v2.4.0.8

Fair Value Measurement (Tables) | 6 Months Ended
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Jun. 30, 2013
Fair Value Measurement [Abstract] |
Fair value hierarchy for gross financial assets and liabilities |
|  | Millions of Dollars
|  | June 30, 2013 |  | December 31, 2012
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deferred compensation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| investments | $ | 299 |  | - |  | - |  | 299 |  | 305 |  | - |  | - |  | 305
Commodity derivatives |  | 903 |  | 316 |  | 15 |  | 1,234 |  | 1,052 |  | 567 |  | 18 |  | 1,637
Total assets | $ | 1,202 |  | 316 |  | 15 |  | 1,533 |  | 1,357 |  | 567 |  | 18 |  | 1,942
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commodity derivatives | $ | 928 |  | 334 |  | 2 |  | 1,264 |  | 1,031 |  | 567 |  | 4 |  | 1,602
Total liabilities | $ | 928 |  | 334 |  | 2 |  | 1,264 |  | 1,031 |  | 567 |  | 4 |  | 1,602
Commodity derivative balances subject to right of setoff |
The following table summarizes those commodity derivative balances subject to the right of setoff as presented
on our consolidated balance sheet:
| Millions of Dollars
| Gross |  | Gross |  | Net Amounts |  |  |  | Net Amounts
Amounts | Amounts | Excluding |  | Cash |  | Subject
Recognized | Offset | Collateral |  | Collateral |  | to Setoff
June 30, 2013 |  |  |  |  |  |  |  |  |  |
Assets | $ | 1,200 |  | 1,064 |  | 136 |  | 20 |  | 116
Liabilities |  | 1,241 |  | 1,064 |  | 177 |  | 48 |  | 129
December 31, 2012 |  |  |  |  |  |  |  |  |  |
Assets | $ | 1,621 |  | 1,403 |  | 218 |  | 29 |  | 189
Liabilities |  | 1,588 |  | 1,403 |  | 185 |  | 16 |  | 169
At June 30, 2013, and December 31, 2012, we did not present any amounts gross on our consolidated
balance sheet where we had the right of setoff.
Net fair value of financial instruments |
The following table summarizes the net fair value of financial instruments (i.e., adjusted where the right of setoff exists for commodity derivatives):
| Millions of Dollars
| Carrying Amount |  | Fair Value
| June 30 |  | December 31 |  | June 30 |  | December 31
2013 | 2012 | 2013 |  | 2012
Financial assets |  |  |  |  |  |  |  |
Deferred compensation investments | $ | 299 |  | 305 |  | 299 |  | 305
Commodity derivatives |  | 159 |  | 221 |  | 159 |  | 221
Total loans and advances—related parties |  | 1,613 |  | 1,697 |  | 1,760 |  | 1,916
Financial liabilities |  |  |  |  |  |  |  |
Total debt, excluding capital leases |  | 20,799 |  | 21,709 |  | 23,778 |  | 26,349
Total joint venture acquisition obligation |  | 3,201 |  | 3,582 |  | 3,501 |  | 3,968
Commodity derivatives |  | 161 |  | 199 |  | 161 |  | 199

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- Definition Tabular disclosure of derivative assets and liabilities that are subject to offsetting, including master netting arrangements. + References No definition available. + Details
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- Definition Tabular disclosure of the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such certain disclosures about the financial instruments, assets, and liabilities include: (1) the fair value of the required items together with their carrying amounts (as appropriate) and (2) the methodology and assumptions used in developing such estimates of fair value. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 107 -Paragraph 15 -Subparagraph b-d -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 159 -Paragraph 18 -Subparagraph c(2), d, e, f -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 157 -Paragraph 32 -Subparagraph a, c(1), c(2), c(3), d -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19207-110258 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 10 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13433-108611 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13467-108611 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13476-108611 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 107 -Paragraph 10 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 107 -Paragraph 14 -Subparagraph a -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6447952&loc=d3e13220-108610 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 159 -Paragraph 19 -Subparagraph a, b, c(1), d(1) -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19190-110258 + Details
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