Price Risk Management Activities (Tables)

9 Months Ended

Sep. 30, 2012

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Volume of outstanding contracts in fair value hedges

As of September 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	776
Futures – short	4,691
Physical contracts - long	3,915

Volume of outstanding contracts in cash flow hedges

As of September 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	6,441
Swaps – short	6,441
Futures – long	15,422
Futures – short	5,749
Physical contracts – short	9,673

Volume of outstanding contracts in economic hedges

As of September 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	2014
Crude oil and refined products:
Swaps – long	15,017	55	—
Swaps – short	12,364	—	—
Futures – long	56,978	502	—
Futures – short	77,908	—	—
Options – long	6	10	—
Corn:
Futures – long	13,395	385	5
Futures – short	25,440	7,245	20
Physical contracts – long	11,778	7,073	15

Volume of outstanding contracts in trading activities

As of September 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	19,180	46,540
Swaps – short	18,599	46,601
Futures – long	122,349	34,764
Futures – short	122,928	33,958
Options – long	12,115	500
Options – short	11,260	500
Natural gas:
Futures – long	8,550	200
Futures – short	8,550	200
Corn:
Swaps - long	9,705	1,830
Swaps - short	11,520	5,045
Futures – long	14,030	4,250
Futures – short	14,030	4,250

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	September 30, 2012
		Asset Derivatives		Liability Derivatives
Derivatives designated as hedging instruments
Commodity contracts:
Futures	Receivables, net	$	67	$	40
Swaps	Receivables, net	44		38
Swaps	Accrued expenses	—		2
Total		$	111	$	80
Derivatives not designated as hedging instruments
Commodity contracts:
Futures	Receivables, net	$	3,071	$	3,150
Swaps	Receivables, net	6		11
Swaps	Prepaid expenses and other	2		1
Swaps	Accrued expenses	48		62
Options	Receivables, net	4		3
Options	Accrued expenses	1		1
Physical purchase contracts	Inventories	3		—
Foreign currency contracts	Receivables, net	3		—
Foreign currency contracts	Accrued expenses	—		1
Total		$	3,138	$	3,229
Total derivatives		$	3,249	$	3,309

	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
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 September 30,					Nine Months Ended September 30,
		2012			2011		2012		2011
Commodity contracts:
Gain recognized in OCI on derivatives (effective portion)		$	27		$	20	$	43	$	20
Gain reclassified from accumulated OCI into income (effective portion)	Cost of sales	45			—		81		—
Gain (loss) recognized in income on derivatives (ineffective portion)	Cost of sales	(3		)	4		23		4

Derivatives Designated as Economic Hedges and Other Derivative Instruments	Location of Gain (Loss) Recognized in  Income on Derivatives	Three Months Ended September 30,					Nine Months Ended September 30,
		2012			2011		2012			2011
Commodity contracts	Cost of sales	$	(333	)	$	9	$	90		$	(362	)
Foreign currency contracts	Cost of sales	(21		)	41		(43		)	32
Other contract	Cost of sales	—			29		—			29
Total		$	(354	)	$	79	$	47		$	(301	)

Trading Derivatives	Location of Gain (Loss) Recognized in  Income on Derivatives	Three Months Ended September 30,					Nine Months Ended September 30,
		2012			2011		2012			2011
Commodity contracts	Cost of sales	$	(13	)	$	3	$	(9	)	$	17

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 September 30,						Nine Months Ended September 30,
		2012			2011			2012			2011
Commodity contracts:
Gain (loss) recognized in income on derivatives	Cost of sales	$	(127	)	$	170		$	(307	)	$	219
Gain (loss) recognized in income on hedged item	Cost of sales	101			(161		)	238			(222		)
Gain (loss) recognized in income on derivatives (ineffective portion)	Cost of sales	(26		)	9			(69		)	(3		)