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Derivatives
9 Months Ended
Sep. 30, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivatives
DERIVATIVES
For further information regarding the fair value measurement of derivative instruments, including any effect of master netting agreements or collateral, see Note 15. We do not designate any of our commodity derivative instruments as hedges for accounting purposes.
Derivatives that are not designated as accounting hedges may include commodity derivatives used to hedge price risk on (1) inventories, (2) fixed price sales of refined products, (3) the acquisition of foreign-sourced crude oil, (4) the acquisition of ethanol for blending with refined products, (5) the sale of NGLs and (6) the purchase of natural gas.
The following table presents the gross fair values of derivative instruments, excluding cash collateral, and where they appear on the consolidated balance sheets as of September 30, 2018 and December 31, 2017:
(In millions)
September 30, 2018
Balance Sheet Location
Asset
 
Liability
Commodity derivatives
 
 
 
Other current assets
$
62

 
$
99

Other current liabilities(a)

 
17

Deferred credits and other liabilities(a)

 
67

(In millions)
December 31, 2017
Balance Sheet Location
Asset
 
Liability
Commodity derivatives
 
 
 
Other current assets
$
127

 
$
126

Other current liabilities(a)

 
14

Deferred credits and other liabilities(a)

 
52

(a)  
Includes embedded derivatives.
The tables below summarize open commodity derivative contracts for crude oil and refined products as of September 30, 2018.
 
Position
 
Total Barrels (In thousands)
Crude Oil(a)
 
 
 
Exchange-traded
Long
 
14,052

Exchange-traded
Short
 
(16,782
)
(a) 
98.7 percent of the exchange-traded contracts expire in the fourth quarter of 2018.
 
Position
 
Total Gallons
(In thousands)
Refined Products(a)
 
 
 
Exchange-traded
Long
 
135,408

Exchange-traded
Short
 
(320,250
)
OTC
Short
 
(28,980
)
(a) 
97.1 percent of the exchange-traded contracts expire in the fourth quarter of 2018.

The following table summarizes the effect of all commodity derivative instruments in our consolidated statements of income: 
 
Gain (Loss)
 
Gain (Loss)
(In millions)
Three Months Ended September 30,
 
Nine Months Ended September 30,
Income Statement Location
2018
 
2017
 
2018
 
2017
Sales and other operating revenues
$
3

 
$
(10
)
 
$
1

 
$
8

Cost of revenues
(69
)
 
1

 
(152
)
 
(30
)
Total
$
(66
)
 
$
(9
)
 
$
(151
)
 
$
(22
)