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Financial and Derivative Instruments (Tables)
12 Months Ended
Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Consolidated Balance Sheet: Fair Value of Derivatives not Designated as Hedging Instruments
Consolidated Balance Sheet: Fair Value of Derivatives
 
                 At December 31   
Type of Contract    Balance Sheet Classification  
2023
     2022   
Commodity
   Accounts and notes receivable  
$
151
 
   $     175  
Commodity
   Long-term receivables, net  
 
8
 
     9  
Total assets at fair value
 
$
159
 
   $ 184  
Commodity
   Accounts payable  
$
216
 
   $ 46  
Commodity
   Deferred credits and other noncurrent obligations  
 
46
 
     12  
Total liabilities at fair value
 
$
    262
 
   $ 58  
Consolidated Statement of Income: The Effect of Derivatives not Designated as Hedging Instruments
Consolidated Statement of Income: The Effect of Derivatives
 
Type of Derivative    Statement of  
Gain/(Loss)  
Year ended December 31  
 
Contract    Income Classification  
    2023
         2022          2021    
Commodity
   Sales and other operating revenues  
$
(304
  $ (651    $ (685)    
Commodity
   Purchased crude oil and products  
 
(154
    (226      (64)    
Commodity
   Other income (loss)  
 
(47
    10        (46)    
 
  
 
 
$
(505
  $ (867    $ (795)    
Consolidated Balance Sheet: The Effect of Netting Derivative Assets
The table below represents gross and net derivative assets and liabilities subject to netting agreements on the Consolidated Balance Sheet at December 31, 2023 and 2022.
Consolidated Balance Sheet: The Effect of Netting Derivative Assets and Liabilities
 
At December 31, 2023      Gross Amounts
Recognized
       Gross Amounts
Offset
       Net Amounts
Presented
       Gross Amounts
Not Offset
       Net Amounts  
Derivative Assets - not designated
  
$
2,394
 
  
$
2,242
 
  
$
152
 
  
$
4
 
  
$
148
 
Derivative Assets - designated
  
$
8
 
  
$
1
 
  
$
7
 
  
$
 
  
$
7
 
Derivative Liabilities - not designated
  
$
2,504
 
  
$
2,242
 
  
$
262
 
  
$
15
 
  
$
247
 
Derivative Liabilities - designated
  
$
1
 
  
$
1
 
  
$
 
  
$
 
  
$
 
At December 31, 2022
              
Derivative Assets - not designated
   $ 2,591      $ 2,407      $ 184      $ 5      $ 179  
Derivative Assets - designated
   $ 8      $ 8      $      $      $  
Derivative Liabilities - not designated
   $ 2,450      $ 2,407      $ 43      $      $ 43  
Derivative Liabilities - designated
   $ 23      $ 8      $ 15      $      $ 15  
Consolidated Balance Sheet: The Effect of Netting Derivative Liabilities
The table below represents gross and net derivative assets and liabilities subject to netting agreements on the Consolidated Balance Sheet at December 31, 2023 and 2022.
Consolidated Balance Sheet: The Effect of Netting Derivative Assets and Liabilities
 
At December 31, 2023      Gross Amounts
Recognized
       Gross Amounts
Offset
       Net Amounts
Presented
       Gross Amounts
Not Offset
       Net Amounts  
Derivative Assets - not designated
  
$
2,394
 
  
$
2,242
 
  
$
152
 
  
$
4
 
  
$
148
 
Derivative Assets - designated
  
$
8
 
  
$
1
 
  
$
7
 
  
$
 
  
$
7
 
Derivative Liabilities - not designated
  
$
2,504
 
  
$
2,242
 
  
$
262
 
  
$
15
 
  
$
247
 
Derivative Liabilities - designated
  
$
1
 
  
$
1
 
  
$
 
  
$
 
  
$
 
At December 31, 2022
              
Derivative Assets - not designated
   $ 2,591      $ 2,407      $ 184      $ 5      $ 179  
Derivative Assets - designated
   $ 8      $ 8      $      $      $  
Derivative Liabilities - not designated
   $ 2,450      $ 2,407      $ 43      $      $ 43  
Derivative Liabilities - designated
   $ 23      $ 8      $ 15      $      $ 15