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Price Risk Management Activities (Tables) | 12 Months Ended
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Dec. 31, 2013
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Volume of outstanding contracts | As of December 31, 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 |  | 2014
Crude oil and refined products: |  |
Futures – long |  | 11,857 |
Futures – short |  | 12,169 |
Physical contracts – long |  | 312 |
As of December 31, 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 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 |  | 2014 |  | 2015
Crude oil and refined products: |  |  |  |
Swaps – long |  | 7,261 |  |  | — |
Swaps – short |  | 7,276 |  |  | — |
Futures – long |  | 42,205 |  |  | — |
Futures – short |  | 52,158 |  |  | — |
Corn: |  |  |  |
Futures – long |  | 17,110 |  |  | — |
Futures – short |  | 26,095 |  |  | 145 |
Physical contracts – long |  | 12,554 |  |  | 156 |
Soybean oil: |  |  |  |
Futures – short |  | 25,320 |  |  | — |
As of December 31, 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 |  | 2014
Crude oil and refined products: |  |
Futures – long |  | 7,629 |
Futures – short |  | 2,314 |
Physical contracts – short |  | 5,315 |
As of December 31, 2013, 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 |  | 2014 |  | 2015
Crude oil and refined products: |  |  |  |
Swaps – long |  | 25,200 |  |  | — |
Swaps – short |  | 25,200 |  |  | — |
Futures – long |  | 84,766 |  |  | 3,490 |
Futures – short |  | 84,397 |  |  | 3,665 |
Options – long |  | 28,850 |  |  | — |
Options – short |  | 28,600 |  |  | — |
Natural gas: |  |  |  |
Futures – long |  | 600 |  |  | 1,000 |
Futures – short |  | 1,150 |  |  | — |
Options – short |  | 250 |  |  | — |
Corn: |  |  |  |
Futures – long |  | 435 |  |  | — |
Futures – short |  | 435 |  |  | — |
Fair values of derivative instruments | The following tables provide information about the fair values of our derivative instruments as of December 31, 2013 and 2012 (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 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 |  | December 31, 2013
|  | Asset Derivatives |  | Liability Derivatives
Derivatives designated as hedging instruments |  |  |  |  |
Commodity contracts: |  |  |  |  |
Futures | Receivables, net |  | $ | 25 |  |  | $ | 36 |
Derivatives not designated as hedging instruments |  |  |  |  |
Commodity contracts: |  |  |  |  |
Futures | Receivables, net |  | $ | 474 |  |  | $ | 455 |
Swaps | Receivables, net |  | 33 |  |  | 18 |
Swaps | Prepaid expenses and other |  | 3 |  |  | — |
Swaps | Accrued expenses |  | — |  |  | 5 |
Options | Receivables, net |  | 2 |  |  | 2 |
Physical purchase contracts | Inventories |  | — |  |  | 5 |
Foreign currency contracts | Accrued expenses |  | — |  |  | 8 |
Total |  |  | $ | 512 |  |  | $ | 493 |
Total derivatives |  |  | $ | 537 |  |  | $ | 529 |
| 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 |
Effect of derivative instruments on income and OCI |
Derivatives in Cash Flow Hedging Relationships |  | Location of Gain (Loss) Recognized in Income on Derivatives |  | Year Ended December 31,
|  | 2013 |  | 2012 |  | 2011
Commodity contracts: |  |  |  |  |  |  |  |
Gain (loss) recognized in OCI on derivatives (effective portion) |  |  |  | $ | (4 | ) |  | $ | 45 |  |  | $ | 32 |
Gain (loss) reclassified from accumulated OCI into income (effective portion) |  | Cost of sales |  | (2 | ) |  | 73 |  |  | 3 |
Gain recognized in income on derivatives (ineffective portion) |  | Cost of sales |  | 21 |  |  | 48 |  |  | 5 |
Trading Derivatives |  | Location of Gain (Loss) Recognized in Income on Derivatives |  | Year Ended December 31,
|  | 2013 |  | 2012 |  | 2011
Commodity contracts |  | Cost of sales |  | $ | 21 |  |  | $ | (16 | ) |  | $ | 23 |
RINs fixed-price contracts |  | Cost of sales |  | (20 | ) |  | — |  |  | — |
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,
|  | 2013 |  | 2012 |  | 2011
Commodity contracts: |  |  |  |  |  |  |  |
Loss recognized in income on derivatives |  | Cost of sales |  | $ | (12 | ) |  | $ | (250 | ) |  | $ | (6 | )
Gain (loss) recognized in income on hedged item |  | Cost of sales |  | 18 |  |  | 183 |  |  | (23 | )
Gain (loss) recognized in income on derivatives (ineffective portion) |  | Cost of sales |  | 6 |  |  | (67 | ) |  | (29 | )
Derivatives Designated as Economic Hedges and Other Derivative Instruments |  | Location of Gain (Loss) Recognized in Income on Derivatives |  | Year Ended December 31,
|  | 2013 |  | 2012 |  | 2011
Commodity contracts |  | Cost of sales |  | $ | 193 |  |  | $ | 1 |  |  | $ | (349 | )
Foreign currency contracts |  | Cost of sales |  | 14 |  |  | (38 | ) |  | 18 |
Other contract |  | Cost of sales |  | — |  |  | — |  |  | 29 |
Total |  |  |  | $ | 207 |  |  | $ | (37 | ) |  | $ | (302 | )

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- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 25 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6886632&loc=d3e76258-113986 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=7476318&loc=d3e41678-113959 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=7476318&loc=d3e41620-113959 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5579245-113959 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5580258-113959 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5579240-113959 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=7476318&loc=d3e41641-113959 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=7476318&loc=d3e41638-113959 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624171-113959 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624163-113959 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(n)(2)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 + Details
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