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Fair Value Measurements (Tables)
6 Months Ended
Jun. 30, 2011
Fair Value Measurements [Abstract]  
Fair value of financial assets and liabilities measured and recorded on recurring basis
The tables below present information (in millions) about our financial instruments recognized at their fair values in our consolidated balance sheets categorized according to the fair value hierarchy of the inputs utilized by us to determine the fair values as of June 30, 2011 and December 31, 2010.


 
Fair Value Measurements Using
 
 
 
 
 
Quoted
Prices in
Active
Markets
(Level 1)
 
Significant
Other
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
 
 
 
Total as of

June 30,

2011
 
 
 
 
Netting
Adjustments
 
Assets:
 
 
 
 
 
 
 
 
 
Commodity derivative contracts
$
5,018


 
$
227


 
$


 
$
(4,815
)
 
$
430


Investments of nonqualified
    benefit plans
92


 


 
11


 


 
103


Other investments


 


 


 


 


Liabilities:
 
 
 
 
 
 
 
 
 
Commodity derivative contracts
4,592


 
378


 


 
(4,815
)
 
155


Firm commitments to purchase
    inventories


 
31


 


 


 
31


Nonqualified benefit plan
  obligations
39


 


 


 


 
39


RINs obligation
135


 


 


 


 
135




 
Fair Value Measurements Using
 
 
 
 
 
Quoted
Prices in
Active
Markets
(Level 1)
 
Significant
Other
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
 
 
 
Total as of

December 31,

2010
 
 
 
 
Netting
Adjustments
 
Assets:
 
 
 
 
 
 
 
 
 
Commodity derivative contracts
$
3,240


 
$
489


 
$


 
$
(3,560
)
 
$
169


Firm commitments to purchase
    inventories


 
17


 


 


 
17


Investments of nonqualified
    benefit plans
104


 


 
10


 


 
114


Other investments


 


 


 


 


Liabilities:
 
 
 
 
 
 
 
 
 
Commodity derivative contracts
3,097


 
502


 


 
(3,560
)
 
39


Nonqualified benefit plan
  obligations
36


 


 


 


 
36


RINs obligation
51


 


 


 


 
51


Reconciliation of the beginning and ending balances for fair value measurements developed using significant unobservable inputs
The following is a reconciliation of the beginning and ending balances (in millions) for fair value measurements developed using significant unobservable inputs (Level 3).


 
2011
 
2010
 
Investments of Nonqualified
Benefit
Plans
 
Other
Investments
 
Investments of
Nonqualified
Benefit
Plans
 
Other
Investments
Three months ended June 30:
 
 
 
 
 
 
 
Balance at beginning of period
$
11


 
$


 
$
10


 
$


Purchases


 
10


 


 
1


Total losses included in earnings


 
(10
)
 


 
(1
)
Transfers in and/or out of Level 3


 


 


 


Balance at end of period
$
11


 
$


 
$
10


 
$


The amount of total losses included
  in earnings attributable to the change in
  unrealized losses relating to assets still
  held at end of period
$


 
$
(10
)
 
$


 
$
(1
)
 
 
 
 
 
 
 
 
Six months ended June 30:
 
 
 
 
 
 
 
Balance at beginning of period
$
10


 
$


 
$
10


 
$


Purchases


 
16


 


 
1


Total gains (losses) included in
  earnings
1


 
(16
)
 


 
(1
)
Transfers in and/or out of Level 3


 


 


 


Balance at end of period
$
11


 
$


 
$
10


 
$


The amount of total gains (losses)
  included in earnings attributable to the
  change in unrealized gains (losses)
  relating to assets still held
  at end of period
$
1


 
$
(16
)
 
$


 
$
(1
)
Estimated fair value of debt including current portion [Text Block]
The fair values of these financial instruments approximate their carrying amounts, except for debt as shown in the table below (in millions):


 
June 30,

2011
 
December 31,

2010
Carrying amount (excluding capital leases)
$
7,588


 
$
8,300


Fair value
8,835


 
9,492