Price Risk Management Activities (Tables)

3 Months Ended

Mar. 31, 2013

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Volume of outstanding contracts in fair value hedges

As of March 31, 2013, 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	2013
Crude oil and refined products:
Futures – long	369
Futures – short	3,256
Physical contracts - long	2,887

Volume of outstanding contracts in cash flow hedges

As of March 31, 2013, 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	2013
Crude oil and refined products:
Futures – long	1,829
Futures – short	347
Physical contracts – short	1,482

Volume of outstanding contracts in economic hedges

As of March 31, 2013, 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	2013	2014
Crude oil and refined products:
Swaps – long	2,267	—
Swaps – short	1,550	—
Futures – long	50,113	17
Futures – short	69,216	—
Options – long	2	—
Natural gas:
Options – long	12,250	—
Options – short	3,000	—
Corn:
Futures – long	19,320	5
Futures – short	39,620	420
Physical contracts – long	17,358	447

Volume of outstanding contracts in trading activities

As of March 31, 2013, 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, corn contracts that are presented in thousands of bushels, and RINs contracts that are presented in thousands of gallons).

	Notional Contract Volumes by Year of Maturity
Derivative Instrument	2013	2014
Crude oil and refined products:
Swaps – long	43,972	16,915
Swaps – short	43,972	16,915
Futures – long	106,227	22,518
Futures – short	105,432	22,793
Options – long	18,660	—
Options – short	17,310	—
Natural gas:
Futures – long	3,500	—
Futures – short	1,500	—
Options – long	1,250	—
Options – short	250	—
Corn:
Swaps – long	1,125	—
Swaps – short	500	—
Futures – long	2,555	—
Futures – short	2,555	—
RINs:
Fixed-price contracts – long	15,600	—
Fixed-price contracts – short	33,038	—

Fair value of derivative instruments

The following tables provide information about the fair values of our derivative instruments as of March 31, 2013 and December 31, 2012 (in millions) and the line items in the balance sheets in which the fair values are reflected. See Note 12 for additional information related to the fair values of our derivative instruments.

As indicated in Note 12, we net fair value amounts recognized for multiple similar derivative contracts executed with the same counterparty under master netting arrangements, including cash collateral assets and obligations. 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.

	Balance Sheet Location	March 31, 2013
		Asset Derivatives		Liability Derivatives
Derivatives designated as hedging instruments
Commodity contracts:
Futures	Receivables, net	$	14	$	28
Derivatives not designated as hedging instruments
Commodity contracts:
Futures	Receivables, net	$	1,022	$	953
Swaps	Receivables, net	17		15
Swaps	Prepaid expenses and other	1		1
Swaps	Accrued expenses	5		11
Options	Receivables, net	5		3
Options	Prepaid expenses and other	2		1
Options	Accrued expenses	—		1
Physical purchase contracts	Inventories	13		5
RINs fixed-price contracts	Prepaid expenses and other	7		19
Foreign currency contracts	Accrued expenses	—		3
Total		$	1,072	$	1,012
Total derivatives		$	1,086	$	1,040

	Balance Sheet Location	December 31, 2012
		Asset Derivatives		Liability Derivatives
Derivatives designated as hedging instruments
Commodity contracts:
Futures	Receivables, net	$	77	$	64
Swaps	Receivables, net	15		13
Swaps	Prepaid expenses and other	2		2
Total		$	94	$	79
Derivatives not designated as hedging instruments
Commodity contracts:
Futures	Receivables, net	$	1,066	$	1,073
Swaps	Receivables, net	9		6
Swaps	Accrued expenses	32		46
Options	Receivables, net	1		4
Options	Accrued expenses	1		—
Physical purchase contracts	Inventories	11		—
Foreign currency contracts	Receivables, net	1		—
Foreign currency contracts	Accrued expenses	—		1
Total		$	1,121	$	1,130
Total derivatives		$	1,215	$	1,209

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 March 31,
		2013		2012
Commodity contracts	Cost of sales	$	35	$	(151	)
Foreign currency contracts	Cost of sales	25		(23		)
Total		$	60	$	(174	)

Derivatives in Cash Flow Hedging Relationships	Location of Gain (Loss) Recognized in Income on Derivatives	Three Months Ended March 31,
		2013			2012
Commodity contracts:
Gain recognized in OCI on derivatives (effective portion)		$	1		$	47
Gain reclassified from accumulated OCI into income (effective portion)	Cost of sales	3			48
Loss recognized in income on derivatives (ineffective portion)	Cost of sales	(1		)	(5		)

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,
		2013			2012
Commodity contracts:
Loss recognized in income on derivatives	Cost of sales	$	(1	)	$	(267	)
Gain recognized in income on hedged item	Cost of sales	—			228
Loss recognized in income on derivatives (ineffective portion)	Cost of sales	(1		)	(39		)

Trading Derivatives	Location of Gain (Loss) Recognized in Income on Derivatives	Three Months Ended March 31,
		2013			2012
Commodity contracts	Cost of sales	$	2		$	(4	)
RINs contracts	Cost of sales	(13		)	—
Total		$	(11	)	$	(4	)