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Price Risk Management Activities (Tables) | 12 Months Ended
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Dec. 31, 2012
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Volume of outstanding contracts in fair value hedges | As of December 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 |  | 2013
Crude oil and refined products: |  |
Futures – long |  | 1,052 |
Futures – short |  | 4,857 |
Physical contracts - long |  | 3,805 |
Volume of outstanding contracts in cash flow hedges | As of December 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 |  | 2013
Crude oil and refined products: |  |
Swaps – long |  | 1,300 |
Swaps – short |  | 1,300 |
Futures – long |  | 11,894 |
Futures – short |  | 2,981 |
Physical contracts – short |  | 8,913 |
Volume of outstanding contracts in economic hedges | As of December 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 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 |  | 2013 |  | 2014
Crude oil and refined products: |  |  |  |
Swaps – long |  | 1,687 |  |  | — |
Swaps – short |  | 895 |  |  | — |
Futures – long |  | 48,109 |  |  | — |
Futures – short |  | 63,769 |  |  | — |
Options – long |  | 10 |  |  | — |
Natural gas: |  |  |  |
Options – long |  | 16,750 |  | — |
Corn: |  |  |  |
Futures – long |  | 13,995 |  |  | 5 |
Futures – short |  | 28,680 |  |  | 25 |
Physical contracts – long |  | 16,378 |  |  | 29 |
Volume of outstanding contracts in trading activities | As of December 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 |  | 2013 |  | 2014
Crude oil and refined products: |  |  |  |
Swaps – long |  | 61,002 |  |  | 9,000 |
Swaps – short |  | 60,819 |  |  | 9,000 |
Futures – long |  | 69,939 |  |  | 2,236 |
Futures – short |  | 69,923 |  |  | 2,236 |
Options – long |  | 2,750 |  |  | — |
Options – short |  | 3,400 |  |  | — |
Natural gas: |  |  |  |
Futures – long |  | 1,450 |  |  | — |
Futures – short |  | 400 |  |  | — |
Corn: |  |  |  |
Swaps - long |  | 3,135 |  |  | — |
Swaps - short |  | 5,045 |  |  | — |
Futures – long |  | 4,830 |  |  | — |
Futures – short |  | 4,830 |  |  | — |
Fair values of derivative instruments | The following tables provide information about the fair values of our derivative instruments as of December 31, 2012 and 2011 (in millions) and the line items in the balance sheets in which the fair values are reflected. See Note 20 for additional information related to the fair values of our derivative instruments. As indicated in Note 20, 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 20, 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 |  | December 31, 2012
|  | Asset Derivatives |  | Liability Derivatives
Derivatives designated as hedging instruments |  |  |  |  |
Commodity contracts: |  |  |  |  |
Futures | Receivables, net |  | $ | 77 |  |  | $ | 64 |
Swaps | Receivables, net |  | 15 |  |  | 13 |
Swaps | Prepaid expenses and other |  | 2 |  |  | 2 |
Total |  |  | $ | 94 |  |  | $ | 79 |
Derivatives not designated as hedging instruments |  |  |  |  |
Commodity contracts: |  |  |  |  |
Futures | Receivables, net |  | $ | 1,066 |  |  | $ | 1,073 |
Swaps | Receivables, net |  | 9 |  |  | 6 |
Swaps | Accrued expenses |  | 32 |  |  | 46 |
Options | Receivables, net |  | 1 |  |  | 4 |
Options | Accrued expenses |  | 1 |  |  | — |
Physical purchase contracts | Inventories |  | 11 |  |  | — |
Foreign currency contracts | Receivables, net |  | 1 |  |  | — |
Foreign currency contracts | Accrued expenses |  | — |  |  | 1 |
Total |  |  | $ | 1,121 |  |  | $ | 1,130 |
Total derivatives |  |  | $ | 1,215 |  |  | $ | 1,209 |
| 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 |
Trading Derivatives |  | Location of Gain (Loss) Recognized in Income on Derivatives |  | Year Ended December 31,
|  | 2012 |  | 2011 |  | 2010
Commodity contracts |  | Cost of sales |  | $ | (16 | ) |  | $ | 23 |  |  | $ | 8 |
The following tables provide information about the gain or loss recognized in income and other comprehensive income (OCI) 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 |  | Year Ended December 31,
|  | 2012 |  | 2011 |  | 2010
Commodity contracts: |  |  |  |  |  |  |  |
Gain (loss) recognized in income on derivatives |  | Cost of sales |  | $ | (250 | ) |  | $ | (6 | ) |  | $ | 45 |
Gain (loss) recognized in income on hedged item |  | Cost of sales |  | 183 |  |  | (23 | ) |  | (40 | )
Gain (loss) recognized in income on derivatives (ineffective portion) |  | Cost of sales |  | (67 | ) |  | (29 | ) |  | 5 |
Derivatives Designated as Economic Hedges and Other Derivative Instruments |  | Location of Gain (Loss) Recognized in Income on Derivatives |  | Year Ended December 31,
|  | 2012 |  | 2011 |  | 2010
Commodity contracts |  | Cost of sales |  | $ | 1 |  |  | $ | (349 | ) |  | $ | (210 | )
Foreign currency contracts |  | Cost of sales |  | (38 | ) |  | 18 |  |  | (24 | )
Other contract |  | Cost of sales |  | — |  |  | 29 |  |  | — |
Total |  |  |  | $ | (37 | ) |  | $ | (302 | ) |  | $ | (234 | )
Derivatives in Cash Flow Hedging Relationships |  | Location of Gain (Loss) Recognized in Income on Derivatives |  | Year Ended December 31,
|  | 2012 |  | 2011 |  | 2010
Commodity contracts: |  |  |  |  |  |  |  |
Gain (loss) recognized in OCI on derivatives (effective portion) |  |  |  | $ | 45 |  |  | $ | 32 |  |  | $ | (2 | )
Gain reclassified from accumulated OCI into income (effective portion) |  | Cost of sales |  | 73 |  |  | 3 |  |  | 178 |
Gain recognized in income on derivatives (ineffective portion) |  | Cost of sales |  | 48 |  |  | 5 |  |  | — |

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