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Derivative and Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2018

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
	September 30			December 31
	2018			2017
Assets
Prepaid expenses and other current assets	$	259		275
Other assets		42		36
Liabilities
Other accruals		278		282
Other liabilities and deferred credits		37		28

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
	September 30			December 31
	2018			2017
Assets
Prepaid expenses and other current assets	$	18		1
Other assets		-		6
Liabilities
Other accruals		7		-
Other liabilities and deferred credits		-		15
In December 2017, we entered into foreign exchange zero cost collars buying the right to sell $1.25 billion CAD at $0.707 CAD and selling the right to buy $1.25 billion CAD at $0.842 CAD against the U.S. dollar.

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					Nine Months Ended
		September 30					September 30
		2018			2017		2018		2017
Sales and other operating revenues		$	(29)		17		(6)		120
Other income			3		(1)		12		(1)
Purchased commodities			18		(19)		15		(88)

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					Nine Months Ended
		September 30					September 30
		2018			2017		2018		2017
Foreign currency transaction (gains) losses		$	(2)		(1)		(5)		2

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)
	September 30			December 31
	2018			2017
Commodity
Natural gas and power (billions of cubic feet equivalent)
Fixed price		(19)		(29)
Basis		5		12

We had the following net notional position of outstanding foreign currency exchange derivatives:
	In Millions
	Notional Currency
		September 30		December 31
	2018			2017
Foreign Currency Exchange Derivatives
Sell U.S. dollar, buy other currencies*	USD	1,258		-
Sell British pound, buy euro	GBP	23		1
Sell Canadian dollar, buy U.S. dollar	CAD	1,230		1,225
*Primarily British pound.

Balances of financial instruments

	Millions of Dollars
	Carrying Amount
	Cash and Cash Equivalents					Short-Term Investments
	September 30			December 31		September 30		December 31
	2018			2017		2018		2017
Cash	$	511		948
Time deposits
Remaining maturities from 1 to 90 days		2,966		5,004		104		821
Commercial paper
Remaining maturities from 1 to 90 days		239		373		771		978
Remaining maturities from 91 to 180 days		-		-		-		74
	$	3,716		6,325		875		1,873

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