Price Risk Management Activities (Tables)

3 Months Ended

Mar. 31, 2018

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Risk management activities by type of risk

As of March 31, 2018, we had the following outstanding commodity derivative instruments that were entered into for trading purposes. The information presents the notional volume of outstanding contracts by type of instrument and year of maturity (volumes in thousands of barrels, except those identified as corn contracts that are presented in thousands of bushels).

	Notional Contract Volumes by Year of Maturity
Derivative Instrument	2018	2019
Crude oil and refined petroleum products:
Swaps – long	300	—
Swaps – short	300	—
Futures – long	35,329	2,675
Futures – short	35,247	2,675
Options – long	112,500	—
Options – short	112,800	—
Corn:
Futures – long	250	—

As of March 31, 2018, we had the following outstanding commodity derivative instruments that were used as economic hedges, as well as commodity derivative instruments related to the physical purchase of corn at a fixed price. The information presents the notional volume of outstanding contracts by type of instrument and year of maturity (volumes in thousands of barrels, except those identified as corn contracts that are presented in thousands of bushels and soybean oil contracts that are presented in thousands of pounds).

	Notional Contract Volumes by Year of Maturity
Derivative Instrument	2018	2019
Crude oil and refined petroleum products:
Swaps – long	9,099	—
Swaps – short	8,636	—
Futures – long	99,455	—
Futures – short	101,298	—
Corn:
Futures – long	23,800	125
Futures – short	63,330	4,685
Physical contracts – long	35,069	4,759
Soybean oil:
Futures – long	28,320	—
Futures – short	89,819	—

Fair values of derivative instruments

The following tables provide information about the fair values of our derivative instruments as of March 31, 2018 and December 31, 2017 (in millions) and the line items in the balance sheets in which the fair values are reflected. See Note 12 for additional information related to the fair values of our derivative instruments.

As indicated in Note 12, we net fair value amounts recognized for multiple similar derivative contracts executed with the same counterparty under master netting arrangements, including cash collateral assets and obligations. The following tables, however, are presented on a gross asset and gross liability basis, which results in the reflection of certain assets in liability accounts and certain liabilities in asset accounts.

	Balance Sheet Location	March 31, 2018
		Asset Derivatives		Liability Derivatives
Derivatives not designated as hedging instruments
Commodity contracts:
Futures	Receivables, net	$	1,009	$	1,029
Swaps	Receivables, net	6		12
Options	Receivables, net	11		5
Physical purchase contracts	Inventories	2		2
Foreign currency contracts	Receivables, net	1		—
Total		$	1,029	$	1,048

	Balance Sheet Location	December 31, 2017
		Asset Derivatives		Liability Derivatives
Derivatives not designated as hedging instruments
Commodity contracts:
Futures	Receivables, net	$	875	$	955
Swaps	Receivables, net	11		11
Options	Receivables, net	8		3
Physical purchase contracts	Inventories	—		6
Foreign currency contracts	Accrued expenses	—		7
Total		$	894	$	982

Effect of derivative instruments on income

The following tables provide information about the gain or loss recognized in income on our derivative instruments and the line items in the statements of income in which such gains and losses are reflected (in millions).

Derivatives Designated as Economic Hedges	Location of Loss Recognized in Income on Derivatives	Three Months Ended March 31,
		2018			2017
Commodity contracts	Cost of materials and other	$	(48	)	$	(97	)
Foreign currency contracts	Cost of materials and other	(3		)	(6		)

Trading Derivatives	Location of Gain Recognized in Income on Derivatives	Three Months Ended March 31,
		2018		2017
Commodity contracts	Cost of materials and other	$	36	$	1