v3.23.1
FAIR VALUE MEASUREMENTS - ASSETS AND LIABILITIES AT FAIR VALUE (Details) - USD ($)
$ in Millions
Mar. 31, 2023
Dec. 31, 2022
Assets:    
Unrealized gain on derivative contracts $ 1,924 $ 1,597
Liabilities:    
Trade accounts payable 1,006 643
Unrealized loss on derivative contracts 1,477 1,570
Unrealized loss on derivative contracts, at fair value 275 332
Other noncurrent assets    
Liabilities:    
Unrealized gains (losses) on derivative contracts 1 1
Assets and Liabilities Measured at Fair Value on a Recurring Basis    
Assets:    
Cash equivalents 851 81
Readily marketable inventories (Note 5) 7,231 6,680
Trade accounts receivable 11 7
Total assets 10,096 8,465
Liabilities:    
Trade accounts payable 1,006 643
Total liabilities 2,758 2,545
Assets and Liabilities Measured at Fair Value on a Recurring Basis | Economic hedges    
Assets:    
Other 78 100
Assets and Liabilities Measured at Fair Value on a Recurring Basis | Interest rate | Hedge accounting    
Assets:    
Unrealized gain on derivative contracts 6 3
Liabilities:    
Unrealized loss on derivative contracts 282 344
Assets and Liabilities Measured at Fair Value on a Recurring Basis | Foreign exchange | Hedge accounting    
Assets:    
Unrealized gain on derivative contracts 419 379
Liabilities:    
Unrealized loss on derivative contracts 401 462
Assets and Liabilities Measured at Fair Value on a Recurring Basis | Commodities | Economic hedges    
Assets:    
Unrealized gain on derivative contracts 1,318 1,000
Liabilities:    
Unrealized loss on derivative contracts 900 908
Assets and Liabilities Measured at Fair Value on a Recurring Basis | Freight | Economic hedges    
Assets:    
Unrealized gain on derivative contracts 70 80
Liabilities:    
Unrealized loss on derivative contracts 47 28
Assets and Liabilities Measured at Fair Value on a Recurring Basis | Energy | Economic hedges    
Assets:    
Unrealized gain on derivative contracts 102 130
Liabilities:    
Unrealized loss on derivative contracts 122 159
Assets and Liabilities Measured at Fair Value on a Recurring Basis | Credit | Economic hedges    
Assets:    
Unrealized gain on derivative contracts 10 5
Liabilities:    
Unrealized loss on derivative contracts 0 1
Level 1 | Assets and Liabilities Measured at Fair Value on a Recurring Basis    
Assets:    
Cash equivalents 255 0
Readily marketable inventories (Note 5) 0 0
Trade accounts receivable 0 0
Total assets 637 378
Liabilities:    
Trade accounts payable 0 0
Total liabilities 321 309
Level 1 | Assets and Liabilities Measured at Fair Value on a Recurring Basis | Economic hedges    
Assets:    
Other 24 33
Level 1 | Assets and Liabilities Measured at Fair Value on a Recurring Basis | Interest rate | Hedge accounting    
Assets:    
Unrealized gain on derivative contracts 0 0
Liabilities:    
Unrealized loss on derivative contracts 0 0
Level 1 | Assets and Liabilities Measured at Fair Value on a Recurring Basis | Foreign exchange | Hedge accounting    
Assets:    
Unrealized gain on derivative contracts 1 1
Liabilities:    
Unrealized loss on derivative contracts 1 1
Level 1 | Assets and Liabilities Measured at Fair Value on a Recurring Basis | Commodities | Economic hedges    
Assets:    
Unrealized gain on derivative contracts 188 136
Liabilities:    
Unrealized loss on derivative contracts 160 127
Level 1 | Assets and Liabilities Measured at Fair Value on a Recurring Basis | Freight | Economic hedges    
Assets:    
Unrealized gain on derivative contracts 70 80
Liabilities:    
Unrealized loss on derivative contracts 47 28
Level 1 | Assets and Liabilities Measured at Fair Value on a Recurring Basis | Energy | Economic hedges    
Assets:    
Unrealized gain on derivative contracts 99 128
Liabilities:    
Unrealized loss on derivative contracts 113 153
