Derivatives (Tables)

3 Months Ended

Mar. 31, 2013

Derivatives

Cash-flow hedges - pre-tax and after-tax gains and losses recognized in, and reclassified to income from, Accumulated Other Comprehensive Income (in millions)

	After-tax						Pre-Tax
	2013			2012			2013			2012
Beginning Balance — AOCI	$	(7	)	$	1
Unrealized (losses) gains recognized in AOCI	(6		)	14			$	(9	)	$	22
(Gains) losses reclassified to income	(4		)	(28		)	$	(7	)	$	(45	)
Ending Balance — AOCI	$	(17	)	$	(13	)

Gross and net fair values of outstanding derivatives (in millions)

March 31, 2013	Asset Derivatives Balance Sheet Location	Fair Value			Liability Derivatives Balance Sheet Location	Fair Value
Cash-flow hedges (a)
Commodity contracts	Other current assets	$	1		Accrued liabilities	$	9
	Long-term receivables and other assets, net	—			Deferred credits and other liabilities	—
		1				9
Derivatives not designated as hedging instruments (a)
Commodity contracts	Other current assets	578			Accrued liabilities	621
	Long-term receivables and other assets, net	21			Deferred credits and other liabilities	16
		599				637
Total gross fair value		600				646
Less: counterparty netting and cash collateral (b)		(473		)		(525		)
Total net fair value of derivatives		$	127			$	121

December 31, 2012	Asset Derivatives Balance Sheet Location	Fair Value			Liability Derivatives Balance Sheet Location	Fair Value
Cash-flow hedges (a)
Commodity contracts	Other current assets	$	11		Accrued liabilities	$	1
	Long-term receivables and other assets, net	—			Deferred credits and other liabilities	1
		11				2
Derivatives not designated as hedging instruments (a)
Commodity contracts	Other current assets	386			Accrued liabilities	479
	Long-term receivables and other assets, net	22			Deferred credits and other liabilities	16
		408				495
Total gross fair value		419				497
Less: counterparty netting and cash collateral (c)		(301		)		(371		)
Total net fair value of derivatives		$	118			$	126

(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 March 31, 2013, collateral received of $24 million has been netted against derivative assets and collateral paid of $76 million has been netted against derivative liabilities.

(c) As of December 31, 2012, collateral received of $25 million has been netted against derivative assets and collateral paid of $95 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	2013		2012
Oil (million barrels)	(17	)	(17	)
Natural gas (billion cubic feet)	(161	)	(217	)
Precious metals (million troy ounces)	1		1