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Price Risk Management Activities | 9 Months Ended
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Sep. 30, 2012
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
PRICE RISK MANAGEMENT ACTIVITIES |
13. | PRICE RISK MANAGEMENT ACTIVITIES
We are exposed to market risks related to the volatility in the price of commodities, the price of financial instruments associated with governmental and regulatory compliance programs, interest rates, and foreign currency exchange rates, and we enter into derivative instruments to manage some of these risks. We also enter into derivative instruments to manage the price risk on other contractual derivatives into which we have entered. The only types of derivative instruments we enter into are those related to the various commodities we purchase or produce, financial instruments we must purchase to maintain compliance with various governmental and regulatory programs, interest rate swaps, and foreign currency exchange and purchase contracts, as described below. All derivative instruments are recorded as either assets or liabilities measured at their fair values (see Note 12). When we enter into a derivative instrument, it is designated as a fair value hedge, a cash flow hedge, an economic hedge, or a trading derivative. The gain or loss on a derivative instrument designated and qualifying as a fair value hedge, as well as the offsetting loss or gain on the hedged item attributable to the hedged risk, is recognized currently in income in the same period. The effective portion of the gain or loss on a derivative instrument designated and qualifying as a cash flow hedge is initially reported as a component of other comprehensive income and is then recorded in income in the period or periods during which the hedged forecasted transaction affects income. The ineffective portion of the gain or loss on the cash flow derivative instrument, if any, is recognized in income as incurred. For our economic hedges (derivative instruments not designated as fair value or cash flow hedges) and for derivative instruments entered into by us for trading purposes, the derivative instrument is recorded at fair value and changes in the fair value of the derivative instrument are recognized currently in income. The cash flow effects of all of our derivative instruments are reflected in operating activities in our statements of cash flows for all periods presented. Commodity Price Risk We are exposed to market risks related to the volatility in the price of crude oil, refined products (primarily gasoline and distillate), grain (primarily corn), and natural gas used in our operations. To reduce the impact of price volatility on our results of operations and cash flows, we use commodity derivative instruments, including futures, swaps, and options. We use the futures markets for the available liquidity, which provides greater flexibility in transacting our hedging and trading operations. We use swaps primarily to manage our price exposure. Our positions in commodity derivative instruments are monitored and managed on a daily basis by a risk control group to ensure compliance with our stated risk management policy that has been approved by our board of directors. For risk management purposes, we use fair value hedges, cash flow hedges, and economic hedges. In addition to the use of derivative instruments to manage commodity price risk, we also enter into certain commodity derivative instruments for trading purposes. Our objective for entering into each type of hedge or trading derivative is described below. Fair Value Hedges Fair value hedges are used to hedge price volatility in certain refining inventories and firm commitments to purchase inventories. The level of activity for our fair value hedges is based on the level of our operating inventories, and generally represents the amount by which our inventories differ from our previous year-end LIFO inventory levels. As of September 30, 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 |  | 776 |
Futures – short |  | 4,691 |
Physical contracts - long |  | 3,915 |
Cash Flow Hedges Cash flow hedges are used to hedge price volatility in certain forecasted feedstock and refined product purchases, refined product sales, and natural gas purchases. The objective of our cash flow hedges is to lock in the price of forecasted feedstock, refined product, or natural gas purchases or refined product sales at existing market prices that we deem favorable. As of September 30, 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 |  | 6,441 |
Swaps – short |  | 6,441 |
Futures – long |  | 15,422 |
Futures – short |  | 5,749 |
Physical contracts – short |  | 9,673 |
