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Derivatives and Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of Fair Value of Commodity Derivative Assets and Liabilities and Gains (Losses) from Derivative Contracts
The following table indicates the balance sheet line items that include the fair values of commodity derivative assets and liabilities presented net (i.e., commodity derivative assets and liabilities with the same counterparty are netted where the right of setoff exists); however, the balances in the following table are presented gross. For information on the impact of counterparty netting and collateral netting, see Note 13—Fair Value Measurements.

 
Millions of Dollars
 
June 30
2016

 
December 31
2015

Assets
 
 
 
Prepaid expenses and other current assets
$
612

 
2,607

Other assets
20

 
5

Liabilities
 
 
 
Other accruals
637

 
2,425

Other liabilities and deferred credits
17

 
5

Hedge accounting has not been used for any item in the table.


The recognized gains (losses) incurred from commodity derivatives, and the line items where they appear on our consolidated statement of income, were:
 
 
Millions of Dollars
 
Three Months Ended
June 30
 
Six Months Ended
June 30
 
2016

2015

 
2016

2015

 
 
 
 
 
 
Sales and other operating revenues
$
(182
)
(143
)
 
(268
)
(174
)
Other income
7

4

 
16

47

Purchased crude oil and products
(89
)
(71
)
 
(125
)
(51
)
Hedge accounting has not been used for any item in the table.
Summary of Material Net Exposures and Notional Amount of Derivative Contracts
 
Open Position
Long/(Short)
 
June 30
2016

 
December 31
2015

Commodity
 
 
 
Crude oil, refined products and NGL (millions of barrels)
(35
)
 
(17
)