Derivative Instruments And Hedging Activities (Tables)

6 Months Ended

Jun. 30, 2012

Derivative Instruments, Gain (Loss) [Line Items]

Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block]

The following table presents the pre-tax effect on comprehensive income ("OCI") and earnings due to fair value adjustments and maturities of commodity price swaps under hedge accounting:

	Unrealized Gain (Loss) Recognized in OCI			Gain (Loss) Recognized in Earnings Due to Settlements				Gain (Loss) Attributable to Hedge Ineffectiveness Recognized in Earnings
				Location	Amount			Location	Amount
				(In thousands)
Three Months Ended June 30, 2012
Commodity price swaps
Change in fair value	$	27,044		Sales and other revenues	$	(20,167	)	Sales and other revenues	$	2,984
Loss reclassified to earnings due to settlements	3,992			Cost of products sold	16,175			Cost of products sold	(6,317		)
Total	$	31,036			$	(3,992	)		$	(3,333	)
Three Months Ended June 30, 2011
Commodity price swaps	$	—		Operating expenses	$	—		Operating expenses	$	—
Six Months Ended June 30, 2012
Commodity price swaps
Change in fair value	$	(113,076	)	Sales and other revenues	$	(54,292	)	Sales and other revenues	$	1,655
Gain reclassified to earnings due to settlements	(12,423		)	Cost of products sold	66,715			Cost of products sold	(6,317		)
Total	$	(125,499	)		$	12,423			$	(4,662	)
Six Months Ended June 30, 2011
Commodity price swaps
Change in fair value	$	(128	)
Loss reclassified to earnings due to settlements	166			Operating expenses	$	(166	)	Operating expenses	$	—
Total	$	38			$	(166	)		$	—

Summary Of Balance Sheet Locations And Related Fair Values Of Outstanding Derivative Instruments

As of June 30, 2012, we have the following notional contract volumes (stated in barrels) related to outstanding swap contracts serving as cash flow hedges against price risk on forecasted purchases of crude oil and sales of refined products:

		Notional Contract Volumes by Year of Maturity
Commodity Price Swaps	Total Outstanding Notional	2012	2013	Unit of Measure
WTI crude oil - long	10,096,000	9,016,000	1,080,000	Barrels
Ultra-low sulfur diesel - short	5,048,000	4,508,000	540,000	Barrels
Conventional unleaded gasoline - short	5,048,000	4,508,000	540,000	Barrels

Schedule of Realized Gain (Loss) [Table Text Block]

The following table present the pre-tax effect on income due to maturities and fair value adjustments of our economic hedges:

	Three Months Ended June 30,				Six Months Ended June 30,
Location of Gain (Loss) Recognized in Income	2012		2011		2012			2011
	(In thousands)
Cost of products sold	$	50,863	$	3,045	$	35,869		$	(652	)
Operating expenses	1,543		—		(158		)	—
Total	$	52,406	$	3,045	$	35,711		$	(652	)

Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block]

As of June 30, 2012, we have the following notional contract volumes related to our outstanding swap contracts serving as economic hedges:

		Notional Contract Volumes by Year of Maturity
Derivative Instrument	Total Outstanding Notional	2012	2013	Unit of Measure
Commodity price swap (natural gas) - long	6,624,000	6,624,000	—	MMBTU
Commodity price swap (WCS spread) - long	6,422,500	765,000	5,657,500	Barrels
Commodity price swap (WTI) - short	150,000	—	150,000	Barrels
Commodity price swap (gasoline) - short	630,000	150,000	480,000	Barrels
Commodity price swap (butane) - long	540,000	540,000	—	Barrels
NYMEX futures (WTI) - long	380,000	146,000	234,000	Barrels
NYMEX futures (WTI)- short	1,008,000	1,008,000	—	Barrels

Schedule of Interest Rate Derivatives [Table Text Block]

The following table presents the pre-tax effect on other comprehensive income and earnings due to fair value adjustments and maturities of interest rate swaps under cash flow hedge accounting:

	Unrealized Gain (Loss) Recognized in OCI			Gain (Loss) Recognized in Earnings Due to Settlements
				Location	Amount
				(In thousands)
Three Months Ended June 30, 2012
Interest rate swap
Change in fair value	$	(1,802	)
Loss reclassified to earnings due to settlements	1,567			Interest expense	$	(1,567	)
Total	$	(235	)		$	(1,567	)
Three Months Ended June 30, 2011
Interest rate swap
Change in fair value	$	(1,110	)
Loss reclassified to earnings due to settlements	1,381			Interest expense	$	(1,381	)
Total	$	271			$	(1,381	)
Six Months Ended June 30, 2012
Interest rate swap
Change in fair value	$	(2,438	)
Loss reclassified to earnings due to settlements	3,123			Interest expense	$	(3,123	)
Total	$	685			$	(3,123	)
Six Months Ended June 30, 2011
Interest rate swap
Change in fair value	$	(1,175	)
Loss reclassified to earnings due to settlements	2,729			Interest expense	$	(2,729	)
Total	$	1,554			$	(2,729	)

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]

The following table presents balance sheet locations and related fair values of outstanding derivative instruments. These amounts are presented on a gross basis in accordance with GAAP disclosure requirements and do not reflect the netting of asset or liability positions permitted under the terms of master netting arrangements. Therefore, they are not equal to amounts presented in our consolidated balance sheets.

	Asset Derivatives			Liability Derivatives
	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
	(In thousands)
June 30, 2012
Derivatives designated as cash flow hedging instruments:
Commodity price swap contracts	Prepayments and other current assets	$	119,461	Prepayments and other current assets	$	75,840
Variable-to-fixed interest rate swap contract				Other long-term liabilities	2,382
Total		$	119,461		$	78,222
Derivatives not designated as hedging instruments:
Commodity price swap contracts	Prepayments and other current assets	$	6,372	Prepayments and other current assets	$	16,043
December 31, 2011
Derivatives designated as cash flow hedging instruments:
Commodity price swap contracts	Prepayments and other current assets	$	173,784
Variable-to-fixed interest rate swap contract				Other long-term liabilities	$	520
Total		$	173,784		$	520
Derivatives not designated as hedging instruments:
Commodity price swap contracts	Prepayments and other current assets	$	1,870	Accrued liabilities	$	1,252