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Related Party Transactions
 3 Months Ended
Mar. 31, 2015
Related Party Transactions  
Related Party Transactions

 

Note 12—Related Party Transactions

 

See Note 15 to our Consolidated Financial Statements included in Part IV of our 2014 Annual Report on Form 10-K for a complete discussion of our related party transactions.

 

Transactions with Oxy

 

As of March 31, 2015, Oxy owned approximately 13% of the limited partner interests in our general partner and had a representative on the board of directors of GP LLC. During the three months ended March 31, 2015 and 2014, we recognized sales and transportation revenues and purchased petroleum products from Oxy. These transactions were conducted at posted tariff rates or prices that we believe approximate market. See detail below (in millions):

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2015

 

2014

 

Revenues

 

$
176 

 

$
92 

 

 

 

 

 

 

 

Purchases and related costs

 

$
104 

 

$
259 

 

 

We currently have a netting arrangement with Oxy. Our gross receivable and payable amounts with Oxy were as follows (in millions):

 

 

 

March 31,

 

December 31,

 

 

 

2015

 

2014

 

Trade accounts receivable and other receivables

 

$
465 

 

$
489 

 

 

 

 

 

 

 

Accounts payable

 

$
410 

 

$
441