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Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2021
Fair Value Disclosures [Abstract]  
Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]
The following tables set forth, by level, the Company’s assets and liabilities that were accounted for at fair value on a recurring basis as of September 30, 2021 and December 31, 2020.
 Fair Value Measurements at September 30, 2021
 
Quoted Prices in
 Active Markets
 for Identical
 Assets
 (Level 1)		Significant
 Other
 Observable
 Inputs
 (Level 2)		Significant 
Unobservable
Inputs
(Level 3)		Total
 (In millions)
 
Assets:    
Inventories carried at market$— $4,912 $2,502 $7,414 
Unrealized derivative gains:    
Commodity contracts— 963 485 1,448 
Foreign currency contracts— 337 — 337 
Interest rate contracts— 58 — 58 
Cash equivalents326 — — 326 
Segregated investments1,099 — — 1,099 
Total Assets$1,425 $6,270 $2,987 $10,682 
Liabilities:    
Unrealized derivative losses:    
Commodity contracts$— $904 $703 $1,607 
Foreign currency contracts— 256 — 256 
Interest rate contracts— 1 — 1 
Debt conversion option— — 17 17 
Inventory-related payables— 735 15 750 
Total Liabilities$— $1,896 $735 $2,631 
 Fair Value Measurements at December 31, 2020
  
Quoted Prices in
 Active Markets
 for Identical
 Assets
 (Level 1)		Significant
 Other
 Observable
 Inputs
 (Level 2)		Significant 
Unobservable
Inputs
(Level 3)		Total
 (In millions)
Assets:    
Inventories carried at market$— $5,758 $2,183 $7,941 
Unrealized derivative gains:    
Commodity contracts— 1,905 859 2,764 
Foreign currency contracts— 283 — 283 
Interest rate contracts— 61 — 61 
Cash equivalents297 — — 297 
Marketable securities1 — — 1 
Segregated investments1,067 — — 1,067 
Total Assets$1,365 $8,007 $3,042 $12,414 
Liabilities:    
Unrealized derivative losses:    
Commodity contracts$— $1,116 $918 $2,034 
Foreign currency contracts— 535 — 535 
Interest rate contracts— 15 — 15 
Debt conversion option— — 34 34 
Inventory-related payables— 498 11 509 
Total Liabilities$— $2,164 $963 $3,127 
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]
The following table presents a rollforward of assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended September 30, 2021.

 Level 3 Fair Value Asset Measurements at
September 30, 2021
 Inventories
 Carried at
 Market		Commodity
Derivative
Contracts
Gains
 
Total 
Assets
 (In millions)
Balance, June 30, 2021$2,824 $551 $3,375 
Total increase (decrease) in net realized/unrealized gains included in cost of products sold*
70 288 358 
Purchases7,351 — 7,351 
Sales(7,346)— (7,346)
Settlements— (311)(311)
Transfers into Level 3205 34 239 
Transfers out of Level 3(602)(77)(679)
Ending balance, September 30, 2021$2,502 $485 $2,987 

* Includes increase in unrealized gains of $435 million relating to Level 3 assets still held at September 30, 2021.
The following table presents a rollforward of assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended September 30, 2020.
 Level 3 Fair Value Asset Measurements at
September 30, 2020
 Inventories
 Carried at
 Market		Commodity
Derivative
Contracts
Gains
 
Total 
Assets
 (In millions)
Balance, June 30, 2020$1,399 $442 $1,841 
Total increase (decrease) in net realized/unrealized gains included in cost of products sold*258 286 544 
Purchases3,181 — 3,181 
Sales(2,703)— (2,703)
Settlements— (96)(96)
Transfers into Level 3290 13 303 
Transfers out of Level 3(333)(65)(398)
Ending balance, September 30, 2020$2,092 $580 $2,672 

* Includes increase in unrealized gains of $392 million relating to Level 3 assets still held at September 30, 2020.
The following table presents a rollforward of assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the nine months ended September 30, 2021.
Level 3 Fair Value Asset Measurements at
 September 30, 2021
 Inventories
 Carried at
 Market		Commodity
Derivative
Contracts
Gains
 
Total 
Assets
 (In millions)
Balance, December 31, 2020$2,183 $859 $3,042 
Total increase (decrease) in net realized/unrealized gains included in cost of products sold*875 804 1,679 
Purchases20,899 — 20,899 
Sales(21,334)— (21,334)
Settlements— (1,134)(1,134)
Transfers into Level 31,131 79 1,210 
Transfers out of Level 3(1,252)(123)(1,375)
Ending balance, September 30, 2021$2,502 $485 $2,987 
* Includes increase in unrealized gains of $1.7 billion relating to Level 3 assets still held at September 30, 2021.
The following table presents a rollforward of assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the nine months ended September 30, 2020.

