v2.4.0.6
Derivative and Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2013
Derivative and Financial Instruments [Abstract]  
Balance sheet location and fair value amounts of derivatives
The following table presents the gross fair values of our commodity derivatives, excluding collateral, and the line items where they appear on our consolidated balance sheet:
     
 Millions of Dollars
  March 31  December 31
 2013 2012
Assets    
Prepaid expenses and other current assets$ 1,402  1,538
Other assets  98  105
Liabilities    
Other accruals  1,461  1,509
Other liabilities and deferred credits  94  99

The following table presents the gross fair values of our foreign currency exchange derivatives, excluding collateral, and the line items where they appear on our consolidated balance sheet:
     
 Millions of Dollars
  March 31  December 31
 2013 2012
Assets    
Prepaid expenses and other current assets$ 12  32
Liabilities    
Other accruals  5  2
Other liabilities and deferred credits  -  1
Income statement location and gain/loss amounts of derivatives
The gains (losses) from commodity derivatives incurred, and the line items where they appear on our consolidated income statement were:
      
  Millions of Dollars
   Three Months Ended
March 31
  2013 2012
      
Sales and other operating revenues $ (208)  (403)
Other income    2  (6)
Purchased commodities   185  398
      

The (gains) losses from foreign currency exchange derivatives incurred, and the line items where they appear on our consolidated income statement were:
      
   Millions of Dollars
   Three Months Ended
March 31
  2013 2012
      
Foreign currency transaction (gains) losses $ 22  (15)
Net exposures from outstanding commodity derivative contracts
The table below summarizes our material net exposures resulting from outstanding commodity derivative contracts.
     
 Open Position
Long/(Short)
 March 31 December 31
 2013 2012
     
Natural gas and power (billions of cubic feet equivalent)    
Fixed price  (22)  (48)
Basis  (1)  125

We had the following net notional position of outstanding foreign currency exchange derivatives:
      
  In Millions
   Notional Currency
 March 31 December 31
   2013 2012
     
Sell U.S. dollar, buy other currencies*USD -  2,573
Buy U.S. dollar, sell other currencies**USD 842  140
Buy British pound, sell euroGBP 11  -
Buy euro, sell British poundEUR -  96
*Primarily euro, Canadian dollar, Norwegian krone and British pound.    
**Primarily euro, Canadian dollar and Norwegian krone.
Balances of financial instruments
These balances consisted of the following:
         
 Millions of Dollars
 Carrying Amount
 Cash and Cash Equivalents Short-Term Investments
 March 31 December 31 March 31 December 31
2013201220132012
         
Cash$ 681  829  -  -
Time Deposits  4,741  2,789  -  -
Commercial Paper  -  -  23  -
 $ 5,422  3,618  23  -