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Fair Value Measurements (Tables) | 6 Months Ended
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Jun. 30, 2016
Fair Value Disclosures [Abstract] |
Fair Value Hierarchy for Material Financial Instruments and Derivative Assets and Liabilities, Including the Effect of Counterparty Netting | The carrying values and fair values by hierarchy of our material financial instruments and commodity forward contracts, either carried or disclosed at fair value, including any effects of netting derivative assets with liabilities and netting collateral due to right of setoff or master netting agreements, were:
| Millions of Dollars
| June 30, 2016
| Fair Value Hierarchy |  | Total Fair Value of Gross Assets & Liabilities |  | Effect of Counterparty Netting |  | Effect of Collateral Netting |  | Difference in Carrying Value and Fair Value |  | Net Carrying Value Presented on the Balance Sheet |  | Cash Collateral Received or Paid, Not Offset on Balance Sheet |
| Level 1 |  |  | Level 2 |  |  | Level 3 |
Commodity Derivative Assets |  |  |  |  |  |  |  |  |  |  |  |
Exchange-cleared instruments | $ | 258 |  |  | 316 |  |  | — |  |  | 574 |  | (568 | ) | — |  | — |  | 6 |  | — |
OTC instruments | — |  |  | 7 |  |  | — |  |  | 7 |  | (2 | ) | — |  | — |  | 5 |  | — |
Physical forward contracts* | — |  |  | 50 |  |  | 1 |  |  | 51 |  | — |  | — |  | — |  | 51 |  | — |
Rabbi trust assets | 94 |  |  | — |  |  | — |  |  | 94 |  | N/A |  | N/A |  | — |  | 94 |  | N/A |
| $ | 352 |  |  | 373 |  |  | 1 |  |  | 726 |  | (570 | ) | — |  | — |  | 156 |  |
Commodity Derivative Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Exchange-cleared instruments | $ | 277 |  |  | 359 |  |  | — |  |  | 636 |  | (568 | ) | (68 | ) | — |  | — |  | — |
OTC instruments | — |  |  | 4 |  |  | — |  |  | 4 |  | (2 | ) | — |  | — |  | 2 |  | — |
Physical forward contracts* | — |  |  | 13 |  |  | 1 |  |  | 14 |  | — |  | — |  | — |  | 14 |  | — |
Interest-rate derivatives | — |  |  | 16 |  |  | — |  |  | 16 |  | — |  | — |  | — |  | 16 |  | — |
Floating-rate debt | 90 |  |  | — |  |  | — |  |  | 90 |  | N/A |  | N/A |  | — |  | 90 |  | N/A |
Fixed-rate debt, excluding capital leases** | — |  |  | 9,493 |  |  | — |  |  | 9,493 |  | N/A |  | N/A |  | (909 | ) | 8,584 |  | N/A |
| $ | 367 |  |  | 9,885 |  |  | 1 |  |  | 10,253 |  | (570 | ) | (68 | ) | (909 | ) | 8,706 |  |
* Physical forward contracts may have a larger value on the balance sheet than disclosed in the fair value hierarchy when the remaining contract term at the reporting date is greater than 12 months and the short-term portion is an asset while the long-term portion is a liability, or vice versa. ** We carry fixed-rate debt on the balance sheet at amortized cost.
| Millions of Dollars
| December 31, 2015
| Fair Value Hierarchy |  | Total Fair Value of Gross Assets & Liabilities |  | Effect of Counterparty Netting |  | Effect of Collateral Netting |  | Difference in Carrying Value and Fair Value |  | Net Carrying Value Presented on the Balance Sheet |  | Cash Collateral Received or Paid, Not Offset on Balance Sheet |
| Level 1 |  |  | Level 2 |  |  | Level 3 |  |
Commodity Derivative Assets |  |  |  |  |  |  |  |  |  |  |  |
Exchange-cleared instruments | $ | 1,851 |  |  | 703 |  |  | — |  |  | 2,554 |  | (2,389 | ) | (100 | ) | — |  | 65 |  | — |
OTC instruments | — |  |  | 13 |  |  | — |  |  | 13 |  | (12 | ) | — |  | — |  | 1 |  | — |
Physical forward contracts* | 3 |  |  | 40 |  |  | 2 |  |  | 45 |  | — |  | — |  | — |  | 45 |  | — |
Rabbi trust assets | 83 |  |  | — |  |  | — |  |  | 83 |  | N/A |  | N/A |  | — |  | 83 |  | N/A |
| $ | 1,937 |  |  | 756 |  |  | 2 |  |  | 2,695 |  | (2,401 | ) | (100 | ) | — |  | 194 |  |  |
Commodity Derivative Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Exchange-cleared instruments | $ | 1,745 |  |  | 646 |  |  | — |  |  | 2,391 |  | (2,389 | ) | — |  | — |  | 2 |  | — |
OTC instruments | — |  |  | 17 |  |  | — |  |  | 17 |  | (12 | ) | — |  | — |  | 5 |  | — |
Physical forward contracts* | — |  |  | 22 |  |  | — |  |  | 22 |  | — |  | — |  | — |  | 22 |  | — |
Floating-rate debt | 50 |  |  | — |  |  | — |  |  | 50 |  | N/A |  | N/A |  | — |  | 50 |  | N/A |
Fixed-rate debt, excluding capital leases** | — |  |  | 8,434 |  |  | — |  |  | 8,434 |  | N/A |  | N/A |  | 195 |  | 8,629 |  | N/A |
| $ | 1,795 |  |  | 9,119 |  |  | — |  |  | 10,914 |  | (2,401 | ) | — |  | 195 |  | 8,708 |  |
* Physical forward contracts may have a larger value on the balance sheet than disclosed in the fair value hierarchy when the remaining contract term at the reporting date is greater than 12 months and the short-term portion is an asset while the long-term portion is a liability, or vice versa. ** We carry fixed-rate debt on the balance sheet at amortized cost.

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