v2.4.0.8

Derivative and Financial Instruments (Tables) | 6 Months Ended
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Jun. 30, 2013
Derivative and Financial Instruments [Abstract] |
Balance sheet location and fair value amounts of derivatives |
The following table presents the gross fair values of our commodity derivatives, excluding collateral, and the line items where they appear on our consolidated balance sheet:
| Millions of Dollars
| June 30 |  | December 31
| 2013 |  | 2012
Assets |  |  |  |
Prepaid expenses and other current assets | $ | 1,130 |  | 1,538
Other assets |  | 106 |  | 105
Liabilities |  |  |  |
Other accruals |  | 1,166 |  | 1,509
Other liabilities and deferred credits |  | 100 |  | 99
The following table presents the gross fair values of our foreign currency exchange derivatives, excluding collateral, and the line items where they appear on our consolidated balance sheet:
| Millions of Dollars
| June 30 |  | December 31
| 2013 |  | 2012
Assets |  |  |  |
Prepaid expenses and other current assets | $ | 5 |  | 32
Liabilities |  |  |  |
Other accruals |  | 22 |  | 2
Other liabilities and deferred credits |  | - |  | 1
Income statement location and gain/loss amounts of derivatives |
The gains (losses) from commodity derivatives incurred, and the line items where they appear on our consolidated income statement were: |
|  | Millions of Dollars |
|  | Three Months Ended |  | Six Months Ended |
June 30 | June 30 |
|  | 2013 |  | 2012 |  | 2013 |  | 2012 |
Sales and other operating revenues* |  | $ | 25 |  | 263 |  | (183) |  | (140) |
Other income |  |  | 1 |  | 1 |  | 3 |  | (5) |
Purchased commodities* |  |  | (14) |  | (294) |  | 171 |  | 104 |
*2012 has been restated to eliminate certain non-derivative transactions and realign certain derivative transactions between sales and |
purchases. |  |  |  |  |  |  |  |  |  |
The (gains) losses from foreign currency exchange derivatives incurred, and the line item where they appear on our consolidated income statement were:
|  | Millions of Dollars
|  | Three Months Ended |  | Six Months Ended
June 30 | June 30
|  | 2013 |  | 2012 |  | 2013 |  | 2012
Foreign currency transaction (gains) losses |  | $ | 35 |  | (75) |  | 57 |  | (90)
Net exposures from outstanding commodity derivative contracts |
The table below summarizes our material net exposures resulting from outstanding commodity derivative contracts.
| Open Position
Long/(Short)
| June 30 |  | December 31
| 2013 |  | 2012
Natural gas and power (billions of cubic feet equivalent) |  |  |  |
Fixed price |  | (31) |  | (48)
Basis |  | (29) |  | 125
We had the following net notional position of outstanding foreign currency exchange derivatives:
|  | In Millions
|  |  | Notional Currency
| June 30 |  | December 31
|  |  | 2013 |  | 2012
Sell U.S. dollar, buy other currencies* | USD | 1,833 |  | 2,573
Buy U.S. dollar, sell other currencies** | USD | 25 |  | 140
Buy British pound, sell euro | GBP | 47 |  | -
Buy euro, sell British pound | EUR | - |  | 96
*Primarily Norwegian krone and British pound. |  |  |  |
**Primarily euro, Canadian dollar and Norwegian krone.
Balances of financial instruments |
These balances consisted of the following:
| Millions of Dollars
| Carrying Amount
| Cash and Cash Equivalents |  | Short-Term Investments
| June 30 |  | December 31 |  | June 30 |  | December 31
2013 | 2012 | 2013 | 2012
Cash | $ | 757 |  | 829 |  | - |  | -
Time Deposits |  | 3,152 |  | 2,789 |  | 75 |  | -
| $ | 3,909 |  | 3,618 |  | 75 |  | -

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- Definition Tabular disclosure of the location and amount of gains and losses reported in the statement of financial performance, or when applicable, the statement of financial position. For example, (a) gains and losses recognized in the income statement on derivative instruments designated and qualifying as hedging instruments in fair value hedges and related hedged items designated and qualifying in fair value hedges and (b) gains and losses initially recognized in other comprehensive income on derivative instruments designated and qualifying as cash flow hedges. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 133 -Paragraph 205G -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 133 -Paragraph 44C -Subparagraph b -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624171-113959 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5618551-113959 + Details
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- 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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 133 -Paragraph 205G -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624163-113959 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 133 -Paragraph 44C -Subparagraph a -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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- Definition Tabular disclosure of the notional amounts of outstanding derivative positions. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5579245-113959 + Details
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