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Price Risk Management Activities (Tables) | 3 Months Ended
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Mar. 31, 2012
Price Risk Management Activities [Abstract] |
Volume of outstanding contracts in fair value hedges | As of March 31, 2012, we had the following outstanding commodity derivative instruments that were entered into to hedge crude oil and refined product inventories and commodity derivative instruments related to the physical purchase of crude oil and refined products at a fixed price. The information presents the notional volume of outstanding contracts by type of instrument and year of maturity (volumes in thousands of barrels).
|  | Notional Contract Volumes by Year of Maturity
Derivative Instrument |  | 2012
Crude oil and refined products: |  |
Futures – long |  | 10,670 |
Futures – short |  | 33,088 |
Physical contracts - long |  | 22,418 |
Volume of outstanding contracts in cash flow hedges | As of March 31, 2012, we had the following outstanding commodity derivative instruments that were entered into to hedge forecasted purchases or sales of crude oil and refined products. The information presents the notional volume of outstanding contracts by type of instrument and year of maturity (volumes in thousands of barrels).
|  | Notional Contract Volumes by Year of Maturity
Derivative Instrument |  | 2012
Crude oil and refined products: |  |
Swaps – long |  | 5,961 |
Swaps – short |  | 5,961 |
Futures – long |  | 34,601 |
Futures – short |  | 32,112 |
Physical contracts – short |  | 2,489 |
Volume of outstanding contracts in economic hedges | As of March 31, 2012, we had the following outstanding commodity derivative instruments that were entered into as economic hedges and commodity derivative instruments related to the physical purchase of corn at a fixed price. The information presents the notional volume of outstanding contracts by type of instrument and year of maturity (volumes in thousands of barrels, except those identified as corn contracts that are presented in thousands of bushels).
|  | Notional Contract Volumes by Year of Maturity
Derivative Instrument |  | 2012 |  | 2013
Crude oil and refined products: |  |  |  |
Swaps – long |  | 51,124 |  |  | — |
Swaps – short |  | 48,424 |  |  | — |
Futures – long |  | 55,939 |  |  | — |
Futures – short |  | 56,511 |  |  | — |
Options – long |  | 2 |  |  | — |
Corn: |  |  |  |
Futures – long |  | 14,670 |  |  | 50 |
Futures – short |  | 40,330 |  |  | 2,180 |
Physical contracts – long |  | 16,759 |  |  | 2,121 |
Volume of outstanding contracts in trading activities | As of March 31, 2012, we had the following outstanding commodity derivative instruments that were entered into for trading purposes. The information presents the notional volume of outstanding contracts by type of instrument and year of maturity (volumes represent thousands of barrels, except those identified as natural gas contracts that are presented in billions of British thermal units and corn contracts that are presented in thousands of bushels).
|  | Notional Contract Volumes by Year of Maturity
Derivative Instrument |  | 2012 |  | 2013
Crude oil and refined products: |  |  |  |
Swaps – long |  | 14,799 |  |  | 13,070 |
Swaps – short |  | 14,659 |  |  | 13,190 |
Futures – long |  | 72,215 |  |  | 8,050 |
Futures – short |  | 74,651 |  |  | 5,550 |
Options – long |  | 2,615 |  |  | — |
Options – short |  | 2,500 |  |  | — |
Natural gas: |  |  |  |
Futures – short |  | 650 |  |  | — |
Corn: |  |  |  |
Swaps - long |  | 8,795 |  |  | — |
Swaps - short |  | 9,085 |  |  | — |
Futures – long |  | 7,720 |  |  | — |
Futures – short |  | 7,720 |  |  | — |
Fair values of derivative instruments | The tables below, however, are presented on a gross asset and gross liability basis, which results in the reflection of certain assets in liability accounts and certain liabilities in asset accounts. In addition, in Note 12, we included cash collateral on deposit with or received from brokers in the fair value of the commodity derivatives; these cash amounts are not reflected in the tables below.
