Sales and Other Operating Revenues |
9 Months Ended |
|---|---|
Sep. 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 Nine Months Ended September 30 September 30 2020 2019 2020 2019 Revenue from contracts with customers $ 3,078 6,240 9,908 19,932 Revenue from contracts outside the scope of ASC Topic 606 Physical contracts meeting the definition of a derivative 1,280 1,529 3,432 4,981 Financial derivative contracts 28 (13) (47) (54) Consolidated sales and other operating revenues $ 4,386 7,756 13,293 24,859 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 Nine Months Ended September 30 September 30 2020 2019 2020 2019 Revenue from Outside the Scope of ASC Topic 606 by Segment Lower 48 $ 1,018 1,099 2,692 3,823 Canada 152 86 452 427 Europe, Middle East and North Africa 110 344 288 731 Physical contracts meeting the definition of a derivative $ 1,280 1,529 3,432 4,981 Millions of Dollars Nine Months Ended September 30 September 30 2020 2019 2020 2019 Revenue from Outside the Scope of ASC Topic 606 by Product Crude oil $ 100 266 218 619 Natural gas 1,042 1,159 2,895 4,022 Other 138 104 319 340 Physical contracts meeting the definition of a derivative $ 1,280 1,529 3,432 4,981 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 September 30, 2020, the “Accounts and notes trade receivables of $ 1,338 2,372 contracts with customers within the scope of ASC Topic 606. We typically receive payment within 30 days or less (depending on the terms of the invoice) once delivery is made. contracts at market prices for which we do not under ASC Topic 815. receivables associated with gas sold under contracts receivables 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 At December 31, 2019 $ 80 Contractual payments received 8 At September 30, 2020 $ 88 Amounts Recognized in the Consolidated Balance Current liabilities $ 47 Noncurrent liabilities 41 $ 88 We expect to recognize the contract liabilities as of September 30, 2020, as revenue during 2021 and 2022. There were no |