Price Risk Management Activities (Tables)

6 Months Ended

Jun. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Risk management activities by type of risk

As of June 30, 2022, we had the following outstanding commodity derivative instruments that were used as cash flow hedges and 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 corn contracts that are presented in thousands of bushels).

	Notional Contract Volumes by Year of Maturity
	2022	2023
Derivatives designated as cash flow hedges:
Refined petroleum products:
Futures – long	640	—
Futures – short	3,920	—
Derivatives designated as economic hedges:
Crude oil and refined petroleum products:
Futures – long	72,277	47
Futures – short	68,735	—
Corn:
Futures – long	155,075	255
Futures – short	206,335	4,345
Physical contracts – long	49,624	4,093

Fair values of derivative instruments

The following tables provide information about the fair values of our derivative instruments as of June 30, 2022 and December 31, 2021 (in millions) and the line items in the balance sheets in which the fair values are reflected. See Note 13 for additional information related to the fair values of our derivative instruments.

As indicated in Note 13, 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 table, however, is 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	June 30, 2022				December 31, 2021
		Asset Derivatives		Liability Derivatives		Asset Derivatives		Liability Derivatives
Derivatives designated as hedging instruments:
Commodity contracts	Receivables, net	$	29	$	92	$	3	$	26
Derivatives not designated as hedging instruments:
Commodity contracts	Receivables, net	$	1,114	$	1,246	$	519	$	446
Physical purchase contracts	Inventories	5		26		4		5
Foreign currency contracts	Receivables, net	2		—		1		—
Foreign currency contracts	Accrued expenses	—		24		—		10
Total		$	1,121	$	1,296	$	524	$	461

Effect of derivative instruments on income and other comprehensive income (loss)

The following table provides information about the loss recognized in income and other comprehensive income (loss) due to fair value adjustments of our cash flow hedges (in millions):

Derivatives in Cash Flow Hedging Relationships	Location of Gain (Loss) Recognized in Income on Derivatives	Three Months Ended June 30,				Six Months Ended June 30,
		2022		2021		2022		2021
Commodity contracts:
Loss recognized in other comprehensive income (loss) on derivatives	n/a	$	(130)	$	(18)	$	(294)	$	(31)
Loss reclassified from accumulated other comprehensive loss into income	Revenues	(180)		(11)		(299)		(34)

The following table provides information about the gain (loss) recognized in income on our derivative instruments with respect to our economic hedges and our foreign currency hedges and the line items in the statements of income in which such gains (losses) are reflected (in millions):

Derivatives Not Designated as Hedging Instruments	Location of Gain (Loss) Recognized in Income on Derivatives	Three Months Ended June 30,				Six Months Ended June 30,
		2022		2021		2022		2021
Commodity contracts	Revenues	$	(2)	$	13	$	(6)	$	20
Commodity contracts	Cost of materials and other	(272)		21		(867)		(57)
Commodity contracts	Operating expenses (excluding depreciation and amortization expense)	6		2		9		3
Foreign currency contracts	Cost of materials and other	49		6		47		(2)
Foreign currency contracts	Other income, net	(115)		53		(81)		83