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Financial instruments related to commodity contracts (Tables)
12 Months Ended
Dec. 31, 2020
Trading & Shipping  
Financial structure, financial costs and financial instruments  
Schedule of market related risks - value-at-risk

As of December 31,

    

    

    

    

(M$)

High

Low

Average

Year end

2020

 

30

 

6

 

15

 

19

2019

 

28

 

9

 

17

 

21

2018

 

21

5

12

7

Integrated Gas, Renewables and Power  
Financial structure, financial costs and financial instruments  
Schedule of market related risks - value-at-risk

As of December 31,

    

    

    

    

(M$)

High

Low

Average

Year end

2020

 

51

6

21

27

2019

 

83

10

20

64

2018

 

20

 

3

 

10

 

10

Derivative financial instruments related to commodity contracts  
Financial structure, financial costs and financial instruments  
Schedule of offsetting of financial instruments related to commodity contracts

  

  

  

  

  

Net balance

  

Net balance

  

  

  

As of December 31, 2020

Gross value

Gross value

Amounts

Amounts

sheet value

sheet value

Other

(M$)

before offsetting

before offsetting

offset - 

offset -

presented

presented

amounts not

Net carrying

Fair

Assets / (Liabilities)

  

 - assets

  

- liabilities

  

assets(c)

  

liabilities(c)

  

 - assets

  

 - liabilities

  

offset

  

amount

  

value(b)

Crude oil, petroleum products and freight rates activities

 

Petroleum products, crude oil and freight rate swaps

 

302

 

(443)

 

(207)

 

207

 

95

 

(236)

 

 

(141)

 

(141)

Forwards(a)

 

158

 

(297)

 

(13)

 

13

 

145

 

(284)

 

 

(139)

 

(139)

Options

 

113

 

(125)

 

(68)

 

68

 

45

 

(57)

 

 

(12)

 

(12)

Futures

 

 

 

 

 

 

 

 

 

Options on futures

 

117

 

(135)

 

(117)

 

117

 

 

(18)

 

 

(18)

 

(18)

Other / Collateral

 

 

 

 

 

 

 

43

 

43

 

43

Total crude oil, petroleum products and freight rates

 

690

 

(1,000)

 

(405)

 

405

 

285

 

(595)

 

43

 

(267)

 

(267)

Integrated Gas, Renewables & Power activities

 

 

 

 

 

 

 

 

 

Swaps

 

10

 

(71)

 

 

 

10

 

(71)

 

 

(61)

 

(61)

Forwards(a)

 

1,372

 

(3,113)

 

(186)

 

186

 

1,186

 

(2,927)

 

 

(1,741)

 

(1,741)

Options

 

(61)

 

(75)

 

(13)

 

13

 

(74)

 

(62)

 

 

(136)

 

(136)

Futures

 

42

 

(32)

 

(21)

 

21

 

21

 

(11)

 

 

10

 

10

Other / Collateral

 

 

 

 

 

 

 

22

 

22

 

22

Total Integrated Gas, Renewables & Power

 

1,363

 

(3,291)

 

(220)

 

220

 

1,143

 

(3,071)

 

22

 

(1,906)

 

(1,906)

TOTAL

 

2,053

 

(4,291)

 

(625)

 

625

 

1,428

 

(3,666)

 

65

 

(2,173)

 

(2,173)

Total of fair value non recognized in the balance sheet

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

(a)Forwards: contracts resulting in physical delivery are accounted for as derivative commodity contracts and included in the amounts shown.
(b)When the fair value of derivatives listed on an organized exchange market (futures, options on futures and swaps) is offset with the margin call received or paid in the balance sheet, this fair value is set to zero.
(c)Amounts offset in accordance with IAS 32.

