Sales and Other Operating Revenues |
3 Months Ended |
|---|---|
Mar. 31, 2021 | |
| Revenue from Contract with Customer [Abstract] | |
| Revenue from Contract with Customer [Text Block] | Note 16—Sales and Other Operating Revenues Revenue from Contracts with Customers The following table provides further disaggregation Millions of Dollars March 31 2021 2020 Revenue from contracts with customers $ 7,161 4,911 Revenue from contracts outside the scope of ASC Physical contracts meeting the definition of a derivative 2,974 1,296 Financial derivative contracts (309) (49) Consolidated sales and other operating revenues $ 9,826 6,158 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 March 31 2021 2020 Revenue from Outside the Scope of ASC Topic 606 by Segment Lower 48 $ 2,466 976 Canada 303 179 Europe, Middle East and North Africa 205 141 Physical contracts meeting the definition of a derivative $ 2,974 1,296 Millions of Dollars March 31 2021 2020 Revenue from Outside the Scope of ASC Topic 606 by Product Crude oil $ 124 92 Natural gas 2,727 1,090 Other 123 114 Physical contracts meeting the definition of a derivative $ 2,974 1,296 Practical Expedients Typically, cases they may extend 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 March 31, 2021, the “Accounts and notes receivables of $ 3,380 1,827 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 customers related to the optimization process for operating LNG plants. The agreements typically provide for negotiated 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, 2020 $ 97 Contractual payments received 7 Revenue recognized (62) At March 31, 2021 $ 42 Amounts Recognized in the Consolidated Current liabilities $ 42 We expect to recognize the contract liabilities at March 31, 2021, as revenue in the first quarter of 2022. |