Price Risk Management Activities (Tables)

12 Months Ended

Dec. 31, 2017

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Risk management activities by type of risk

As of December 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	2018	2019
Crude oil and refined petroleum products:
Swaps – long	2,655	—
Swaps – short	2,590	—
Futures – long	83,296	—
Futures – short	87,542	—
Corn:
Futures – long	21,315	35
Futures – short	50,695	665
Physical contracts – long	25,103	630
Soybean oil:
Futures – long	76,079	—
Futures – short	154,378	—

As of December 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 in 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	2018	2019
Crude oil and refined petroleum products:
Swaps – long	659	—
Swaps – short	659	—
Futures – long	37,532	—
Futures – short	36,919	150
Options – long	153,050	—
Options – short	153,050	—
Corn:
Futures – long	300	—

Fair values of derivative instruments

The following tables provide information about the fair values of our derivative instruments as of December 31, 2017 and 2016 (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 following tables, 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, 2017
		Asset Derivatives		Liability Derivatives
Derivatives not designated as hedging instruments
Commodity contracts:
Futures	Receivables, net	$	875	$	955
Swaps	Receivables, net	11		11
Options	Receivables, net	8		3
Physical purchase contracts	Inventories	—		6
Foreign currency contracts	Accrued expenses	—		7
Total		$	894	$	982

	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	Year Ended December 31,
		2017			2016			2015
Commodity contracts	Cost of materials and other	$	(344	)	$	(132	)	$	377
Foreign currency contracts	Cost of materials and other	(40		)	16			49

Trading Derivatives	Location of Gain Recognized in Income on Derivatives	Year Ended December 31,
		2017		2016		2015
Commodity contracts	Cost of materials and other	$	66	$	46	$	45