Derivatives (Tables)

3 Months Ended

Mar. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Classification of Fair Values of Derivative Instruments, Excluding Cash Collateral

The following table presents the fair value of derivative instruments as of March 31, 2022 and December 31, 2021 and the line items in the balance sheets in which the fair values are reflected. The fair value amounts below are presented on a gross basis and do not reflect the netting of asset and liability positions permitted under the terms of our master netting arrangements including cash collateral on deposit with, or received from, brokers. We offset the recognized fair value amounts for multiple derivative instruments executed with the same counterparty in our financial statements when a legal right of offset exists. As a result, the asset and liability amounts below will not agree with the amounts presented in our consolidated balance sheets.

(In millions)	March 31, 2022				December 31, 2021
Balance Sheet Location	Asset		Liability		Asset		Liability
Commodity derivatives
Other current assets	$	764	$	745	$	271	$	249
Other current liabilities(a)	—		16		—		15
Deferred credits and other liabilities(a)	—		83		—		93

(a)     Includes embedded derivatives.

Open Commodity Derivative Contracts

The table below summarizes open commodity derivative contracts for crude oil, refined products, blending products and soybean oil as of March 31, 2022.

	Percentage of contracts that expire next quarter	Position
(Units in thousands of barrels)		Long	Short
Exchange-traded(a)
Crude oil	87.9%	89,111	88,433
Refined products	91.2%	15,031	17,289
Blending products	100.0%	1,487	1,713
Soybean oil	97.7%	1,283	1,727

(a)    Included in exchange-traded are spread contracts in thousands of barrels: Crude oil - 17,010 long and 14,205 short; Refined products - 1,501 long and 1,665 short. There are no spread contracts for blending products or soybean oil.

Effect of Commodity Derivative Instruments in Statements of Income

The following table summarizes the effect of all commodity derivative instruments in our consolidated statements of income: 

	Gain (Loss)
(In millions)	Three Months Ended  March 31,
Income Statement Location	2022		2021
Sales and other operating revenues	$	—	$	(10)
Cost of revenues	(342)		(65)
Other income	2		—
Total	$	(340)	$	(75)