Price Risk Management Activities (Tables)

12 Months Ended

Dec. 31, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Risk management activities by type of risk

As of December 31, 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 in 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	2016	2017
Crude oil and refined products:
Swaps – long	7,739	—
Swaps – short	7,739	—
Futures – long	38,732	500
Futures – short	39,279	—
Options – long	10,800	—
Options – short	12,400	—
Natural gas:
Futures – long	1,400	—

As of December 31, 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 natural gas contracts that are presented in billions of British thermal units, 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	2016	2017
Crude oil and refined products:
Swaps – long	11,727	—
Swaps – short	11,559	—
Futures – long	73,746	—
Futures – short	85,999	—
Corn:
Futures – long	19,345	10
Futures – short	39,995	75
Physical contracts – long	18,336	65
Soybean oil:
Futures – long	83,340	—
Futures – short	128,760	—

Fair values of derivative instruments

The following tables provide information about the fair values of our derivative instruments as of December 31, 2015 and 2014 (in millions) and the line items in the balance sheets in which the fair values are reflected. See Note 19 for additional information related to the fair values of our derivative instruments.

As indicated in Note 19, 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	December 31, 2015
		Asset Derivatives		Liability Derivatives
Derivatives not designated as hedging instruments
Commodity contracts:
Futures	Receivables, net	$	648	$	522
Swaps	Receivables, net	30		33
Options	Receivables, net	4		2
Physical purchase contracts	Inventories	—		6
Foreign currency contracts	Receivables, net	3		—
Total		$	685	$	563

	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 OCI

Derivatives in Cash Flow Hedging Relationships	Location of Gain (Loss) Recognized in Income on Derivatives	Year Ended December 31,
		2015		2014			2013
Commodity contracts:
Loss recognized in OCI on derivatives (effective portion)		$	—	$	(1	)	$	(4	)
Loss reclassified from accumulated OCI into income (effective portion)	Cost of sales	—		(2		)	(2		)
Gain (loss) recognized in income on derivatives (ineffective portion)	Cost of sales	—		(1		)	21

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	Year Ended December 31,
		2015		2014			2013
Commodity contracts:
Loss recognized in income on derivatives	Cost of sales	$	—	$	(42	)	$	(12	)
Gain recognized in income on hedged item	Cost of sales	—		42			18
Gain recognized in income on derivatives (ineffective portion)	Cost of sales	—		—			6

Trading Derivatives	Location of Gain (Loss) Recognized in Income on Derivatives	Year Ended December 31,
		2015		2014		2013
Commodity contracts	Cost of sales	$	45	$	38	$	21
RINs fixed-price contracts	Cost of sales	—		—		(20		)

Derivatives Designated as Economic Hedges and Other Derivative Instruments	Location of Gain Recognized in Income on Derivatives	Year Ended December 31,
		2015		2014		2013
Commodity contracts	Cost of sales	$	377	$	693	$	193
Foreign currency contracts	Cost of sales	49		40		14