Derivative Instruments (Tables)

6 Months Ended

Jun. 30, 2012

Derivative Instruments, Gain (Loss) Recognized in Income, Net [Abstract]

Schedule of Mark-to-Market Derivatives

Gains (losses) for our mark-to market derivatives for the three and six months ended June 30, 2012 and 2011, were as follows (in millions):

	Three Months Ended						Six Months Ended
	June 30,						June 30,
Mark-to-Market Derivatives:	2012			2011			2012			2011
Commodity Futures Contracts	$	50		$	88		$	38		$	32
Commodity OTC Swap Contracts	—			2			(6		)	1
Commodity Forward Contracts	6			(8		)	3			(1		)
Foreign Currency Forward Contracts	(2		)	(2		)	(1		)	(1		)
Total Mark-to-Market Derivatives	$	54		$	80		$	34		$	31

The income statement location of gains (losses) for our mark-to market derivatives above were as follows (in millions):

	Three Months Ended						Six Months Ended
	June 30,						June 30,
Income Statement Location:	2012			2011			2012			2011
Revenues	$	31		$	12		$	21		$	—
Cost of sales	25			70			14			32
Foreign currency exchange loss	(2		)	(2		)	(1		)	(1		)
Total Gain on Mark-to-Market Derivatives	$	54		$	80		$	34		$	31

Schedule of Derivatives Designated for Hedge Accounting

Gains (losses) on our derivatives designated for hedge accounting during the three and six months ended June 30, 2012, were as follows (in millions):

	Three Months Ended					Six Months Ended
	June 30,					June 30,
Derivatives Designated for Hedge Accounting:	2012		2011			2012		2011
Commodity Futures Contracts (a):
Recognized in Income on Derivatives	$	—	$	4		$	—	$	3
Recognized in Income on Hedged Item	—		(4		)	—		(4		)
Recognized in Income on Ineffective Portion of Derivative (b)	$	—	$	—		$	—	$	(1	)

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(a) Losses recognized in income on the derivative and the hedged item are included in cost of sales in the statements of condensed consolidated operations.

(b) For fair value hedges, no component of the derivative instruments’ gains or losses was excluded from the assessment of hedge effectiveness. No amounts were recognized in income for hedged firm commitments that no longer qualify as fair value hedges.

Derivative, Fair Value, Gross Amount Not Offset Against Collateral, Net [Abstract]

Schedule of Derivative Instruments in Statement of Financial Position

The following table presents the fair value (in millions) of our derivative instruments as of June 30, 2012 and December 31, 2011. The fair value amounts below are presented on a gross basis and do not reflect the netting of asset and liability positions permitted under the terms of our master netting arrangements including cash collateral on deposit with or received from brokers. We have elected to offset the recognized fair value amounts for multiple derivative instruments executed with the same counterparty in our financial statements. As a result, the asset and liability amounts below will not agree with the amounts presented in our condensed consolidated balance sheets.

		Derivative Assets						Derivative Liabilities
	Balance Sheet Location	June 30, 2012			December 31, 2011			June 30, 2012			December 31, 2011
Mark-to-Market Derivatives (a):
Commodity Futures Contracts	Prepayments and other current assets	$	592		$	95		$	602		$	136
Commodity OTC Swap Contracts	Receivables	3			1			—			—
Commodity OTC Swap Contracts	Accounts payable	—			2			3			3
Commodity Forward Contracts	Receivables	6			4			—			—
Commodity Forward Contracts	Accounts payable	—			—			—			1
Total Gross Mark-to-Market Derivatives		601			102			605			140
Less: Counterparty Netting and Cash Collateral (b)		(575		)	(63		)	(596		)	(138		)
Total Net Fair Value of Derivatives		$	26		$	39		$	9		$	2

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(a) The above fair values are presented as gross amounts, including when the derivatives are subject to master netting arrangements and qualify for net presentation in the condensed consolidated balance sheet.

(b) As of June 30, 2012 and December 31, 2011, cash collateral amounts of $21 million and $75 million, respectively, are being netted with mark-to-market commodity future contracts.

Notional Amount of Derivatives, Additional Categories of Derivatives [Abstract]

Schedule of Open Long (Short) Positions

The information below presents the net volume of outstanding commodity contracts by type of instrument and year of maturity as of June 30, 2012 (volumes in thousands of barrels):

Mark-to-Market Derivatives
Derivative instrument and Year of maturity	Long (Short) Contract Volumes
Futures
2012	(1,075)
2013	(283)
Forwards
2012	(1,499)
Options
2012	25