Price Risk Management Activities (Tables)

9 Months Ended

Sep. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Risk management activities by type of risk

As of September 30, 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	915	200
Futures – short	6,765	2,362
Derivatives designated as economic hedges:
Crude oil and refined petroleum products:
Futures – long	81,133	4,214
Futures – short	87,324	5,260
Corn:
Futures – long	66,695	90
Futures – short	82,415	3,290
Physical contracts – long	14,533	3,193

Fair values of derivative instruments

The following table provides information about the fair values of our derivative instruments as of September 30, 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	September 30, 2023				December 31, 2022
		Asset Derivatives		Liability Derivatives		Asset Derivatives		Liability Derivatives
Derivatives designated as hedging instruments:
Commodity contracts	Receivables, net	$	10	$	19	$	61	$	44
Derivatives not designated as hedging instruments:
Commodity contracts	Receivables, net	$	899	$	1,129	$	769	$	661
Physical purchase contracts	Inventories	—		14		4		4
Foreign currency contracts	Receivables, net	4		—		—		—
Foreign currency contracts	Accrued expenses	—		—		—		2
Total		$	903	$	1,143	$	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 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 September 30,				Nine Months Ended September 30,
		2023		2022		2023		2022
Commodity contracts:
Gain (loss) recognized in other comprehensive loss	n/a	$	(197)	$	79	$	(71)	$	(215)
Gain (loss) reclassified from accumulated other comprehensive loss into income	Revenues	(119)		10		(3)		(289)

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 September 30,				Nine Months Ended September 30,
		2023		2022		2023		2022
Commodity contracts	Revenues	$	(2)	$	(6)	$	(19)	$	(12)
Commodity contracts	Cost of materials and other	(48)		(109)		126		(976)
Commodity contracts	Operating expenses (excluding depreciation and amortization expense)	—		(18)		1		(9)
Foreign currency contracts	Cost of materials and other	19		57		(1)		104
Foreign currency contracts	Other income, net	—		(38)		—		(119)