Derivative and Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2019

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
	2019		2018
Assets
Prepaid expenses and other current assets	$	250	410
Other assets		30	40
Liabilities
Other accruals		258	370
Other liabilities and deferred credits		23	30

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
	2019		2018
Assets
Prepaid expenses and other current assets	$	6	7
Liabilities
Other accruals		1	6

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
	2019		2018
Sales and other operating revenues	$	19	43
Other income (loss)		(1)	4
Purchased commodities		(20)	(27)

The gains 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
	2019		2018
Foreign currency transaction losses (gains)	$	(2)	(5)

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
	2019		2018
Commodity
Natural gas and power (billions of cubic feet equivalent)
Fixed price		(10)	(17)
Basis		(11)	(1)

We had the following net notional position of outstanding foreign currency exchange derivatives:
	In Millions
	Notional Currency
		March 31	December 31
	2019		2018
Foreign Currency Exchange Derivatives
Sell U.S. dollar, buy other currencies*	USD	199	805
Sell British pound, buy other currencies**	GBP	-	21
Buy British pound, sell euro	GBP	19	-
Sell Canadian dollar, buy U.S. dollar	CAD	1,250	1,242
*Primarily British pound and Norwegian krone.
**Primarily euro and Norwegian krone.
In December 2017, we entered into foreign exchange zero cost collars buying the right to sell $1.25 billion CAD at $0.707 CAD and selling the right to buy $1.25 billion CAD at $0.842 CAD against the U.S. 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
	2019		2018	2019	2018
Cash	$	897	876
Time deposits
Remaining maturities from 1 to 90 days		4,180	3,509	200	-
Commercial paper
Remaining maturities from 1 to 90 days		376	229	49	248
Government obligations
Remaining maturities from 1 to 90 days		765	1,301	-	-
	$	6,218	5,915	249	248