Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2011

Fair Value, by Balance Sheet Grouping [Table Text Block]

Financial instruments recognized at their fair values in our consolidated balance sheets by level within the fair value hierarchy were as follows (in millions):



							Netting and			Total as of
	Level 1		Level 2		Level 3		Collateral (a)			December 31, 2011
Assets:
Commodity Futures Contracts	$	86	$	9	$	—	$	(61	)	$	34
Commodity OTC Swap Contracts	—		3		—		(2		)	1
Commodity Forward Contracts	—		4		—		—			4
Total Assets	$	86	$	16	$	—	$	(63	)	$	39

Liabilities:
Commodity Futures Contracts	$	130	$	6	$	—	$	(136	)	$	—
Commodity OTC Swap Contracts	—		3		—		(2		)	1
Commodity Forward Contracts	—		1		—		—			1
RINs Obligation	—		3		—		—			3
Total Liabilities	$	130	$	13	$	—	$	(138	)	$	5



							Netting and			Total as of
	Level 1 (b)		Level 2 (b)		Level 3 (b)		Collateral (a)			December 31, 2010
Assets:
Commodity Futures Contracts	$	81	$	7	$	—	$	(70	)	$	18
Commodity OTC Swap Contracts	—		3		—		(2		)	1
Commodity Forward Contracts	—		2		—		—			2
Total Assets	$	81	$	12	$	—	$	(72	)	$	21

Liabilities:
Commodity Futures Contracts	$	98	$	1	$	—	$	(99	)	$	—
Commodity OTC Swap Contracts	—		2		—		(2		)	—
Commodity Forward Contracts	—		1		—		—			1
Total Liabilities	$	98	$	4	$	—	$	(101	)	$	1

________________


(a)	Represents the impact of netting assets, liabilities and cash collateral when a legal right of offset exists. As of December 31, 2011 and 2010, cash collateral amounts of $75 million and $29 million, respectively are being netted with mark-to-market derivative assets.


(b)	We have presented prior year fair values in each level of the hierarchy gross of netting adjustments in order to conform to current year presentation.

Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Table Text Block]

The fair value of certain impaired nonfinancial assets measured on a non-recurring basis as of December 31, 2011 and December 31, 2010 were as follows (in millions):



	December 31, 2011		Level 1	Level 2	Level 3	Total Losses for the year ended December 31, 2011
Assets:
Refining equipment and engineering costs	$	5	—	—	5	$	51



	December 31, 2010		Level 1		Level 2		Level 3		Total Losses for the year ended December 31, 2010
Assets:
Refining equipment, materials and engineering costs	$	4	$	—	$	—	$	4	$	20
Goodwill	36		—		—		36		10

- Definition

Tabular disclosure of assets and liabilities by class, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). The disclosures that may be required or desired include: (a) the fair value measurements recorded during the period and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets or liabilities (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.

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- Definition

Tabular disclosure of the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such certain disclosures about the financial instruments, assets, and liabilities include: (1) the fair value of the required items together with their carrying amounts (as appropriate) and (2) the methodology and assumptions used in developing such estimates of fair value.

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