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Financial and Derivative Instruments (Tables) | 3 Months Ended
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Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Consolidated Balance Sheet: Fair Value of Derivatives Not Designated as Hedging Instruments | Derivative instruments measured at fair value at March 31, 2022, and December 31, 2021, and their classification on the Consolidated Balance Sheet and Consolidated Statement of Income are as follows:
Consolidated Balance Sheet: Fair Value of Derivatives (Millions of dollars)
Type of Contract |  | Balance Sheet Classification |  | At March 31, 2022 |  | At December 31, 2021
Commodity |  | Accounts and notes receivable, net |  | $ | 51 |  |  | $ | 251 |
Commodity |  | Long-term receivables, net |  | 21 |  |  | 62 |
Total Assets at Fair Value |  | $ | 72 |  |  | $ | 313 |
Commodity |  | Accounts payable |  | $ | 495 |  |  | $ | 71 |
Commodity |  | Deferred credits and other noncurrent obligations |  | 3 |  |  | 1 |
Total Liabilities at Fair Value |  | $ | 498 |  |  | $ | 72 |
Consolidated Statement of Income: The Effect of Derivatives Not Designated as Hedging Instruments |
Consolidated Statement of Income: The Effect of Derivatives (Millions of dollars)
Type of |  |  |  |  |  | Gain / (Loss) Three Months Ended March 31
Contract |  | Statement of Income Classification |  |  |  |  |  | 2022 |  | 2021
Commodity |  | Sales and other operating revenues |  |  |  |  |  | $ | (873) |  |  | $ | (274) |
Commodity |  | Purchased crude oil and products |  |  |  |  |  | (105) |  |  | (3) |
Commodity |  | Other income |  |  |  |  |  | 1 |  |  | (39) |
|  |  |  |  |  | $ | (977) |  |  | $ | (316) |
Schedule of Offsetting Assets | following table represents gross and net derivative assets and liabilities subject to netting agreements on the Consolidated Balance Sheet at March 31, 2022, and December 31, 2021.
Consolidated Balance Sheet: The Effect of Netting Derivative Assets and Liabilities (Millions of dollars)
|  | Gross Amount Recognized |  | Gross Amounts Offset |  | Net Amounts Presented |  | Gross Amounts Not Offset |  | Net Amount
At March 31, 2022 |  |  |  |  |
Derivative Assets - not designated |  | $ | 4,320 |  |  | $ | 4,250 |  |  | $ | 70 |  |  | $ | — |  |  | $ | 70 |
Derivative Assets - designated |  | $ | 35 |  |  | $ | 33 |  |  | $ | 2 |  |  | $ | — |  |  | $ | 2 |
Derivative Liabilities - not designated |  | $ | 4,748 |  |  | $ | 4,250 |  |  | $ | 498 |  |  | $ | 10 |  |  | $ | 488 |
Derivative Liabilities - designated |  | $ | 33 |  |  | $ | 33 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
At December 31, 2021 |  |  |  |  |  |  |  |  |  |
Derivative Assets - not designated |  | $ | 1,684 |  |  | $ | 1,371 |  |  | $ | 313 |  |  | $ | — |  |  | $ | 313 |
Derivative Liabilities - not designated |  | $ | 1,443 |  |  | $ | 1,371 |  |  | $ | 72 |  |  | $ | — |  |  | $ | 72 |
Schedule of Offsetting Liabilities | following table represents gross and net derivative assets and liabilities subject to netting agreements on the Consolidated Balance Sheet at March 31, 2022, and December 31, 2021.
Consolidated Balance Sheet: The Effect of Netting Derivative Assets and Liabilities (Millions of dollars)
|  | Gross Amount Recognized |  | Gross Amounts Offset |  | Net Amounts Presented |  | Gross Amounts Not Offset |  | Net Amount
At March 31, 2022 |  |  |  |  |
Derivative Assets - not designated |  | $ | 4,320 |  |  | $ | 4,250 |  |  | $ | 70 |  |  | $ | — |  |  | $ | 70 |
Derivative Assets - designated |  | $ | 35 |  |  | $ | 33 |  |  | $ | 2 |  |  | $ | — |  |  | $ | 2 |
Derivative Liabilities - not designated |  | $ | 4,748 |  |  | $ | 4,250 |  |  | $ | 498 |  |  | $ | 10 |  |  | $ | 488 |
Derivative Liabilities - designated |  | $ | 33 |  |  | $ | 33 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
At December 31, 2021 |  |  |  |  |  |  |  |  |  |
Derivative Assets - not designated |  | $ | 1,684 |  |  | $ | 1,371 |  |  | $ | 313 |  |  | $ | — |  |  | $ | 313 |
Derivative Liabilities - not designated |  | $ | 1,443 |  |  | $ | 1,371 |  |  | $ | 72 |  |  | $ | — |  |  | $ | 72 |

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