Economic Hedges Economic hedges represent commodity derivative instruments that are not designated as fair value or cash flow hedges and are used to manage price volatility in certain (i) refinery feedstock, refined product, and corn inventories, (ii) forecasted refinery feedstock, refined product, and corn purchases, and refined product sales, and (iii) fixed-price corn purchase contracts. Our objective for entering into economic hedges is consistent with the objectives discussed above for fair value hedges and cash flow hedges. However, the economic hedges are not designated as a fair value hedge or a cash flow hedge for accounting purposes, usually due to the difficulty of establishing the required documentation at the date that the derivative instrument is entered into that would allow us to achieve “hedge deferral accounting.” As of September 30, 2012, we had the following outstanding commodity derivative instruments that were used 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 |  | 2014
Crude oil and refined products: |  |  |  |  |  |
Swaps – long |  | 15,017 |  |  | 55 |  |  | — |
Swaps – short |  | 12,364 |  |  | — |  |  | — |
Futures – long |  | 56,978 |  |  | 502 |  |  | — |
Futures – short |  | 77,908 |  |  | — |  |  | — |
Options – long |  | 6 |  |  | 10 |  |  | — |
Corn: |  |  |  |  |  |
Futures – long |  | 13,395 |  |  | 385 |  |  | 5 |
Futures – short |  | 25,440 |  |  | 7,245 |  |  | 20 |
Physical contracts – long |  | 11,778 |  |  | 7,073 |  |  | 15 |
Trading Derivatives Our objective in entering into commodity derivative instruments for trading purposes is to take advantage of existing market conditions related to future results of operations and cash flows. As of September 30, 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 |  | 19,180 |  |  | 46,540 |
Swaps – short |  | 18,599 |  |  | 46,601 |
Futures – long |  | 122,349 |  |  | 34,764 |
Futures – short |  | 122,928 |  |  | 33,958 |
Options – long |  | 12,115 |  |  | 500 |
Options – short |  | 11,260 |  |  | 500 |
Natural gas: |  |  |  |
Futures – long |  | 8,550 |  |  | 200 |
Futures – short |  | 8,550 |  |  | 200 |
Corn: |  |  |  |
Swaps - long |  | 9,705 |  |  | 1,830 |
Swaps - short |  | 11,520 |  |  | 5,045 |
Futures – long |  | 14,030 |  |  | 4,250 |
Futures – short |  | 14,030 |  |  | 4,250 |
Compliance Program Price Risk We are exposed to market risks related to the volatility in the price of financial instruments associated with various governmental and regulatory compliance programs that we must purchase in the open market to comply with these programs. These programs are described below. Obligation to Blend Biofuels We are obligated to blend biofuels into the products we produce in most of the countries in which we operate, and these countries set annual quotas for the percentage of biofuels that must be blended into the motor fuels consumed in these countries. As a producer of motor fuels from petroleum, we are obligated to blend biofuels into the products we produce at a rate that is at least equal to the applicable quota. To the degree we are unable to blend at the applicable rate in the U.S. and the United Kingdom (U.K.), we must purchase Renewable Identification Numbers (RINs) in the U.S. and Renewable Transport Fuel Obligation certificates (RTFCs) in the U.K., and as such, we are exposed to the volatility in the market price of these financial instruments. We have not entered into derivative instruments to manage this risk, but we purchase RINs and RTFCs when the price of these instruments is deemed favorable. The cost of meeting our obligations under this compliance program was $72 million and $86 million for the three months ended September 30, 2012 and 2011, respectively, and $198 million and $181 million for the nine months ended September 30, 2012 and 2011. These amounts are reflected in cost of sales. Maintaining Minimum Inventory Quantities In the U.K., we are required to maintain a minimum quantity of crude oil and refined products as a reserve against shortages or interruptions in the supply of these products. To the degree we decide not to physically hold the minimum quantity of crude oil and refined products, we must purchase Compulsory Stock Obligation (CSO) tickets from other suppliers of refined products in the U.K. or other European Union (EU) member countries, and we make economic decisions as to the cost of maintaining certain quantities of crude oil and refined products versus the cost of purchasing CSO tickets. We have not entered into derivative instruments to manage the price volatility of CSO tickets. The cost of purchasing CSO tickets to help meet our obligations under this compliance program was $3 million and $1 million for the three months ended September 30, 2012 and 2011, respectively, and $6 million and $1 million for the nine months ended September 30, 2012 and 2011. These amounts are reflected in cost of sales. We had no obligations under this compliance program prior to completing the Pembroke Acquisition in 2011. Emission Allowances Our Pembroke Refinery is subject to a maximum amount of carbon dioxide that it can emit each year under the EU Emissions Trading Scheme. Under this cap-and-trade program, we purchase emission allowances on the open market for the difference between the amount of carbon dioxide emitted and the maximum amount allowed under the program. Therefore, we are exposed to the volatility in the market price of these allowances. For the three months ended September 30, 2012, no costs were incurred to meet our