Derivative and Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2017

Derivative and Financial Instruments [Abstract]

Balance sheet location and fair value amounts of derivatives

The following table presents the gross fair values of our commodity derivatives, excluding collateral, and the line items where they appear on our consolidated balance sheet:
	Millions of Dollars
	March 31		December 31
	2017		2016
Assets
Prepaid expenses and other current assets	$	199	268
Other assets		52	44
Liabilities
Other accruals		196	300
Other liabilities and deferred credits		41	34

The following table presents the gross fair values of our foreign currency exchange derivatives, excluding collateral, and the line items where they appear on our consolidated balance sheet:
	Millions of Dollars
	March 31		December 31
	2017		2016
Assets
Prepaid expenses and other current assets	$	-	1
Liabilities
Other accruals		2	168

Income statement location and gain/loss amounts of derivatives

The gains (losses) from commodity derivatives incurred, and the line items where they appear on our consolidated income statement were:
	Millions of Dollars
	Three Months Ended
	March 31
	2017		2016
Sales and other operating revenues	$	51	(3)
Other income		1	1
Purchased commodities		(38)	(1)

The losses from foreign currency exchange derivatives incurred and the line item where they appear on our consolidated income statement were:
		Millions of Dollars
	Three Months Ended
	March 31
	2017		2016
Foreign currency transaction losses	$	7	97

Net exposures from outstanding commodity derivative contracts

The table below summarizes our material net exposures resulting from outstanding commodity derivative contracts:
	Open Position
	Long/(Short)
	March 31		December 31
	2017		2016
Commodity
Natural gas and power (billions of cubic feet equivalent)
Fixed price		(30)	(31)
Basis		31	2

We had the following net notional position of outstanding foreign currency exchange derivatives:
		In Millions
		Notional Currency
	March 31		December 31
		2017	2016
Sell U.S. dollar, buy other currencies*	USD	212	13
Buy U.S. dollar, sell other currencies**	USD	-	25
Buy British pound, sell other currencies***	GBP	12	1,069
Sell British pound, buy Norwegian krone	GBP	-	51
*Primarily Canadian dollar and Norwegian krone.
**Primarily British pound.
***Primarily Euro and Canadian dollar.

Balances of financial instruments

	Millions of Dollars
	Carrying Amount
	Cash and Cash Equivalents			Short-Term Investments
	March 31		December 31	March 31	December 31
	2017		2016	2017	2016
Cash	$	842	623	-	-
Time deposits
Remaining maturities from 1 to 90 days		2,267	2,987	190	39
Remaining maturities from 91 to 180 days		-	-	62	11
	$	3,109	3,610	252	50