Derivatives (Tables)
 3 Months Ended
Mar. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Classification of Fair Values of Derivative Instruments, Excluding Cash Collateral
The following table presents the gross fair values of derivative instruments, excluding cash collateral, and where they appear on the consolidated balance sheets as of March 31, 2018 and December 31, 2017:
(In millions)
March 31, 2018
Balance Sheet Location
Asset
 
Liability
Commodity derivatives
 
 
 
Other current assets
$
21

 
$
60

Other current liabilities(a)
—

 
12

Deferred credits and other liabilities(a)
—

 
48

(In millions)
December 31, 2017
Balance Sheet Location
Asset
 
Liability
Commodity derivatives
 
 
 
Other current assets
$
127

 
$
126

Other current liabilities(a)
—

 
14

Deferred credits and other liabilities(a)
—

 
52

(a)  
Includes embedded derivatives.
Open Commodity Derivative Contracts
The tables below summarize open commodity derivative contracts for crude oil and refined products as of March 31, 2018.
 
Position
 
Total Barrels (In thousands)
Crude Oil(a)
 
 
 
Exchange-traded
Long
 
16,664

Exchange-traded
Short
 
(22,145
)
(a ) 
94.7 percent of the exchange-traded contracts expire in the second quarter of 2018.
 
Position
 
Total Gallons
(In thousands)
Refined Products(a)
 
 
 
Exchange-traded
Long
 
159,390

Exchange-traded
Short
 
(147,252
)
(a ) 
100 percent of the exchange-traded contracts expire in the second quarter of 2018.
Effect of Commodity Derivative Instruments in Statements of Income
The following table summarizes the effect of all commodity derivative instruments in our consolidated statements of income: 
 
Gain (Loss)
(In millions)
Three Months Ended March 31,
Income Statement Location
2018
 
2017
Sales and other operating revenues
$
(1
)
 
$
16

Cost of revenues
(27
)
 
(24
)
Total
$
(28
)
 
$
(8
)