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Financial and Derivative Instruments | 6 Months Ended
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Jun. 30, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Financial and Derivative Instruments | Financial and Derivative Instruments The company’s derivative instruments principally include crude oil, natural gas and refined product futures, swaps, options, and forward contracts. None of the company’s derivative instruments are designated as hedging instruments, although certain of the company’s affiliates make such a designation. The company’s derivatives are not material to the company’s consolidated financial position, results of operations or liquidity. The company believes it has no material market or credit risks to its operations, financial position or liquidity as a result of its commodities and other derivatives activities. The company uses derivative commodity instruments traded on the New York Mercantile Exchange and on electronic platforms of the Inter-Continental Exchange and Chicago Mercantile Exchange. In addition, the company enters into swap contracts and option contracts principally with major financial institutions and other oil and gas companies in the “over-the-counter” markets, which are governed by International Swaps and Derivatives Association agreements and other master netting arrangements. Derivative instruments measured at fair value at June 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 June 30 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 |  | $ | 171 |  |  | $ | 122 |
Commodity |  | Deferred credits and other noncurrent obligations |  | 13 |  |  | 2 |
Total Liabilities at Fair Value |  | $ | 184 |  |  | $ | 124 |
Consolidated Statement of Income: The Effect of Derivatives Not Designated as Hedging Instruments (Millions of dollars)
|  |  |  | Gain / (Loss) Three Months Ended June 30 |  | Gain / (Loss) Six Months Ended June 30
Type of Contract |  | Statement of Income Classification |  | 2018 |  | 2017 |  | 2018 |  | 2017
Commodity |  | Sales and other operating revenues |  | $ | (165 | ) |  | $ | 116 |  |  | $ | (177 | ) |  | $ | 278 |
Commodity |  | Purchased crude oil and products |  | (18 | ) |  | 6 |  |  | (26 | ) |  | 10 |
Commodity |  | Other income |  | 1 |  |  | (1 | ) |  | — |  |  | (3 | )
|  |  |  | $ | (182 | ) |  | $ | 121 |  |  | $ | (203 | ) |  | $ | 285 |
The table below represents gross and net derivative assets and liabilities subject to netting agreements on the Consolidated Balance Sheet at June 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 June 30, 2018 |  |  |  |  |
Derivative Assets |  | $ | 2,700 |  |  | $ | 2,693 |  |  | $ | 7 |  |  | $ | — |  |  | $ | 7 |
Derivative Liabilities |  | $ | 2,877 |  |  | $ | 2,693 |  |  | $ | 184 |  |  | $ | — |  |  | $ | 184 |
At December 31, 2017 |  |  |  |  |  |  |  |  |  |
Derivative Assets |  | $ | 1,169 |  |  | $ | 1,147 |  |  | $ | 22 |  |  | $ | — |  |  | $ | 22 |
Derivative Liabilities |  | $ | 1,271 |  |  | $ | 1,147 |  |  | $ | 124 |  |  | $ | — |  |  | $ | 124 |
Derivative assets and liabilities are classified on the Consolidated Balance Sheet as accounts and notes receivable, long-term receivables, accounts payable, and deferred credits and other noncurrent obligations. Amounts not offset on the Consolidated Balance Sheet represent positions that do not meet all the conditions for "a right of offset."

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- References No definition available. + Details
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- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -URI http://asc.fasb.org/topic&trid=2229140 + Details
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