Price Risk Management Activities (Tables)

6 Months Ended

Jun. 30, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Risk management activities by type of risk

As of June 30, 2021, 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
	2021	2022
Derivatives designated as cash flow hedges:
Refined petroleum products:
Futures – long	456	—
Futures – short	1,339	—
Derivatives designated as economic hedges:
Crude oil and refined petroleum products:
Futures – long	59,485	163
Futures – short	58,970	55
Corn:
Futures – long	155,300	880
Futures – short	208,715	3,680
Physical contracts – long	52,574	2,829

Fair values of derivative instruments

The following tables provide information about the fair values of our derivative instruments as of June 30, 2021 and December 31, 2020 (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 following table, however, is 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, 2021				December 31, 2020
		Asset Derivatives		Liability Derivatives		Asset Derivatives		Liability Derivatives
Derivatives designated as hedging instruments:
Commodity contracts	Receivables, net	$	6	$	16	$	4	$	17
Derivatives not designated as hedging instruments:
Commodity contracts	Receivables, net	$	558	$	587	$	399	$	388
Physical purchase contracts	Inventories	37		1		13		—
Foreign currency contracts	Receivables, net	8		—		—		—
Foreign currency contracts	Accrued expenses	—		9		—		4
Total		$	603	$	597	$	412	$	392

Effect of derivative instruments on income and other comprehensive income (loss)

The following table provides information about the gain (loss) recognized in income and other comprehensive income (loss) due to fair value adjustments of our cash flow hedges (in millions):

Derivatives in Cash Flow Hedging Relationships	Location of Gain (Loss) Recognized in Income on Derivatives	Three Months Ended June 30,				Six Months Ended June 30,
		2021		2020		2021		2020
Commodity contracts:
Gain (loss) recognized in other comprehensive income (loss) on derivatives	n/a	$	(18)	$	(5)	$	(31)	$	50
Gain (loss) reclassified from accumulated other comprehensive loss into income	Revenues	(11)		19		(34)		45

The following table provides information about the gain (loss) recognized in income on our derivative instruments with respect to our economic hedges and our foreign currency hedges and the line items in the statements of income in which such gains (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,
		2021		2020		2021		2020
Commodity contracts	Revenues	$	13	$	9	$	20	$	1
Commodity contracts	Cost of materials and other	21		140		(57)		(12)
Commodity contracts	Operating expenses (excluding depreciation and amortization expense)	2		4		3		2
Foreign currency contracts	Cost of materials and other	6		—		(2)		49
Foreign currency contracts	Other income, net	53		60		83		(105)