Price Risk Management Activities (Tables)

3 Months Ended

Mar. 31, 2014

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Volume of outstanding contracts in fair value hedges

As of March 31, 2014, 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	2,229
Futures – short	2,905
Physical contracts – long	676

Volume of outstanding contracts in cash flow hedges

As of March 31, 2014, 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	13,578
Futures – short	10,312
Physical contracts – short	3,266

Volume of outstanding contracts in economic hedges

As of March 31, 2014, 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	10,260	—
Swaps – short	10,551	—
Futures – long	68,833	14
Futures – short	95,621	—
Corn:
Futures – long	12,085	—
Futures – short	32,130	2,075
Physical contracts – long	16,957	2,157
Soybean oil:
Futures – short	99,540	—

Volume of outstanding contracts in trading activities

As of March 31, 2014, 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	17,760	—
Swaps – short	17,760	—
Futures – long	97,715	8,940
Futures – short	97,631	8,940
Options – long	12,700	—
Options – short	13,150	—
Natural gas:
Futures – long	1,000	1,500
Futures – short	750	—
Options – long	500	—
Corn:
Futures – long	145	—
Futures – short	145	—

Fair value of derivative instruments

The following tables provide information about the fair values of our derivative instruments as of March 31, 2014 and December 31, 2013 (in millions) and the line items in the balance sheets in which the fair values are reflected. See Note 11 for additional information related to the fair values of our derivative instruments.

As indicated in Note 11, 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, 2014
		Asset Derivatives		Liability Derivatives
Derivatives designated as hedging instruments
Commodity contracts:
Futures	Receivables, net	$	19	$	23
Derivatives not designated as hedging instruments
Commodity contracts:
Futures	Receivables, net	$	690	$	620
Swaps	Receivables, net	159		142
Swaps	Accrued expenses	3		5
Options	Receivables, net	1		2
Physical purchase contracts	Inventories	2		1
Foreign currency contracts	Accrued expenses	—		9
Total		$	855	$	779
Total derivatives		$	874	$	802

	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

Effect of derivative instruments on income and other comprehensive income

Derivatives Designated as Economic Hedges and Other Derivative Instruments	Location of Gain Recognized in Income on Derivatives	Three Months Ended March 31,
		2014		2013
Commodity contracts	Cost of sales	$	4	$	35
Foreign currency contracts	Cost of sales	9		25
Total		$	13	$	60

Derivatives in Cash Flow Hedging Relationships	Location of Gain (Loss) Recognized in Income on Derivatives	Three Months Ended March 31,
		2014			2013
Commodity contracts:
Gain recognized in OCI on derivatives (effective portion)		$	7		$	1
Gain reclassified from accumulated OCI into income (effective portion)	Cost of sales	3			3
Loss recognized in income on derivatives (ineffective portion)	Cost of sales	(4		)	(1		)

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,
		2014			2013
Commodity contracts:
Loss recognized in income on derivatives	Cost of sales	$	(31	)	$	(1	)
Gain recognized in income on hedged item	Cost of sales	30			—
Loss recognized in income on derivatives (ineffective portion)	Cost of sales	(1		)	(1		)

Trading Derivatives	Location of Gain (Loss) Recognized in Income on Derivatives	Three Months Ended March 31,
		2014			2013
Commodity contracts	Cost of sales	$	(1	)	$	2
RINs fixed-price contracts	Cost of sales	—			(13		)
Total		$	(1	)	$	(11	)