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Derivative and Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Balance Sheet Location - Fair Value Amounts of Derivatives, Balance Sheet Location
The following table presents the gross fair values of our commodity derivatives, excluding collateral, on our consolidated balance sheet:
Millions of Dollars
20232022
Assets
Prepaid expenses and other current assets$611 1,795 
Other assets113 242 
Liabilities
Other accruals567 1,800 
Other liabilities and deferred credits80 210 
Gain (Loss) Amounts of Derivatives, Income Statement Location
The gains (losses) from commodity derivatives included in our consolidated income statement are presented in the following table:
Millions of Dollars
202320222021
Sales and other operating revenues$86 (88)(228)
Other income(6)(5)25 
Purchased commodities(90)(91)75 
Net Exposures from Outstanding Derivative Contracts
The table below summarizes our net exposures resulting from outstanding commodity derivative contracts:
Open Position
Long/(Short)
20232022
Commodity
Natural gas and power (billions of cubic feet equivalent)
Fixed price(12)(14)
Basis(2)(8)
Net Carrying Amount of Investments and Long-term Receivables Carried at Cost plus Accrued Interest
The following investments are carried on our consolidated balance sheet at cost, plus accrued interest and the table reflects remaining maturities at December 31, 2023 and 2022:
Millions of Dollars
Carrying Amount
Cash and Cash
Equivalents		Short-Term
Investments
2023202220232022
Cash$474 593 
Demand Deposits1,424 1,638 
Time Deposits
1 to 90 days
3,713 4,116 511 1,288 
91 to 180 days
22 883 
Within one year3 11 
U.S. Government Obligations
1 to 90 days
24 14 — — 
$5,635 6,361 536 2,182 
Debt Securities, Available-for-Sale
The following investments in debt securities classified as available for sale are carried at fair value on our consolidated balance sheet at December 31, 2023 and 2022:
Millions of Dollars
Carrying Amount
Cash and Cash
Equivalents		Short-Term
Investments		Investments and Long-Term
Receivables
202320222023202220232022
Major Security Type
Corporate Bonds$— — 201 323 606 309 
Commercial Paper— 97 131 156 
U.S. Government Obligations— — 89 115 189 63 
U.S. Government Agency Obligations
5 8 7 5 
Foreign Government Obligations7 — 4 7 
Asset-backed Securities2 1 183 138 
$— 97 435 603 989 522 
The following table summarizes the amortized cost basis and fair value of investments in debt securities classified as available for sale at December 31:
Millions of Dollars
Amortized Cost BasisFair Value
2023202220232022
Major Security Type
Corporate Bonds$806 641 807 632 
Commercial Paper131 253 131 253 
U.S. Government Obligations278 181 278 178 
U.S. Government Agency Obligations12 13 12 13 
Foreign Government Obligations11 7 11 7 
Asset-backed Securities184 139 185 139 
$1,422 1,234 1,424 1,222