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Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 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
 
December 31, 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

 
Level 1

 
Level 2

 
Level 3

Commodity Derivative Assets
 
 
 
 
 
 
 
 
 
 
 
Exchange-cleared instruments
$
273

 
371

 
—

 
644

(628
)
—

—

16

OTC instruments
—

 
6

 
—

 
6

(1
)
—

—

5

Physical forward contracts*
—

 
94

 
2

 
96

—

—

—

96

Interest-rate derivatives
—


8


—


8

—

—

—

8

Rabbi trust assets
97

 
—

 
—

 
97

N/A

N/A

—

97

 
$
370

 
479

 
2

 
851

(629
)
—

—

222

 
 
 
 
 
 
 
 
 
 
 
 
Commodity Derivative Liabilities
 
 
 
 
 
 
 
 
 
 
 
Exchange-cleared instruments
$
249

 
452

 
—

 
701

(628
)
(73
)
—

—

OTC instruments
—

 
1

 
—

 
1

(1
)
—

—

—

Physical forward contracts*
—

 
61

 
5

 
66

—

—

—

66

Floating-rate debt
50

 
210

 
—

 
260

N/A

N/A

—

260

Fixed-rate debt, excluding capital leases**
—

 
10,260

 
—

 
10,260

N/A

N/A

(570
)
9,690

 
$
299

 
10,984

 
5

 
11,288

(629
)
(73
)
(570
)
10,016

*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

 
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

 
$
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

Fixed-rate debt, excluding capital leases**
—

 
8,434

 
—

 
8,434

N/A

N/A

195

8,629

 
$
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.