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Derivatives
 3 Months Ended
Mar. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivatives
Derivatives
For further information regarding the fair value measurement of derivative instruments, including any effect of master netting agreements or collateral, see Note 14. We do not designate any of our commodity derivative instruments as hedges for accounting purposes.
Derivatives that are not designated as accounting hedges may include commodity derivatives used to hedge price risk on (1) inventories, (2) fixed price sales of refined products, (3) the acquisition of foreign-sourced crude oil, (4) the acquisition of ethanol for blending with refined products, (5) the sale of NGLs and (6) the purchase of natural gas.
The following table presents the gross fair values of derivative instruments, excluding cash collateral, and where they appear on the consolidated balance sheets as of March 31, 2017 and December 31, 2016:
(In millions)
March 31, 2017
Balance Sheet Location
Asset
 
Liability
Commodity derivatives
 
 
 
Other current assets
$
392

 
$
416

Other current liabilities(a)
—

 
8

Deferred credits and other liabilities(a)
—

 
38

(In millions)
December 31, 2016
Balance Sheet Location
Asset
 
Liability
Commodity derivatives
 
 
 
Other current assets
$
688

 
$
712

Other current liabilities(a)
—

 
13

Deferred credits and other liabilities(a)
—

 
47

(a)  
Includes embedded derivatives.
The tables below summarize open commodity derivative contracts for crude oil, natural gas and refined products as of March 31, 2017.
 
Position
 
Total Barrels(In thousands)
Crude Oil(a)
 
 
 
Exchange-traded
Long
 
59,205

Exchange-traded
Short
 
(56,633
)
OTC
Short
 
(52
)
(a ) 
80 percent of the exchange-traded contracts expire in the second quarter of 2017.
 
Position
 
MMbtu
Natural Gas
 
 
 
OTC
Long
 
1,431,472

 
Position
 
Total Gallons
(In thousands)
Refined Products(a)
 
 
 
Exchange-traded
Long
 
254,058

Exchange-traded
Short
 
(133,098
)
OTC
Short
 
(81,257
)
(a ) 
100 percent of the exchange-traded contracts expire in the second quarter of 2017.

The following table summarizes the effect of all commodity derivative instruments in our consolidated statements of income: 
 
Gain (Loss)
(In millions)
Three Months Ended March 31,
Income Statement Location
2017
 
2016
Sales and other operating revenues
$
16

 
$
6

Cost of revenues
(24
)
 
(63
)
Total
$
(8
)
 
$
(57
)