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Financial and Derivative Instruments (Tables)

6 Months Ended

Jun. 30, 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 June 30, 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 June 30, 2022						At December 31, 2021
Commodity						Accounts and notes receivable, net						$	114					$	251
Commodity						Long-term receivables, net						26						62
Total Assets at Fair Value												$	140					$	313
Commodity						Accounts payable						$	350					$	71
Commodity						Deferred credits and other noncurrent obligations						14						1
Total Liabilities at Fair Value												$	364					$	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 June 30												Gain / (Loss) Six Months Ended June 30
Contract						Statement of Income Classification						2022						2021						2022						2021
Commodity						Sales and other operating revenues						$	(74)					$	(268)					$	(947)					$	(542)
Commodity						Purchased crude oil and products						(129)						(21)						(234)						(24)
Commodity						Other income						(7)						4						(6)						(35)
												$	(210)					$	(285)					$	(1,187)					$	(601)

Schedule of Offsetting Assets

The following table represents gross and net derivative assets and liabilities subject to netting agreements on the Consolidated Balance Sheet at June 30, 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 June 30, 2022
Derivative Assets - not designated						$	3,946					$	3,835					$	111					$	—					$	111
Derivative Assets - designated						$	39					$	10					$	29					$	—					$	29
Derivative Liabilities - not designated						$	4,199					$	3,835					$	364					$	—					$	364
Derivative Liabilities - designated						$	10					$	10					$	—					$	—					$	—
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

The following table represents gross and net derivative assets and liabilities subject to netting agreements on the Consolidated Balance Sheet at June 30, 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 June 30, 2022
Derivative Assets - not designated						$	3,946					$	3,835					$	111					$	—					$	111
Derivative Assets - designated						$	39					$	10					$	29					$	—					$	29
Derivative Liabilities - not designated						$	4,199					$	3,835					$	364					$	—					$	364
Derivative Liabilities - designated						$	10					$	10					$	—					$	—					$	—
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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Tabular disclosure of derivative and other financial assets that are subject to offsetting, including master netting arrangements.

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-Name Accounting Standards Codification
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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.

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Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

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