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Risk Management (Tables)
3 Months Ended
Mar. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Notional Amounts of Outstanding Derivative Positions
As of March 31, 2019, we had the following outstanding commodity forward contracts to hedge our forecasted energy commodity purchases and sales: 
 
Net open position long/(short)
Derivatives designated as hedging instruments
 
 
 
Crude oil fixed price
(20.2
)
 
MMBbl
Crude oil basis
(12.2
)
 
MMBbl
Natural gas fixed price
(55.7
)
 
Bcf
Natural gas basis
(35.6
)
 
Bcf
NGL fixed price
(0.7
)
 
MMBbl
Derivatives not designated as hedging instruments
 

 
 
Crude oil fixed price
(0.6
)
 
MMBbl
Crude oil basis
(6.1
)
 
MMBbl
Natural gas fixed price
(2.1
)
 
Bcf
Natural gas basis
(11.0
)
 
Bcf
NGL fixed price
(2.6
)
 
MMBbl
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
The following table summarizes the fair values of our derivative contracts included in our accompanying consolidated balance sheets (in millions):
Fair Value of Derivative Contracts
 
 
 
 
Derivative Assets
 
Derivative Liabilities
 
 
 
 
March 31,
2019
 
December 31,
2018
 
March 31,
2019
 
December 31,
2018
 
 
Location
 
Fair value
 
Fair value
Derivatives designated as hedging instruments
 
 
 
 
 
 
 
 
 
 
Energy commodity derivative contracts
 
Fair value of derivative contracts/(Other current liabilities)
 
$
25

 
$
135

 
$
(122
)
 
$
(45
)
 
 
Deferred charges and other assets/(Other long-term liabilities and deferred credits)
 
16

 
64

 
(26
)
 

Subtotal
 
 
 
41

 
199

 
(148
)
 
(45
)
Interest rate contracts
 
Fair value of derivative contracts/(Other current liabilities)
 
22

 
12

 
(26
)
 
(37
)
 
 
Deferred charges and other assets/(Other long-term liabilities and deferred credits)
 
174

 
121

 
(24
)
 
(78
)
Subtotal
 
 
 
196

 
133

 
(50
)
 
(115
)
Foreign currency contracts
 
Fair value of derivative contracts/(Other current liabilities)
 

 
91

 
(29
)
 
(6
)
 
 
Deferred charges and other assets/(Other long-term liabilities and deferred credits)
 
95

 
106

 

 

Subtotal
 
 
 
95

 
197

 
(29
)
 
(6
)
Total
 
 
 
332

 
529

 
(227
)
 
(166
)
 
 
 
 
 
 
 
 
 
 
 
Derivatives not designated as hedging instruments
 
 
 
 

 
 
 
 

 
 
Energy commodity derivative contracts
 
Fair value of derivative contracts/(Other current liabilities)
 
10

 
22

 
(5
)
 
(5
)
 
 
Deferred charges and other assets/(Other long-term liabilities and deferred credits)
 

 

 
(1
)
 

Total
 
 
 
10

 
22

 
(6
)
 
(5
)
Total derivatives
 
 
 
$
342

 
$
551

 
$
(233
)
 
$
(171
)

Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance
The following tables summarize the pre-tax impact of our derivative contracts in our accompanying consolidated statements of income and comprehensive income (in millions): 
Derivatives in fair value hedging relationships
 
Location
 
Gain/(loss) recognized in income
on derivative and related hedged item
 
 
 
 
Three Months Ended March 31,
 
 
 
 
2019
 
2018
 
 
 
 
 
 
 
Interest rate contracts
 
Interest, net
 
$
128

 
$
(173
)
 
 
 
 
 
 
 
Hedged fixed rate debt(a)
 
Interest, net
 
$
(138
)
 
$
168

_______
(a)
As of March 31, 2019, the cumulative amount of fair value hedging adjustments to our hedged fixed rate debt was an increase of $144 million included in “Debt fair value adjustments” on our accompanying consolidated balance sheets.
Derivatives in cash flow hedging relationships
 
Gain/(loss)
recognized in OCI on derivative(a)
 
Location
 
Gain/(loss) reclassified from Accumulated OCI
into income(b)
 
 
Three Months Ended March 31,
 
 
 
