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Derivatives (Tables)
6 Months Ended
Jun. 30, 2012
Classification Of Gross Fair Values Of Derivative Instruments, Excluding Cash Collateral
     June 30, 2012       

(In millions)

   Asset      Liability      Balance Sheet Location

Commodity derivatives

   $ 11       $ —         Other current assets

Commodity derivatives

     123         90       Other current liabilities
     December 31, 2011       

(In millions)

   Asset      Liability      Balance Sheet Location

Commodity derivatives

   $ 26       $ 45       Other current assets

Interest rate derivatives

     19         —         Other noncurrent assets

Commodity derivatives

     1         1       Other current liabilities
Open Commodity Derivative Contracts
     Position      Total Barrels
(In thousands)
 

Crude oil(a)

     

Exchange-traded

     Long         14,023   

Exchange-traded

     Short         (26,774

Refined Products(b)

     

Exchange-traded

     Long         3,124   

Exchange-traded

     Short         (7,062

 

(a) 

99.1 percent of these contracts expire in the third quarter of 2012.

(b)

100 percent of these contracts expire in the third quarter of 2012.

Effect Of Commodity Derivative Instruments In Statements Of Income
(In millions)    Gain (Loss)
Three Months Ended
June 30,
    Gain (Loss) 
Six Months Ended
June 30,
 

Income Statement Location

   2012      2011     2012      2011  

Sales and other operating revenues

   $ 44       $ (4   $ 38       $ (19

Cost of revenues

     356         238        309         195   

Other income

     —           —          —           1   
  

 

 

    

 

 

   

 

 

    

 

 

 

Total

   $ 400       $ 234      $ 347       $ 177