Derivative Instruments and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2013

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Consolidated Balance Sheet: Fair Value of Derivatives Not Designated as Hedging Instruments

Derivative instruments measured at fair value at March 31, 2013, and December 31, 2012, and their classification on the Consolidated Balance Sheet and Consolidated Statement of Income are as follows:

Consolidated Balance Sheet: Fair Value of Derivatives Not Designated as Hedging Instruments

(Millions of Dollars)



Type of Contract	Balance Sheet Classification	At March 31 2013		At December 31 2012
Commodity	Accounts and notes receivable, net	$	41	$	57
Commodity	Long-term receivables, net	23		29
Total Assets at Fair Value		$	64	$	86
Commodity	Accounts payable	$	77	$	112
Commodity	Deferred credits and other noncurrent obligations	33		37
Total Liabilities at Fair Value		$	110	$	149

Consolidated Statement of Income: The Effect of Derivatives Not Designated as Hedging Instruments

(Millions of dollars)



		Gain / (Loss) Three Months Ended March 31
Type of Contract	Statement of Income Classification	2013			2012
Commodity	Sales and other operating revenues	$	(75	)	$	(118	)
Commodity	Purchased crude oil and products	(4		)	(19		)
Commodity	Other income	(1		)	5
		$	(80	)	$	(132	)

Consolidated Balance Sheet: The Effect of Netting Derivative Assets and Liabilities

The table below represents gross and net derivative assets and liabilities subject to netting agreements on the Statement of Financial Position at March 31, 2013.

Consolidated Balance Sheet: The Effect of Netting Derivative Assets and Liabilities

(Millions of dollars)



	At March 31, 2013
	Gross Amount Recognized		Gross Amounts Offset in Statement of Financial Position		Net Amounts Presented in the Statement of Financial Position		Gross Amounts Not Offset in the Statement of Financial Position - Financial Instruments		Net Amount
Derivative Assets	$	999	$	935	$	64	$	57	$	7

Derivative Liabilities	$	1,045	$	935	$	110	$	12	$	98

- Definition

Tabular disclosure of the location and amount of gains and losses reported in the statement of financial performance, or when applicable, the statement of financial position. For example, (a) gains and losses recognized in the income statement on derivative instruments designated and qualifying as hedging instruments in fair value hedges and related hedged items designated and qualifying in fair value hedges and (b) gains and losses initially recognized in other comprehensive income on derivative instruments designated and qualifying as cash flow hedges.

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- Definition

Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

+ References+ Details