Price Risk Management Activities (Tables)

6 Months Ended

Jun. 30, 2012

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Volume of outstanding contracts in fair value hedges

As of June 30, 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		4,869
Futures – short		9,052
Physical contracts - long		4,183

Volume of outstanding contracts in cash flow hedges

As of June 30, 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		5,511
Swaps – short		5,511
Futures – long		18,386
Futures – short		10,768
Physical contracts – short		7,618

Volume of outstanding contracts in economic hedges

As of June 30, 2012, we had the following outstanding commodity derivative instruments that were used 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	30,879	—
Swaps – short	28,174	—
Futures – long	58,610	85
Futures – short	79,986	—
Corn:
Futures – long	49,750	55
Futures – short	91,035	3,375
Physical contracts – long	38,336	3,610

Volume of outstanding contracts in trading activities

As of June 30, 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	19,043	27,930
Swaps – short	17,917	28,321
Futures – long	101,095	18,832
Futures – short	102,208	17,760
Options – long	11,900	—
Options – short	12,271	—
Natural gas:
Futures – long	6,800	200
Futures – short	6,400	—
Corn:
Swaps - long	2,605	—
Swaps - short	12,460	1,580
Futures – long	19,360	—
Futures – short	19,360	—

Fair value 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	June 30, 2012
	Balance Sheet Location	Asset Derivatives		Liability Derivatives
Derivatives designated as hedging instruments
Commodity contracts:
Futures	Accrued expenses	$	2	$	1
Futures	Receivables, net	95		95
Swaps	Receivables, net	4		2
Swaps	Accrued expenses	31		32
Total		$	132	$	130

Derivatives not designated as hedging instruments
Commodity contracts:
Futures	Accrued expenses	$	1,217	$	1,141
Futures	Receivables, net	1,470		1,385
Swaps	Receivables, net	45		46
Swaps	Prepaid expenses and other	49		42
Swaps	Accrued expenses	13		20
Options	Receivables, net	1		1
Physical purchase contracts	Inventories	18		—
Foreign currency contracts	Accrued expenses	—		5
Total		$	2,813	$	2,640
Total derivatives		$	2,945	$	2,770



	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 Designated as Economic Hedges and Other Derivative Instruments	Location of Gain (Loss) Recognized in Income on Derivatives	Three Months Ended June 30,					Six Months Ended June 30,
	Location of Gain (Loss) Recognized in Income on Derivatives	2012		2011			2012			2011
Commodity contracts	Cost of sales	$	574	$	(72	)	$	423		$	(371	)
Foreign currency contracts	Cost of sales	1		5			(22		)	(9		)
Total		$	575	$	(67	)	$	401		$	(380	)



Derivatives in Cash Flow Hedging Relationships	Location of Gain (Loss) Recognized in Income on Derivatives	Three Months Ended June 30,					Six Months Ended June 30,
Derivatives in Cash Flow Hedging Relationships	Location of Gain (Loss) Recognized in Income on Derivatives	2012			2011		2012		2011
Commodity contracts:
Gain (loss) recognized in OCI on derivatives (effective portion)		$	(31	)	$	—	$	16	$	—
Gain (loss) reclassified from accumulated OCI into income (effective portion)	Cost of sales	(12		)	—		36		—
Gain recognized in income on derivatives (ineffective portion)	Cost of sales	31			—		26		—

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 June 30,						Six Months Ended June 30,
Derivatives in Fair Value Hedging Relationships	Location of Gain (Loss) Recognized in Income on Derivatives	2012			2011			2012			2011
Commodity contracts:
Gain (loss) recognized in income on derivatives	Cost of sales	$	87		$	140		$	(180	)	$	49
Gain (loss) recognized in income on hedged item	Cost of sales	(91		)	(147		)	137			(61		)
Loss recognized in income on derivatives (ineffective portion)	Cost of sales	(4		)	(7		)	(43		)	(12		)



Trading Derivatives	Location of Gain (Loss) Recognized in Income on Derivatives	Three Months Ended June 30,				Six Months Ended June 30,
Trading Derivatives	Location of Gain (Loss) Recognized in Income on Derivatives	2012		2011		2012		2011
Commodity contracts	Cost of sales	$	8	$	8	$	4	$	14

- 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