 Level 3 Fair Value Asset Measurements at
September 30, 2020
 Inventories
 Carried at
 Market		Commodity
Derivative
Contracts
Gains
 
Total 
Assets
 (In millions)
Balance, December 31, 2019$1,477 $201 $1,678 
Total increase (decrease) in net realized/unrealized gains included in cost of products sold*626 732 1,358 
Purchases9,600 — 9,600 
Sales(9,838)— (9,838)
Settlements— (331)(331)
Transfers into Level 3290 57 347 
Transfers out of Level 3(63)(79)(142)
Ending balance, September 30, 2020$2,092 $580 $2,672 
* Includes increase in unrealized gains of $1.2 billion relating to Level 3 assets still held at September 30, 2020.
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]
The following table presents a rollforward of liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended September 30, 2021.

Level 3 Fair Value Liability Measurements at
 September 30, 2021
 Inventory-
 related
 Payables		Commodity
Derivative
Contracts
Losses		Debt Conversion Option
 
Total 
Liabilities
 (In millions)
Balance, June 30, 2021$38 $1,037 $24 $1,099 
Total increase (decrease) in net realized/unrealized losses included in cost of products sold and interest expense*
3 310 (7)306 
Purchases1 — — 1 
Sales(27)— — (27)
Settlements— (654)— (654)
Transfers into Level 3— 60 — 60 
Transfers out of Level 3— (50)— (50)
Ending balance, September 30, 2021$15 $703 $17 $735 

* Includes increase in unrealized losses of $313 million relating to Level 3 liabilities still held at September 30, 2021.
The following table presents a rollforward of liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended September 30, 2020.
Level 3 Fair Value Liability Measurements at
 September 30, 2020
 Inventory-
 related
 Payables		Commodity
Derivative
Contracts
Losses		Debt Conversion Option
 
Total 
Liabilities
 (In millions)
Balance, June 30, 2020 $14 $363 $— $377 
Total increase (decrease) in net realized/unrealized losses included in cost of products sold and interest expense*(3)618 15 630 
Purchases3 — 17 20 
Sales(7)— — (7)
Settlements— (188)— (188)
Transfers into Level 3— 24 — 24 
Transfers out of Level 3— (21)— (21)
Ending balance, September 30, 2020$7 $796 $32 $835 

* Includes increase in unrealized losses of $635 million relating to Level 3 liabilities still held at September 30, 2020.
The following table presents a rollforward of liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the nine months ended September 30, 2021.

Level 3 Fair Value Liability Measurements at
 September 30, 2021
 Inventory-
 related
 Payables		Commodity
Derivative
Contracts
Losses		Debt Conversion Option
 
Total 
Liabilities
 (In millions)
Balance, December 31, 2020$11 $918 $34 $963 
Total increase (decrease) in net realized/unrealized losses included in cost of products sold and interest expense*3 1,372 (17)1,358 
Purchase30 — — 30 
Sales(29)— — (29)
Settlements— (1,667)— (1,667)
Transfers into Level 3— 284 — 284 
Transfers out of Level 3— (204)— (204)
Ending balance, September 30, 2021$15 $703 $17 $735 
* Includes increase in unrealized losses of $1.4 billion relating to Level 3 liabilities still held at September 30, 2021.
The following table presents a rollforward of liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the nine months ended September 30, 2020.

Level 3 Fair Value Liability Measurements at
 September 30, 2020
 Inventory-
 related
 Payables		Commodity
Derivative
Contracts
Losses		Debt Conversion Option
 
Total 
Liabilities
 (In millions)
Balance, December 31, 2019$27 $199 $— $226 
Total increase (decrease) in net realized/unrealized losses included in cost of products sold*1 1,070 15 1,086 
Purchases11 — 17 28 
Sales(32)— — (32)
Settlements— (521)— (521)
Transfers into Level 3— 79 — 79 
Transfers out of Level 3— (31)— (31)
Ending balance, September 30, 2020$7 $796 $32 $835 
* Includes increase in unrealized losses of $1.1 billion relating to Level 3 liabilities still held at September 30, 2020.
Unobservable Price Components Present in the Level 3 Valuations of Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following table sets forth the weighted average percentage of the unobservable price components included in the Company’s Level 3 valuations as of September 30, 2021 and December 31, 2020. The Company’s Level 3 measurements may include basis only, transportation cost only, or both price components. As an example, for Level 3 inventories with basis, the unobservable component as of September 30, 2021 is a weighted average 33.3% of the total price for assets and 14.5% of the total price for liabilities.

Weighted Average % of Total Price
September 30, 2021December 31, 2020
Component TypeAssetsLiabilitiesAssetsLiabilities
Inventories and Related Payables
Basis33.3 %14.5 %4.3 %13.7 %
Transportation cost16.2 %— %10.6 %— %
Commodity Derivative Contracts
Basis25.6 %33.5 %28.3 %0.7 %
Transportation cost3.7 %3.4 %1.9 %1.3 %