For foreign exchange rate risk, the impact of a 10% change in foreign exchange rates on the value of the Corporation’s portfolio of foreign currency forward contracts is presented in the non-trading section. Similarly, the impact of a 15% change in interest rates on the fair value of the Corporation’s debt is also presented in the non-trading section. A 10% change in foreign exchange rates and a 15% change in the rate of interest over one year are considered reasonable pos- sibilities for the purpose of providing sensitivity disclosures. Non-Trading: The Corporation’s non-trading activities include hedging of crude oil and natural gas production. Futures and swaps are used to fix the selling prices of a por- tion of the Corporation’s future production and the related gains or losses are an integral part of the Corporation’s sell- ing prices. As of December 31, the Corporation has open hedge positions equal to 70% of its estimated 2004 world- wide crude oil production and 45% of its estimated 2005 worldwide crude oil production. The average price for West Texas Intermediate crude oil (WTI) related open hedge posi- tions is $26.24 in 2004 and $25.83 in 2005. The average price for Brent crude oil related open hedge positions is $24.51 in 2004 and $24.41 in 2005. Approximately 18% of the Corporation’s hedges are WTI related and the remainder are Brent. The Corporation also has hedged 30% of its 2004 United States natural gas production at an average price of $5.10 per Mcf. As market conditions change, the Corpora- tion may adjust its hedge percentages. The Corporation also markets energy commodities includ- ing refined petroleum products, natural gas and electricity. The Corporation uses futures and swaps to fix the purchase prices of commodities to be sold under fixed-price sales contracts. The following table summarizes the value-at-risk results of commodity related derivatives that are settled in cash and used in non-trading activities. The results may vary from time to time as hedge levels change. Non-Trading Millions of dollars Activities 2003 At December 31 $44 Average for the year 43 High during the year 47 Low during the year 40 2002 At December 31 $50 Average for the year 49 High during the year 62 Low during the year 34 The Corporation uses foreign exchange contracts to reduce its exposure to fluctuating foreign exchange rates. To coun- teract these foreign exchange exposures, the Corporation enters into forward purchase contracts for both the British pound sterling and the Danish kroner. At December 31, 2003, the Corporation has $384 million of notional value foreign exchange contracts maturing in 2004 and 2005 ($307 million at December 31, 2002). The fair value of foreign exchange contracts recorded as assets was $40 million at December 31, 2003 ($18 million at December 31, 2002). The change in fair value of the foreign exchange contracts from a 10% change in exchange rates is estimated to be $43 million at December 31, 2003 ($33 million at December 31, 2002). At December 31, 2003, the interest rate on substantially all of the Corporation’s debt is fixed and there are no interest rate swaps. The Corporation’s outstanding debt of $3,941 million has a fair value of $4,440 million at December 31, 2003 (debt of $4,992 million at December 31, 2002 had a fair value of $5,569 million). A 15% change in the rate of interest would change the fair value of debt at December 31, 2003 and 2002 by approximately $270 million. 26