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Price Risk Management Activities (Tables) | 12 Months Ended
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Dec. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Risk management activities by type of risk | As of December 31, 2015, we had the following outstanding commodity derivative instruments that were entered into for trading purposes. The information presents the notional volume of outstanding contracts by type of instrument and year of maturity (volumes in thousands of barrels, except those identified as natural gas contracts that are presented in billions of British thermal units).
|  | Notional Contract Volumes by Year of Maturity
Derivative Instrument |  | 2016 |  | 2017
Crude oil and refined products: |  |  |  |
Swaps – long |  | 7,739 |  |  | — |
Swaps – short |  | 7,739 |  |  | — |
Futures – long |  | 38,732 |  |  | 500 |
Futures – short |  | 39,279 |  |  | — |
Options – long |  | 10,800 |  |  | — |
Options – short |  | 12,400 |  |  | — |
Natural gas: |  |  |  |
Futures – long |  | 1,400 |  |  | — |
As of December 31, 2015, we had the following outstanding commodity derivative instruments that were used as economic hedges, as well as commodity derivative instruments related to the physical purchase of corn at a fixed price. The information presents the notional volume of outstanding contracts by type of instrument and year of maturity (volumes in thousands of barrels, except those identified as natural gas contracts that are presented in billions of British thermal units, corn contracts that are presented in thousands of bushels, and soybean oil contracts that are presented in thousands of pounds).
|  | Notional Contract Volumes by Year of Maturity
Derivative Instrument |  | 2016 |  | 2017
Crude oil and refined products: |  |  |  |
Swaps – long |  | 11,727 |  |  | — |
Swaps – short |  | 11,559 |  |  | — |
Futures – long |  | 73,746 |  |  | — |
Futures – short |  | 85,999 |  |  | — |
Corn: |  |  |  |
Futures – long |  | 19,345 |  |  | 10 |
Futures – short |  | 39,995 |  |  | 75 |
Physical contracts – long |  | 18,336 |  |  | 65 |
Soybean oil: |  |  |  |
Futures – long |  | 83,340 |  |  | — |
Futures – short |  | 128,760 |  |  | — |
Fair values of derivative instruments | The following tables provide information about the fair values of our derivative instruments as of December 31, 2015 and 2014 (in millions) and the line items in the balance sheets in which the fair values are reflected. See Note 19 for additional information related to the fair values of our derivative instruments. As indicated in Note 19, we net fair value amounts recognized for multiple similar derivative contracts executed with the same counterparty under master netting arrangements, including cash collateral assets and obligations. The tables below, however, are presented on a gross asset and gross liability basis, which results in the reflection of certain assets in liability accounts and certain liabilities in asset accounts.
| Balance Sheet Location |  | December 31, 2015
|  | Asset Derivatives |  | Liability Derivatives
Derivatives not designated as hedging instruments |  |  |  |  |
Commodity contracts: |  |  |  |  |
Futures | Receivables, net |  | $ | 648 |  |  | $ | 522 |
Swaps | Receivables, net |  | 30 |  |  | 33 |
Options | Receivables, net |  | 4 |  |  | 2 |
Physical purchase contracts | Inventories |  | — |  |  | 6 |
Foreign currency contracts | Receivables, net |  | 3 |  |  | — |
Total |  |  | $ | 685 |  |  | $ | 563 |
| Balance Sheet Location |  | December 31, 2014
|  | Asset Derivatives |  | Liability Derivatives
Derivatives not designated as hedging instruments |  |  |  |  |
Commodity contracts: |  |  |  |  |
Futures | Receivables, net |  | $ | 3,096 |  |  | $ | 2,886 |
Swaps | Receivables, net |  | 34 |  |  | 31 |
Options | Receivables, net |  | 2 |  |  | 3 |
Physical purchase contracts | Inventories |  | 1 |  |  | 5 |
Total |  |  | $ | 3,133 |  |  | $ | 2,925 |
Effect of derivative instruments on income and OCI |
Derivatives in Cash Flow Hedging Relationships |  | Location of Gain (Loss) Recognized in Income on Derivatives |  | Year Ended December 31,
|  | 2015 |  | 2014 |  | 2013
Commodity contracts: |  |  |  |  |  |  |  |
Loss recognized in OCI on derivatives (effective portion) |  |  |  | $ | — |  |  | $ | (1 | ) |  | $ | (4 | )
Loss reclassified from accumulated OCI into income (effective portion) |  | Cost of sales |  | — |  |  | (2 | ) |  | (2 | )
Gain (loss) recognized in income on derivatives (ineffective portion) |  | Cost of sales |  | — |  |  | (1 | ) |  | 21 |
The following tables provide information about the gain or loss recognized in income and other comprehensive income (OCI) on our derivative instruments and the line items in the financial statements in which such gains and losses are reflected (in millions).
Derivatives in Fair Value Hedging Relationships |  | Location of Gain (Loss) Recognized in Income on Derivatives |  | Year Ended December 31,
|  | 2015 |  | 2014 |  | 2013
Commodity contracts: |  |  |  |  |  |  |  |
Loss recognized in income on derivatives |  | Cost of sales |  | $ | — |  |  | $ | (42 | ) |  | $ | (12 | )
Gain recognized in income on hedged item |  | Cost of sales |  | — |  |  | 42 |  |  | 18 |
Gain recognized in income on derivatives (ineffective portion) |  | Cost of sales |  | — |  |  | — |  |  | 6 |
Trading Derivatives |  | Location of Gain (Loss) Recognized in Income on Derivatives |  | Year Ended December 31,
|  | 2015 |  | 2014 |  | 2013
Commodity contracts |  | Cost of sales |  | $ | 45 |  |  | $ | 38 |  |  | $ | 21 |
RINs fixed-price contracts |  | Cost of sales |  | — |  |  | — |  |  | (20 | )
Derivatives Designated as Economic Hedges and Other Derivative Instruments |  | Location of Gain Recognized in Income on Derivatives |  | Year Ended December 31,
|  | 2015 |  | 2014 |  | 2013
Commodity contracts |  | Cost of sales |  | $ | 377 |  |  | $ | 693 |  |  | $ | 193 |
Foreign currency contracts |  | Cost of sales |  | 49 |  |  | 40 |  |  | 14 |

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