Price Risk Management Activities (Tables)

6 Months Ended

Jun. 30, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Risk management activities by type of risk

As of June 30, 2015, we had the following outstanding commodity derivative instruments that were entered into for trading purposes. The information presents the notional volume of outstanding contracts by type of instrument and year of maturity (volumes represent thousands of barrels, except those identified as natural gas contracts that are presented in billions of British thermal units).

	Notional Contract Volumes by Year of Maturity
Derivative Instrument	2015	2016
Crude oil and refined products:
Swaps – long	3,521	180
Swaps – short	3,521	180
Futures – long	27,485	500
Futures – short	29,540	—
Options – long	3,600	—
Options – short	3,912	—
Natural gas:
Futures – long	2,150	—
Futures – short	—	—

As of June 30, 2015, we had the following outstanding commodity derivative instruments that were used as economic hedges, as well as commodity derivative instruments related to the physical purchase of corn at a fixed price. The information presents the notional volume of outstanding contracts by type of instrument and year of maturity (volumes in thousands of barrels, except those identified as corn contracts that are presented in thousands of bushels and soybean oil contracts that are presented in thousands of pounds).

	Notional Contract Volumes by Year of Maturity
Derivative Instrument	2015	2016
Crude oil and refined products:
Swaps – long	12,933	400
Swaps – short	12,355	300
Futures – long	50,688	448
Futures – short	61,555	400
Corn:
Futures – long	27,520	85
Futures – short	54,560	2,915
Physical contracts – long	28,091	3,142
Soybean oil:
Futures – long	174,000	—
Futures – short	268,980	—

Fair values of derivative instruments

The following tables provide information about the fair values of our derivative instruments as of June 30, 2015 and December 31, 2014 (in millions) and the line items in the balance sheets in which the fair values are reflected. See Note 11 for additional information related to the fair values of our derivative instruments.

As indicated in Note 11, we net fair value amounts recognized for multiple similar derivative contracts executed with the same counterparty under master netting arrangements, including cash collateral assets and obligations. The tables below, however, are presented on a gross asset and gross liability basis, which results in the reflection of certain assets in liability accounts and certain liabilities in asset accounts.

	Balance Sheet Location	June 30, 2015
		Asset Derivatives		Liability Derivatives
Derivatives not designated as hedging instruments
Commodity contracts:
Futures	Receivables, net	$	234	$	207
Swaps	Receivables, net	12		12
Options	Receivables, net	2		—
Physical purchase contracts	Inventories	7		1
Foreign currency contracts	Receivables, net	3		—
Foreign currency contracts	Accrued expenses	—		2
Total		$	258	$	222

	Balance Sheet Location	December 31, 2014
		Asset Derivatives		Liability Derivatives
Derivatives not designated as hedging instruments
Commodity contracts:
Futures	Receivables, net	$	3,096	$	2,886
Swaps	Receivables, net	34		31
Options	Receivables, net	2		3
Physical purchase contracts	Inventories	1		5
Total		$	3,133	$	2,925

Effect of derivative instruments on income and other comprehensive income

Derivatives in Cash Flow Hedging Relationships	Location of Gain (Loss) Recognized in Income on Derivatives	Three Months Ended June 30,					Six Months Ended June 30,
		2015		2014			2015		2014
Commodity contracts:
Gain (loss) recognized in OCI on derivatives (effective portion)		$	—	$	(3	)	$	—	$	4
Gain reclassified from accumulated OCI into income (effective portion)	Cost of sales	—		—			—		3
Gain (loss) recognized in income on derivatives (ineffective portion)	Cost of sales	—		3			—		(1		)

Trading Derivatives	Location of Gain Recognized in Income on Derivatives	Three Months Ended June 30,				Six Months Ended June 30,
		2015		2014		2015		2014
Commodity contracts	Cost of sales	$	1	$	4	$	21	$	3

The following tables provide information about the gain or loss recognized in income and other comprehensive income (OCI) on our derivative instruments and the line items in the financial statements in which such gains and losses are reflected (in millions).

Derivatives in Fair Value Hedging Relationships	Location of Gain (Loss) Recognized in Income on Derivatives	Three Months Ended June 30,					Six Months Ended June 30,
		2015		2014			2015		2014
Commodity contracts:
Gain (loss) recognized in income on derivatives	Cost of sales	$	—	$	5		$	—	$	(26	)
Gain (loss) recognized in income on hedged item	Cost of sales	—		(5		)	—		25
Loss recognized in income on derivatives (ineffective portion)	Cost of sales	—		—			—		(1		)

Derivatives Designated as Economic Hedges and Other Derivative Instruments	Location of Gain (Loss) Recognized in Income on Derivatives	Three Months Ended June 30,						Six Months Ended June 30,
		2015			2014			2015		2014
Commodity contracts	Cost of sales	$	(27	)	$	(136	)	$	37	$	(132	)
Foreign currency contracts	Cost of sales	(15		)	(32		)	7		(23		)