Fair Value Measurements (Tables)

12 Months Ended

Jun. 30, 2012

Jun. 30, 2011

Fair Value Measurements At Reporting Date

	Fair Value Measurements at June 30, 2012
	Quoted Prices in		Significant
	Active Markets		Other		Significant
	for Identical		Observable		Unobservable
	Assets		Inputs		Inputs
	(Level 1)		(Level 2)		(Level 3)		Total
			(In millions)
Assets:
Inventories carried at market	$	-	$	5,297	$	1,462	$	6,759
Unrealized derivative gains:
Commodity contracts		1,275		1,397		171		2,843
Foreign exchange contracts		-		219		-		219
Other contracts		-		1		-		1
Marketable securities		1,666		26		-		1,692
Deferred consideration		-		629		-		629
Total Assets	$	2,941	$	7,569	$	1,633	$	12,143
Liabilities:
Unrealized derivative losses:
Commodity contracts	$	1,487	$	1,038	$	179	$	2,704
Foreign exchange contracts		2		289		-		291
Inventory-related payables		-		307		38		345
Total Liabilities	$	1,489	$	1,634	$	217	$	3,340

	Fair Value Measurements at June 30, 2011
	Quoted Prices in		Significant
	Active Markets		Other		Significant
	for Identical		Observable		Unobservable
	Assets		Inputs		Inputs
	(Level 1)		(Level 2)		(Level 3)		Total
			(In millions)
Assets:
Inventories carried at market	$	-	$	5,153	$	762	$	5,915
Unrealized derivative gains:
Commodity contracts		1,198		1,457		112		2,767
Foreign exchange contracts		-		237		-		237
Interest rate contracts		-		3		-		3
Marketable securities		1,628		328		-		1,956
Total Assets	$	2,826	$	7,178	$	874	$	10,878
Liabilities:
Unrealized derivative losses:
Commodity contracts	$	1,317	$	1,193	$	44	$	2,554
Foreign exchange contracts		-		178		-		178
Inventory-related payables		-		278		45		323
Total Liabilities	$	1,317	$	1,649	$	89	$	3,055

Unobservable Price Components Present in the Level 3 Valuations of Assets and Liabilities Measured at Fair Value on a Recurring Basis

	Weighted Average
	% of Total Price
Component Type	Assets		Liabilities
Inventories
Basis	8.8	%	2.3	%
Transportation cost	8.5	%	7.9	%
Commodity Derivative Contracts
Basis	12.6	%	11.8	%
Transportation cost	12.6	%	14.0	%

Significant Unobservable Inputs (Level 3) [Member]

Reconciliation Of Assets Measured At Fair Value On A Recurring Basis

	Level 3 Fair Value Assets Measurements at June 30, 2012
			Commodity
	Inventories		Derivative
	Carried at		Contracts
	Market		Gains		Total
	(In millions)
Balance, June 30, 2011	$	762	$	112	$	874
Total increase (decrease) in unrealized
gains included in cost of products sold		88		592		680
Purchases		7,036		2		7,038
Sales		(6,504)		-		(6,504)
Settlements		-		(490)		(490)
Transfers into Level 3		90		108		198
Transfers out of Level 3		(10)		(153)		(163)
Ending balance, June 30, 2012	$	1,462	$	171	$	1,633

Reconciliation Of Liabilities Measured At Fair Value On A Recurring Basis

	Level 3 Fair Value Liabilities Measurements at June 30, 2012
			Commodity
	Inventory-		Derivative
	related		Contracts
	Payables		Losses		Total
	(In millions)
Balance, June 30, 2011	$	45	$	44	$	89
Total increase (decrease) in unrealized
losses included in cost of products sold		1		555		556
Purchases		(8)		-		(8)
Settlements		-		(384)		(384)
Transfers into Level 3		-		72		72
Transfers out of Level 3		-		(108)		(108)
Ending balance, June 30, 2012	$	38	$	179	$	217

Reconciliation of Assets And Liabilities Measured At Fair Value On A Recurring Basis Using Significant Unobservable Inputs (Level 3)

	Level 3 Fair Value Measurements at June 30, 2011
	Inventories		Derivative
	Carried at		Contracts,
	Market, Net		Net		Total
	(In millions)
Balance, June 30, 2010	$	427	$	13	$	440
Total gains (losses), realized or
unrealized, included in earnings
before income taxes*		171		79		250
Purchases, issuances and settlements		254		(2)		252
Transfers into Level 3		300		23		323
Transfers out of Level 3		(435)		(45)		(480)
Ending balance, June 30, 2011	$	717	$	68	$	785

*Includes gains of $109 million that are attributable to the change in unrealized gains or losses relating to Level 3 assets and liabilities still held at June 30, 2011.