| Balance Sheet Location |  | March 31, 2012
|  | Asset Derivatives |  | Liability Derivatives
Derivatives designated as hedging instruments |  |  |  |  |
Commodity contracts: |  |  |  |  |
Futures | Receivables, net |  | $ | 161 |  |  | $ | 188 |
Swaps | Receivables, net |  | 89 |  |  | 83 |
Swaps | Accrued expenses |  | 4 |  |  | 3 |
Total |  |  | $ | 254 |  |  | $ | 274 |
Derivatives not designated as hedging instruments |  |  |  |  |
Commodity contracts: |  |  |  |  |
Futures | Receivables, net |  | $ | 1,949 |  |  | $ | 1,957 |
Swaps | Receivables, net |  | 46 |  |  | 48 |
Swaps | Prepaid expenses and other |  | 1 |  |  | — |
Swaps | Accrued expenses |  | 22 |  |  | 31 |
Options | Receivables, net |  | 1 |  |  | — |
Physical purchase contracts | Inventories |  | — |  |  | 36 |
Foreign currency contracts | Receivables, net |  | 1 |  |  | — |
Foreign currency contracts | Accrued expenses |  | — |  |  | 3 |
Total |  |  | $ | 2,020 |  |  | $ | 2,075 |
Total derivatives |  |  | $ | 2,274 |  |  | $ | 2,349 |
| Balance Sheet Location |  | December 31, 2011
|  | Asset Derivatives |  | Liability Derivatives
Derivatives designated as hedging instruments |  |  |  |  |
Commodity contracts: |  |  |  |  |
Futures | Receivables, net |  | $ | 264 |  |  | $ | 240 |
Swaps | Accrued expenses |  | 36 |  |  | 46 |
Total |  |  | $ | 300 |  |  | $ | 286 |
Derivatives not designated as hedging instruments |  |  |  |  |
Commodity contracts: |  |  |  |  |
Futures | Receivables, net |  | $ | 1,636 |  |  | $ | 1,624 |
Swaps | Prepaid expenses and other |  | 4 |  |  | 2 |
Swaps | Accrued expenses |  | 38 |  |  | 51 |
Options | Receivables, net |  | 2 |  |  | — |
Options | Accrued expenses |  | — |  |  | 2 |
Physical purchase contracts | Inventories |  | — |  |  | 2 |
Foreign currency contracts | Accrued expenses |  | — |  |  | 3 |
Total |  |  | $ | 1,680 |  |  | $ | 1,684 |
Total derivatives |  |  | $ | 1,980 |  |  | $ | 1,970 |
Effect of derivative instruments on income and OCI |
Derivatives in Cash Flow Hedging Relationships |  | Location of Gain (Loss) Recognized in Income on Derivatives |  | Three Months Ended March 31,
|  | 2012 |  | 2011
Commodity contracts: |  |  |  |  |  |
Gain recognized in OCI on derivatives (effective portion) |  |  |  | $ | 47 |  |  | $ | — |
Gain reclassified from accumulated OCI into income (effective portion) |  | Cost of sales |  | 48 |  |  | — |
Loss recognized in income on derivatives (ineffective portion) |  | Cost of sales |  | (5 | ) |  | — |
Trading Derivatives |  | Location of Gain (Loss) Recognized in Income on Derivatives |  | Three Months Ended March 31,
|  | 2012 |  | 2011
Commodity contracts |  | Cost of sales |  | $ | (4 | ) |  | $ | 6 |
The following tables provide information about the gain or loss recognized in income and other comprehensive income on our derivative instruments and the line items in the financial statements in which such gains and losses are reflected (in millions).
Derivatives in Fair Value Hedging Relationships |  | Location of Gain (Loss) Recognized in Income on Derivatives |  | Three Months Ended March 31,
|  | 2012 |  | 2011
Commodity contracts: |  |  |  |  |  |
Loss recognized in income on derivatives |  | Cost of sales |  | $ | (267 | ) |  | $ | (91 | )
Gain recognized in income on hedged item |  | Cost of sales |  | 228 |  |  | 86 |
Loss recognized in income on derivatives (ineffective portion) |  | Cost of sales |  | (39 | ) |  | (5 | )
Derivatives Designated as Economic Hedges and Other Derivative Instruments |  | Location of Gain (Loss) Recognized in Income on Derivatives |  | Three Months Ended March 31,
| 2012 |  | 2011
Commodity contracts |  | Cost of sales |  | $ | (151 | ) |  | $ | (299 | )
Foreign currency contracts |  | Cost of sales |  | (23 | ) |  | (14 | )
Total |  |  |  | $ | (174 | ) |  | $ | (313 | )

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- Definition Tabular disclosure of the location and amount of gains and losses reported in the statement of financial performance, or when applicable, the statement of financial position. For example, (a) gains and losses recognized in the income statement on derivative instruments designated and qualifying as hedging instruments in fair value hedges and related hedged items designated and qualifying in fair value hedges and (b) gains and losses initially recognized in other comprehensive income on derivative instruments designated and qualifying as cash flow hedges. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 133 -Paragraph 205G -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 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5624171-113959 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5618551-113959 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 133 -Paragraph 44C -Subparagraph 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. + Details
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