Price Risk Management Activities (Tables)

12 Months Ended

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
	Balance Sheet Location	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
	Balance Sheet Location	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,
Trading Derivatives	Location of Gain (Loss) Recognized in Income on Derivatives	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,
Derivatives in Fair Value Hedging Relationships	Location of Gain (Loss) Recognized in Income on Derivatives	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,
	Location of Gain (Loss) Recognized in Income on Derivatives	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,
Derivatives in Cash Flow Hedging Relationships	Location of Gain (Loss) Recognized in Income on Derivatives	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		—

- 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+ Details

- Definition

Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

+ References+ Details