Price Risk Management Activities (Tables)

12 Months Ended

Dec. 31, 2016

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Risk management activities by type of risk

As of December 31, 2016, 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 and corn contracts that are presented in thousands of bushels).

	Notional Contract Volumes by Year of Maturity
Derivative Instrument	2017
Crude oil and refined petroleum products:
Swaps – long	4,801
Swaps – short	4,801
Futures – long	22,577
Futures – short	24,429
Options – long	139,340
Options – short	140,690
Natural gas:
Futures – long	750
Futures – short	250
Corn:
Futures – long	1,000
Futures – short	1,000

As of December 31, 2016, 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 represent 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	2017	2018
Crude oil and refined petroleum products:
Swaps – long	6,372	—
Swaps – short	6,144	—
Futures – long	109,372	—
Futures – short	99,125	—
Corn:
Futures – long	15,285	—
Futures – short	38,325	540
Physical contracts – long	18,994	543
Soybean oil:
Futures – long	88,859	—
Futures – short	147,598	—

Fair values of derivative instruments

The following tables provide information about the fair values of our derivative instruments as of December 31, 2016 and 2015 (in millions) and the line items in the balance sheets in which the fair values are reflected. See Note 18 for additional information related to the fair values of our derivative instruments.

As indicated in Note 18, 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, 2016
		Asset Derivatives		Liability Derivatives
Derivatives not designated as hedging instruments
Commodity contracts:
Futures	Receivables, net	$	874	$	872
Swaps	Receivables, net	32		21
Options	Receivables, net	6		2
Physical purchase contracts	Inventories	—		5
Foreign currency contracts	Receivables, net	3		—
Total		$	915	$	900

	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

Effect of derivative instruments on income and OCI

The following tables provide information about the gain or loss recognized in income on our derivative instruments and the line items in the financial statements in which such gains and losses are reflected (in millions). There were no gains or losses recognized in income or other comprehensive income related to fair value hedges and cash flow hedges for the years ended December 31, 2016 and 2015 and amounts recognized for the year ended December 31, 2014 were immaterial.

Derivatives Designated as Economic Hedges and Other Derivative Instruments	Location of Gain (Loss) Recognized in Income on Derivatives	Year Ended December 31,
		2016			2015		2014
Commodity contracts	Cost of sales	$	(132	)	$	377	$	693
Foreign currency contracts	Cost of sales	16			49		40

Trading Derivatives	Location of Gain Recognized in Income on Derivatives	Year Ended December 31,
		2016		2015		2014
Commodity contracts	Cost of sales	$	46	$	45	$	38