| Significant Transactions with Related Parties |
Significant transactions
with related parties included in continuing operations
were:
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Millions of
Dollars |
|
| |
|
2011 |
|
|
2010 |
|
|
2009 |
|
|
Operating revenues and
other income (a)
|
|
$ |
49 |
|
|
|
18 |
|
|
|
16 |
|
|
Gain on dispositions
(b)
|
|
|
— |
|
|
|
1,149 |
|
|
|
— |
|
|
Purchases (c)
|
|
|
327 |
|
|
|
656 |
|
|
|
814 |
|
|
Operating expenses and
selling, general and administrative expenses (d)
|
|
|
233 |
|
|
|
238 |
|
|
|
229 |
|
|
Net interest expense
(e)
|
|
|
61 |
|
|
|
75 |
|
|
|
84 |
|
| (a) |
We sold natural gas to DCP
Midstream and crude oil to the Malaysian Refining Company Sdn. Bhd.
(MRC), among others, for processing and marketing. Natural gas
liquids, solvents and petrochemical feedstocks were sold to CPChem,
gas oil and hydrogen feedstocks were sold to Excel Paralubes and
refined products were sold primarily to CFJ Properties and
LUKOIL. Beginning in the third quarter of 2010, CFJ was no longer
considered a related party due to the sale of our interest. Natural
gas, crude oil, blendstock and other intermediate products were
sold to WRB. In addition, we charged several of our affiliates,
including CPChem and MSLP, for the use of common facilities, such
as steam generators, waste and water treaters and warehouse
facilities. Amounts related to discontinued operations entities and
excluded from the table above for the years 2011, 2010 and 2009
totaled $8,304 million, $7,315 million and $7,184 million,
respectively. |
| (b) |
In 2011, we sold the Seaway
Products Pipeline to DCP Midstream for cash proceeds of
$400 million, resulting in a before-tax gain of $156 million,
which is included in discontinued operations and excluded from the
table above. During 2010, we sold a portion of our LUKOIL shares
under a stock purchase and option agreement with a wholly owned
subsidiary of LUKOIL, resulting in a before-tax gain of
$1,149 million. |
| (c) |
We purchased refined
products from WRB. We purchased natural gas and natural gas liquids
from DCP Midstream and CPChem for use in our refinery processes and
other feedstocks from various affiliates. We purchased crude oil
from LUKOIL and refined products from MRC. We also paid fees to
various pipeline equity companies for transporting finished refined
products and natural gas, as well as a price upgrade to MSLP for
heavy crude processing. We purchased base oils and fuel products
from Excel Paralubes for use in our refinery and specialty
businesses. Amounts related to discontinued operations entities and
excluded from the table above for the years 2011, 2010 and 2009
totaled $20,369 million, $15,163 million and $11,965 million,
respectively. |
| (d) |
We paid processing fees to
various affiliates. Additionally, we paid transportation fees to
pipeline equity companies. Amounts related to discontinued
operations entities and excluded from the table above for the years
2011, 2010 and 2009 totaled $159 million, $106 million and $93
million, respectively. |
| (e) |
We paid and/or received
interest to/from various affiliates, including FCCL. See Note
6—Investments, Loans and Long-Term Receivables, for
additional information on loans to affiliated companies. Amounts
related to discontinued operations entities and excluded from the
table above totaled $10 million in net interest expense for 2011
and net interest income of $2 million and $10 million for 2010 and
2009, respectively. |
|