Hess 2014 Annual Report Download - page 61
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46 46
The following table summarizes the sources of net asset (liability) fair values of financial instruments and derivative
commodity contracts by year of maturity used in the Corporation’s trading activities at December 31, 2014:
2018 and
Total 2015 2016 2017 Beyond
(In millions)
Sources of fair value
Level 1 ........................................................................................... $ 400 $ 404 $ (6) $ 2 $ —
Level 2 ........................................................................................... (875) (915) 38 2 —
Level 3 ........................................................................................... 53 52 (1)
—
2
Total ............................................................................................ $ (422) $ (459) $ 31 $ 4 $ 2
The following table summarizes the fair values of receivables, net of cash margin and letters of credit, by counterparty credit
rating at December 31 for the energy trading joint venture, HETCO, and which have been included under Other current assets in
the consolidated balance sheet:
2014 2013
(In millions)
Investment grade determined by outside sources .................................................................................. $ 169 $ 187
Investment grade determined internally* .............................................................................................. 125 58
Less than investment grade ................................................................................................................... 299 47
Fair value of net receivables outstanding at December 31 ................................................................. $ 593 $ 292
* Based on information provided by counterparties and other available sources.