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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2020

Fair Value Disclosures [Abstract]

Schedule of 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 financial assets and liabilities, either carried or disclosed at fair value, including any effects of counterparty and collateral netting, were:

			Millions of Dollars
			June 30, 2020
			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			$	850					392						—						1,242			(1,241)			—			—			1
Physical forward contracts			—						30						—						30			—			—			—			30
Rabbi trust assets			129						—						—						129			N/A			N/A			—			129
			$	979					422						—						1,401			(1,241)			—			—			160
Commodity Derivative Liabilities
Exchange-cleared instruments			$	986					424						—						1,410			(1,241)			(168)			—			1
Physical forward contracts			—						14						1						15			—			—			—			15
Interest rate derivatives			—						7						—						7			—			—			—			7
Floating-rate debt			—						1,787						—						1,787			N/A			N/A			—			1,787
Fixed-rate debt, excluding finance leases			—						14,023						—						14,023			N/A			N/A			(1,643)			12,380
			$	986					16,255						1						17,242			(1,241)			(168)			(1,643)			14,190

			Millions of Dollars
			December 31, 2019
			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			$	820					368						—						1,188			(1,188)			—			—			—
Physical forward contracts			—						26						—						26			—			—			—			26
Interest rate derivatives			—						1						—						1			—			—			—			1
Rabbi trust assets			127						—						—						127			N/A			N/A			—			127
			$	947					395						—						1,342			(1,188)			—			—			154
Commodity Derivative Liabilities
Exchange-cleared instruments			$	884					385						—						1,269			(1,188)			(80)			—			1
OTC instruments			—						1						—						1			—			—			—			1
Physical forward contracts			—						12						—						12			—			—			—			12
Floating-rate debt			—						1,100						—						1,100			N/A			N/A			—			1,100
Fixed-rate debt, excluding finance leases			—						11,813						—						11,813			N/A			N/A			(1,438)			10,375
			$	884					13,311						—						14,195			(1,188)			(80)			(1,438)			11,489

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- Definition

Tabular disclosure of assets and liabilities, including financial instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Also disclosure of information about derivative and financial liabilities that are subject to offsetting, including enforceable master netting arrangements.

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