Price Risk Management Activities (Tables)

3 Months Ended

Mar. 31, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Risk management activities by type of risk

As of March 31, 2019, 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 corn contracts that are presented in thousands of bushels).

	Notional Contract Volumes by Year of Maturity
Derivative Instrument	2019	2020
Crude oil and refined petroleum products:
Futures – long	123,087	3,856
Futures – short	130,923	5,456
Options – long	21,000	—
Options – short	21,000	—
Corn:
Futures – long	19,005	1,275
Futures – short	43,770	3,515
Physical contracts – long	23,726	2,238

Fair values of derivative instruments

The following tables provide information about the fair values of our derivative instruments as of March 31, 2019 and December 31, 2018 (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	March 31, 2019				December 31, 2018
		Asset Derivatives		Liability Derivatives		Asset Derivatives		Liability Derivatives
Derivatives not designated as hedging instruments:
Commodity contracts	Receivables, net	$	638	$	573	$	2,792	$	2,681
Physical purchase contracts	Inventories	—		6		—		5
Foreign currency contracts	Receivables, net	3		—		4		—
Foreign currency contracts	Accrued expenses	—		20		—		1
Total		$	641	$	599	$	2,796	$	2,687

Effect of derivative instruments on income

The following table provides 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 losses are reflected (in millions).

	Location of Gain (Loss) Recognized in Income on Derivatives	Three Months Ended March 31,
		2019			2018
Derivatives not designated as hedging instruments:
Commodity contracts	Cost of materials and other	$	(71	)	$	(12	)
Foreign currency contracts	Cost of materials and other	(9		)	(3		)
Foreign currency contracts	Other income, net	7			—