Derivatives (Tables)

6 Months Ended

Jun. 30, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Classification of Fair Values of Derivative Instruments, Excluding Cash Collateral

The following table presents the fair value of derivative instruments as of June 30, 2019 and December 31, 2018 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)	June 30, 2019
Balance Sheet Location	Asset		Liability
Commodity derivatives
Other current assets	$	237	$	201
Other current liabilities(a)	2		11
Deferred credits and other liabilities(a)	—		58

(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

^(a)  

Includes embedded derivatives.

Open Commodity Derivative Contracts

The table below summarizes open commodity derivative contracts for crude oil, refined products and blending products as of June 30, 2019. 

	Percentage of contracts that expire next quarter	Position
(Units in thousands of barrels)		Long	Short
Exchange-traded(a)
Crude oil	77.3%	44,617	54,420
Refined products	91.4%	20,300	8,703
Blending products	74.1%	1,521	4,416
OTC
Crude oil	—%	400	—
Blending products	4.5%	1,156	1,156

^(a) 

Included in exchange-traded are spread contracts in thousands of barrels: Crude oil - 2,910 long and 2,310 short; Refined products - 1,450 long and 275 short; Blending products - 961 long and 831 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)	Three Months Ended June 30,					Six Months Ended June 30,
Income Statement Location	2019		2018			2019			2018
Sales and other operating revenues	$	3	$	(1	)	$	(17	)	$	(2	)
Cost of revenues	15		(56		)	(65		)	(83		)
Total	$	18	$	(57	)	$	(82	)	$	(85	)