v2.4.0.6
Assets and Liabilities with Recurring Fair Value Measurements (Details) (USD $)
In Millions, unless otherwise specified
 3 Months Ended
Mar. 31, 2012
Mar. 31, 2011
Dec. 31, 2011
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Transfers into level 3 $ 0 [1],[2] $ 0 [1],[2]  
Cash equivalents 1,212 [3]   1,415 [3]
Margin deposits 165 [4]   140 [4]
Commodity futures contracts 1,439   1,043
Commodity forward contracts 142 [5]   111 [5]
Interest rate swaps 8   10
Total assets 2,966   2,719
Margin deposits held by us posted by our counterparties 111 [4],[6]   34 [4],[6]
Commodity futures contracts 1,141   899
Commodity forward contracts 248 [5]   204 [5]
Interest rate swaps 169   320
Total liabilities 1,669   1,457
Transfers out of level 3 (4) [2],[7] 0 [2],[7]  
Fair Value, Inputs, Level 1 [Member]
      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Cash equivalents 1,212 [3]   1,415 [3]
Margin deposits 165   140
Commodity futures contracts 1,439   1,043
Commodity forward contracts 0 [5]   0 [5]
Interest rate swaps 0   0
Total assets 2,816   2,598
Margin deposits held by us posted by our counterparties 111   34
Commodity futures contracts 1,141   899
Commodity forward contracts 0 [5]   0 [5]
Interest rate swaps 0   0
Total liabilities 1,252   933
Fair Value, Inputs, Level 2 [Member]
      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Cash equivalents 0 [3]   0 [3]
Margin deposits 0   0
Commodity futures contracts 0   0
Commodity forward contracts 107 [5]   74 [5]
Interest rate swaps 8   10
Total assets 115   84
Margin deposits held by us posted by our counterparties 0   0
Commodity futures contracts 0   0
Commodity forward contracts 230 [5]   184 [5]
Interest rate swaps 169   320
Total liabilities 399   504
Fair Value, Inputs, Level 3 [Member]
      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Cash equivalents 0 [3]   0 [3]
Margin deposits 0   0
Commodity futures contracts 0   0
Commodity forward contracts 35 [5]   37 [5]
Interest rate swaps 0   0
Total assets 35   37
Margin deposits held by us posted by our counterparties 0   0
Commodity futures contracts 0   0
Commodity forward contracts 18 [5]   20 [5]
Interest rate swaps 0   0
Total liabilities $ 18   $ 20
[1] There were no transfers out of level 2 into level 3 for the three months ended March 31, 2012 and 2011.
[2] We transfer amounts among levels of the fair value hierarchy as of the end of each period. There were no transfers into/out of level 1 during the three months ended March 31, 2012 and 2011.
[3] As of March 31, 2012 and December 31, 2011, we had cash equivalents of $1,067 million and $1,249 million included in cash and cash equivalents and $145 million and $166 million included in restricted cash, respectively.
[4] Balances are subject to master netting arrangements and presented on a gross basis on our Consolidated Condensed Balance Sheets. We do not offset fair value amounts recognized for derivative instruments executed with the same counterparty under a master netting arrangement for financial statement presentation.
[5] Includes OTC swaps and options.
[6] Included in other current liabilities on our Consolidated Condensed Balance Sheets.
[7] We had $4 million of transfers out of level 3 into level 2 for the three months ended March 31, 2012. There were no transfers out of level 3 for the three months ended March 31, 2011.