Price Risk Management Activities (Tables)

3 Months Ended

Mar. 31, 2012

Price Risk Management Activities [Abstract]

Volume of outstanding contracts in fair value hedges

As of March 31, 2012, 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		10,670
Futures – short		33,088
Physical contracts - long		22,418

Volume of outstanding contracts in cash flow hedges

As of March 31, 2012, 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		34,601
Futures – short		32,112
Physical contracts – short		2,489

Volume of outstanding contracts in economic hedges

As of March 31, 2012, 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	51,124	—
Swaps – short	48,424	—
Futures – long	55,939	—
Futures – short	56,511	—
Options – long	2	—
Corn:
Futures – long	14,670	50
Futures – short	40,330	2,180
Physical contracts – long	16,759	2,121

Volume of outstanding contracts in trading activities

As of March 31, 2012, 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	14,799	13,070
Swaps – short	14,659	13,190
Futures – long	72,215	8,050
Futures – short	74,651	5,550
Options – long	2,615	—
Options – short	2,500	—
Natural gas:
Futures – short	650	—
Corn:
Swaps - long	8,795	—
Swaps - short	9,085	—
Futures – long	7,720	—
Futures – short	7,720	—

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.



	Balance Sheet Location	March 31, 2012
	Balance Sheet Location	Asset Derivatives		Liability Derivatives
Derivatives designated as hedging instruments
Commodity contracts:
Futures	Receivables, net	$	161	$	188
Swaps	Receivables, net	89		83
Swaps	Accrued expenses	4		3
Total		$	254	$	274

Derivatives not designated as hedging instruments
Commodity contracts:
Futures	Receivables, net	$	1,949	$	1,957
Swaps	Receivables, net	46		48
Swaps	Prepaid expenses and other	1		—
Swaps	Accrued expenses	22		31
Options	Receivables, net	1		—
Physical purchase contracts	Inventories	—		36
Foreign currency contracts	Receivables, net	1		—
Foreign currency contracts	Accrued expenses	—		3
Total		$	2,020	$	2,075
Total derivatives		$	2,274	$	2,349



	Balance Sheet Location	December 31, 2011
	Balance Sheet Location	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
Foreign currency contracts	Accrued expenses	—		3
Total		$	1,680	$	1,684
Total derivatives		$	1,980	$	1,970

Effect of derivative instruments on income and OCI



Derivatives in Cash Flow Hedging Relationships	Location of Gain (Loss) Recognized in Income on Derivatives	Three Months Ended March 31,
Derivatives in Cash Flow Hedging Relationships	Location of Gain (Loss) Recognized in Income on Derivatives	2012			2011
Commodity contracts:
Gain recognized in OCI on derivatives (effective portion)		$	47		$	—
Gain reclassified from accumulated OCI into income (effective portion)	Cost of sales	48			—
Loss recognized in income on derivatives (ineffective portion)	Cost of sales	(5		)	—



Trading Derivatives	Location of Gain (Loss) Recognized in Income on Derivatives	Three Months Ended March 31,
Trading Derivatives	Location of Gain (Loss) Recognized in Income on Derivatives	2012			2011
Commodity contracts	Cost of sales	$	(4	)	$	6

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	Three Months Ended March 31,
Derivatives in Fair Value Hedging Relationships	Location of Gain (Loss) Recognized in Income on Derivatives	2012			2011
Commodity contracts:
Loss recognized in income on derivatives	Cost of sales	$	(267	)	$	(91	)
Gain recognized in income on hedged item	Cost of sales	228			86
Loss recognized in income on derivatives (ineffective portion)	Cost of sales	(39		)	(5		)



Derivatives Designated as Economic Hedges and Other Derivative Instruments	Location of Gain (Loss) Recognized in Income on Derivatives	Three Months Ended March 31,
	Location of Gain (Loss) Recognized in Income on Derivatives	2012			2011
Commodity contracts	Cost of sales	$	(151	)	$	(299	)
Foreign currency contracts	Cost of sales	(23		)	(14		)
Total		$	(174	)	$	(313	)

- 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.

+ References+ Details

- Definition

Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

+ References+ Details