Derivatives (Tables)

12 Months Ended

Dec. 31, 2018

Summary of Derivative Instruments [Abstract]

Classification of Fair Values of Derivative Instruments, Excluding Cash Collateral

The following table presents the fair value of derivative instruments as of December 31, 2018 and 2017 and the line items in the balance sheets in which the fair values are reflected. The fair value amounts below are presented on a gross basis and do not reflect the netting of asset and liability positions permitted under the terms of our master netting arrangements including cash collateral on deposit with, or received from, brokers. We offset the recognized fair value amounts for multiple derivative instruments executed with the same counterparty in our financial statements when a legal right of offset exists. As a result, the asset and liability amounts below will not agree with the amounts presented in our consolidated balance sheets.

(In millions)	December 31, 2018
Balance Sheet Location	Asset		Liability
Commodity derivatives
Other current assets	$	400	$	283
Other current liabilities(a)	1		16
Deferred credits and other liabilities(a)	—		54

(In millions)	December 31, 2017
Balance Sheet Location	Asset		Liability
Commodity derivatives
Other current assets	$	127	$	126
Other current liabilities(a)	—		14
Deferred credits and other liabilities(a)	—		52

^(a)   Includes embedded derivatives.

Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block]

The table below summarizes open commodity derivative contracts for crude oil, refined products and blending products as of December 31, 2018.

	Percentage of contracts that expire next quarter	Position
(Units in thousands of barrels)		Long	Short
Exchange-traded(a)
Crude oil	71.5%	40,257	44,709
Refined products	75.9%	10,210	11,149
Blending products	70.3%	5,194	7,356
OTC
Crude oil	—%	880	—
Blending products	24.1%	2,480	2,480

^(a)  Included in exchange-traded are spread contracts in thousands of barrels: Crude oil - 7,470 long and 6,800 short; Refined products - 450 long and 450 short; Blending products - 2,678 long and 2,767 short

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:

(In millions)	Gain (Loss)
Income Statement Location	2018			2017			2016
Sales and other operating revenues	$	13		$	5		$	(13	)
Cost of revenues	(59		)	(26		)	(167		)
Total	$	(46	)	$	(21	)	$	(180	)