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Derivative and Financial Instruments (Tables)

9 Months Ended

Sep. 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
			September 30 2022			December 31 2021
Assets
Prepaid expenses and other current assets			$	1,675		1,168
Other assets			267			75
Liabilities
Other accruals			1,668			1,160
Other liabilities and deferred credits			220			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 September 30						Nine Months Ended September 30
			2022			2021			2022			2021
Sales and other operating revenues			$	(129)		(483)			(549)			(862)
Other income			(4)			7			(2)			23
Purchased commodities			6			405			352			550

Schedule of Net Exposures from Outstanding Commodity Derivative Contracts

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

			Open Position Long (Short)
			September 30 2022			December 31 2021
Commodity
Natural gas and power (billions of cubic feet equivalent)
Fixed price			(18)			4
Basis			(2)			(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 September 30, 2022, and December 31, 2021:

			Millions of Dollars
			Carrying Amount
			Cash and Cash Equivalents						Short-Term Investments
			September 30 2022			December 31 2021			September 30 2022			December 31 2021
Cash			$	664		670
Demand Deposits			1,413			1,554
Time Deposits
1 to 90 days			5,843			2,363			1,591			217
91 to 180 days									137			4
Within one year									34			4
U.S. Government Obligations
1 to 90 days			23			431			—			—
			$	7,943		5,018			1,762			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 September 30, 2022, and December 31, 2021:

			Millions of Dollars
			Carrying Amount
			Cash and Cash Equivalents						Short-Term Investments						Investments and Long-Term Receivables
			September 30 2022			December 31 2021			September 30 2022			December 31 2021			September 30 2022			December 31 2021
Major Security Type
Corporate Bonds			$	—		3			322			128			287			173
Commercial Paper			67			7			216			82
U.S. Government Obligations			—			—			101			—			68			2
U.S. Government Agency Obligations									8			2			—			8
Foreign Government Obligations									3			7			7			2
Asset-backed Securities									—			2			118			63
			$	67		10			650			221			480			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
			September 30 2022			December 31 2021			September 30 2022			December 31 2021
Major Security Type
Corporate Bonds			$	621		305			609			304
Commercial Paper			284			88			283			89
U.S. Government Obligations			172			2			169			2
U.S. Government Agency Obligations			8			10			8			10
Foreign Government Obligations			10			9			10			9
Asset-backed Securities			119			65			118			65
			$	1,214		479			1,197			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
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