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Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Gain (loss) on derivatives

The following outlines the gains (losses) recognized on the Company’s derivative activities, all of which are recorded in Cost of Materials and Other on the condensed consolidated statements of operations:

Gain (Loss) on Derivatives
	Three Months Ended March 31,
(in millions)	2019				2018
Forward purchases	$	17			$	14
Swaps	—				45
Futures	(1		)		—
Total gain (loss) on derivatives, net	$	16			$	59

Schedule of open commodity derivative instruments

Open Commodity Derivative Instruments
	Three Months Ended March 31,
(in millions of barrels)	2019			2018
Commodity Swap Instruments:
2-1-1 Crack spreads	—			2
Distillate Crack spreads	—			1
Gasoline Crack spreads	—			1
Purchase and Sale Commitments - Futures Contracts:
Canadian crude oil	2			4

Derivative offsetting assets

The Company elected to offset the fair value amounts recognized for multiple derivative contracts executed with the same counterparty. These amounts are recognized as current assets and current liabilities within the prepaid expenses and other current assets and accrued expenses and other current liabilities financial statement line items, respectively, in the condensed consolidated balance sheets as follows:

	Derivative Assets								Derivative Liabilities
(in millions)	March 31, 2019				December 31, 2018				March 31, 2019				December 31, 2018
Commodity Derivatives	$	1			$	8			$	—			$	1
Less: Counterparty Netting	—				(1		)		—				(1		)
Total Net Fair Value of Derivatives	$	1			$	7			$	—			$	—

Derivative offsetting liabilities

The Company elected to offset the fair value amounts recognized for multiple derivative contracts executed with the same counterparty. These amounts are recognized as current assets and current liabilities within the prepaid expenses and other current assets and accrued expenses and other current liabilities financial statement line items, respectively, in the condensed consolidated balance sheets as follows:

	Derivative Assets								Derivative Liabilities
(in millions)	March 31, 2019				December 31, 2018				March 31, 2019				December 31, 2018
Commodity Derivatives	$	1			$	8			$	—			$	1
Less: Counterparty Netting	—				(1		)		—				(1		)
Total Net Fair Value of Derivatives	$	1			$	7			$	—			$	—

Assets and liabilities measured at fair value on a recurring basis

The following table sets forth the assets and liabilities measured or disclosed at fair value on a recurring basis, by input level, as of March 31, 2019 and December 31, 2018:

	March 31, 2019
(in millions)	Level 1				Level 2				Level 3				Total
Location and Description
Other current assets (investments)	—				1				—				1
Total Assets	$	—			$	1			$	—			$	1
Other current liabilities (Renewable Fuel Standard “RFS” obligation)	—				(16		)		—				(16		)
Total Liabilities	$	—			$	(16	)		$	—			$	(16	)

	December 31, 2018
(in millions)	Level 1				Level 2				Level 3				Total
Location and Description
Other current assets (investments)	—				7				—				7
Total Assets	$	—			$	7			$	—			$	7
Other current liabilities (RFS obligation)	—				(2		)		—				(2		)
Total Liabilities	$	—			$	(2	)		$	—			$	(2	)

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