Financial Risk Management Activities (Tables)

3 Months Ended

Mar. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Notional Amounts of Outstanding Financial Risk Management Derivative Contracts

The notional amounts of outstanding financial risk management derivative contracts were as follows:

	March 31, 2022		December 31, 2021
	(In millions)
Commodity - crude oil hedge contracts (millions of barrels)	41.3		54.8
Foreign exchange forwards	$	156	$	145
Interest rate swaps	$	100	$	100

Fair Values of Financial Risk Management Derivative Instruments

The table below reflects the fair values of risk management derivative instruments.

	Assets		Liabilities
	(In millions)
March 31, 2022
Derivative Contracts Designated as Hedging Instruments:
Crude oil put options	$	64	$	—
Interest rate swaps	—		(2)
Total derivative contracts designated as hedging instruments	64		(2)
Derivative Contracts Not Designated as Hedging Instruments:
Foreign exchange forwards and swaps	—		—
Total derivative contracts not designated as hedging instruments	—		—
Gross fair value of derivative contracts	64		(2)
Gross amounts offset in the Consolidated Balance Sheet	—		—
Net Amounts Presented in the Consolidated Balance Sheet	$	64	$	(2)
December 31, 2021
Derivative Contracts Designated as Hedging Instruments:
Crude oil collars	$	155	$	—
Interest rate swaps	2		—
Total derivative contracts designated as hedging instruments	157		—
Derivative Contracts Not Designated as Hedging Instruments:
Foreign exchange forwards and swaps	—		(1)
Total derivative contracts not designated as hedging instruments	—		(1)
Gross fair value of derivative contracts	157		(1)
Gross amounts offset in the Consolidated Balance Sheet	—		—
Net Amounts Presented in the Consolidated Balance Sheet	$	157	$	(1)