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Financial and Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of 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			2024									2023
Commodity			Accounts and notes receivable			$	122								$	151
Commodity			Long-term receivables, net			15									8
Total assets at fair value						$	137								$	159
Commodity			Accounts payable			$	127								$	216
Commodity			Deferred credits and other noncurrent obligations			26									46
Total liabilities at fair value						$	153								$	262

Schedule of Consolidated Statement of Income: The Effect of Derivatives not Designated as Hedging Instruments

Consolidated Statement of Income: The Effect of Derivatives

						Gain/(Loss)
						Year ended December 31
Type of Contract			Statement of Income Classification			2024									2023						2022
Commodity			Sales and other operating revenues			$	(57)								$	(304)					$	(651)
Commodity			Purchased crude oil and products			28									(154)						(226)
Commodity			Other income (loss)			6									(47)						10
						$	(23)								$	(505)					$	(867)

Schedule 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, 2024 and 2023.

Consolidated Balance Sheet: The Effect of Netting Derivative Assets and Liabilities

						Gross Amounts Recognized						Gross Amounts Offset						Net Amounts Presented						Gross Amounts Not Offset						Net Amounts
At December 31, 2024
Derivative Assets - not designated						$	1,895					$	1,758					$	137					$	3					$	134
Derivative Assets - designated						$	—					$	—					$	—					$	—					$	—
Derivative Liabilities - not designated						$	1,894					$	1,758					$	136					$	2					$	134
Derivative Liabilities - designated						$	17					$	—					$	17					$	—					$	17
At December 31, 2023
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					$	—					$	—					$	—

Schedule of 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, 2024 and 2023.

Consolidated Balance Sheet: The Effect of Netting Derivative Assets and Liabilities

						Gross Amounts Recognized						Gross Amounts Offset						Net Amounts Presented						Gross Amounts Not Offset						Net Amounts
At December 31, 2024
Derivative Assets - not designated						$	1,895					$	1,758					$	137					$	3					$	134
Derivative Assets - designated						$	—					$	—					$	—					$	—					$	—
Derivative Liabilities - not designated						$	1,894					$	1,758					$	136					$	2					$	134
Derivative Liabilities - designated						$	17					$	—					$	17					$	—					$	17
At December 31, 2023
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					$	—					$	—					$	—

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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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-Topic 210
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-Name Accounting Standards Codification
-Section 50
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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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4E
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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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