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Financial and Derivative Instruments | 12 Months Ended
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Dec. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Financial and Derivative Instruments | Financial and Derivative Instruments Derivative Commodity Instruments The company’s derivative commodity instruments principally include crude oil, natural gas and refined product futures, swaps, options, and forward contracts. None of the company’s derivative instruments is designated as a hedging instrument, although certain of the company’s affiliates make such designation. The company’s derivatives are not material to the company’s 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 commodity derivative 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. Depending on the nature of the derivative transactions, bilateral collateral arrangements may also be required. Derivative instruments measured at fair value at December 31, 2018, December 31, 2017, and December 31, 2016, and their classification on the Consolidated Balance Sheet and Consolidated Statement of Income are below: Consolidated Balance Sheet: Fair Value of Derivatives Not Designated as Hedging Instruments
|  |  |  |  | At December 31 |
Type of Contract | Balance Sheet Classification | 2018 |  |  |  | 2017 |
Commodity | Accounts and notes receivable, net | $ | 279 |  |  |  | $ | 22 |
Commodity | Long-term receivables, net | 4 |  |  |  | — |
Total assets at fair value | $ | 283 |  |  |  | $ | 22 |
Commodity | Accounts payable | $ | 12 |  |  |  | $ | 122 |
Commodity | Deferred credits and other noncurrent obligations | — |  |  |  | 2 |
Total liabilities at fair value | $ | 12 |  |  |  | $ | 124 |
Consolidated Statement of Income: The Effect of Derivatives Not Designated as Hedging Instruments
|  | Gain/(Loss) |
Type of Derivative | Statement of | Year ended December 31 |
Contract | Income Classification | 2018 |  |  |  | 2017 |  |  | 2016 |
Commodity | Sales and other operating revenues | $ | 135 |  |  |  | $ | (105 | ) |  | $ | (269 | )
Commodity | Purchased crude oil and products | (33 | ) |  |  | (9 | ) |  | (31 | )
Commodity | Other income | 3 |  |  |  | (2 | ) |  | — |
|  | $ | 105 |  |  |  | $ | (116 | ) |  | $ | (300 | )
The table below represents gross and net derivative assets and liabilities subject to netting agreements on the Consolidated Balance Sheet at December 31, 2018 and December 31, 2017. Consolidated Balance Sheet: The Effect of Netting Derivative Assets and Liabilities
|  | Gross Amounts Recognized |  |  | Gross Amounts Offset |  |  | Net Amounts Presented |  |  | Gross Amounts Not Offset |  |  | Net Amounts |
At December 31, 2018 |  |  |  |  |
Derivative Assets |  | $ | 3,685 |  |  | $ | 3,402 |  |  | $ | 283 |  |  | $ | — |  |  | $ | 283 |
Derivative Liabilities |  | $ | 3,414 |  |  | $ | 3,402 |  |  | $ | 12 |  |  | $ | — |  |  | $ | 12 |
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." Concentrations of Credit Risk The company’s financial instruments that are exposed to concentrations of credit risk consist primarily of its cash equivalents, time deposits, marketable securities, derivative financial instruments and trade receivables. The company’s short-term investments are placed with a wide array of financial institutions with high credit ratings. Company investment policies limit the company’s exposure both to credit risk and to concentrations of credit risk. Similar policies on diversification and creditworthiness are applied to the company’s counterparties in derivative instruments. The trade receivable balances, reflecting the company’s diversified sources of revenue, are dispersed among the company’s broad customer base worldwide. As a result, the company believes concentrations of credit risk are limited. The company routinely assesses the financial strength of its customers. When the financial strength of a customer is not considered sufficient, alternative risk mitigation measures may be deployed, including requiring pre-payments, letters of credit or other acceptable collateral instruments to support sales to customers.

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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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