Price Risk Management Activities (Tables)

6 Months Ended

Jun. 30, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Risk management activities by type of risk

As of June 30, 2019, we had the following outstanding commodity derivative instruments that were used as cash flow hedges and 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
	2019	2020
Derivatives designated as cash flow hedges:
Renewable diesel:
Futures – long	805	—
Futures – short	2,348	—
Derivatives designated as economic hedges:
Crude oil and refined petroleum products:
Futures – long	134,826	847
Futures – short	130,343	1,106
Options – long	24,162	—
Options – short	23,687	—
Corn:
Futures – long	54,870	1,465
Futures – short	94,705	9,500
Physical contracts – long	41,285	8,174

Fair values of derivative instruments

The following tables provide information about the fair values of our derivative instruments as of June 30, 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	June 30, 2019				December 31, 2018
		Asset Derivatives		Liability Derivatives		Asset Derivatives		Liability Derivatives
Derivatives designated as hedging instruments:
Commodity contracts	Receivables, net	$	12	$	4	$	—	$	—
Derivatives not designated as hedging instruments:
Commodity contracts	Receivables, net	$	851	$	811	$	2,792	$	2,681
Physical purchase contracts	Inventories	9		5		—		5
Foreign currency contracts	Receivables, net	33		—		4		—
Foreign currency contracts	Accrued expenses	—		11		—		1
Total		$	893	$	827	$	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 gains and losses are reflected (in millions).

Derivatives Not Designated as Hedging Instruments	Location of Gain (Loss) Recognized in Income on Derivatives	Three Months Ended June 30,					Six Months Ended June 30,
		2019		2018			2019			2018
Commodity contracts	Revenues	$	5	$	—		$	5		$	—
Commodity contracts	Cost of materials and other	72		(15		)	1			(27		)
Foreign currency contracts	Cost of materials and other	2		17			(7		)	14
Foreign currency contracts	Other income, net	48		(17		)	55			(17		)