Derivative Instruments (Policies)

9 Months Ended

Sep. 30, 2017

General Discussion of Derivative Instruments and Hedging Activities [Abstract]

Derivatives, Policy

Our accounting for derivative instruments depends on whether the underlying commodity will be used or sold in the normal course of business. For contracts where the crude oil or refined products are expected to be used or sold in the normal course of business, we apply the normal purchase normal sale exception and follow the accrual method of accounting. All other derivative instruments are recorded at fair value using mark-to-market accounting.

Derivatives, Offsetting Fair Value Amounts, Policy [Policy Text Block]

We offset both the fair value amounts and any related cash collateral amounts recognized for multiple derivative instruments executed with the same counterparty when there is a legally enforceable right and an intention to settle net or simultaneously.