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Financial and Derivative Instruments (Tables) | 9 Months Ended
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Sep. 30, 2020
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, 2020, and December 31, 2019, 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, 2020 |  | At December 31, 2019
Commodity |  | Accounts and notes receivable, net |  | $ | 90 |  |  | $ | 11 |
Commodity |  | Long-term receivables, net |  | 14 |  |  | — |
Total Assets at Fair Value |  | $ | 104 |  |  | $ | 11 |
Commodity |  | Accounts payable |  | $ | 3 |  |  | $ | 74 |
Commodity |  | Deferred credits and other noncurrent obligations |  | 5 |  |  | — |
Total Liabilities at Fair Value |  | $ | 8 |  |  | $ | 74 |
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)
Type of |  |  |  | Gain / (Loss) Three Months Ended September 30 |  | Gain / (Loss) Nine Months Ended September 30
Contract |  | Statement of Income Classification |  | 2020 |  | 2019 |  | 2020 |  | 2019
Commodity |  | Sales and other operating revenues |  | $ | 38 |  |  | $ | 55 |  |  | $ | 283 |  |  | $ | (189) |
Commodity |  | Purchased crude oil and products |  | (7) |  |  | (7) |  |  | (31) |  |  | (16) |
Commodity |  | Other income |  | 6 |  |  | — |  |  | 3 |  |  | (3) |
|  | $ | 37 |  |  | $ | 48 |  |  | $ | 255 |  |  | $ | (208) |
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, 2020, and December 31, 2019.
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, 2020 |  |  |  |  |
Derivative Assets |  | $ | 1,044 |  |  | $ | 940 |  |  | $ | 104 |  |  | $ | — |  |  | $ | 104 |
Derivative Liabilities |  | $ | 948 |  |  | $ | 940 |  |  | $ | 8 |  |  | $ | — |  |  | $ | 8 |
At December 31, 2019 |  |  |  |  |  |  |  |  |  |
Derivative Assets |  | $ | 656 |  |  | $ | 645 |  |  | $ | 11 |  |  | $ | — |  |  | $ | 11 |
Derivative Liabilities |  | $ | 719 |  |  | $ | 645 |  |  | $ | 74 |  |  | $ | — |  |  | $ | 74 |
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, 2020, and December 31, 2019.
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, 2020 |  |  |  |  |
Derivative Assets |  | $ | 1,044 |  |  | $ | 940 |  |  | $ | 104 |  |  | $ | — |  |  | $ | 104 |
Derivative Liabilities |  | $ | 948 |  |  | $ | 940 |  |  | $ | 8 |  |  | $ | — |  |  | $ | 8 |
At December 31, 2019 |  |  |  |  |  |  |  |  |  |
Derivative Assets |  | $ | 656 |  |  | $ | 645 |  |  | $ | 11 |  |  | $ | — |  |  | $ | 11 |
Derivative Liabilities |  | $ | 719 |  |  | $ | 645 |  |  | $ | 74 |  |  | $ | — |  |  | $ | 74 |

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