Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2013

Fair Value Measurements [Abstract]

Fair Value Measurements At Reporting Date

	Fair Value Measurements at March 31, 2013
	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	$	-	$	4,746	$	2,022	$	6,768
Unrealized derivative gains:
Commodity contracts		1,230		757		223		2,210
Foreign exchange contracts		-		181		-		181
Interest rate contracts		-		1		-		1
Marketable securities		2,045		17		-		2,062
Deferred receivables consideration		-		597		-		597
Total Assets	$	3,275	$	6,299	$	2,245	$	11,819
Liabilities:
Unrealized derivative losses:
Commodity contracts	$	1,445	$	634	$	171	$	2,250
Foreign exchange contracts		-		126		-		126
Inventory-related payables		-		547		216		763
Total Liabilities	$	1,445	$	1,307	$	387	$	3,139
	Fair Value Measurements at December 31, 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	$	-	$	5,291	$	1,745	$	7,036
Unrealized derivative gains:
Commodity contracts		1,426		936		143		2,505
Foreign exchange contracts		-		170		-		170
Interest rate contracts		-		1		-		1
Marketable securities		2,451		16		-		2,467
Deferred receivables consideration		-		900		-		900
Total Assets	$	3,877	$	7,314	$	1,888	$	13,079
Liabilities:
Unrealized derivative losses:
Commodity contracts	$	1,600	$	638	$	138	$	2,376
Foreign exchange contracts		-		215		-		215
Inventory-related payables		-		903		33		936
Total Liabilities	$	1,600	$	1,756	$	171	$	3,527

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

	Level 3 Fair Value Asset Measurements at
	March 31, 2013
			Commodity
	Inventories		Derivative
	carried at		Contracts		Total
	Market		Gains		Assets
	(In millions)
Balance, December 31, 2012	$	1,745	$	143	$	1,888
Total increase (decrease) in unrealized gains
included in cost of products sold*		(697)		136		(561)
Purchases		4,684		-		4,684
Sales		(3,700)		-		(3,700)
Settlements		-		(96)		(96)
Transfers into Level 3		40		48		88
Transfers out of Level 3		(50)		(8)		(58)
Ending balance, March 31, 2013	$	2,022	$	223	$	2,245

⃰ Includes gains of $130 million that are attributable to the change in unrealized gains relating to Level 3 assets still held at March 31, 2013.

The following table presents a reconciliation of liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended March 31, 2013.

	Level 3 Fair Value Liability Measurements at
	March 31, 2013
			Commodity
	Inventory-		Derivative
	related		Contracts		Total
	Payables		Losses		Liabilities
	(In millions)
Balance, December 31, 2012	$	33	$	138	$	171
Total increase (decrease) in unrealized losses
included in cost of products sold*		10		118		128
Purchases		176		-		176
Sales		(4)		-		(4)
Settlements		-		(102)		(102)
Transfers into Level 3		1		23		24
Transfers out of Level 3		-		(6)		(6)
Ending balance, March 31, 2013	$	216	$	171	$	387

⃰ Includes losses of $117 million that are attributable to the change in unrealized losses relating to Level 3 liabilities still held at March 31, 2013.

The following table presents a reconciliation of assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended March 31, 2012.

	Level 3 Fair Value Asset Measurements at
	March 31, 2012
			Commodity
	Inventories		Derivative
	carried at		Contracts		Total
	Market		Gains		Assets
	(In millions)
Balance, December 31, 2011	$	1,624	$	198	$	1,822
Total increase (decrease) in unrealized gains
included in cost of products sold		41		165		206
Purchases		1,286		-		1,286
Sales		(285)		-		(285)
Settlements		-		(100)		(100)
Transfers into Level 3		72		19		91
Transfers out of Level 3		(1,013)		(50)		(1,063)
Ending balance, March 31, 2012	$	1,725	$	232	$	1,957

The following table presents a reconciliation of liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended March 31, 2012.

	Level 3 Fair Value Liability Measurements at
	March 31, 2012
			Commodity
	Inventory-		Derivative
	related		Contracts		Total
	Payables		Losses		Liabilities
	(In millions)
Balance, December 31, 2011	$	196	$	192	$	388
Total increase (decrease) in unrealized losses
included in cost of products sold		-		159		159
Purchases		(1)		-		(1)
Sales		82		-		82
Settlements		-		(141)		(141)
Transfers into Level 3		-		12		12
Transfers out of Level 3		(140)		(38)		(178)
Ending balance, March 31, 2012	$	137	$	184	$	321

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
	March 31, 2013				December 31, 2012
Component Type	Assets		Liabilities		Assets		Liabilities
Inventories
Basis	26.9	%	4.9	%	13.5	%	26.2	%
Transportation cost	24.5	%	10.6	%	8.4	%	9.1	%
Commodity Derivative Contracts
Basis	18.6	%	33.0	%	45.7	%	17.0	%
Transportation cost	10.5	%	15.3	%	16.2	%	7.7	%