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Derivatives and Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Fair Value, by Balance Sheet Grouping
The following table indicates the consolidated balance sheet line items that include the fair values of commodity derivative assets and liabilities. The balances in the following table are presented on a gross basis, before the effects of counterparty and collateral netting. However, we have elected to present our commodity derivative assets and liabilities with the same counterparty on a net basis on our consolidated balance sheet when the legal right of offset exists.

 
Millions of Dollars
 
December 31, 2019
 
December 31, 2018
 
Commodity Derivatives
Effect of Collateral Netting

Net Carrying Value Presented on the Balance Sheet

 
Commodity Derivatives
Effect of Collateral Netting

Net Carrying Value Presented on the Balance Sheet

 
Assets

Liabilities

Assets

Liabilities

Assets
 
 
 
 
 
 
 
 
 
Prepaid expenses and other current assets
$
23

—

—

23

 
1,257

(1,070
)
(89
)
98

Other assets
3

—

—

3

 
2

—

—

2

Liabilities
 
 
 


 
 
 
 
 
Other accruals
1,188

(1,281
)
80

(13
)
 
—

(23
)
—

(23
)
Other liabilities and deferred credits
—

(1
)
—

(1
)
 
5

(7
)
—

(2
)
Total
$
1,214

(1,282
)
80

12


1,264

(1,100
)
(89
)
75
Fair Value by Balance Sheet Grouping
The following table indicates the consolidated balance sheet line items that include the fair values of commodity derivative assets and liabilities. The balances in the following table are presented on a gross basis, before the effects of counterparty and collateral netting. However, we have elected to present our commodity derivative assets and liabilities with the same counterparty on a net basis on our consolidated balance sheet when the legal right of offset exists.

 
Millions of Dollars
 
December 31, 2019
 
December 31, 2018
 
Commodity Derivatives
Effect of Collateral Netting

Net Carrying Value Presented on the Balance Sheet

 
Commodity Derivatives
Effect of Collateral Netting

Net Carrying Value Presented on the Balance Sheet

 
Assets

Liabilities

Assets

Liabilities

Assets
 
 
 
 
 
 
 
 
 
Prepaid expenses and other current assets
$
23

—

—

23

 
1,257

(1,070
)
(89
)
98

Other assets
3

—

—

3

 
2

—

—

2

Liabilities
 
 
 


 
 
 
 
 
Other accruals
1,188

(1,281
)
80

(13
)
 
—

(23
)
—

(23
)
Other liabilities and deferred credits
—

(1
)
—

(1
)
 
5

(7
)
—

(2
)
Total
$
1,214

(1,282
)
80

12


1,264

(1,100
)
(89
)
75
Summary of Fair Value of Commodity Derivative Assets and Liabilities and Gains (Losses) From Derivative Contracts
The realized and unrealized gains (losses) incurred from commodity derivatives, and the line items where they appear on our consolidated statement of income, were:
 
 
Millions of Dollars
 
2019

 
2018

 
2017

 
 
 
 
 
 
Sales and other operating revenues
$
(150
)
 
192

 
(247
)
Other income
33

 
(15
)
 
27

Purchased crude oil and products
(161
)
 
(64
)
 
(18
)
Net gain (loss) from commodity derivative activity
$
(278
)
 
113

 
(238
)
Summary of Material Net Exposures from Outstanding Commodity Derivative Contracts
The following table summarizes our material net exposures resulting from outstanding commodity derivative contracts. These financial and physical derivative contracts are primarily used to manage price exposure on our underlying operations. The underlying exposures may be from nonderivative positions such as inventory volumes. Financial derivative contracts may also offset physical derivative contracts, such as forward purchase and sales contracts. The percentage of our derivative contract volumes expiring within the next 12 months was at least 98% at December 31, 2019 and 2018.
 
 
Open Position
Long / (Short)
 
2019

 
2018

Commodity
 
 
 
Crude oil, refined petroleum products and NGL (millions of barrels)
(16
)
 
(17
)