Price Risk Management Activities (Tables)

9 Months Ended

Sep. 30, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Risk management activities by type of risk

As of September 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	2017
Crude oil and refined products:
Swaps – long	11,605	700	—
Swaps – short	11,519	330	—
Futures – long	49,472	2,327	—
Futures – short	57,858	4,109	—
Corn:
Futures – long	13,615	85	10
Futures – short	24,450	8,555	20
Physical contracts – long	13,188	5,520	8
Soybean oil:
Futures – long	28,980	900	—
Futures – short	77,220	28,560	—

As of September 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	7,275	3,220
Swaps – short	7,275	3,220
Futures – long	43,371	1,982
Futures – short	44,415	1,071
Options – long	11,400	10,500
Options – short	12,500	10,500
Natural gas:
Futures – long	2,000	—

Fair values of derivative instruments

The following tables provide information about the fair values of our derivative instruments as of September 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	September 30, 2015
		Asset Derivatives		Liability Derivatives
Derivatives not designated as hedging instruments
Commodity contracts:
Futures	Receivables, net	$	354	$	295
Swaps	Receivables, net	25		20
Options	Receivables, net	3		1
Physical purchase contracts	Inventories	—		5
Foreign currency contracts	Receivables, net	2		—
Total		$	384	$	321

	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

Trading Derivatives	Location of Gain Recognized in Income on Derivatives	Three Months Ended September 30,				Nine Months Ended September 30,
		2015		2014		2015		2014
Commodity contracts	Cost of sales	$	20	$	11	$	41	$	14

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 September 30,					Nine Months Ended September 30,
		2015		2014			2015		2014
Commodity contracts:
Loss recognized in income on derivatives	Cost of sales	$	—	$	(16	)	$	—	$	(42	)
Gain recognized in income on hedged item	Cost of sales	—		17			—		42
Gain recognized in income on derivatives (ineffective portion)	Cost of sales	—		1			—		—

Derivatives in Cash Flow Hedging Relationships	Location of Loss Recognized in Income on Derivatives	Three Months Ended September 30,					Nine Months Ended September 30,
		2015		2014			2015		2014
Commodity contracts:
Loss recognized in OCI on derivatives (effective portion)		$	—	$	(5	)	$	—	$	(1	)
Loss reclassified from accumulated OCI into income (effective portion)	Cost of sales	—		(5		)	—		(2		)
Loss recognized in income on derivatives (ineffective portion)	Cost of sales	—		—			—		(1		)

Derivatives Designated as Economic Hedges and Other Derivative Instruments	Location of Gain Recognized in Income on Derivatives	Three Months Ended September 30,				Nine Months Ended September 30,
		2015		2014		2015		2014
Commodity contracts	Cost of sales	$	122	$	354	$	159	$	222
Foreign currency contracts	Cost of sales	24		43		31		20