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Risk Management (Tables) | 12 Months Ended
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Dec. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Derivative Instruments | As of December 31, 2019, we had the following outstanding commodity forward contracts to hedge our forecasted energy commodity purchases and sales:
| Net open position long/(short)
Derivatives designated as hedging contracts |  |
Crude oil fixed price | (19.6 | ) | MMBbl
Crude oil basis | (7.2 | ) | MMBbl
Natural gas fixed price | (30.8 | ) | Bcf
Natural gas basis | (22.3 | ) | Bcf
NGL fixed price | (1.3 | ) | MMBbl
Derivatives not designated as hedging contracts |  |  |
Crude oil fixed price | (0.8 | ) | MMBbl
Crude oil basis | (4.1 | ) | MMBbl
Natural gas fixed price | (5.2 | ) | Bcf
Natural gas basis | (8.8 | ) | Bcf
NGL fixed price | (1.9 | ) | MMBbl
Schedule of Interest Rate Derivatives [Table Text Block] | The following table summarizes our outstanding interest rate contracts as of December 31, 2019 (in millions):
|  | Notional amount |  | Accounting treatment |  | Maximum term |
Derivatives designated as hedging instruments |  |  |  |  |  |  |  |  |  |
Fixed-to-variable interest rate contracts(a) |  | $8,725 |  | Fair value hedge |  | March 2035 |
Variable-to-fixed interest rate contracts |  | $250 |  | Cash flow hedge |  | January 2023 |
_______
(a) | The principal amount of hedged senior notes consisted of $1,100 million included in “Current portion of debt” and $7,625 million included in “Long-term debt” on our accompanying consolidated balance sheet.
Schedule of Foreign Exchange Contracts, Statement of Financial Position [Table Text Block] | The following table summarizes our outstanding foreign currency contracts as of December 31, 2019 (in millions):
|  | Notional amount |  | Accounting treatment |  | Maximum term |
Derivatives designated as hedging instruments |  |  |  |  |  |  |  |  |  |
EUR-to-USD cross currency swap contracts(a) |  | $1,358 |  | Cash flow hedge |  | March 2027 |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The following table summarizes the fair values of our derivative contracts included in our accompanying consolidated balance sheets (in millions):
Fair Value of Derivative Contracts
|  |  | Derivatives Asset |  | Derivatives Liability
|  |  | December 31, |  | December 31,
|  |  | 2019 |  | 2018 |  | 2019 |  | 2018
| Location |  | Fair value |  | Fair value
Derivatives designated as hedging instruments |  |  |  |  |  |  |  |  |
Energy commodity derivative contracts | Fair value of derivative contracts/(Other current liabilities) |  | $ | 31 |  |  | $ | 135 |  |  | $ | (43 | ) |  | $ | (45 | )
| Deferred charges and other assets/(Other long-term liabilities and deferred credits) |  | 17 |  |  | 64 |  |  | (8 | ) |  | — |
Subtotal |  |  | 48 |  |  | 199 |  |  | (51 | ) |  | (45 | )
Interest rate contracts | Fair value of derivative contracts/(Other current liabilities) |  | 45 |  |  | 12 |  |  | — |  |  | (37 | )
| Deferred charges and other assets/(Other long-term liabilities and deferred credits) |  | 313 |  |  | 121 |  |  | (1 | ) |  | (78 | )
Subtotal |  |  | 358 |  |  | 133 |  |  | (1 | ) |  | (115 | )
Foreign currency contracts | Fair value of derivative contracts/(Other current liabilities) |  | — |  |  | 91 |  |  | (6 | ) |  | (6 | )
| Deferred charges and other assets/(Other long-term liabilities and deferred credits) |  | 46 |  |  | 106 |  |  | — |  |  | — |
Subtotal |  |  | 46 |  |  | 197 |  |  | (6 | ) |  | (6 | )
Total |  |  | 452 |  |  | 529 |  |  | (58 | ) |  | (166 | )
Derivatives not designated as hedging instruments |  |  |  |  |  |  |  |  |  |  |  |  |
Energy commodity derivative contracts | Fair value of derivative contracts/(Other current liabilities) |  | 8 |  |  | 22 |  |  | (7 | ) |  | (5 | )
Total |  |  | 8 |  |  | 22 |  |  | (7 | ) |  | (5 | )
Total derivatives |  |  | $ | 460 |  |  | $ | 551 |  |  | $ | (65 | ) |  | $ | (171 | )
Schedule of Derivative Assets at Fair Value [Table Text Block] | The following two tables summarize the fair value measurements of our derivative contracts based on the three levels established by the Codification (in millions). The tables also identify the impact of derivative contracts which we have elected to present on our accompanying consolidated balance sheets on a gross basis that are eligible for netting under master netting agreements.