  

  

  

  

  

Net balance

  

Net balance

  

  

  

As of December 31, 2019

Gross value

Gross value

Amounts

Amounts

sheet value

sheet value

Other

(M$)

before offsetting

before offsetting

offset - 

offset -

presented

presented

amounts not

Net carrying

Fair

Assets / (Liabilities)

  

 - assets

  

- liabilities

  

assets(c)

  

liabilities(c)

  

 - assets

  

 - liabilities

  

 offset

  

amount

  

value(b)

Crude oil, petroleum products and freight rates activities

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

Petroleum products, crude oil and freight rate swaps

 

152

 

(244)

 

(73)

 

73

 

79

 

(171)

 

 

(92)

 

(92)

Forwards(a)

 

300

 

(297)

 

(3)

 

3

 

297

 

(294)

 

 

3

 

3

Options

 

73

 

(106)

 

 

 

73

 

(106)

 

 

(33)

 

(33)

Futures

 

 

 

 

 

 

 

 

 

Options on futures

 

 

(160)

 

 

 

 

(160)

 

 

(160)

 

(160)

Other / Collateral

 

 

 

 

 

 

 

147

 

147

 

147

Total crude oil, petroleum products and freight rates

 

525

 

(807)

 

(76)

 

76

 

449

 

(731)

 

147

 

(135)

 

(135)

Integrated Gas, Renewables & Power activities

 

Swaps

 

469

 

9

 

39

 

(39)

 

508

 

(30)

 

 

478

 

478

Forwards(a)

 

4,080

 

(4,831)

 

(296)

 

296

 

3,784

 

(4,535)

 

 

(751)

 

(751)

Options

 

76

 

(37)

 

(28)

 

28

 

48

 

(9)

 

 

39

 

39

Futures

 

17

 

(43)

 

(15)

 

15

 

2

 

(28)

 

 

(26)

 

(26)

Other / Collateral

 

 

 

 

 

 

 

(772)

 

(772)

 

(772)

Total Integrated Gas, Renewables & Power

 

4,642

 

(4,902)

 

(300)

 

300

 

4,342

 

(4,602)

 

(772)

 

(1,032)

 

(1,032)

TOTAL

 

5,167

 

(5,709)

 

(376)

 

376

 

4,791

 

(5,333)

 

(625)

 

(1,167)

 

(1,167)

Total of fair value non recognized in the balance sheet

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

(a)Forwards: contracts resulting in physical delivery are accounted for as derivative commodity contracts and included in the amounts shown.
(b)When the fair value of derivatives listed on an organized exchange market (futures, options on futures and swaps) is offset with the margin call received or paid in the balance sheet, this fair value is set to zero.
(c)Amounts offset in accordance with IAS 32.

  

  

  

  

  

Net balance

  

Net balance

  

  

  

As of December 31, 2018

Gross value

Gross value

Amounts

Amounts

sheet value

sheet value

Other

(M$)

before offsetting

before offsetting

offset - 

offset -

presented

presented

amounts not

Net carrying

Fair

Assets / (Liabilities)

  

 - assets

  

- liabilities

  

assets(c)

  

liabilities(c)

  

 - assets

  

 - liabilities

  

offset

  

amount

  

value(b)

Crude oil, petroleum products and freight rates activities

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

Petroleum products, crude oil and freight rate swaps

 

389

 

(272)

 

(140)

 

140

 

249

 

(132)

 

 

117

 

117

Forwards(a)

 

243

 

(373)

 

(59)

 

59

 

184

 

(314)

 

 

(130)

 

(130)

Options

 

243

 

(363)

 

(156)

 

156

 

87

 

(207)

 

 

(120)

 

(120)

Futures

 

10

 

 

 

 

10

 

 

 

10

 

10

Options on futures

 

529

 

(689)

 

(529)

 

529

 

 

(160)

 

 

(160)

 

(160)

Other / Collateral

 

 

 

 

 

 

 

(118)

 

(118)

 

(118)

Total crude oil, petroleum products and freight rates

 

1,414

 

(1,697)

 

(884)

 

884

 

530

 

(813)

 

(118)

 

(401)

 

(401)

Integrated Gas, Renewables & Power activities

 

Swaps

 

18

 

(624)

 

(6)

 

6

 

12

 

(618)

 

 

(606)

 

(606)

Forwards(a)

 

2,492

 

