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Financial Instruments And Derivatives | 12 Months Ended
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Dec. 31, 2024
Financial Instruments And Derivatives [Abstract] |
Financial Instruments And Derivatives | Financial Instruments and Derivatives The estimated fair value of financial instruments and derivatives at December 31, 2024, and December 31, 2023, and the related hierarchy level for the fair value measurement was as follows:
| December 31, 2024
| Fair Value |  |  |  |  |  |  |  |
(millions of dollars) | Level 1 |  | Level 2 |  | Level 3 |  | Total Gross Assets & Liabilities |  | Effect of Counterparty Netting |  | Effect of Collateral Netting |  | Difference in Carrying Value and Fair Value |  | Net Carrying Value
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative assets (1) | 3,223 |  |  | 1,206 |  |  | — |  |  | 4,429 |  |  | (3,913) |  |  | (3) |  |  | — |  |  | 513 |
Advances to/receivables from equity companies (2)(6) | — |  |  | 2,466 |  |  | 4,167 |  |  | 6,633 |  |  | — |  |  | — |  |  | 451 |  |  | 7,084 |
Other long-term financial assets (3) | 1,468 |  |  | — |  |  | 1,504 |  |  | 2,972 |  |  | — |  |  | — |  |  | 247 |  |  | 3,219 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative liabilities (4) | 3,561 |  |  | 1,416 |  |  | — |  |  | 4,977 |  |  | (3,913) |  |  | (341) |  |  | — |  |  | 723 |
Long-term debt (5) | 28,884 |  |  | 1,813 |  |  | — |  |  | 30,697 |  |  | — |  |  | — |  |  | 3,935 |  |  | 34,632 |
Long-term obligations to equity companies (6) | — |  |  | — |  |  | 1,393 |  |  | 1,393 |  |  | — |  |  | — |  |  | (47) |  |  | 1,346 |
Other long-term financial liabilities (7) | — |  |  | — |  |  | 583 |  |  | 583 |  |  | — |  |  | — |  |  | 57 |  |  | 640 |
| December 31, 2023
| Fair Value |  |  |  |  |  |  |  |
(millions of dollars) | Level 1 |  | Level 2 |  | Level 3 |  | Total Gross Assets & Liabilities |  | Effect of Counterparty Netting |  | Effect of Collateral Netting |  | Difference in Carrying Value and Fair Value |  | Net Carrying Value
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative assets (1) | 4,544 |  |  | 1,731 |  |  | — |  |  | 6,275 |  |  | (5,177) |  |  | (528) |  |  | — |  |  | 570 |
Advances to/receivables from equity companies (2)(6) | — |  |  | 2,517 |  |  | 4,491 |  |  | 7,008 |  |  | — |  |  | — |  |  | 519 |  |  | 7,527 |
Other long-term financial assets (3) | 1,389 |  |  | — |  |  | 944 |  |  | 2,333 |  |  | — |  |  | — |  |  | 202 |  |  | 2,535 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative liabilities (4) | 4,056 |  |  | 1,608 |  |  | — |  |  | 5,664 |  |  | (5,177) |  |  | (40) |  |  | — |  |  | 447 |
Long-term debt (5) | 30,556 |  |  | 2,004 |  |  | — |  |  | 32,560 |  |  | — |  |  | — |  |  | 3,102 |  |  | 35,662 |
Long-term obligations to equity companies (6) | — |  |  | — |  |  | 1,896 |  |  | 1,896 |  |  | — |  |  | — |  |  | (92) |  |  | 1,804 |
Other long-term financial liabilities (7) | — |  |  | — |  |  | 697 |  |  | 697 |  |  | — |  |  | — |  |  | 45 |  |  | 742 |
(1) Included in the Balance Sheet lines: Notes and accounts receivable - net and Other assets, including intangibles - net.
(2) Included in the Balance Sheet line: Investments, advances and long-term receivables.
(3) Included in the Balance Sheet lines: Investments, advances and long-term receivables and Other assets, including intangibles - net.
(4) Included in the Balance Sheet lines: Accounts payable and accrued liabilities and Other long-term obligations.
(5) Excluding finance lease obligations.
(6) Advances to/receivables from equity companies and long-term obligations to equity companies are mainly designated as hierarchy level 3 inputs. The fair value is calculated by discounting the remaining obligations by a rate consistent with the credit quality and industry of the equity company.
(7) Included in the Balance Sheet line: Other long-term obligations. Includes contingent consideration related to a prior year acquisition where fair value is based on expected drilling activities and discount rates.
At December 31, 2024, and December 31, 2023, respectively, the Corporation had $491 million and $800 million of collateral under master netting arrangements not offset against the derivatives on the Consolidated Balance Sheet, primarily related to initial margin requirements. Derivative Instruments. The Corporation’s size, strong capital structure, geographic diversity, and the complementary nature of its business segments reduce the Corporation’s enterprise-wide risk from changes in commodity prices, currency rates, and interest rates. In addition, the Corporation uses commodity-based contracts, including derivatives, to manage commodity price risk and to generate returns from trading. Commodity contracts held for trading purposes are presented in the Consolidated Statement of Income on a net basis in the line “Sales and other operating revenue” and in the Consolidated Statement of Cash Flows in “Cash Flows from Operating Activities”. The Corporation’s commodity derivatives are not accounted for under hedge accounting. At times, the Corporation also enters into currency and interest rate derivatives, none of which are material to the Corporation’s financial position as of December 31, 2024 and 2023, or results of operations for 2024, 2023, and 2022. During the fourth quarter of 2024, the Corporation initiated a program to hedge certain of its fixed-rate debt instruments against changes in fair value due to changes in the designated benchmark interest rate. This program utilizes fair value hedge accounting. The derivative (hedging) instruments are fixed-for-floating interest rate swaps, with settlement dates that correspond to the interest payments associated with the fixed-rate debt (hedged item). Changes in the fair values of the hedging instruments are perfectly offset by changes in the fair values of the hedged items; the effects of these changes in fair values are recorded in "Interest expense" in the Consolidated Statement of Income. This program was not material to the Consolidated Financial Statements. The Corporation intends to expand the use of this program in future periods. Credit risk associated with the Corporation’s derivative position is mitigated by several factors, including the use of derivative clearing exchanges and the quality of and financial limits placed on derivative counterparties. The Corporation maintains a system of controls that includes the authorization, reporting, and monitoring of derivative activity. The net notional long/(short) position of derivative instruments at December 31, 2024, and December 31, 2023, was as follows:
(millions) | December 31, |  | December 31,
2024 |  | 2023
Crude oil (barrels) | 13 |  |  | (7) |
Petroleum products (barrels) | (32) |  |  | (43) |
Natural gas (MMBTUs) | (675) |  |  | (560) |
Realized and unrealized gains/(losses) on derivative instruments that were recognized in the Consolidated Statement of Income are included in the following lines on a before-tax basis:
(millions of dollars) | 2024 |  | 2023 |  | 2022
Sales and other operating revenue | (661) |  |  | 986 |  |  | (1,763) |
Crude oil and product purchases | 3 |  |  | 79 |  |  | 314 |
Total | (658) |  |  | 1,065 |  |  | (1,449) |

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- Definition The entire disclosure for financial instruments. This disclosure includes, but is not limited to, fair value measurements of short and long term marketable securities, international currencies forward contracts, and auction rate securities. Financial instruments may include hedging and non-hedging currency exchange instruments, derivatives, securitizations and securities available for sale at fair value. Also included are investment results, realized and unrealized gains and losses as well as impairments and risk management disclosures. + References No definition available. + Details
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