| Balance sheet asset fair value measurements by level |  |  |  |
| Level 1 |  | Level 2 |  | Level 3 |  | Gross amount |  | Contracts available for netting |  | Cash collateral held(b) |  | Net amount
As of December 31, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |
Energy commodity derivative contracts(a) | $ | 19 |  |  | $ | 37 |  |  | $ | — |  |  | $ | 56 |  |  | $ | (19 | ) |  | $ | (21 | ) |  | $ | 16 |
Interest rate contracts | $ | — |  |  | $ | 358 |  |  | $ | — |  |  | $ | 358 |  |  | $ | — |  |  | $ | — |  |  | $ | 358 |
Foreign currency contracts | $ | — |  |  | $ | 46 |  |  | $ | — |  |  | $ | 46 |  |  | $ | (6 | ) |  | $ | — |  |  | $ | 40 |
As of December 31, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Energy commodity derivative contracts(a) | $ | 28 |  |  | $ | 193 |  |  | $ | — |  |  | $ | 221 |  |  | $ | (39 | ) |  | $ | (25 | ) |  | $ | 157 |
Interest rate contracts | $ | — |  |  | $ | 133 |  |  | $ | — |  |  | $ | 133 |  |  | $ | (7 | ) |  | $ | — |  |  | $ | 126 |
Foreign currency contracts | $ | — |  |  | $ | 197 |  |  | $ | — |  |  | $ | 197 |  |  | $ | (6 | ) |  | $ | — |  |  | $ | 191 |
| Balance sheet liability fair value measurements by level |  |  |  |
| Level 1 |  | Level 2 |  | Level 3 |  | Gross amount |  | Contracts available for netting |  | Cash collateral posted(b) |  | Net amount
As of December 31, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |
Energy commodity derivative contracts(a) | $ | (3 | ) |  | $ | (55 | ) |  | $ | — |  |  | $ | (58 | ) |  | $ | 19 |  |  | $ | — |  |  | $ | (39 | )
Interest rate contracts | $ | — |  |  | $ | (1 | ) |  | $ | — |  |  | $ | (1 | ) |  | $ | — |  |  | $ | — |  |  | $ | (1 | )
Foreign currency contracts | $ | — |  |  | $ | (6 | ) |  | $ | — |  |  | $ | (6 | ) |  | $ | 6 |  |  | $ | — |  |  | $ | — |
As of December 31, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |
Energy commodity derivative contracts(a) | $ | (11 | ) |  | $ | (39 | ) |  | $ | — |  |  | $ | (50 | ) |  | $ | 39 |  |  | $ | — |  |  | $ | (11 | )
Interest rate contracts | $ | — |  |  | $ | (115 | ) |  | $ | — |  |  | $ | (115 | ) |  | $ | 7 |  |  | $ | — |  |  | $ | (108 | )
Foreign currency contracts | $ | — |  |  | $ | (6 | ) |  | $ | — |  |  | $ | (6 | ) |  | $ | 6 |  |  | $ | — |  |  | $ | — |
_______
(a) | Level 1 consists primarily of NYMEX natural gas futures. Level 2 consists primarily of OTC WTI swaps, NGL swaps and crude oil basis swaps.
(b) | Any cash collateral paid or received is reflected in this table, but only to the extent that it represents variation margins. Any amount associated with derivative prepayments or initial margins that are not influenced by the derivative asset or liability amounts or those that are determined solely on their volumetric notional amounts are excluded from this table.
Schedule of Derivative Instruments, Gain (Loss) in Statement of Income | The following tables summarize the pre-tax impact of our derivative contracts in our accompanying consolidated statements of income and comprehensive income (in millions):
Derivatives in fair value hedging relationships |  | Location |  | Gain/(loss) recognized in income on derivatives and related hedged item
|  |  |  | Year Ended December 31,
|  |  |  | 2019 |  | 2018 |  | 2017
Interest rate contracts |  | Interest, net |  | $ | 340 |  |  | $ | (122 | ) |  | $ | (103 | )
Hedged fixed rate debt(a) |  | Interest, net |  | $ | (353 | ) |  | $ | 113 |  |  | $ | 105 |
_______
(a) | As of December 31, 2019, the cumulative amount of fair value hedging adjustments to our hedged fixed rate debt was an increase of $359 million included in “Debt fair value adjustments” on our accompanying consolidated balance sheets.
