Derivatives (Tables)

9 Months Ended

Sep. 30, 2012

Derivatives

Cash-flow hedges - Schedule of the location and amount of gains and losses reported (in millions)

	Periods Ended September 30
	Three Months						Nine Months
Commodity Contracts — cash-flow hedges	2012			2011			2012			2011
Unrealized gains (losses) recognized in AOCI	$	(3	)	$	37		$	17		$	31
Losses (gains) reclassified to income	$	—		$	39		$	(38	)	$	115
Losses recognized in income — ineffective portion	$	—		$	(1	)	$	—		$	(1	)

Cash-flow hedges - Net after-tax derivative activity recorded in Accumulated Other Comprehensive Income (in millions)

	Periods Ended September 30
	Three Months						Nine Months
	2012			2011			2012			2011
Beginning balance — AOCI	$	(11	)	$	(66	)	$	1		$	(111	)
Unrealized gains (losses) recognized in AOCI	(2		)	24			10			20
Losses (gains) reclassified to income	—			25			(24		)	74
Ending balance — AOCI	$	(13	)	$	(17	)	$	(13	)	$	(17	)

Gross fair value of outstanding derivatives (in millions)

September 30, 2012	Asset Derivatives  Balance Sheet Location	Fair Value			Liability Derivatives  Balance Sheet Location	Fair Value
Cash-flow hedges (a)
Commodity contracts	Marketing and trading assets and other	$	3		Accrued liabilities	$	3
Derivatives not designated as hedging instruments (a)
	Marketing and trading assets and other	556			Accrued liabilities	626
Commodity contracts	Long-term receivables and other assets, net	30			Deferred credits and other liabilities	27
		586				653
Total gross fair value		589				656
Less: counterparty netting and cash collateral (b)		(432		)		(515		)
Total net fair value of derivatives		$	157			$	141

December 31, 2011	Asset Derivatives  Balance Sheet Location	Fair Value			Liability Derivatives  Balance Sheet Location	Fair Value
Cash-flow hedges (a)
	Marketing and trading assets and other	$	41		Accrued liabilities	$	5
Commodity contracts	Long-term receivables and other assets, net	3			Deferred credits and other liabilities	—
		44				5
Derivatives not designated as hedging instruments (a)
	Marketing and trading assets and other	835			Accrued liabilities	887
Commodity contracts	Long-term receivables and other assets, net	71			Deferred credits and other liabilities	71
		906				958
Total gross fair value		950				963
Less: counterparty netting and cash collateral (c)		(758		)		(782		)
Total net fair value of derivatives		$	192			$	181

(a)Fair values are presented at gross amounts, including when the derivatives are subject to master netting arrangements and qualify for net presentation in the consolidated balance sheet.

(b)As of September 30, 2012, collateral received of $17 million has been netted against derivative assets and collateral paid of  $100 million has been netted against derivative liabilities.

(c)As of December 31, 2011, collateral received of $42 million has been netted against derivative assets and collateral paid of $66 million has been netted against derivative liabilities.

Derivatives Not Designated as Hedging Instruments | Commodity Contracts

Derivatives

Schedule of outstanding derivative instruments

	Net Outstanding Position
	Long / (Short)
Commodity	September 30, 2012		December 31, 2011
Oil (million barrels)	(4	)	(9	)
Natural gas (billion cubic feet)	(178	)	(242	)
Precious metals (million troy ounces)	1		3