Price Risk Management Activities (Tables)

6 Months Ended

Jun. 30, 2017

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Risk management activities by type of risk

As of June 30, 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	14,194	—
Swaps – short	14,479	—
Futures – long	69,198	7,005
Futures – short	72,906	6,982
Corn:
Futures – long	35,610	5
Futures – short	64,260	4,545
Physical contracts – long	28,720	4,573
Soybean oil:
Futures – long	168,178	—
Futures – short	246,957	—

As of June 30, 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 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	2018
Crude oil and refined petroleum products:
Swaps – long	2,070	—
Swaps – short	2,070	—
Futures – long	53,842	20,816
Futures – short	52,419	21,091
Options – long	75,375	102,300
Options – short	75,577	102,300
Natural gas:
Futures – long	2,500	—
Futures – short	1,750	—
Corn:
Futures – long	2,500	—
Futures – short	2,500	—

Fair values of derivative instruments

The following tables provide information about the fair values of our derivative instruments as of June 30, 2017 and December 31, 2016 (in millions) and the line items in the balance sheets in which the fair values are reflected. See Note 12 for additional information related to the fair values of our derivative instruments.

As indicated in Note 12, 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, 2017
		Asset Derivatives		Liability Derivatives
Derivatives not designated as hedging instruments
Commodity contracts:
Futures	Receivables, net	$	650	$	605
Swaps	Receivables, net	8		12
Options	Receivables, net	4		2
Physical purchase contracts	Inventories	—		4
Foreign currency contracts	Accrued expenses	—		10
Total		$	662	$	633

	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 Gain (Loss) Recognized in Income on Derivatives	Three Months Ended June 30,						Six Months Ended June 30,
		2017			2016			2017			2016
Commodity contracts	Cost of sales	$	25		$	(113	)	$	(72	)	$	(252	)
Foreign currency contracts	Cost of sales	(20		)	4			(26		)	1

Trading Derivatives	Location of Gain (Loss) Recognized in Income on Derivatives	Three Months Ended June 30,						Six Months Ended June 30,
		2017			2016			2017			2016
Commodity contracts	Cost of sales	$	(3	)	$	(3	)	$	(2	)	$	38