Derivatives in cash flow hedging relationships |  | Gain/(loss) recognized in OCI on derivative(a) |  | Location |  | Gain/(loss) reclassified from Accumulated OCI into income(b)
|  | Year Ended |  |  |  | Year Ended
|  | December 31, |  |  |  | December 31,
|  | 2019 |  | 2018 |  | 2017 |  |  |  | 2019 |  | 2018 |  | 2017
Energy commodity derivative contracts |  | $ | (168 | ) |  | $ | 201 |  |  | $ | 37 |  |  | Revenues—Commodity sales |  | $ | 16 |  |  | $ | (59 | ) |  | $ | 73 |
|  |  |  |  |  |  |  |  |  | Costs of sales |  | 5 |  |  | 21 |  |  | 14 |
Interest rate contracts(c) |  | (1 | ) |  | 3 |  |  | — |  |  | Earnings from equity investments(c) |  | 2 |  |  | (4 | ) |  | (5 | )
Foreign currency contracts |  | (60 | ) |  | (59 | ) |  | 190 |  |  | Other, net |  | (31 | ) |  | (67 | ) |  | 186 |
Total |  | $ | (229 | ) |  | $ | 145 |  |  | $ | 227 |  |  | Total |  | $ | (8 | ) |  | $ | (109 | ) |  | $ | 268 |
_______
(a) | We expect to reclassify an approximate $22 million gain associated with cash flow hedge price risk management activities included in our accumulated other comprehensive loss balance as of December 31, 2019 into earnings during the next twelve months (when the associated forecasted transactions are also expected to impact earnings); however, actual amounts reclassified into earnings could vary materially as a result of changes in market prices.
(b) | During the year ended December 31, 2019, we recognized a $12 million gain associated with a write-down of hedged inventory. During the year ended December 31, 2018, we recognized a $3 million loss as a result of our equity investment’s forecasted transactions being probable of not occurring and a $21 million gain associated with a write-down of hedged inventory. All other amounts reclassified were the result of the hedged forecasted transactions actually affecting earnings (i.e., when the forecasted sales and purchases actually occurred).
(c) | Amounts represent our share of an equity investee’s accumulated other comprehensive income (loss).
Derivatives in net investment hedging relationships |  | Gain/(loss) recognized in OCI on derivative |  | Location |  | Gain/(loss) reclassified from Accumulated OCI into income(a)
|  | Year Ended |  |  |  | Year Ended
|  | December 31, |  |  |  | December 31,
|  | 2019 |  | 2018 |  | 2017 |  |  |  | 2019 |  | 2018 |  | 2017
Foreign currency contracts |  | $ | (8 | ) |  | $ | 91 |  |  | $ | — |  |  | (Gain) loss on divestitures and impairments, net |  | $ | 83 |  |  | $ | 26 |  |  | $ | — |
Total |  | $ | (8 | ) |  | $ | 91 |  |  | $ | — |  |  | Total |  | $ | 83 |  |  | $ | 26 |  |  | $ | — |
_______
(a) | During the year ended December 31, 2019, we recognized a $83 million gain related to the KML and U.S. Cochin Sale. During the year ended December 31, 2018, we recognized a $26 million gain related to the TMPL Sale. See Note 3.
Derivatives not designated as accounting hedges |  | Location |  | Gain/(loss) recognized in income on derivatives
|  |  |  | Year Ended December 31,
|  |  |  | 2019 |  | 2018 |  | 2017
Energy commodity derivative contracts |  | Revenues—Commodity sales |  | $ | 33 |  |  | $ | (9 | ) |  | $ | 4 |
|  | Costs of sales |  | (7 | ) |  | 2 |  |  | — |
|  | Earnings from equity investments(b) |  | 3 |  |  | — |  |  | — |
Total(a) |  |  |  | $ | 29 |  |  | $ | (7 | ) |  | $ | 4 |
________ (a) The years ended December 31, 2019, 2018 and 2017 include approximate losses of $8 million and $4 million, and gains of $57 million, respectively, associated with natural gas, crude and NGL derivative contract settlements. (b) Amounts represent our share of an equity investee’s income (loss).

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