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Derivatives (Tables)

6 Months Ended

Jun. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Classification of Fair Values of Derivative Instruments, Excluding Cash Collateral

The following table presents the fair value of derivative instruments as of June 30, 2022 and December 31, 2021 and the line items in the balance sheets in which the fair values are reflected. The fair value amounts below are presented on a gross basis and do not reflect the netting of asset and liability positions permitted under the terms of our master netting arrangements including cash collateral on deposit with, or received from, brokers. We offset the recognized fair value amounts for multiple derivative instruments executed with the same counterparty in our financial statements when a legal right of offset exists. As a result, the asset and liability amounts below will not agree with the amounts presented in our consolidated balance sheets.

(In millions)			June 30, 2022												December 31, 2021
Balance Sheet Location			Asset						Liability						Asset						Liability
Commodity derivatives
Other current assets			$	761					$	622					$	271					$	249
Other current liabilities(a)			—						14						—						15
Deferred credits and other liabilities(a)			—						78						—						93

(a)     Includes embedded derivatives.

Open Commodity Derivative Contracts

The table below summarizes open commodity derivative contracts for crude oil, refined products, blending products and soybean oil as of June 30, 2022.

			Percentage of contracts that expire next quarter						Position
(Units in thousands of barrels)									Long						Short
Exchange-traded(a)
Crude oil			75.6%						95,368						103,520
Refined products			89.6%						13,539						15,813
Blending products			75.6%						2,966						6,887
Soybean oil			84.0%						3,738						4,342

(a)    Included in exchange-traded are spread contracts in thousands of barrels: Crude oil - 20,607 long and 21,937 short; Refined products - 1,181 long and 890 short. There are no spread contracts for blending products or soybean oil.

Effect of Commodity Derivative Instruments in Statements of Income

The following table summarizes the effect of all commodity derivative instruments in our consolidated statements of income: 

			Gain (Loss)
(In millions)			Three Months Ended  June 30,												Six Months Ended  June 30,
Income Statement Location			2022						2021						2022						2021
Sales and other operating revenues			$	—					$	(5)					$	—					$	(15)
Cost of revenues			17						(168)						(325)						(233)
Other income			(1)						—						1						—
Total			$	16					$	(173)					$	(324)					$	(248)

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Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

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Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

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Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

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