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Financial and Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Consolidated Balance Sheet: Fair Value of Derivatives not Designated as Hedging Instruments

Consolidated Balance Sheet: Fair Value of Derivatives Not Designated as Hedging Instruments

															At December 31
Type of Contract			Balance Sheet Classification			2020									2019
Commodity			Accounts and notes receivable, net			$	73								$	11
Commodity			Long-term receivables, net			1									—
Total assets at fair value						$	74								$	11
Commodity			Accounts payable			$	172								$	74
Commodity			Deferred credits and other noncurrent obligations			1									—
Total liabilities at fair value						$	173								$	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

						Gain/(Loss)
Type of Derivative			Statement of			Year ended December 31
Contract			Income Classification			2020									2019						2018
Commodity			Sales and other operating revenues			$	69								$	(291)					$	135
Commodity			Purchased crude oil and products			(36)									(17)						(33)
Commodity			Other income			7									(2)						3
						$	40								$	(310)					$	105

Consolidated Balance Sheet: The Effect of Netting Derivative Assets

The table below represents gross and net derivative assets and liabilities subject to netting agreements on the Consolidated Balance Sheet at December 31, 2020 and December 31, 2019.

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, 2020
Derivative Assets						$	818					$	744					$	74					$	—					$	74
Derivative Liabilities						$	917					$	744					$	173					$	—					$	173
At December 31, 2019
Derivative Assets						$	656					$	645					$	11					$	—					$	11
Derivative Liabilities						$	719					$	645					$	74					$	—					$	74

Consolidated Balance Sheet: The Effect of Netting Derivative Liabilities

The table below represents gross and net derivative assets and liabilities subject to netting agreements on the Consolidated Balance Sheet at December 31, 2020 and December 31, 2019.

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, 2020
Derivative Assets						$	818					$	744					$	74					$	—					$	74
Derivative Liabilities						$	917					$	744					$	173					$	—					$	173
At December 31, 2019
Derivative Assets						$	656					$	645					$	11					$	—					$	11
Derivative Liabilities						$	719					$	645					$	74					$	—					$	74

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