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Fair Value Measurements (Tables)
 6 Months Ended
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.