Level 1 | Assets and Liabilities Measured at Fair Value on a Recurring Basis | Credit | Economic hedges    
Assets:    
Unrealized gain on derivative contracts 0 0
Liabilities:    
Unrealized loss on derivative contracts 0 0
Level 2 | Assets and Liabilities Measured at Fair Value on a Recurring Basis    
Assets:    
Cash equivalents 596 81
Readily marketable inventories (Note 5) 5,923 6,268
Trade accounts receivable 11 7
Total assets 8,041 7,547
Liabilities:    
Trade accounts payable 512 513
Total liabilities 1,907 2,056
Level 2 | Assets and Liabilities Measured at Fair Value on a Recurring Basis | Economic hedges    
Assets:    
Other 27 40
Level 2 | Assets and Liabilities Measured at Fair Value on a Recurring Basis | Interest rate | Hedge accounting    
Assets:    
Unrealized gain on derivative contracts 6 3
Liabilities:    
Unrealized loss on derivative contracts 282 344
Level 2 | Assets and Liabilities Measured at Fair Value on a Recurring Basis | Foreign exchange | Hedge accounting    
Assets:    
Unrealized gain on derivative contracts 418 378
Liabilities:    
Unrealized loss on derivative contracts 400 461
Level 2 | Assets and Liabilities Measured at Fair Value on a Recurring Basis | Commodities | Economic hedges    
Assets:    
Unrealized gain on derivative contracts 1,047 763
Liabilities:    
Unrealized loss on derivative contracts 704 731
Level 2 | Assets and Liabilities Measured at Fair Value on a Recurring Basis | Freight | Economic hedges    
Assets:    
Unrealized gain on derivative contracts 0 0
Liabilities:    
Unrealized loss on derivative contracts 0 0
Level 2 | Assets and Liabilities Measured at Fair Value on a Recurring Basis | Energy | Economic hedges    
Assets:    
Unrealized gain on derivative contracts 3 2
Liabilities:    
Unrealized loss on derivative contracts 9 6
Level 2 | Assets and Liabilities Measured at Fair Value on a Recurring Basis | Credit | Economic hedges    
Assets:    
Unrealized gain on derivative contracts 10 5
Liabilities:    
Unrealized loss on derivative contracts 0 1
Level 3 | Assets and Liabilities Measured at Fair Value on a Recurring Basis    
Assets:    
Cash equivalents 0 0
Readily marketable inventories (Note 5) 1,308 412
Trade accounts receivable 0 0
Total assets 1,418 540
Liabilities:    
Trade accounts payable 494 130
Total liabilities 530 180
Level 3 | Assets and Liabilities Measured at Fair Value on a Recurring Basis | Economic hedges    
Assets:    
Other 27 27
Level 3 | Assets and Liabilities Measured at Fair Value on a Recurring Basis | Interest rate | Hedge accounting    
Assets:    
Unrealized gain on derivative contracts 0 0
Liabilities:    
Unrealized loss on derivative contracts 0 0
Level 3 | Assets and Liabilities Measured at Fair Value on a Recurring Basis | Foreign exchange | Hedge accounting    
Assets:    
Unrealized gain on derivative contracts 0 0
Liabilities:    
Unrealized loss on derivative contracts 0 0
Level 3 | Assets and Liabilities Measured at Fair Value on a Recurring Basis | Commodities | Economic hedges    
Assets:    
Unrealized gain on derivative contracts 83 101
Liabilities:    
Unrealized loss on derivative contracts 36 50
Level 3 | Assets and Liabilities Measured at Fair Value on a Recurring Basis | Freight | Economic hedges    
Assets:    
Unrealized gain on derivative contracts 0 0
Liabilities:    
Unrealized loss on derivative contracts 0 0
Level 3 | Assets and Liabilities Measured at Fair Value on a Recurring Basis | Energy | Economic hedges    
Assets:    
Unrealized gain on derivative contracts 0 0
Liabilities:    
Unrealized loss on derivative contracts 0 0
Level 3 | Assets and Liabilities Measured at Fair Value on a Recurring Basis | Credit | Economic hedges    
Assets:    
Unrealized gain on derivative contracts 0 0
Liabilities:    
Unrealized loss on derivative contracts $ 0 $ 0