Price Risk Management Activities (Tables)

9 Months Ended

Sep. 30, 2013

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Volume of outstanding contracts in fair value hedges

As of September 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		11,986
Futures – short		15,788
Physical contracts – long		3,802

Volume of outstanding contracts in cash flow hedges

As of September 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		5,876
Futures – short		2,759
Physical contracts – short		3,117

Volume of outstanding contracts in economic hedges

As of September 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	2015
Crude oil and refined products:
Swaps – long	2,867	45	—
Swaps – short	1,797	90	—
Futures – long	31,357	75	—
Futures – short	42,753	—	—
Natural gas:
Options – long	5,250	—	—
Corn:
Futures – long	19,695	5	—
Futures – short	21,410	1,500	15
Physical contracts – long	7,682	1,543	—
Soybean oil:
Futures – short	26,520	—	—

Volume of outstanding contracts in trading activities

As of September 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 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	11,484	21,135
Swaps – short	11,484	21,135
Futures – long	121,803	49,298
Futures – short	122,138	49,223
Options – long	20,950	10,000
Options – short	20,250	10,000
Natural gas:
Futures – long	1,150	—
Futures – short	550	—
Options – long	3,000	—
Corn:
Futures – long	3,200	—
Futures – short	2,900	—

Fair value of derivative instruments

The following tables provide information about the fair values of our derivative instruments as of September 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	September 30, 2013
	Balance Sheet Location	Asset Derivatives		Liability Derivatives
Derivatives designated as hedging instruments
Commodity contracts:
Futures	Receivables, net	$	45	$	45

Derivatives not designated as hedging instruments
Commodity contracts:
Futures	Receivables, net	$	1,300	$	1,267
Swaps	Receivables, net	18		27
Swaps	Prepaid expenses and other	5		—
Swaps	Accrued expenses	1		9
Options	Receivables, net	2		3
Physical purchase contracts	Inventories	—		17
Foreign currency contracts	Accrued expenses	—		5
Total		$	1,326	$	1,328
Total derivatives		$	1,371	$	1,373



	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 in Cash Flow Hedging Relationships	Location of Gain (Loss) Recognized in Income on Derivatives	Three Months Ended September 30,					Nine Months Ended September 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)		$	3	$	27		$	(6	)	$	43
Gain reclassified from accumulated OCI into income (effective portion)	Cost of sales	6		45			1			81
Gain (loss) recognized in income on derivatives (ineffective portion)	Cost of sales	16		(3		)	13			23



Trading Derivatives	Location of Gain (Loss) Recognized in Income on Derivatives	Three Months Ended September 30,					Nine Months Ended September 30,
Trading Derivatives	Location of Gain (Loss) Recognized in Income on Derivatives	2013		2012			2013			2012
Commodity contracts	Cost of sales	$	11	$	(13	)	$	16		$	(9	)
RINs fixed-price contracts	Cost of sales	—		—			(20		)	—
Total		$	11	$	(13	)	$	(4	)	$	(9	)

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,
Derivatives in Fair Value Hedging Relationships	Location of Gain (Loss) Recognized in Income on Derivatives	2013			2012			2013			2012
Commodity contracts:
Loss recognized in income on derivatives	Cost of sales	$	(17	)	$	(127	)	$	(38	)	$	(307	)
Gain recognized in income on hedged item	Cost of sales	19			101			41			238
Gain (loss) recognized in income on derivatives (ineffective portion)	Cost of sales	2			(26		)	3			(69		)



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,
	Location of Gain (Loss) Recognized in Income on Derivatives	2013			2012			2013		2012
Commodity contracts	Cost of sales	$	(76	)	$	(333	)	$	205	$	90
Foreign currency contracts	Cost of sales	(22		)	(21		)	14		(43		)
Total		$	(98	)	$	(354	)	$	219	$	47