Price Risk Management Activities (Tables)

9 Months Ended

Sep. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Risk Management Activities by Type of Risk

As of September 30, 2024, 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
	2024	2025
Derivatives designated as cash flow hedges:
Refined petroleum products:
Futures – short	3,726	—
Derivatives designated as economic hedges:
Crude oil and refined petroleum products:
Futures – long	106,763	19,548
Futures – short	96,817	16,645
Options – long	300	—
Options – short	300	—
Corn:
Futures – long	47,650	465
Futures – short	61,985	8,155
Physical contracts – long	14,333	7,873

Schedule of Fair Values of Derivative Instruments

The following table provides information about the fair values of our derivative instruments as of September 30, 2024 and December 31, 2023 (in millions) and the line items in our 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, 2024				December 31, 2023
		Asset Derivatives		Liability Derivatives		Asset Derivatives		Liability Derivatives
Derivatives designated as hedging instruments:
Commodity contracts	Receivables, net	$	78	$	15	$	141	$	34
Derivatives not designated as hedging instruments:
Commodity contracts	Receivables, net	$	873	$	868	$	662	$	609
Physical purchase contracts	Inventories	1		5		—		6
Foreign currency contracts	Accrued expenses	—		1		—		7
Total		$	874	$	874	$	662	$	622

Schedule of 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 September 30,				Nine Months Ended September 30,
		2024		2023		2024		2023
Commodity contracts:
Gain (loss) recognized in other comprehensive income (loss)	n/a	$	83	$	(197)	$	45	$	(71)
Gain (loss) reclassified from accumulated other comprehensive loss into income	Revenues	40		(119)		94		(3)

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 our 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,
		2024		2023		2024		2023
Commodity contracts	Revenues	$	(16)	$	(2)	$	(23)	$	(19)
Commodity contracts	Cost of materials and other	(9)		(48)		(66)		126
Commodity contracts	Operating expenses (excluding depreciation and amortization expense)	—		—		—		1
Foreign currency contracts	Cost of materials and other	(17)		19		2		(1)