v2.4.0.6
Derivative Financial Instruments (Tables)
6 Months Ended
Jun. 30, 2012
Derivative [Line Items]  
Schedule of Derivative Financial Instruments Included In Comprehensive Statements of Earnings

 

 

 

 

 

 

Three Months

Ended June 30,

Six Months

Ended June 30,

 

2012

2011

2012

2011

 

(In millions)

Cash settlements:

 

 

 

 

Commodity derivatives.............................................................................

$      267

$         59

$      425

$      145

Interest rate derivatives.............................................................................

          (11)

             5

            (1)

           21

Foreign currency derivatives.....................................................................

           20

         

             9

         

Total cash settlements.............................................................................

         276

           64

         433

         166

Unrealized gains (losses):

 

 

 

 

Commodity derivatives.............................................................................

         398

         357

         385

         103

Interest rate derivatives.............................................................................

            (5)

          (30)

          (15)

          (29)

Foreign currency derivatives.....................................................................

            (9)

          

            (8)

          

Total unrealized gains.............................................................................

         384

         327

         362

           74

Net gain recognized on comprehensive statements of earnings...........

$      660

$      391

$      795

$      240

Schedule of Derivative Financial Instruments Included in Accompanying Balance Sheets

 

 

 

 

 

Balance Sheet Caption

June 30, 2012

December 31, 2011

 

 

(In millions)

Asset derivatives:

 

 

 

Commodity derivatives...........

Other current assets..................................

$                    759

$                    611

Commodity derivatives...........

Other long-term assets.............................

                       209

                         17

Interest rate derivatives............ .........................................................

Other current assets..................................

                         28

                         30

Interest rate derivatives............ .........................................................

Other long-term assets.............................

                         22

Total asset derivatives......................................................................................

$                 1,005

$                    680

Liability derivatives:

 

 

 

Commodity derivatives...........

Other current liabilities.............................

$                       10

$                       82

Commodity derivatives...........

Other long-term liabilities........................

                         27

                        

Foreign exchange derivatives..

Other current liabilities.............................

                           8

                        

 Total liability derivatives.................................................................................

$                       45

$                       82

Foreign Exchange Derivatives [Member]
 
Derivative [Line Items]  
Schedule Of Open Derivative Positions

 

 

 

 

 

Forward Contract

 

Currency

Contract Type

CAD

Notional

Fixed Rate

Received

 

Expiration

 

 

(In millions)

(CAD-USD)

 

Canadian Dollar

Sell

$           755

0.9708

September 2012

Interest Rate Derivatives [Member]
 
Derivative [Line Items]  
Schedule Of Open Derivative Positions

 

 

 

 

 

Notional

Fixed Rate

Received

Variable

Rate Paid

 

Expiration

(In millions)

 

 

 

$           100

1.90%

Federal funds rate

August 2012

3.88%

Federal funds rate

July 2013

3.65%

 

 

Open Oil Derivative Positions [Member]
 
Derivative [Line Items]  
Schedule Of Open Derivative Positions

 

 

 

 

 

 

 

 

 

 

Price Swaps

 

Price Collars

 

Call Options Sold

 

 

Period

 

Volume

(Bbls/d)

Weighted

Average Price

($/Bbl)

 

Volume

(Bbls/d)

Weighted

Average Floor Price

($/Bbl)

Weighted

Average Ceiling Price

($/Bbl)

 

Volume

(Bbls/d)

Weighted

Average Price

($/Bbl)

Q3-Q4 2012.

54,000

$105.90

74,000

$89.71

$123.09

19,500

$95.00

Q1-Q4 2013.

31,000

$104.13

45,000

$91.30

$116.23

6,000

$120.00

Q1-Q4 2014.

4,000

$100.49

2,000

$90.00

$111.13

6,000

$120.00

Open Natural Gas Derivative Positions [Member]
 
Derivative [Line Items]  
Schedule Of Open Derivative Positions

 

 

 

 

 

 

 

 

 

 

 

Price Swaps

 

Price Collars

 

Call Options Sold

 

 

Period

 

Volume

(MMBtu/d)

Weighted

Average Price

($/MMBtu)

 

Volume

(MMBtu/d)

Weighted

Average Floor Price

($/MMBtu)

Weighted

Average Ceiling Price

($/MMBtu)

 

Volume

(MMBtu/d)

Weighted

Average Price

($/MMBtu)

Q3-Q4 2012.

573,370

$4.04

991,685

$3.71

$4.40

487,500

$6.00

Q1-Q4 2013.

150,000

$4.50

Q1-Q4 2014.

150,000

$5.00