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Derivative and Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2019

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
	2019			2018
Assets
Prepaid expenses and other current assets	$	339		410
Other assets		38		40
Liabilities
Other accruals		330		370
Other liabilities and deferred credits		28		30

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
	2019			2018
Assets
Prepaid expenses and other current assets	$	-		7
Liabilities
Other accruals		9		6
Other liabilities and deferred credits		15		-

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
		2019			2018		2019		2018
Sales and other operating revenues		$	45		(20)		64		23
Other income			2		5		1		9
Purchased commodities			(31)		24		(51)		(3)

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
		2019			2018		2019		2018
Foreign currency transaction (gains) losses		$	23		2		21		(3)

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
	2019			2018
Commodity
Natural gas and power (billions of cubic feet equivalent)
Fixed price		(19)		(17)
Basis		(12)		(1)

We had the following net notional position of outstanding foreign currency exchange derivatives:
	In Millions
	Notional Currency
		June 30		December 31
	2019			2018
Foreign Currency Exchange Derivatives
Sell U.S. dollar, buy British pound	USD	-		805
Sell British pound, buy other currencies*	GBP	-		21
Buy British pound, sell Euro	GBP	15		-
Sell Canadian dollar, buy U.S. dollar	CAD	1,350		1,242
*Primarily euro and Norwegian krone.

Balances of financial instruments

	Millions of Dollars
	Carrying Amount
	Cash and Cash Equivalents					Short-Term Investments
	June 30			December 31		June 30		December 31
	2019			2018		2019		2018
Cash	$	764		876
Time deposits
Remaining maturities from 1 to 90 days		4,520		3,509		42		-
Commercial paper
Remaining maturities from 1 to 90 days		247		229		690		248
Government obligations
Remaining maturities from 1 to 90 days		410		1,301		-		-
	$	5,941		5,915		732		248

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