Price Risk Management Activities (Tables)

12 Months Ended

Dec. 31, 2013

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Volume of outstanding contracts

As of December 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	2014
Crude oil and refined products:
Futures – long	11,857
Futures – short	12,169
Physical contracts – long	312

As of December 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, and soybean oil contracts that are presented in thousands of pounds).

	Notional Contract Volumes by Year of Maturity
Derivative Instrument	2014	2015
Crude oil and refined products:
Swaps – long	7,261	—
Swaps – short	7,276	—
Futures – long	42,205	—
Futures – short	52,158	—
Corn:
Futures – long	17,110	—
Futures – short	26,095	145
Physical contracts – long	12,554	156
Soybean oil:
Futures – short	25,320	—

As of December 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	2014
Crude oil and refined products:
Futures – long	7,629
Futures – short	2,314
Physical contracts – short	5,315

As of December 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 and corn contracts that are presented in thousands of bushels).

	Notional Contract Volumes by Year of Maturity
Derivative Instrument	2014	2015
Crude oil and refined products:
Swaps – long	25,200	—
Swaps – short	25,200	—
Futures – long	84,766	3,490
Futures – short	84,397	3,665
Options – long	28,850	—
Options – short	28,600	—
Natural gas:
Futures – long	600	1,000
Futures – short	1,150	—
Options – short	250	—
Corn:
Futures – long	435	—
Futures – short	435	—

Fair values of derivative instruments

The following tables provide information about the fair values of our derivative instruments as of December 31, 2013 and 2012 (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 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	December 31, 2013
		Asset Derivatives		Liability Derivatives
Derivatives designated as hedging instruments
Commodity contracts:
Futures	Receivables, net	$	25	$	36
Derivatives not designated as hedging instruments
Commodity contracts:
Futures	Receivables, net	$	474	$	455
Swaps	Receivables, net	33		18
Swaps	Prepaid expenses and other	3		—
Swaps	Accrued expenses	—		5
Options	Receivables, net	2		2
Physical purchase contracts	Inventories	—		5
Foreign currency contracts	Accrued expenses	—		8
Total		$	512	$	493
Total derivatives		$	537	$	529

	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 in Cash Flow Hedging Relationships	Location of Gain (Loss) Recognized in Income on Derivatives	Year Ended December 31,
		2013			2012		2011
Commodity contracts:
Gain (loss) recognized in OCI on derivatives (effective portion)		$	(4	)	$	45	$	32
Gain (loss) reclassified from accumulated OCI into income (effective portion)	Cost of sales	(2		)	73		3
Gain recognized in income on derivatives (ineffective portion)	Cost of sales	21			48		5

Trading Derivatives	Location of Gain (Loss) Recognized in Income on Derivatives	Year Ended December 31,
		2013			2012			2011
Commodity contracts	Cost of sales	$	21		$	(16	)	$	23
RINs fixed-price contracts	Cost of sales	(20		)	—			—

The following tables provide information about the gain or loss recognized in income and other comprehensive income (OCI) 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,
		2013			2012			2011
Commodity contracts:
Loss recognized in income on derivatives	Cost of sales	$	(12	)	$	(250	)	$	(6	)
Gain (loss) recognized in income on hedged item	Cost of sales	18			183			(23		)
Gain (loss) recognized in income on derivatives (ineffective portion)	Cost of sales	6			(67		)	(29		)

Derivatives Designated as Economic Hedges and Other Derivative Instruments	Location of Gain (Loss) Recognized in Income on Derivatives	Year Ended December 31,
		2013		2012			2011
Commodity contracts	Cost of sales	$	193	$	1		$	(349	)
Foreign currency contracts	Cost of sales	14		(38		)	18
Other contract	Cost of sales	—		—			29
Total		$	207	$	(37	)	$	(302	)