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Derivative and Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Balance Sheet Location and Fair Value Amounts of Derivatives

The following table presents the gross fair values of our commodity derivatives, excluding collateral, and the line items where they appear on our consolidated balance sheet:

			Millions of Dollars
			June 30 2022			December 31 2021
Assets
Prepaid expenses and other current assets			$	1,790		1,168
Other assets			262			75
Liabilities
Other accruals			1,824			1,160
Other liabilities and deferred credits			232			63

Schedule of Income Statement Location and Gain (Loss) Amounts of Derivatives

The gains (losses) from commodity derivatives incurred and the line items where they appear on our consolidated income statement were:

			Millions of Dollars
			Three Months Ended June 30						Six Months Ended June 30
			2022			2021			2022			2021
Sales and other operating revenues			$	(13)		(100)			(420)			(379)
Other income			1			(1)			2			16
Purchased commodities			(55)			132			346			145

Schedule of Net Exposures from Outstanding Commodity Derivative Contracts

The table below summarizes our material net exposures resulting from outstanding commodity derivative contracts:

			Open Position Long (Short)
			June 30 2022			December 31 2021
Commodity
Natural gas and power (billions of cubic feet equivalent)
Fixed price			(14)			4
Basis			(1)			(22)

Schedule of Net Carrying Amount of Held to Maturity Investments

The following investments are carried on our consolidated balance sheet at cost, plus accrued interest, and the table reflects remaining maturities at June 30, 2022, and December 31, 2021:

			Millions of Dollars
			Carrying Amount
			Cash and Cash Equivalents						Short-Term Investments
			June 30 2022			December 31 2021			June 30 2022			December 31 2021
Cash			$	505		670
Demand Deposits			1,690			1,554
Time Deposits
1 to 90 days			4,555			2,363			524			217
91 to 180 days									112			4
Within one year									47			4
One year through five years
U.S. Government Obligations
1 to 90 days			39			431			—			—
			$	6,789		5,018			683			225

Schedule of Debt Securities Carried at Fair Value

The following investments in debt securities classified as available for sale are carried at fair value on our consolidated balance sheet at June 30, 2022 and December 31, 2021:

			Millions of Dollars
			Carrying Amount
			Cash and Cash Equivalents						Short-Term Investments						Investments and Long-Term Receivables
			June 30 2022			December 31 2021			June 30 2022			December 31 2021			June 30 2022			December 31 2021
Major Security Type
Corporate Bonds			$	—		3			299			128			298			173
Commercial Paper			120			7			215			82
U.S. Government Obligations			—			—			68			—			94			2
U.S. Government Agency Obligations									5			2			5			8
Foreign Government Obligations									2			7			4			2
Asset-backed Securities									—			2			100			63
			$	120		10			589			221			501			248

The following table summarizes the amortized cost basis and fair value of investments in debt securities classified as available for sale:

			Millions of Dollars
			Amortized Cost Basis						Fair Value
			June 30 2022			December 31 2021			June 30 2022			December 31 2021
Major Security Type
Corporate Bonds			$	604		305			597			304
Commercial Paper			335			88			335			89
U.S. Government Obligations			163			2			162			2
U.S. Government Agency Obligations			10			10			10			10
Foreign Government Obligations			6			9			6			9
Asset-backed Securities			100			65			100			65
			$	1,218		479			1,210			479

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Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
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-Publisher FASB
-Name Accounting Standards Codification
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