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Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2018

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Gain (loss) on derivatives

Gain (Loss) on Derivatives
	Three Months Ended September 30,								Nine Months Ended September 30,
(In millions)	2018				2017				2018				2017
Gain (loss) on derivatives, net:
Forward purchases	$	4			$	—			$	33			$	—
Swaps	—				(17		)		43				(5		)
Futures	1				—				(1		)		—
Total gain (loss) on derivatives, net	$	5			$	(17	)		$	75			$	(5	)

Schedule of open commodity derivative instruments

Open Commodity Derivative Instruments
(In millions of barrels)	September 30, 2018			December 31, 2017
Commodity Swap Instruments:
2-1-1 Crack spreads	—			7
Distillate Crack spreads	—			4
Gasoline Crack spreads	—			4
Purchase and Sale Commitments:
Canadian crude oil	2			6

Derivative offsetting assets

The offsetting assets and liabilities for CVR Refining’s derivatives as of September 30, 2018 and December 31, 2017 are recorded as current assets and current liabilities in prepaid expenses and other current assets and accrued expenses and other current liabilities, respectively, in the Condensed Consolidated Balance Sheets as follows:

	Derivative Assets								Derivative Liabilities
(In millions)	September 30, 2018				December 31, 2017				September 30, 2018				December 31, 2017
Commodity Derivatives	$	5			$	7			$	35			$	71
Less: Counterparty Netting	(5		)		(7		)		(5		)		(7		)
Total Net Fair Value of Derivatives	$	—			$	—			$	30			$	64

Derivative offsetting liabilities

The offsetting assets and liabilities for CVR Refining’s derivatives as of September 30, 2018 and December 31, 2017 are recorded as current assets and current liabilities in prepaid expenses and other current assets and accrued expenses and other current liabilities, respectively, in the Condensed Consolidated Balance Sheets as follows:

	Derivative Assets								Derivative Liabilities
(In millions)	September 30, 2018				December 31, 2017				September 30, 2018				December 31, 2017
Commodity Derivatives	$	5			$	7			$	35			$	71
Less: Counterparty Netting	(5		)		(7		)		(5		)		(7		)
Total Net Fair Value of Derivatives	$	—			$	—			$	30			$	64

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Tabular disclosure of derivative and other financial assets that are subject to offsetting, including master netting arrangements.

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Tabular disclosure of the notional amounts of outstanding derivative positions.

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