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Related Party Transactions
 3 Months Ended
Mar. 31, 2016
Related Party Transactions  
Related Party Transactions

 

Note 9—Related Party Transactions

 

See Note 14 to our Consolidated Financial Statements included in Part IV of our 2015 Annual Report on Form 10-K for a complete discussion of our related party transactions.

 

Transactions with Oxy

 

As of March 31, 2016, 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, 2016 and 2015, 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. Included in these transactions was a crude oil buy/sell agreement that includes a multi-year minimum volume commitment. The impact to our Condensed Consolidated Statements of Operations from those transactions is included below (in millions):

 

 

 

Three Months Ended
March 31,

 

 

 

2016

 

2015

 

Revenues

 

$
112

 

$
176

 

 

 

 

 

 

 

Purchases and related costs (1)

 

$
(46

)

$
104

 

 

(1)

Purchases and related costs include crude oil buy/sell transactions that are accounted for as inventory exchanges and are presented net in our Condensed Consolidated Statements of Operations.

 

We currently have a netting arrangement with Oxy. Our gross receivable and payable amounts with Oxy on our Condensed Consolidated Balance Sheets were as follows (in millions):

 

 

 

March 31,

 

December 31,

 

 

 

2016

 

2015

 

Trade accounts receivable and other receivables

 

$
474 

 

$
405 

 

 

 

 

 

 

 

Accounts payable

 

$
431 

 

$
363