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Derivatives and Financial Instruments (Tables) | 6 Months Ended
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Jun. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Offsetting Liabilities | The following table indicates the consolidated balance sheet line items that include the fair values of commodity derivative assets and liabilities. The balances in the following table are presented on a gross basis, before the effects of counterparty and collateral netting. However, we have elected to present our commodity derivative assets and liabilities with the same counterparty on a net basis on our consolidated balance sheet when the legal right of offset exists.
| Millions of Dollars |  |  |  |  |  |  |  |  |
| June 30, 2020 |  |  |  |  |  | December 31, 2019 |  |  |
| Commodity Derivatives |  | Effect of Collateral Netting | Net Carrying Value Presented on the Balance Sheet |  |  | Commodity Derivatives |  | Effect of Collateral Netting | Net Carrying Value Presented on the Balance Sheet
| Assets | Liabilities |  |  |  |  | Assets | Liabilities |  |
Assets |  |  |  |  |  |  |  |  |  |
Prepaid expenses and other current assets | $ | 56 |  | (25) |  | — |  | 31 |  |  |  | 23 |  | — |  | — |  | 23 |
Other assets | — |  | — |  | — |  | — |  |  |  | 3 |  | — |  | — |  | 3 |
Liabilities |  |  |  |  |  |  |  |  |  |
Other accruals | 1,216 |  | (1,399) |  | 168 |  | (15) |  |  |  | 1,188 |  | (1,281) |  | 80 |  | (13) |
Other liabilities and deferred credits | — |  | (1) |  | — |  | (1) |  |  |  | — |  | (1) |  | — |  | (1) |
Total | $ | 1,272 |  | (1,425) |  | 168 |  | 15 |  |  |  | 1,214 |  | (1,282) |  | 80 |  | 12 |
Offsetting Assets | The following table indicates the consolidated balance sheet line items that include the fair values of commodity derivative assets and liabilities. The balances in the following table are presented on a gross basis, before the effects of counterparty and collateral netting. However, we have elected to present our commodity derivative assets and liabilities with the same counterparty on a net basis on our consolidated balance sheet when the legal right of offset exists.
| Millions of Dollars |  |  |  |  |  |  |  |  |
| June 30, 2020 |  |  |  |  |  | December 31, 2019 |  |  |
| Commodity Derivatives |  | Effect of Collateral Netting | Net Carrying Value Presented on the Balance Sheet |  |  | Commodity Derivatives |  | Effect of Collateral Netting | Net Carrying Value Presented on the Balance Sheet
| Assets | Liabilities |  |  |  |  | Assets | Liabilities |  |
Assets |  |  |  |  |  |  |  |  |  |
Prepaid expenses and other current assets | $ | 56 |  | (25) |  | — |  | 31 |  |  |  | 23 |  | — |  | — |  | 23 |
Other assets | — |  | — |  | — |  | — |  |  |  | 3 |  | — |  | — |  | 3 |
Liabilities |  |  |  |  |  |  |  |  |  |
Other accruals | 1,216 |  | (1,399) |  | 168 |  | (15) |  |  |  | 1,188 |  | (1,281) |  | 80 |  | (13) |
Other liabilities and deferred credits | — |  | (1) |  | — |  | (1) |  |  |  | — |  | (1) |  | — |  | (1) |
Total | $ | 1,272 |  | (1,425) |  | 168 |  | 15 |  |  |  | 1,214 |  | (1,282) |  | 80 |  | 12 |
Summary of Fair Value of Commodity Derivative Assets and Liabilities and Gains (Losses) from Derivative Contracts | The realized and unrealized gains (losses) incurred from commodity derivatives, and the line items where they appear on our consolidated statement of operations, were:
| Millions of Dollars |  |  |  |  |
| Three Months Ended June 30 |  |  |  | Six Months Ended June 30 |
| 2020 |  |  | 2019 |  |  | 2020 |  | 2019 |
Sales and other operating revenues | $ | (180) |  |  | 17 |  |  | 499 |  | (160) |
Other income | 6 |  |  | — |  |  | 9 |  | 13 |
Purchased crude oil and products | (124) |  |  | 54 |  |  | 317 |  | (101) |
Net gain (loss) from commodity derivative activity | $ | (298) |  |  | 71 |  |  | 825 |  | (248) |
Summary of Material Net Exposures and Notional Amount of Derivative Contracts | The following table summarizes our material net exposures resulting from outstanding commodity derivative contracts. These financial and physical derivative contracts are primarily used to manage price exposure on our underlying operations. The underlying exposures may be from nonderivative positions such as inventory volumes. Financial derivative contracts may also offset physical derivative contracts, such as forward purchase and sales contracts. The percentage of our derivative contract volumes expiring within the next 12 months was at least 98% at June 30, 2020, and December 31, 2019.
| Open Position Long / (Short) |  |
| June 30 2020 |  | December 31 2019
Commodity |  |  |
Crude oil, refined petroleum products and NGL (millions of barrels) | (36) |  |  | (16) |

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