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Related Party Transactions
3 Months Ended
Mar. 31, 2014
Related Party Transactions  
Related Party Transactions

Note 13—Related Party Transactions

 

Occidental Petroleum Corporation

 

As of March 31, 2014, a subsidiary of Occidental Petroleum Corporation (“Oxy”) owned approximately 25% of the limited partner interests in AAP and had a representative on the board of directors of GP LLC and our general partner. During the three months ended March 31, 2014 and 2013, we recognized sales and transportation revenues and purchased petroleum products from companies affiliated with 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,

 

 

 

2014

 

2013

 

Revenues

 

$

92

 

$

269

 

 

 

 

 

 

 

Purchases and related costs

 

$

259

 

$

161

 

 

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

 

 

 

March 31,

 

December 31,

 

 

 

2014

 

2013

 

Trade accounts receivable and other receivables

 

$

161

 

$

133

 

 

 

 

 

 

 

Accounts payable

 

$

233

 

$

181