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Price Risk Management Activities (Tables)

6 Months Ended

Jun. 30, 2014

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Risk management activities by type of risk

As of June 30, 2014, we had the following outstanding commodity derivative instruments that were used as economic hedges, as well as 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		10,145			—
Swaps – short		10,286			30
Futures – long		89,761			39
Futures – short		108,422			1
Corn:
Futures – long		20,770			5
Futures – short		43,805			3,415
Physical contracts – long		24,339			3,405
Soybean oil:
Futures – long		115,440			—
Futures – short		212,520			—

As of June 30, 2014, we had the following outstanding commodity derivative instruments that were entered into to hedge forecasted purchases of crude oil and sales of 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		6,006
Futures – short		2,793
Physical contracts – short		3,213

As of June 30, 2014, 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).

		Notional Contract Volumes by Year of Maturity
Derivative Instrument		2014			2015
Crude oil and refined products:
Swaps – long		10,650			120
Swaps – short		10,650			120
Futures – long		96,138			16,519
Futures – short		95,818			16,194
Options – long		700			—
Options – short		1,150			—
Natural gas:
Futures – long		250			1,800
Futures – short		750			—
Options – long		500			—

Fair values of derivative instruments

The following tables provide information about the fair values of our derivative instruments as of June 30, 2014 and December 31, 2013 (in millions) and the line items in the balance sheets in which the fair values are reflected. See Note 13 for additional information related to the fair values of our derivative instruments.

As indicated in Note 13, 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, 2014
			Asset Derivatives				Liability Derivatives
Derivatives designated as hedging instruments
Commodity contracts:
Futures	Receivables, net		$	3			$	2
Derivatives not designated as hedging instruments
Commodity contracts:
Futures	Receivables, net		$	1,179			$	1,258
Swaps	Receivables, net		26				29
Swaps	Accrued expenses		2				3
Physical purchase contracts	Inventories		—				11
Foreign currency contracts	Accrued expenses		—				13
Total			$	1,207			$	1,314
Total derivatives			$	1,210			$	1,316

	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

Effect of derivative instruments on income and other comprehensive income

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,
				2014				2013				2014				2013
Commodity contracts:
Gain (loss) recognized in income on derivatives		Cost of sales		$	5			$	(20	)		$	(26	)		$	(21	)
Gain (loss) recognized in income on hedged item		Cost of sales		(5		)		22				25				22
Gain (loss) recognized in income on derivatives (ineffective portion)		Cost of sales		—				2				(1		)		1

Trading Derivatives		Location of Gain (Loss) Recognized in Income on Derivatives		Three Months Ended June 30,								Six Months Ended June 30,
				2014				2013				2014				2013
Commodity contracts		Cost of sales		$	4			$	3			$	3			$	5
RINs fixed-price contracts		Cost of sales		—				(7		)		—				(20		)
Total				$	4			$	(4	)		$	3			$	(15	)

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,
				2014				2013				2014				2013
Commodity contracts		Cost of sales		$	(136	)		$	246			$	(132	)		$	281
Foreign currency contracts		Cost of sales		(32		)		11				(23		)		36
Total				$	(168	)		$	257			$	(155	)		$	317

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,
				2014				2013				2014				2013
Commodity contracts:
Gain (loss) recognized in OCI on derivatives (effective portion)				$	(3	)		$	(10	)		$	4			$	(9	)
Gain (loss) reclassified from accumulated OCI into income (effective portion)		Cost of sales		—				(8		)		3				(5		)
Gain (loss) recognized in income on derivatives (ineffective portion)		Cost of sales		3				(2		)		(1		)		(3		)

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Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

+ References

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-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 4A

-Subparagraph (b)

-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5618551-113959



Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

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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

Reference 1: 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=35706170&loc=SL5624163-113959

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Tabular disclosure of the notional amounts of outstanding derivative positions.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 1A

-Subparagraph (d)

-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5579245-113959

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