obligation under this compliance program. For the nine months ended September 30, 2012, the cost of meeting our obligation under this compliance program was $1 million, which is reflected in refining operating expenses. We had no obligations under this compliance program prior to completing the Pembroke Acquisition in 2011. We enter into derivative instruments (futures) to reduce the impact of this risk on our results of operations and cash flows. Our positions in these derivative instruments are monitored and managed on a daily basis by a risk control group to ensure compliance with our stated risk management policy that has been approved by our board of directors. As of September 30, 2012, we had purchased futures contracts – long for 55,000 metric tons of EU emission allowances that were entered into as economic hedges. As of September 30, 2012, the fair value of these futures contracts was immaterial and therefore not separately presented in the table below under “Fair Values of Derivative Instruments.” For the three and nine months ended September 30, 2012, the gain (loss) recognized in income on these derivative instruments designated as economic hedges were also immaterial and therefore not separately presented in the table below under “Effect of Derivative Instruments on Income and Other Comprehensive Income.” Interest Rate Risk Our primary market risk exposure for changes in interest rates relates to our debt obligations. We manage our exposure to changing interest rates through the use of a combination of fixed-rate and floating-rate debt. In addition, at times we have used interest rate swap agreements to manage our fixed to floating interest rate position by converting certain fixed-rate debt to floating-rate debt. We had no interest rate derivative instruments outstanding as of September 30, 2012 or December 31, 2011, or during the three and nine months ended September 30, 2012 and 2011. Foreign Currency Risk We are exposed to exchange rate fluctuations on transactions entered into by our international operations that are denominated in currencies other than the local (functional) currencies of those operations. To manage our exposure to these exchange rate fluctuations, we use foreign currency exchange and purchase contracts. These contracts are not designated as hedging instruments for accounting purposes, and therefore they are classified as economic hedges. As of September 30, 2012, we had commitments to purchase $579 million of U.S. dollars. These commitments matured on or before October 24, 2012, resulting in a loss of less than $1 million in the fourth quarter of 2012. Fair Values of Derivative Instruments The following tables provide information about the fair values of our derivative instruments as of September 30, 2012 and December 31, 2011 (in millions) and the line items in the balance sheets in which the fair values are reflected. See Note 12 for additional information related to the fair values of our derivative instruments. As indicated in Note 12, we net fair value amounts recognized for multiple similar derivative instruments executed with the same counterparty under master netting arrangements. 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 |  | September 30, 2012
|  | Asset Derivatives |  | Liability Derivatives
Derivatives designated as hedging instruments |  |  |  |  |
Commodity contracts: |  |  |  |  |
Futures | Receivables, net |  | $ | 67 |  |  | $ | 40 |
Swaps | Receivables, net |  | 44 |  |  | 38 |
Swaps | Accrued expenses |  | — |  |  | 2 |
Total |  |  | $ | 111 |  |  | $ | 80 |
Derivatives not designated as hedging instruments |  |  |  |  |
Commodity contracts: |  |  |  |  |
Futures | Receivables, net |  | $ | 3,071 |  |  | $ | 3,150 |
Swaps | Receivables, net |  | 6 |  |  | 11 |
Swaps | Prepaid expenses and other |  | 2 |  |  | 1 |
Swaps | Accrued expenses |  | 48 |  |  | 62 |
Options | Receivables, net |  | 4 |  |  | 3 |
Options | Accrued expenses |  | 1 |  |  | 1 |
Physical purchase contracts | Inventories |  | 3 |  |  | — |
Foreign currency contracts | Receivables, net |  | 3 |  |  | — |
Foreign currency contracts | Accrued expenses |  | — |  |  | 1 |
Total |  |  | $ | 3,138 |  |  | $ | 3,229 |
Total derivatives |  |  | $ | 3,249 |  |  | $ | 3,309 |
| 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 |
Market and Counterparty Risk Our price risk management activities involve the receipt or payment of fixed price commitments into the future. These transactions give rise to market risk, which is the risk that future changes in market conditions may make an instrument less valuable. We closely monitor and manage our exposure to market risk on a daily basis in accordance with policies approved by our board of directors. Market risks are monitored by a risk control group to ensure compliance with our stated risk management policy. Concentrations of customers in the refining industry may impact our overall exposure to counterparty risk because these customers may be similarly affected by changes in economic or other conditions. In addition, financial services companies are the counterparties in certain of our price risk