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Related Party Transactions (Tables)

3 Months Ended

Mar. 31, 2016

Oxy

Related Party Transactions

Schedule of related party transactions

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

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Tabular disclosure of related party transactions. Examples of related party transactions include, but are not limited to, transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners and (d) affiliates.

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