Price Risk Management Activities (Tables)

6 Months Ended

Jun. 30, 2018

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Risk management activities by type of risk

As of June 30, 2018, 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	300	—
Swaps – short	300	—
Futures – long	55,504	7,701
Futures – short	55,402	7,751
Options – long	75,800	—
Options – short	75,400	—
Corn:
Futures – long	150	—

As of June 30, 2018, 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	9,892	135
Swaps – short	10,115	—
Futures – long	93,569	—
Futures – short	95,354	6
Corn:
Futures – long	48,500	150
Futures – short	86,310	8,415
Physical contracts – long	41,029	8,264
Soybean oil:
Futures – long	65,519	—
Futures – short	169,018	—

Fair values of derivative instruments

The following tables provide information about the fair values of our derivative instruments as of June 30, 2018 and December 31, 2017 (in millions) and the line items in the balance sheets in which the fair values are reflected. See Note 13 for additional information related to the fair values of our derivative instruments.

As indicated in Note 13, 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	June 30, 2018
		Asset Derivatives		Liability Derivatives
Derivatives not designated as hedging instruments
Commodity contracts:
Futures	Receivables, net	$	1,398	$	1,426
Swaps	Receivables, net	11		11
Swaps	Accounts payable	—		1
Options	Receivables, net	27		29
Physical purchase contracts	Inventories	—		13
Foreign currency contracts	Receivables, net	2		—
Total		$	1,438	$	1,480

	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

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 line items in the statements of income 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,
		2018			2017			2018			2017
Commodity contracts	Cost of materials and other	$	(66	)	$	25		$	(114	)	$	(72	)
Foreign currency contracts	Cost of materials and other	17			(20		)	14			(26		)

Trading Derivatives	Location of Gain (Loss) Recognized in Income on Derivatives	Three Months Ended June 30,					Six Months Ended June 30,
		2018		2017			2018		2017
Commodity contracts	Cost of materials and other	$	51	$	(3	)	$	87	$	(2	)