Price Risk Management Activities (Tables)

3 Months Ended

Mar. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Risk management activities by type of risk

As of March 31, 2023, 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
	2023	2024
Derivatives designated as cash flow hedges:
Refined petroleum products:
Futures – long	3,596	—
Futures – short	10,298	—
Derivatives designated as economic hedges:
Crude oil and refined petroleum products:
Futures – long	63,657	1
Futures – short	66,797	—
Corn:
Futures – long	74,645	20
Futures – short	117,265	410
Physical contracts – long	36,409	388

Fair values of derivative instruments

The following table provides information about the fair values of our derivative instruments as of March 31, 2023 and December 31, 2022 (in millions) and the line items in the balance sheets in which the fair values are reflected. See Note 11 for additional information related to the fair values of our derivative instruments.

As indicated in Note 11, 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	March 31, 2023				December 31, 2022
		Asset Derivatives		Liability Derivatives		Asset Derivatives		Liability Derivatives
Derivatives designated as hedging instruments:
Commodity contracts	Receivables, net	$	117	$	42	$	61	$	44
Derivatives not designated as hedging instruments:
Commodity contracts	Receivables, net	$	499	$	383	$	769	$	661
Physical purchase contracts	Inventories	2		5		4		4
Foreign currency contracts	Receivables, net	—		—		—		—
Foreign currency contracts	Accrued expenses	—		9		—		2
Total		$	501	$	397	$	773	$	667

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 March 31,
		2023		2022
Commodity contracts:
Gain (loss) recognized in other comprehensive income (loss)	n/a	$	95	$	(164)
Gain (loss) reclassified from accumulated other comprehensive loss into income	Revenues	38		(119)

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 March 31,
		2023		2022
Commodity contracts	Revenues	$	(7)	$	(4)
Commodity contracts	Cost of materials and other	83		(595)
Commodity contracts	Operating expenses (excluding depreciation and amortization expense)	1		3
Foreign currency contracts	Cost of materials and other	(3)		(2)
Foreign currency contracts	Other income (expense), net	—		34