Derivatives (Tables)

3 Months Ended

Mar. 31, 2016

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 March 31, 2016 and December 31, 2015:

(In millions)	March 31, 2016
Balance Sheet Location	Asset		Liability
Commodity derivatives
Other current assets	$	69	$	107
Other current liabilities	—		7
Deferred credits and other liabilities(a)	—		28

(In millions)	December 31, 2015
Balance Sheet Location	Asset		Liability
Commodity derivatives
Other current assets	$	113	$	39
Other current liabilities	—		5
Deferred credits and other liabilities(a)	—		27

^(a)   Includes embedded derivatives.

Open Commodity Derivative Contracts

The tables below summarize open commodity derivative contracts for crude oil, natural gas and refined products as of March 31, 2016.

	Position	Total Barrels(In thousands)
Crude oil(a)
Exchange-traded	Long	25,142
Exchange-traded	Short	(30,048	)
OTC	Short	(83	)

^{(a )}  83 percent of the exchange-traded contracts expire in the second quarter of 2016.

	Position	MMbtu
Natural Gas
OTC	Long	745,826

	Position	Total Gallons (In thousands)
Refined Products(a)
Exchange-traded	Long	241,500
Exchange-traded	Short	(137,424	)
OTC	Short	(55,759	)

^{(a )}  100 percent of the exchange-traded contracts expire in the second quarter of 2016.

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)
(In millions)	Three Months Ended March 31,
Income Statement Location	2016			2015
Sales and other operating revenues	$	6		$	14
Cost of revenues	(61		)	45
Total	$	(55	)	$	59