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Financial and Derivative Instruments (Tables)
 9 Months Ended
Sep. 30, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Consolidated Balance Sheet: Fair Value of Derivatives Not Designated as Hedging Instruments
Derivative instruments measured at fair value at September 30, 2018, and December 31, 2017, and their classification on the Consolidated Balance Sheet and Consolidated Statement of Income are as follows:
Consolidated Balance Sheet: Fair Value of Derivatives Not Designated as Hedging Instruments
(Millions of dollars)
Type of
Contract
 
Balance Sheet Classification
 
At September 30
2018
 
At December 31
2017
Commodity
 
Accounts and notes receivable, net
 
$
15

 
$
22

Commodity
 
Long-term receivables, net
 
1

 
—

Total Assets at Fair Value
 
$
16

 
$
22

Commodity
 
Accounts payable
 
$
76

 
$
122

Commodity
 
Deferred credits and other noncurrent obligations
 
8

 
2

Total Liabilities at Fair Value
 
$
84

 
$
124
Consolidated Statement of Income: The Effect of Derivatives Not Designated as Hedging Instruments
Consolidated Statement of Income: The Effect of Derivatives Not Designated as Hedging Instruments
(Millions of dollars)
 
 
 
 
Gain / (Loss)
Three Months Ended
September 30
 
Gain / (Loss)
Nine Months Ended
September 30
Type of
Contract
 
Statement of Income Classification
 
2018
 
2017
 
2018
 
2017
Commodity
 
Sales and other operating revenues
 
$
(80
)
 
$
(196
)
 
$
(257
)
 
$
82

Commodity
 
Purchased crude oil and products
 
(10
)
 
(7
)
 
(36
)
 
3

Commodity
 
Other income
 
1

 
1

 
1

 
(2
)
 
 
 
 
$
(89
)
 
$
(202
)
 
$
(292
)
 
$
83
Schedule of Offsetting Assets
The table below represents gross and net derivative assets and liabilities subject to netting agreements on the Consolidated Balance Sheet at September 30, 2018, and December 31, 2017.
Consolidated Balance Sheet: The Effect of Netting Derivative Assets and Liabilities
(Millions of dollars)
 
 
Gross Amount Recognized
 
Gross Amounts Offset
 
Net Amounts Presented
 
 Gross Amounts Not Offset
 
Net Amount
At September 30, 2018
 
 
 
 
 
Derivative Assets
 
$
3,399

 
$
3,383

 
$
16

 
$
9

 
$
7

Derivative Liabilities
 
$
3,467

 
$
3,383

 
$
84

 
$
9

 
$
75

 
 
 
 
 
 
 
 
 
 
 
At December 31, 2017
 
 
 
 
 
 
 
 
 
 
Derivative Assets
 
$
1,169

 
$
1,147

 
$
22

 
$
—

 
$
22

Derivative Liabilities
 
$
1,271

 
$
1,147

 
$
124

 
$
—

 
$
124
Schedule of Offsetting Liabilities
The table below represents gross and net derivative assets and liabilities subject to netting agreements on the Consolidated Balance Sheet at September 30, 2018, and December 31, 2017.
Consolidated Balance Sheet: The Effect of Netting Derivative Assets and Liabilities
(Millions of dollars)
 
 
Gross Amount Recognized
 
Gross Amounts Offset
 
Net Amounts Presented
 
 Gross Amounts Not Offset
 
Net Amount
At September 30, 2018
 
 
 
 
 
Derivative Assets
 
$
3,399

 
$
3,383

 
$
16

 
$
9

 
$
7

Derivative Liabilities
 
$
3,467

 
$
3,383

 
$
84

 
$
9

 
$
75

 
 
 
 
 
 
 
 
 
 
 
At December 31, 2017
 
 
 
 
 
 
 
 
 
 
Derivative Assets
 
$
1,169

 
$
1,147

 
$
22

 
$
—

 
$
22

Derivative Liabilities
 
$
1,271

 
$
1,147

 
$
124

 
$
—

 
$
124