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Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2019
Fair Value Disclosures [Abstract]  
Fair Value Hierarchy for Material Financial Instruments and Derivative Assets and Liabilities, Including the Effect of Counterparty Netting
 
Millions of Dollars
 
June 30, 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
$
501

 
453

 
—

 
954

(945
)
—

—

9

Physical forward contracts
—

 
34

 
3

 
37

—

—

—

37

Interest rate derivatives
—

 
3

 
—

 
3

—

—

—

3

Rabbi trust assets
122

 
—

 
—

 
122

N/A

N/A

—

122

 
$
623

 
490

 
3

 
1,116

(945
)
—

—

171

 
 
 
 
 
 
 
 
 
 
 
 
Commodity Derivative Liabilities
 
 
 
 
 
 
 
 
 
 
 
Exchange-cleared instruments
$
519

 
449

 
—

 
968

(945
)
(22
)
—

1

Physical forward contracts
—

 
32

 
—

 
32

—

—

—

32

Floating-rate debt
—

 
1,475

 
—

 
1,475

N/A

N/A

—

1,475

Fixed-rate debt, excluding capital leases
—

 
10,778

 
—

 
10,778

N/A

N/A

(998
)
9,780

 
$
519

 
12,734

 
—

 
13,253

(945
)
(22
)
(998
)
11,288





 
Millions of Dollars
 
December 31, 2018
 
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
$
674

 
547

 
—

 
1,221

(1,075
)
(89
)
—

57

Physical forward contracts
—

 
39

 
4

 
43

—

—

—

43

Interest rate derivatives
—

 
15

 
—

 
15

—

—

—

15

Rabbi trust assets
104

 
—

 
—

 
104

N/A

N/A

—

104

 
$
778

 
601

 
4

 
1,383

(1,075
)
(89
)
—

219

 
 
 
 
 
 
 
 
 
 
 
 
Commodity Derivative Liabilities
 
 
 
 
 
 
 
 
 
 
 
Exchange-cleared instruments
$
605

 
472

 
—

 
1,077

(1,075
)
—

—

2

Physical forward contracts
—

 
20

 
—

 
20

—

—

—

20

OTC instruments
—

 
3

 
—

 
3

—

—

—

3

Floating-rate debt
—

 
1,200

 
—

 
1,200

N/A

N/A

—

1,200

Fixed-rate debt, excluding capital leases
—

 
9,727

 
—

 
9,727

N/A

N/A

49

9,776

 
$
605

 
11,422

 
—

 
12,027

(1,075
)
—

49

11,001