Financial and Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 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 March 31, 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 March 31 2018		At December 31 2017
Commodity	Accounts and notes receivable, net	$	7	$	22
Commodity	Long-term receivables, net	—		—
Total Assets at Fair Value		$	7	$	22
Commodity	Accounts payable	$	90	$	122
Commodity	Deferred credits and other noncurrent obligations	5		2
Total Liabilities at Fair Value		$	95	$	124

Consolidated Statement of Income: The Effect of Derivatives Not Designated as Hedging Instruments

(Millions of dollars)



		(Loss) / Gain Three Months Ended March 31
Type of Contract	Statement of Income Classification	2018			2017
Commodity	Sales and other operating revenues	$	(12	)	$	162
Commodity	Purchased crude oil and products	(9		)	4
Commodity	Other income	—			(2		)
		$	(21	)	$	164

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 March 31, 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 March 31, 2018	Gross Amount Recognized		Gross Amounts Offset		Net Amounts Presented		Gross Amounts Not Offset		Net Amount
Derivative Assets	$	1,180	$	1,173	$	7	$	—	$	7
Derivative Liabilities	$	1,268	$	1,173	$	95	$	—	$	95

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 March 31, 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 March 31, 2018	Gross Amount Recognized		Gross Amounts Offset		Net Amounts Presented		Gross Amounts Not Offset		Net Amount
Derivative Assets	$	1,180	$	1,173	$	7	$	—	$	7
Derivative Liabilities	$	1,268	$	1,173	$	95	$	—	$	95

At December 31, 2017
Derivative Assets	$	1,169	$	1,147	$	22	$	—	$	22
Derivative Liabilities	$	1,271	$	1,147	$	124	$	—	$	124