Three Months Ended March 31,
 
 
2019
 
2018
 
 
 
2019
 
2018
Energy commodity derivative contracts
 
$
(245
)
 
$
(22
)
 
Revenues—Natural
  gas sales
 
$
3

 
$
1

 
 
 
 
 
 
Revenues—Product
  sales and other
 
10

 
(19
)
 
 
 
 
 
 
Costs of sales
 
1

 

Interest rate contracts(c)
 

 
2

 
Earnings from equity investments
 

 
(1
)
Foreign currency contracts
 
(34
)
 
65

 
Other, net
 
(31
)
 
40

Total
 
$
(279
)
 
$
45

 
Total
 
$
(17
)
 
$
21

_______
(a)
We expect to reclassify an approximate $45 million loss associated with cash flow hedge price risk management activities included in our accumulated other comprehensive loss balance as of March 31, 2019 into earnings during the next twelve months (when the associated forecasted transactions are also expected to impact earnings); however, actual amounts reclassified into earnings could vary materially as a result of changes in market prices. 
(b)
Amounts reclassified were the result of the hedged forecasted transactions actually affecting earnings (i.e., when the forecasted sales and purchases actually occurred).
(c)
Amounts represent our share of an equity investee’s accumulated other comprehensive income (loss).
Derivatives in net investment hedging relationships
 
Gain/(loss)
recognized in OCI on derivative
 
Location
 
Gain/(loss) reclassified from Accumulated OCI
into income
 
 
Three Months Ended March 31,
 
 
 
Three Months Ended March 31,
 
 
2019
 
2018
 
 
 
2019
 
2018
Foreign currency contracts
 
$
(8
)
 
$

 
Loss on impairments and divestitures, net
 
$

 
$

Total
 
$
(8
)
 
$

 
Total
 
$

 
$


Derivatives not designated as hedging instruments
 
Location
 
Gain/(loss) recognized in income on derivatives
 
 
 
 
Three Months Ended March 31,
 
 
 
 
2019
 
2018
Energy commodity derivative contracts
 
Revenues—Natural gas sales
 
$
20

 
$
3

 
 
Revenues—Product sales and other
 
(10
)
 
(1
)
 
 
Costs of sales
 
(2
)
 

Total(a)
 
 
 
$
8

 
$
2


_______
(a)
The three months ended March 31, 2019 and 2018 both include approximate gains of $8 million for each respective period, associated with natural gas, crude and NGL derivative contract settlements.

Schedule of Accumulated Other Comprehensive Income
Changes in the components of our “Accumulated other comprehensive loss” not including non-controlling interests are summarized as follows (in millions):
 
Net unrealized
gains/(losses)
on cash flow
hedge derivatives
 
Foreign
currency
translation
adjustments
 
Pension and
other
postretirement
liability adjustments
 
Total
accumulated other
comprehensive loss
Balance as of December 31, 2018
$
164

 
$
(91
)
 
$
(403
)
 
$
(330
)
Other comprehensive (loss) gain before reclassifications
(215
)
 
16

 
8

 
(191
)
Losses reclassified from accumulated other comprehensive loss
13

 

 

 
13

Net current-period other comprehensive (loss) income
(202
)
 
16

 
8

 
(178
)
Balance as of March 31, 2019
$
(38
)
 
$
(75
)
 
$
(395
)
 
$
(508
)

 
Net unrealized
gains/(losses)
on cash flow
hedge derivatives
 
Foreign
currency
translation
adjustments
 
Pension and
other
postretirement
liability adjustments
 
Total
accumulated other
comprehensive loss
Balance as of December 31, 2017
$
(27
)
 
$
(189
)
 
$
(325
)
 
$
(541
)
Other comprehensive gain (loss) before reclassifications
34

 
(41
)
 
6

 
(1
)
Gains reclassified from accumulated other comprehensive loss
(16
)
 

 

 
(16
)
Impact of adoption of ASU 2018-02 (Note 4)
(4
)
 
(36
)
 
(69
)
 
(109
)
Net current-period other comprehensive income (loss)
14

 
(77
)
 
(63
)
 
(126
)
Balance as of March 31, 2018
$
(13
)
 
$
(266
)
 
$
(388
)
 
$
(667
)