Sales and Other Operating Revenues |
6 Months Ended |
|---|---|
Jun. 30, 2020 | |
| Revenue from Contract with Customer [Abstract] | |
| Revenue from Contract with Customer [Text Block] | Note 19—Sales and Other Operating Revenues Revenue from Contracts with Customers The following table provides further disaggregation Millions of Dollars Six Months Ended June 30 June 30 2020 2019 2020 2019 Revenue from contracts with customers $ 1,919 6,633 6,830 13,692 Revenue from contracts outside the scope of ASC Topic 606 Physical contracts meeting the definition of a derivative 856 1,371 2,152 3,452 Financial derivative contracts (26) (51) (75) (41) Consolidated sales and other operating revenues $ 2,749 7,953 8,907 17,103 Revenues from contracts outside the scope of ASC market prices which qualify as derivatives accounted and for which we have not elected NPNS. for recognition of revenue from these contracts disaggregation of revenues is provided in conjunction Information: Millions of Dollars Six Months Ended June 30 June 30 2020 2019 2020 2019 Revenue from Outside the Scope of ASC Topic 606 by Segment Lower 48 $ 698 1,111 1,674 2,724 Canada 121 100 300 341 Europe and North Africa 37 160 178 387 Physical contracts meeting the definition of a derivative $ 856 1,371 2,152 3,452 Millions of Dollars Six Months Ended June 30 June 30 2020 2019 2020 2019 Revenue from Outside the Scope of ASC Topic 606 by Product Crude oil $ 26 165 118 353 Natural gas 763 1,095 1,853 2,863 Other 67 111 181 236 Physical contracts meeting the definition of a derivative $ 856 1,371 2,152 3,452 Practical Expedients Typically, cases may extend longer, which may be out to the end of field We have long-term commodity sales contracts which use prevailing market prices at the time of delivery, and under these contracts, the market- based variable consideration for each performance obligation (i.e., delivery of commodity) is allocated to each wholly unsatisfied performance obligation within the contract. we have applied the practical expedient allowed in ASC Topic 606 and do not disclose the aggregate amount of the transaction price allocated to performance obligations or when we expect to recognize revenues that are unsatisfied (or partially unsatisfied) as of the end of the reporting period. Receivables and Contract Liabilities Receivables from Contracts with Customers At June 30, 2020, the “Accounts and notes receivable” receivables of $ 745 2,372 with customers within the scope of ASC Topic 606 and those that are outside the We typically receive payment within 30 days or less (depending on the terms of the invoice) once delivery is made. market prices for which we do not elect NPNS and Topic 815. associated with gas sold under contracts for where NPNS has been elected. Contract Liabilities from Contracts with Customers We have entered into contractual arrangements where we license proprietary technology to the optimization process for operating LNG payments to be made at stated milestones. The payments are not directly related to our performance under the contract and are recorded as deferred revenue to be recognized as revenue when the customer can utilize and benefit from their right to use the license. Payments are received in installments over the construction period. Millions of Dollars Contract Liabilities As of June 30, 2020 and December 31, 2019 $ 80 Amounts Recognized in the Consolidated Balance Current liabilities $ 47 Noncurrent liabilities 33 $ 80 We expect to recognize the contract liabilities as of June 30, 2020, as revenue during 2021 and 2022. were no |