Statement of Income: The Effect of Derivatives Not Designated as Hedging Instruments

Consolidated Statement of Income: The Effect of Derivatives (Millions of dollars)
Type of																		Gain / (Loss) Three Months Ended March 31
Contract						Statement of Income Classification																		2021						2020
Commodity						Sales and other operating revenues																		$	(274)					$	461
Commodity						Purchased crude oil and products																		(3)						(4)
Commodity						Other income																		(39)						—
																								$	(316)					$	457

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, 2021, and December 31, 2020.

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, 2021
Derivative Assets - not designated						$	1,186					$	1,135					$	51					$	—					$	51
Derivative Liabilities - not designated						$	1,268					$	1,135					$	133					$	—					$	133
At December 31, 2020
Derivative Assets - not designated						$	818					$	744					$	74					$	—					$	74
Derivative Liabilities - not designated						$	917					$	744					$	173					$	—					$	173

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, 2021, and December 31, 2020.

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, 2021
Derivative Assets - not designated						$	1,186					$	1,135					$	51					$	—					$	51
Derivative Liabilities - not designated						$	1,268					$	1,135					$	133					$	—					$	133
At December 31, 2020
Derivative Assets - not designated						$	818					$	744					$	74					$	—					$	74
Derivative Liabilities - not designated						$	917					$	744					$	173					$	—					$	173

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=121590274&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=121590274&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=121590274&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=121590274&loc=SL5624163-113959

+ Details

Name:	us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration