Price Risk Management Activities (Tables)

12 Months Ended

Dec. 31, 2011

Price Risk Management Activities [Abstract]

Volume of outstanding contracts in fair value hedges

As of December 31, 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	2012
Crude oil and refined products:
Futures – long	15,398
Futures – short	35,708
Physical contracts – long	20,310

Volume of outstanding contracts in cash flow hedges

As of December 31, 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	5,961
Swaps – short	5,961
Futures – long	38,201
Futures – short	36,637
Physical contracts – short	1,564

Volume of outstanding contracts in economic hedges

As of December 31, 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	2012	2013
Crude oil and refined products:
Swaps – long	67,862	—
Swaps – short	67,040	—
Futures – long	70,211	—
Futures – short	65,339	—
Options – long	10	—
Corn:
Futures – long	18,530	—
Futures – short	49,565	780
Physical contracts – long	20,377	833

Volume of outstanding contracts in trading activities

As of December 31, 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	2012	2013
Crude oil and refined products:
Swaps – long	15,128	2,000
Swaps – short	14,968	2,000
Futures – long	50,126	825
Futures – short	50,133	825
Options – long	300	—
Options – short	600	—
Natural gas:
Futures – long	400	—
Futures – short	400	—
Options – long	2,000	—
Corn:
Swaps – long	1,050	—
Swaps – short	3,355	—
Futures – long	2,510	—
Futures – short	2,310	—

Fair values of derivative instruments

The following tables provide information about the fair values of our derivative instruments as of December 31, 2011 and 2010 (in millions) and the line items in the balance sheets in which the fair values are reflected. See Note 20 for additional information related to the fair values of our derivative instruments.

As indicated in Note 20, we net fair value amounts recognized for multiple similar derivative instruments executed with the same counterparty under master netting arrangements. 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 20, 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.

	Balance Sheet Location	December 31, 2011
		Asset Derivatives		Liability Derivatives
Derivatives designated as hedging instruments
Commodity contracts:
Futures	Receivables, net	$	264	$	240
Swaps	Accrued expenses	36		46
Total		$	300	$	286
Derivatives not designated as hedging instruments
Commodity contracts:
Futures	Receivables, net	$	1,636	$	1,624
Swaps	Prepaid expenses and other	4		2
Swaps	Accrued expenses	38		51
Options	Receivables, net	2		—
Options	Accrued expenses	—		2
Physical purchase contracts	Inventories	—		2
Total		$	1,680	$	1,681
Total derivatives		$	1,980	$	1,967

	Balance Sheet Location	December 31, 2010
		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

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 financial statements in which such gains and losses are reflected (in millions).

Derivatives in Fair Value Hedging Relationships	Location of Gain (Loss) Recognized in Income on Derivatives	Year Ended December 31,
		2011			2010			2009
Commodity contracts:
Gain (loss) recognized in   income on derivatives	Cost of sales	$	(6	)	$	45		$	(75	)
Gain (loss) recognized in   income on hedged item	Cost of sales	(23		)	(40		)	69
Gain (loss) recognized in   income on derivatives   (ineffective portion)	Cost of sales	(29		)	5			(6		)

Trading Derivatives	Location of Gain (Loss) Recognized in Income on Derivatives	Year Ended December 31,
		2011		2010		2009
Commodity contracts	Cost of sales	$	23	$	8	$	126

Derivatives Designated as Economic Hedges and Other Derivative Instruments	Location of Gain Recognized in Income on Derivatives	Year Ended December 31,
		2011			2010			2009
Commodity contracts	Cost of sales	$	(349	)	$	(210	)	$	55
Foreign currency contracts	Cost of sales	18			(24		)	(22		)
Other contract	Cost of sales	29			—			—
		(302		)	(234		)	33
Alon earn-out agreement	Other income, net	—			—			20
Alon earn-out hedge commodity contracts	Other income, net	—			—			(62		)
		—			—			(42		)
Total		$	(302	)	$	(234	)	$	(9	)

Derivatives in Cash Flow Hedging Relationships	Location of Gain (Loss) Recognized in Income on Derivatives	Year Ended December 31,
		2011		2010			2009
Commodity contracts:
Gain (loss) recognized in OCI on derivatives (effective portion)		$	32	$	(2	)	$	125
Gain (loss) reclassified from accumulated OCI into income (effective portion)	Cost of sales	3		178			337
	Loss from discontinued operations, net of income taxes	—		—			(132		)
Gain (loss) recognized in income on derivatives (ineffective portion)	Cost of sales	5		—			3