v2.4.0.8

Fair Value Measurement (Tables)

6 Months Ended

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.

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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

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-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.



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-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

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-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)

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-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

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-Number 107

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-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.



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-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

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-Paragraph 14

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-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.



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-Publisher FASB

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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

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