Price Risk Management Activities (Tables)

9 Months Ended

Sep. 30, 2011

Price Risk Management Activities [Abstract]

Volume of outstanding contracts in fair value hedges

As of September 30, 2011, we had the following outstanding commodity derivative instruments that were entered into to hedge crude oil and refined product inventories and commodity derivative instruments related to the physical purchase of crude oil and refined products at a fixed price. 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		3,025
Futures – short		16,453
Physical purchase contracts – long		13,428

Volume of outstanding contracts cash flow hedges

As of September 30, 2011, we had the following outstanding commodity derivative instruments that were entered into to hedge forecasted purchases or sales of crude oil and refined products. 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		2012
Crude oil and refined products:
Swaps – long		5,241
Swaps – short		5,241

Volume of outstanding contracts in economic hedges

As of September 30, 2011, we had the following outstanding commodity derivative instruments that were entered into as economic hedges and commodity derivative instruments related to the physical purchase of corn at a fixed price. 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	2013
Crude oil and refined products:
Swaps – long	34,708	65,040	—
Swaps – short	33,890	65,040	—
Futures – long	200,076	40,388	—
Futures – short	192,292	41,219	—
Options – long	606	10	—
Options – short	600	—	—
Corn:
Futures – long	22,325	8,405	—
Futures – short	41,300	23,980	260
Physical purchase contracts – long	12,166	10,991	265

Volume of outstanding contracts in trading derivatives

As of September 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	6,196	3,240
Swaps – short	6,196	3,240
Futures – long	66,365	15,868
Futures – short	66,389	15,831
Options – short	75	—
Natural gas:
Futures – long	5,050	—
Futures – short	5,050	—
Corn:
Swaps – long	—	1,050
Swaps – short	—	1,050
Futures – long	3,850	60
Futures – short	2,350	1,060

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.



	Consolidated Balance Sheet Location	September 30, 2011
	Consolidated Balance Sheet Location	Asset Derivatives		Liability Derivatives
Derivatives designated as hedging instruments
Commodity contracts:
Futures	Receivables, net	$	360	$	237
Swaps	Receivables, net	46		40
Swaps	Accrued expenses	4		3
Total		$	410	$	280

Derivatives not designated as hedging instruments
Commodity contracts:
Futures	Receivables, net	$	6,170	$	6,266
Swaps	Receivables, net	6		5
Swaps	Prepaid expenses and other	2		1
Swaps	Accrued expenses	181		268
Options	Receivables, net	5		—
Options	Accrued expenses	—		21
Physical purchase contracts	Inventories	—		81
Total		$	6,364	$	6,642
Total derivatives		$	6,774	$	6,922



	Consolidated Balance Sheet Location	December 31, 2010
	Consolidated 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
Physical purchase contracts	Inventories	17		—
Total		$	3,137	$	3,345
Total derivatives		$	3,343	$	3,599

Effect of derivative instruments on consolidated statements of income and OCI



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)
Derivatives in Cash Flow Hedging Relationships	2011		2010			Location	2011		2010		Location	2011		2010
Three months ended September 30:
Commodity contracts	$	20	$	—		Cost of sales	$	—	$	37	Cost of sales	$	4	$	—
Nine months ended September 30:
Commodity contracts	20		(2		)	Cost of sales	—		135		Cost of sales	4		—



Trading Derivatives	Location of Gain or (Loss) Recognized in Income on Derivatives	Gain or (Loss) Recognized in Income on Derivatives
Trading Derivatives		2011		2010
Three months ended September 30:
Commodity contracts	Cost of sales	$	3	$	2
Nine months ended September 30:
Commodity contracts	Cost of sales	17		7



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 September 30:
Commodity contracts	Cost of sales	$	9		$	22
Foreign currency contracts	Cost of sales	41			(5		)
Other contract	Cost of sales	29			—
Total		$	79		$	17
Nine months ended September 30:
Commodity contracts	Cost of sales	$	(362	)	$	(93	)
Foreign currency contracts	Cost of sales	32			(2		)
Other contract	Cost of sales	29			—
Total		$	(301	)	$	(95	)

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
Derivatives in Fair Value Hedging Relationships	Location	2011		2010		2011			2010			2011			2010
Three months ended September 30:
Commodity contracts	Cost of sales	$	170	$	54	$	(161	)	$	(56	)	$	9		$	(2	)
Nine months ended September 30:
Commodity contracts	Cost of sales	219		253		(222		)	(247		)	(3		)	6

- Definition

Tabular disclosure of the location and amount of gains and losses reported in the statement of financial performance, or when applicable, the statement of financial position. For example, (a) gains and losses recognized in the income statement on derivative instruments designated and qualifying as hedging instruments in fair value hedges and related hedged items designated and qualifying in fair value hedges and (b) gains and losses initially recognized in other comprehensive income on derivative instruments designated and qualifying as cash flow hedges.

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