Price Risk Management Activities (Tables)

6 Months Ended

Jun. 30, 2013

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Volume of outstanding contracts in fair value hedges

As of June 30, 2013, 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		8,062
Futures – short		10,954
Physical contracts - long		2,892

Volume of outstanding contracts in cash flow hedges

As of June 30, 2013, 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:
Futures – long		7,938
Futures – short		5,527
Physical contracts – short		2,411

Volume of outstanding contracts in economic hedges

As of June 30, 2013, 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 natural gas contracts that are presented in billions of British thermal units, corn contracts that are presented in thousands of bushels, and soybean oil contracts that are presented in thousands of pounds).



	Notional Contract Volumes by Year of Maturity
Derivative Instrument	2013	2014
Crude oil and refined products:
Swaps – long	3,510	—
Swaps – short	2,585	—
Futures – long	39,316	58
Futures – short	53,514	—
Natural gas:
Options – long	10,750	—
Corn:
Futures – long	28,405	5
Futures – short	49,030	1,180
Physical contracts – long	21,678	1,215
Soybean oil:
Futures – long	5,220	—
Futures – short	27,900	—

Volume of outstanding contracts in trading activities

As of June 30, 2013, we had the following outstanding commodity and other 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, corn contracts that are presented in thousands of bushels, and RINs contracts that are presented in thousands of gallons).



	Notional Contract Volumes by Year of Maturity
Derivative Instrument	2013	2014
Crude oil and refined products:
Swaps – long	26,255	21,135
Swaps – short	26,255	21,135
Futures – long	99,886	37,527
Futures – short	99,311	37,927
Options – long	26,321	—
Options – short	25,256	—
Natural gas:
Futures – long	1,700	—
Futures – short	750	—
Options – long	1,700	—
Corn:
Swaps – long	145	—
Swaps – short	145	—
Futures – long	5,620	—
Futures – short	5,620	—
Other:
RINs fixed-price contracts – short	25,000	—

Fair value of derivative instruments

The following tables provide information about the fair values of our derivative instruments as of June 30, 2013 and December 31, 2012 (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 contracts executed with the same counterparty under master netting arrangements, including cash collateral assets and obligations. 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.



	Balance Sheet Location	June 30, 2013
	Balance Sheet Location	Asset Derivatives		Liability Derivatives
Derivatives designated as hedging instruments
Commodity contracts:
Futures	Receivables, net	$	49	$	53

Derivatives not designated as hedging instruments
Commodity contracts:
Futures	Receivables, net	$	966	$	942
Swaps	Receivables, net	16		11
Swaps	Prepaid expenses and other	2		1
Swaps	Accrued expenses	5		11
Options	Receivables, net	4		6
Options	Prepaid expenses and other	1		—
Options	Accrued expenses	—		1
Physical purchase contracts	Inventories	5		11
RINs fixed-price contracts	Prepaid expenses and other	—		22
Foreign currency contracts	Receivables, net	10		—
Total		$	1,009	$	1,005
Total derivatives		$	1,058	$	1,058



	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

Effect of derivative instruments on income and OCI



Derivatives Designated as Economic Hedges and Other Derivative Instruments	Location of Gain (Loss) Recognized in Income on Derivatives	Three Months Ended June 30,				Six Months Ended June 30,
	Location of Gain (Loss) Recognized in Income on Derivatives	2013		2012		2013		2012
Commodity contracts	Cost of sales	$	246	$	574	$	281	$	423
Foreign currency contracts	Cost of sales	11		1		36		(22		)
Total		$	257	$	575	$	317	$	401

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 June 30,						Six Months Ended June 30,
Derivatives in Fair Value Hedging Relationships	Location of Gain (Loss) Recognized in Income on Derivatives	2013			2012			2013			2012
Commodity contracts:
Gain (loss) recognized in income on derivatives	Cost of sales	$	(20	)	$	87		$	(21	)	$	(180	)
Gain (loss) recognized in income on hedged item	Cost of sales	22			(91		)	22			137
Gain (loss) recognized in income on derivatives (ineffective portion)	Cost of sales	2			(4		)	1			(43		)



Trading Derivatives	Location of Gain (Loss) Recognized in Income on Derivatives	Three Months Ended June 30,					Six Months Ended June 30,
Trading Derivatives	Location of Gain (Loss) Recognized in Income on Derivatives	2013			2012		2013			2012
Commodity contracts	Cost of sales	$	3		$	8	$	5		$	4
RINs fixed-price contracts	Cost of sales	(7		)	—		(20		)	—
Total		$	(4	)	$	8	$	(15	)	$	4



Derivatives in Cash Flow Hedging Relationships	Location of Gain (Loss) Recognized in Income on Derivatives	Three Months Ended June 30,						Six Months Ended June 30,
Derivatives in Cash Flow Hedging Relationships	Location of Gain (Loss) Recognized in Income on Derivatives	2013			2012			2013			2012
Commodity contracts:
Gain (loss) recognized in OCI on derivatives (effective portion)		$	(10	)	$	(31	)	$	(9	)	$	16
Gain (loss) reclassified from accumulated OCI into income (effective portion)	Cost of sales	(8		)	(12		)	(5		)	36
Gain (loss) recognized in income on derivatives (ineffective portion)	Cost of sales	(2		)	31			(3		)	26