Price Risk Management Activities (Tables)

6 Months Ended

Jun. 30, 2011

Price Risk Management [Abstract]

Volume of outstanding contracts in fair value hedges

As of June 30, 2011, we had the following outstanding commodity derivative instruments that were entered into to hedge crude oil and refined product inventories. The information presents the notional volume of outstanding contracts by type of instrument and year of maturity (volumes in thousands of barrels).

	Notional Contract Volumes by Year of Maturity
Derivative Instrument	2011
Crude oil and refined products:
Futures – long	5,878
Futures – short	18,734

Volume of outstanding contracts in economic hedges

As of June 30, 2011, we had the following outstanding commodity derivative instruments that were entered into as economic hedges. 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 corn contracts that are presented in thousands of bushels).

	Notional Contract Volumes by Year of Maturity
Derivative Instrument	2011	2012
Crude oil and refined products:
Swaps – long	74,882	51,750
Swaps – short	73,791	51,750
Futures – long	203,662	10,584
Futures – short	198,509	9,326
Options – long	1,200	—
Options – short	1,200	—
Corn:
Futures – long	78,065	8,405
Futures – short	109,420	19,155

Volume of outstanding contracts in trading activities

As of June 30, 2011, 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 represent thousands of barrels, except those identified as natural gas contracts that are presented in billions of British thermal units and corn contracts that are presented in thousands of bushels).

	Notional Contract Volumes by Year of Maturity
Derivative Instrument	2011	2012
Crude oil and refined products:
Swaps – long	12,167	1,500
Swaps – short	12,167	1,500
Futures – long	71,114	13,089
Futures – short	71,159	13,054
Options – long	1,545	—
Options – short	1,545	—
Natural gas:
Futures – long	4,850	—
Futures – short	4,600	—
Corn:
Futures – long	4,925	60
Futures – short	4,525	60

Fair values of derivative instruments

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. In addition, in Note 12, we included cash collateral on deposit with or received from brokers in the fair value of the commodity derivatives; these cash amounts are not reflected in the tables below.

		Fair Value as of June 30, 2011
	Balance Sheet Location	Asset Derivatives		Liability Derivatives
Derivatives designated as hedging instruments
Commodity contracts:
Futures	Receivables, net	$	939	$	815
Total		$	939	$	815
Derivatives not designated as hedging instruments
Commodity contracts:
Futures	Receivables, net	$	3,700	$	3,777
Swaps	Prepaid expenses and other	39		35
Swaps	Accrued expenses	188		320
Options	Receivables, net	3		—
Options	Accrued expenses	—		23
Total		$	3,930	$	4,155
Total derivatives		$	4,869	$	4,970

		Fair Value as of December 31, 2010
	Balance Sheet Location	Asset Derivatives		Liability Derivatives
Derivatives designated as hedging instruments
Commodity contracts:
Futures	Receivables, net	$	120	$	183
Swaps	Prepaid expenses and other	55		39
Swaps	Accrued expenses	31		32
Total		$	206	$	254
Derivatives not designated as hedging instruments
Commodity contracts:
Futures	Receivables, net	$	2,717	$	2,914
Swaps	Prepaid expenses and other	287		277
Swaps	Accrued expenses	116		148
Options	Accrued expenses	—		6
Total		$	3,120	$	3,345
Total derivatives		$	3,326	$	3,599

Effect of derivative instruments on statements of income and OCI

The following tables provide information about the gain or loss recognized in income and other comprehensive income on our derivative instruments and the line items in the consolidated financial statements in which such gains and losses are reflected (in millions).

Derivatives in Fair Value Hedging Relationships	Location	Gain or (Loss) Recognized in Income on Derivatives				Gain or (Loss) Recognized in Income on Hedged Item						Gain or (Loss) Recognized in Income for Ineffective Portion of Derivative
		2011		2010		2011			2010			2011			2010
Three months ended June 30:
Commodity   contracts	Cost of sales	$	140	$	216	$	(147	)	$	(207	)	$	(7	)	$	9
Six months ended June 30:
Commodity   contracts	Cost of sales	49		199		(61		)	(191		)	(12		)	8

Derivatives Designated as Trading Activities	Location of Gain or (Loss) Recognized in Income on Derivatives	Gain or (Loss) Recognized in Income on Derivatives
		2011		2010
Three months ended June 30:
Commodity contracts	Cost of sales	$	8	$	8
Six months ended June 30:
Commodity contracts	Cost of sales	14		5

Derivatives in Cash Flow Hedging Relationships	Gain or (Loss) Recognized in OCI on Derivatives (Effective Portion)					Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)					Gain or (Loss) Recognized in Income on Derivatives (Ineffective Portion)
	2011		2010			Location	2011		2010		Location	2011		2010
Three months ended June 30:
Commodity   contracts	$	—	$	—		Cost of sales	$	—	$	49	Cost of sales	$	—	$	—
Six months ended June 30:
Commodity   contracts	—		(2		)	Cost of sales	—		98		Cost of sales	—		—

Derivatives Designated as Economic Hedges and Other Derivative Instruments	Location of Gain or (Loss) Recognized in Income on Derivatives	Gain or (Loss) Recognized in Income on Derivatives
		2011			2010
Three months ended June 30:
Commodity contracts	Cost of sales	$	(72	)	$	(76	)
Foreign currency contracts	Cost of sales	5			16
Total		$	(67	)	$	(60	)
Six months ended June 30:
Commodity contracts	Cost of sales	$	(371	)	$	(115	)
Foreign currency contracts	Cost of sales	(9		)	3
Total		$	(380	)	$	(112	)