Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2015

General Discussion of Derivative Instruments and Hedging Activities [Abstract]

Schedule of derivative instruments in Balance Sheet, fair value

The following table presents the fair value (in millions) of our derivative instruments as of March 31, 2015 and December 31, 2014. 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 offset the recognized fair value amounts for multiple derivative instruments executed with the same counterparty in our financial statements when a legal right of offset exists. 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	March 31, 2015			December 31, 2014			March 31, 2015			December 31, 2014
Commodity Futures Contracts	Prepayments and other current assets	$	786		$	1,201		$	751		$	1,025
Commodity OTC Swap Contracts	Receivables	2			—			—			—
Commodity OTC Swap Contracts	Accounts payable	—			—			—			1
Commodity Forward Contracts	Receivables	2			3			—			—
Commodity Forward Contracts	Accounts payable	—			—			1			1
Total Gross Mark-to-Market    Derivatives		790			1,204			752			1,027
Less: Counterparty Netting and    Cash Collateral (a)		(675		)	(1,136		)	(749		)	(1,024		)
Total Net Fair Value of Derivatives		$	115		$	68		$	3		$	3

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(a) As of March 31, 2015, we had provided cash collateral amounts of $74 million related to our unrealized derivative positions. At December 31, 2014, our counterparties had provided cash collateral of $112 million related to our unrealized derivative positions. Cash collateral amounts are netted with mark-to-market derivative assets.

Schedule of mark-to-market derivatives

Gains (losses) for our mark-to market derivatives for the three months ended March 31, 2015 and 2014 were as follows (in millions):

	Three Months Ended March 31,
	2015			2014
Commodity Futures Contracts	$	43		$	—
Commodity OTC Swap Contracts	—			(1		)
Commodity Forward Contracts	2			1
Foreign Currency Forward Contracts	(2		)	(2		)
Total Gain (Loss) on Mark-to-Market Derivatives	$	43		$	(2	)

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

	Three Months Ended March 31,
	2015			2014
Revenues	$	4		$	1
Cost of sales	41			(1		)
Other expense, net	(2		)	(2		)
Total Gain (Loss) on Mark-to-Market Derivatives	$	43		$	(2	)

Schedule of open long (short) positions

The information below presents the net volume of outstanding commodity and other contracts by type of instrument, year of maturity and unit of measure as of March 31, 2015 (units in thousands):

	Contract Volumes by Year of Maturity
Mark-to-Market Derivative Instrument	2015	2016	2017	Unit of Measure
Crude oil, refined products and blending products:
Futures - short	(13,710)	—	—	Barrels
Futures - long	—	485	—	Barrels
OTC Swaps - long	2,000	—	—	Barrels
Forwards - long	131	—	—	Barrels
Carbon credits:
Futures - long	3,675	1,000	1,000	Tons
Corn:
Futures - short	(3,515)	—	—	Bushels