Derivatives and Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Offsetting Liabilities

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
	March 31, 2020								December 31, 2019
	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	$	6,826	(6,173	)	(455	)	198		23	—		—	23
Other assets	10		(6	)	—		4		3	—		—	3
Liabilities
Other accruals	—		(36	)	—		(36	)	1,188	(1,281	)	80	(13	)
Other liabilities and deferred credits	—		—		—		—		—	(1	)	—	(1	)
Total	$	6,836	(6,215	)	(455	)	166		1,214	(1,282	)	80	12

Offsetting Assets

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
	March 31, 2020								December 31, 2019
	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	$	6,826	(6,173	)	(455	)	198		23	—		—	23
Other assets	10		(6	)	—		4		3	—		—	3
Liabilities
Other accruals	—		(36	)	—		(36	)	1,188	(1,281	)	80	(13	)
Other liabilities and deferred credits	—		—		—		—		—	(1	)	—	(1	)
Total	$	6,836	(6,215	)	(455	)	166		1,214	(1,282	)	80	12

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 operations, were:

	Millions of Dollars
	Three Months Ended March 31
	2020		2019
Sales and other operating revenues	$	679	(177	)
Other income	3		13
Purchased crude oil and products	441		(155	)
Net gain (loss) from commodity derivative activity	$	1,123	(319	)

Summary of Material Net Exposures and Notional Amount of 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 March 31, 2020, and December 31, 2019.

	Open Position Long / (Short)
	March 31 2020		December 31 2019
Commodity
Crude oil, refined petroleum products and NGL (millions of barrels)	(33	)	(16	)