Price Risk Management Activities (Tables)

3 Months Ended

Mar. 31, 2017

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Risk management activities by type of risk

As of March 31, 2017, 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 corn contracts that are presented in thousands of bushels).

	Notional Contract Volumes by Year of Maturity
Derivative Instrument	2017	2018
Crude oil and refined petroleum products:
Swaps – long	3,105	—
Swaps – short	3,105	—
Futures – long	24,358	4,300
Futures – short	22,304	6,400
Options – long	106,990	29,700
Options – short	104,990	29,700
Corn:
Futures – long	2,250	—
Futures – short	2,000	—

As of March 31, 2017, 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	2017	2018
Crude oil and refined petroleum products:
Swaps – long	22,246	—
Swaps – short	22,660	—
Futures – long	110,287	2,100
Futures – short	115,080	6,981
Corn:
Futures – long	18,040	5
Futures – short	40,575	2,185
Physical contracts – long	16,273	2,177
Soybean oil:
Futures – long	125,338	—
Futures – short	158,758	—

Fair values of derivative instruments

The following tables provide information about the fair values of our derivative instruments as of March 31, 2017 and December 31, 2016 (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	March 31, 2017
		Asset Derivatives		Liability Derivatives
Derivatives not designated as hedging instruments
Commodity contracts:
Futures	Receivables, net	$	661	$	636
Swaps	Receivables, net	7		7
Options	Receivables, net	5		2
Physical purchase contracts	Inventories	—		3
Foreign currency contracts	Accrued expenses	—		2
Total		$	673	$	650

	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

Effect of derivative instruments on income

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

Derivatives Designated as Economic Hedges	Location of Loss Recognized in Income on Derivatives	Three Months Ended March 31,
		2017			2016
Commodity contracts	Cost of sales	$	(97	)	$	(139	)
Foreign currency contracts	Cost of sales	(6		)	(3		)

Trading Derivatives	Location of Gain Recognized in Income on Derivatives	Three Months Ended March 31,
		2017		2016
Commodity contracts	Cost of sales	$	1	$	41