Derivatives (Tables)

6 Months Ended

Jun. 30, 2014

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Classification of Fair Values of Derivative Instruments, Excluding Cash Collateral

The following table presents the gross fair values of derivative instruments, excluding cash collateral, and where they appear on the consolidated balance sheets as of June 30, 2014 and December 31, 2013:

	June 30, 2014
(In millions)	Asset		Liability		Balance Sheet Location
Commodity derivatives	$	44	$	91	Other current assets
	December 31, 2013
(In millions)	Asset		Liability		Balance Sheet Location
Commodity derivatives	$	21	$	53	Other current assets

Open Commodity Derivative Contracts

The table below summarizes open commodity derivative contracts as of June 30, 2014.

	Position	Total Barrels (In thousands)
Crude oil(a)
Exchange-traded	Long	14,775
Exchange-traded	Short	(33,812	)
Refined Products(a)
Exchange-traded	Long	4,618
Exchange-traded	Short	(2,541	)

^(a)  100 percent of these contracts expire in the third quarter of 2014.

Effect of Commodity Derivative Instruments in Statements of Income

The following table summarizes the effect of all commodity derivative instruments in our consolidated statements of income:

	Gain (Loss)					Gain (Loss)
(In millions)	Three Months Ended June 30,					Six Months Ended June 30,
Income Statement Location	2014			2013		2014			2013
Sales and other operating revenues	$	(2	)	$	3	$	8		$	4
Cost of revenues	(114		)	51		(175		)	(9		)
Total	$	(116	)	$	54	$	(167	)	$	(5	)