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Fair Value Measurements (Tables) | 3 Months Ended
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Mar. 31, 2012
Fair Value Measurements [Abstract] |
Fair value of financial assets and liabilities measured on recurring basis | The tables below present information (in millions) about our financial instruments recognized at their fair values in our balance sheets categorized according to the fair value hierarchy of the inputs utilized by us to determine the fair values as of March 31, 2012 and December 31, 2011. Cash collateral deposits of $199 million and $136 million with brokers under master netting arrangements are included in the fair value of the commodity derivatives reflected in Level 1 as of March 31, 2012 and December 31, 2011, respectively. Certain of our commodity derivative contracts under master netting arrangements include both asset and liability positions. We have elected to offset the fair value amounts recognized for multiple similar derivative instruments executed with the same counterparty, including any related cash collateral asset or obligation under the column “Netting Adjustments” below; however, fair value amounts by hierarchy level are presented on a gross basis in the tables below.
| Fair Value Measurements Using |  |  |  |
| Quoted Prices in Active Markets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Netting Adjustments |  | Total Fair Value as of March 31, 2012
Assets: |  |  |  |  |  |  |  |  |
Commodity derivative contracts | $ | 2,310 |  |  | $ | 162 |  |  | $ | — |  |  | $ | (2,302 | ) |  | $ | 170 |
Physical purchase contracts | — |  |  | (36 | ) |  | — |  |  | — |  |  | (36 | )
Investments of certain benefit plans | 89 |  |  | — |  |  | 11 |  |  | — |  |  | 100 |
Foreign currency contracts | 1 |  |  | — |  |  | — |  |  | — |  |  | 1 |
Other investments | — |  |  | — |  |  | — |  |  | — |  |  | — |
Liabilities: |  |  |  |  |  |  |  |  |
Commodity derivative contracts | 2,145 |  |  | 165 |  |  | — |  |  | (2,302 | ) |  | 8 |
Biofuels blending obligation | 3 |  |  | — |  |  | — |  |  | — |  |  | 3 |
Obligations of certain benefit plans | 36 |  |  | — |  |  | — |  |  | — |  |  | 36 |
Foreign currency contracts | 3 |  |  | — |  |  | — |  |  | — |  |  | 3 |
| Fair Value Measurements Using |  |  |  |
| Quoted Prices in Active Markets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Netting Adjustments |  | Total Fair Value as of December 31, 2011
Assets: |  |  |  |  |  |  |  |  |
Commodity derivative contracts | $ | 2,038 |  |  | $ | 78 |  |  | $ | — |  |  | $ | (1,940 | ) |  | $ | 176 |
Physical purchase contracts | — |  |  | (2 | ) |  | — |  |  | — |  |  | (2 | )
Investments of certain benefit plans | 84 |  |  | — |  |  | 11 |  |  | — |  |  | 95 |
Other investments | — |  |  | — |  |  | — |  |  | — |  |  | — |
Liabilities: |  |  |  |  |  |  |  |  |
Commodity derivative contracts | 1,864 |  |  | 101 |  |  | — |  |  | (1,940 | ) |  | 25 |
Obligations of certain benefit plans | 34 |  |  | — |  |  | — |  |  | — |  |  | 34 |
Foreign currency contracts | 3 |  |  | — |  |  | — |  |  | — |  |  | 3 |
Reconciliation of the beginning and ending balances for fair value measurements developed using significant unobservable inputs | The following is a reconciliation of the beginning and ending balances (in millions) for fair value measurements developed using significant unobservable inputs (Level 3) for the three months ended March 31, 2012 and 2011.
| 2012 |  | 2011
| Investments of Certain Benefit Plans |  | Other Investments |  | Investments of Certain Benefit Plans |  | Other Investments
Balance as of beginning of period | $ | 11 |  |  | $ | — |  |  | $ | 10 |  |  | $ | — |
Purchases | — |  |  | — |  |  | — |  |  | 6 |
Total gains (losses) included in income | — |  |  | — |  |  | 1 |  |  | (6 | )
Transfers in and/or out of Level 3 | — |  |  | — |  |  | — |  |  | — |
Balance as of end of period | $ | 11 |  |  | $ | — |  |  | $ | 11 |  |  | $ | — |
The amount of total gains (losses) included in income attributable to the change in unrealized gains (losses) relating to assets still held at end of period | $ | — |  |  | $ | — |  |  | $ | 1 |  |  | $ | (6 | )
Fair value of assets and liabilities measured on a nonrecurring basis | The table below presents the fair value (in millions) of our nonfinancial assets measured on a nonrecurring basis during the three months ended March 31, 2012 and categorized according to the fair value hierarchy of the inputs utilized by us to determine the fair values as of March 31, 2012.
| Fair Value Measurements Using |  |  |  |
| Quoted Prices in Active Markets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total Fair Value as of March 31, 2012 |  | Total Loss Recognized During the Three Months Ended March 31, 2012
Assets: |  |  |  |  |  |  |  |  |
Long-lived assets of the Aruba Refinery | $ | — |  |  | $ | — |  |  | $ | 350 |  |  | $ | 350 |  |  | $ | 595 |
Cancelled capital project | — |  |  | — |  |  | 2 |  |  | 2 |  |  | 16 |
Estimated fair value of debt including current portion | The fair values of these financial instruments approximate their carrying amounts, except for debt as shown in the table below (in millions):
| March 31, 2012 |  | December 31, 2011
Carrying amount (excluding capital leases) | $ | 7,554 |  |  | $ | 7,690 |
Fair value | 8,653 |  |  | 9,298 |

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- Definition Tabular disclosure of assets and liabilities by class, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). The disclosures that may be required or desired include: (a) the fair value measurements recorded during the period and the reasons for the measurements and (b) 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 or liabilities (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 157 -Paragraph 33 -Subparagraph a, b -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 Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 5 -Subparagraph (a),(b) -URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19296-110258 + Details
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- Definition Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income, and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issuances, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 157 -Paragraph 32 -Subparagraph c -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 Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19279-110258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19207-110258 + 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 -Topic 820 -SubTopic 10 -Publisher FASB -Number -Article -Subparagraph -Name Accounting Standards Codification -Paragraph 1 -Section 50 -URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19190-110258 + Details
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