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Financial Instruments and Derivatives (Tables) | 12 Months Ended
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Dec. 31, 2024
Financial Instruments And Derivatives [Abstract] |
Financial Instruments | 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.
Schedule of Notional Amounts of Outstanding Derivative Positions | 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) |
Derivative Instruments - Before-Tax Realized and Unrealized Gains / (Losses) | 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 Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4E -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4E Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A + Details
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