Hess 2014 Annual Report Download - page 97

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82
HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
82
The table below reflects the gross and net fair values of the risk management and trading derivative instruments and, at December
31, 2013 also includes energy marketing risk management derivative instruments:
Accounts Accounts
Receivable Payable
(In millions)
December 31, 2014
Derivative contracts designated as hedging instruments
Commodity ............................................................................................................................................. $—$—
Interest rate and other ............................................................................................................................. 39 (2)
Total derivative contracts designated as hedging instruments ........................................................... 39 (2)
Derivative contracts not designated as hedging instruments (a)
Commodity ............................................................................................................................................. 7,465 (7,871)
Foreign exchange .................................................................................................................................... 31 —
Other ....................................................................................................................................................... 6 (11)
Total derivative contracts not designated as hedging instruments ..................................................... 7,502 (7,882)
Gross fair value of derivative contracts ....................................................................................................... 7,541 (7,884)
Master netting arrangements ....................................................................................................................... (6,734) 6,734
Cash collateral (received) posted ................................................................................................................ (37) 302
Net fair value of derivative contracts ...................................................................................................... $ 770 $ (848)
December 31, 2013 (b)
Derivative contracts designated as hedging instruments
Commodity ............................................................................................................................................. $ 11 $ (3 )
Interest rate and other ............................................................................................................................. 36 (1)
Total derivative contracts designated as hedging instruments ........................................................... 47 (4)
Derivative contracts not designated as hedging instruments (a)
Commodity ............................................................................................................................................. 3,075 (3,209)
Foreign exchange .................................................................................................................................... 2 (3)
Other ....................................................................................................................................................... 13 (8)
Total derivative contracts not designated as hedging instruments ..................................................... 3,090 (3,220)
Gross fair value of derivative contracts ....................................................................................................... 3,137 (3,224)
Master netting arrangements ....................................................................................................................... (2,083) 2,083
Cash collateral (received) posted ................................................................................................................ (79) 168
Net fair value of derivative contracts ...................................................................................................... $ 975 $ (973 )
(a) Includes trading derivatives and derivatives used for risk management
(b) Assets and liabilities in 2013 include amounts relating to the divested energy marketing business