(2,285)

 

(316)

 

316

 

2,176

 

(1,969)

 

 

207

 

207

Options

 

3

 

(20)

 

(18)

 

18

 

(15)

 

(2)

 

 

(17)

 

(17)

Futures

 

126

 

(125)

 

(98)

 

98

 

28

 

(27)

 

 

1

 

1

Other / Collateral

 

 

 

 

 

 

 

445

 

445

 

445

Total Integrated Gas, Renewables & Power

 

2,639

 

(3,054)

 

(438)

 

438

 

2,201

 

(2,616)

 

445

 

30

 

30

TOTAL

 

4,053

 

(4,751)

 

(1,322)

 

1,322

 

2,731

 

(3,429)

 

327

 

(371)

 

(371)

Total of fair value non recognized in the balance sheet

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

(a)Forwards: contracts resulting in physical delivery are accounted for as derivative commodity contracts and included in the amounts shown.
(b)When the fair value of derivatives listed on an organized exchange market (futures, options on futures and swaps) is offset with the margin call received or paid in the balance sheet, this fair value is set to zero.
(c)Amounts offset in accordance with IAS 32.

Schedule of changes in fair value and fair value hierarchy for financial instruments

For the year ended December 31,

    

Fair value 

    

Impact on

    

Settled

    

    

Fair value as of

(M$)

as of January 1,

income

contracts

Other

December 31,

Crude oil, petroleum products and freight rates activities

 

  

 

  

 

  

 

  

 

  

2020

 

(282)

 

3,813

 

(3,841)

 

-

 

(310)

2019

 

(283)

 

4,189

 

(4,188)

 

-

 

(282)

2018

 

(223)

 

2,689

 

(2,749)

 

-

 

(283)

Integrated Gas, Renewables & Power activities

 

 

 

 

 

2020

 

(260)

 

676

 

(2,348)

 

4

(1,928)

2019

 

(415)

 

1,588

 

(686)

 

(747)

 

(260)

2018

 

416

 

1,220

 

(2,057)

 

6

 

(415)

In 2019, the Other column mainly included the acquisition of Toshiba's LNG portfolio, for which financial instruments related to commodity contracts had been recognized for the amount of treasury received.

The fair value hierarchy for financial instruments related to commodity contracts is as follows:

Quoted prices

in active markets for

Prices based on

Prices based on

As of December 31, 2020

identical

observable data

non observable

(M$)

    

assets (level 1)

    

(level 2)

    

data (level 3)

    

Total

Crude oil, petroleum products and freight rates activities

 

10

 

(320)

 

 

(310)

Integrated Gas, Renewables & Power activities

 

(159)

 

(361)

 

(1,408)

 

(1,928)

TOTAL

 

(149)

 

(681)

 

(1,408)

 

(2,238)

Quoted prices

in active markets for

Prices based on

Prices based on

As of December 31, 2019

identical

observable data

non observable

(M$)

    

assets (level 1)

    

(level 2)

    

data (level 3)

    

Total

Crude oil, petroleum products and freight rates activities

 

(182)

 

(172)

 

72

 

(282)

Integrated Gas, Renewables & Power activities

 

392

 

2,054

 

(2,706)

 

(260)

TOTAL

 

210

 

1,882

 

(2,634)

 

(542)

Quoted prices

in active markets for

Prices based on

Prices based on

As of December 31, 2018

identical

observable data

non observable

(M$)

    

assets (level 1)

    

(level 2)

    

data (level 3)

    

Total

Crude oil, petroleum products and freight rates activities

(303)

 

20

 

 

(283)

Integrated Gas, Renewables & Power activities

 

424

 

(638)

 

(201)

 

(415)

TOTAL

 

121

 

(618)

 

(201)

 

(698)

Schedule of impact of the hedging strategies

As of December 31

    

    

    

(M$)

2020

    

2019

    

2018

Profit (Loss) recorded in other comprehensive income of the period

 

14

 

(14)

 

3

Recycled amount from other comprehensive income to the income statement of the period

 

(1)

 

 

(3)