v3.23.3
FAIR VALUE MEASUREMENTS - ASSETS AND LIABILITIES AT FAIR VALUE (Details) - USD ($)
$ in Millions
Sep. 30, 2023
Dec. 31, 2022
Assets:    
Unrealized gain on derivative contracts $ 1,506 $ 1,597
Liabilities:    
Trade accounts payable 926 643
Unrealized loss on derivative contracts 1,222 1,570
Unrealized loss on derivative contracts, at fair value 364 332
Other noncurrent assets    
Liabilities:    
Unrealized gains (losses) on derivative contracts 2 1
Assets and Liabilities Measured at Fair Value on a Recurring Basis    
Assets:    
Cash equivalents 248 81
Readily marketable inventories (Note 5) 6,172 6,680
Trade accounts receivable 1 7
Total assets 8,026 8,465
Liabilities:    
Trade accounts payable 926 643
Total liabilities 2,512 2,545
Assets and Liabilities Measured at Fair Value on a Recurring Basis | Economic hedges    
Assets:    
Other 97 100
Assets and Liabilities Measured at Fair Value on a Recurring Basis | Interest rate | Hedge accounting    
Assets:    
Unrealized gain on derivative contracts 11 3
Liabilities:    
Unrealized loss on derivative contracts 375 344
Assets and Liabilities Measured at Fair Value on a Recurring Basis | Foreign exchange | Hedge accounting    
Assets:    
Unrealized gain on derivative contracts 314 379
Liabilities:    
Unrealized loss on derivative contracts 345 462
Assets and Liabilities Measured at Fair Value on a Recurring Basis | Commodities | Economic hedges    
Assets:    
Unrealized gain on derivative contracts 1,042 1,000
Liabilities:    
Unrealized loss on derivative contracts 776 908
Assets and Liabilities Measured at Fair Value on a Recurring Basis | Freight | Economic hedges    
Assets:    
Unrealized gain on derivative contracts 76 80
Liabilities:    
Unrealized loss on derivative contracts 32 28
Assets and Liabilities Measured at Fair Value on a Recurring Basis | Energy | Economic hedges    
Assets:    
Unrealized gain on derivative contracts 65 130
Liabilities:    
Unrealized loss on derivative contracts 58 159
Assets and Liabilities Measured at Fair Value on a Recurring Basis | Credit | Economic hedges    
Assets:    
Unrealized gain on derivative contracts 0 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 115 0
Readily marketable inventories (Note 5) 0 0
Trade accounts receivable 0 0
Total assets 443 378
Liabilities:    
Trade accounts payable 0 0
Total liabilities 269 309
Level 1 | Assets and Liabilities Measured at Fair Value on a Recurring Basis | Economic hedges    
Assets:    
Other 17 33
Level 1 | Assets and Liabilities Measured at Fair Value on a Recurring Basis | Interest rate | Hedge accounting    
Assets:    
Unrealized gain on derivative contracts 1 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 0 1
Liabilities:    
Unrealized loss on derivative contracts 0 1
Level 1 | Assets and Liabilities Measured at Fair Value on a Recurring Basis | Commodities | Economic hedges    
Assets:    
Unrealized gain on derivative contracts 170 136
Liabilities:    
Unrealized loss on derivative contracts 181 127
Level 1 | Assets and Liabilities Measured at Fair Value on a Recurring Basis | Freight | Economic hedges    
Assets:    
Unrealized gain on derivative contracts 76 80
Liabilities:    
Unrealized loss on derivative contracts 32 28
Level 1 | Assets and Liabilities Measured at Fair Value on a Recurring Basis | Energy | Economic hedges    
Assets:    
Unrealized gain on derivative contracts 64 128
Liabilities:    
Unrealized loss on derivative contracts 56 153
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 133 81
Readily marketable inventories (Note 5) 5,078 6,268
Trade accounts receivable 1 7
Total assets 6,397 7,547
Liabilities:    
Trade accounts payable 615 513
Total liabilities 1,891 2,056
Level 2 | Assets and Liabilities Measured at Fair Value on a Recurring Basis | Economic hedges    
Assets:    
Other 68 40
Level 2 | Assets and Liabilities Measured at Fair Value on a Recurring Basis | Interest rate | Hedge accounting    
Assets:    
Unrealized gain on derivative contracts 10 3
Liabilities:    
Unrealized loss on derivative contracts 375 344
Level 2 | Assets and Liabilities Measured at Fair Value on a Recurring Basis | Foreign exchange | Hedge accounting    
Assets:    
Unrealized gain on derivative contracts 314 378
Liabilities:    
Unrealized loss on derivative contracts 345 461
Level 2 | Assets and Liabilities Measured at Fair Value on a Recurring Basis | Commodities | Economic hedges    
Assets:    
Unrealized gain on derivative contracts 792 763
Liabilities:    
Unrealized loss on derivative contracts 554 731
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 1 2
Liabilities:    
Unrealized loss on derivative contracts 2 6
Level 2 | Assets and Liabilities Measured at Fair Value on a Recurring Basis | Credit | Economic hedges    
Assets:    
Unrealized gain on derivative contracts 0 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) 1,094 412
Trade accounts receivable 0 0
Total assets 1,186 540
Liabilities:    
Trade accounts payable 311 130
Total liabilities 352 180
Level 3 | Assets and Liabilities Measured at Fair Value on a Recurring Basis | Economic hedges    
Assets:    
Other 12 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 80 101
Liabilities:    
Unrealized loss on derivative contracts 41 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