management activities, and such financial services companies may be adversely affected by periods of uncertainty and illiquidity in the credit and capital markets. As of September 30, 2012 and December 31, 2011, we had net receivables related to derivative instruments from counterparties in the refining industry of $1 million and $2 million, respectively. These amounts represent the aggregate amount payable to us by companies in those industries, reduced by payables from us to those companies under master netting arrangements that allow for the setoff of amounts receivable from and payable to the same party. We do not require any collateral or other security to support derivative instruments into which we enter. We also do not have any derivative instruments that require us to maintain a minimum investment-grade credit rating. Effect of Derivative Instruments on Income and Other Comprehensive Income 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 September 30, |  | Nine Months Ended September 30,
|  | 2012 |  | 2011 |  | 2012 |  | 2011
Commodity contracts: |  |  |  |  |  |  |  |  |  |
Gain (loss) recognized in income on derivatives |  | Cost of sales |  | $ | (127 | ) |  | $ | 170 |  |  | $ | (307 | ) |  | $ | 219 |
Gain (loss) recognized in income on hedged item |  | Cost of sales |  | 101 |  |  | (161 | ) |  | 238 |  |  | (222 | )
Gain (loss) recognized in income on derivatives (ineffective portion) |  | Cost of sales |  | (26 | ) |  | 9 |  |  | (69 | ) |  | (3 | )
For fair value hedges, no component of the derivative instruments’ gains or losses was excluded from the assessment of hedge effectiveness for the three and nine months ended September 30, 2012 and 2011. There were no amounts recognized in income for hedged firm commitments that no longer qualified as fair value hedges during the three months ended September 30, 2012; however, a gain of $28 million was recognized in income during the nine months ended September 30, 2012 for hedged firm commitments that no longer qualified as fair value hedges. No amounts were recognized in income for hedged firm commitments that no longer qualify as fair value hedges for the three and nine months ended September 30, 2011.
Derivatives in Cash Flow Hedging Relationships |  | Location of Gain (Loss) Recognized in Income on Derivatives |  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2012 |  | 2011 |  | 2012 |  | 2011
Commodity contracts: |  |  |  |  |  |  |  |  |  |
Gain recognized in OCI on derivatives (effective portion) |  |  |  | $ | 27 |  |  | $ | 20 |  |  | $ | 43 |  |  | $ | 20 |
Gain reclassified from accumulated OCI into income (effective portion) |  | Cost of sales |  | 45 |  |  | — |  |  | 81 |  |  | — |
Gain (loss) recognized in income on derivatives (ineffective portion) |  | Cost of sales |  | (3 | ) |  | 4 |  |  | 23 |  |  | 4 |
For cash flow hedges, no component of the derivative instruments’ gains or losses was excluded from the assessment of hedge effectiveness for the three and nine months ended September 30, 2012 and 2011. For the three and nine months ended September 30, 2012, cash flow hedges primarily related to forward sales of gasoline and distillates, and associated forward purchases of crude oil, with $6 million of cumulative after-tax losses on cash flow hedges remaining in accumulated other comprehensive income. We estimate that $9 million of the deferred loss as of September 30, 2012 will be reclassified into cost of sales over the next 12 months as a result of hedged transactions that are forecasted to occur. For the three and nine months ended September 30, 2012 and 2011, there were no amounts reclassified from accumulated other comprehensive income into income as a result of the discontinuance of cash flow hedge accounting.
Derivatives Designated as Economic Hedges and Other Derivative Instruments |  | Location of Gain (Loss) Recognized in Income on Derivatives |  | Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2012 |  | 2011 |  | 2012 |  | 2011
Commodity contracts |  | Cost of sales |  | $ | (333 | ) |  | $ | 9 |  |  | $ | 90 |  |  | $ | (362 | )
Foreign currency contracts |  | Cost of sales |  | (21 | ) |  | 41 |  |  | (43 | ) |  | 32 |
Other contract |  | Cost of sales |  | — |  |  | 29 |  |  | — |  |  | 29 |
Total |  |  |  | $ | (354 | ) |  | $ | 79 |  |  | $ | 47 |  |  | $ | (301 | )
The gain of $29 million on the other contract for the three and nine months ended September 30, 2011 is related to the difference between the fair value of inventories acquired in connection with the Pembroke Acquisition and the amount paid for such inventories based on the terms of the purchase agreement.
Trading Derivatives |  | Location of Gain (Loss) Recognized in Income on Derivatives |  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2012 |  | 2011 |  | 2012 |  | 2011
Commodity contracts |  | Cost of sales |  | $ | (13 | ) |  | $ | 3 |  |  | $ | (9 | ) |  | $ | 17 |

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- Definition The entire disclosure for the entity's entire derivative instruments and hedging activities. 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