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Derivative and Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2024
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, on our consolidated balance sheet:
Millions of Dollars
March 31
2024		December 31
2023
Assets
Prepaid expenses and other current assets
$600 611 
Other assets
125 113 
Liabilities
Other accruals
569 567 
Other liabilities and deferred credits
104 80 
Schedule of Income Statement Location and Gain (Loss) Amounts of Derivatives
The gains (losses) from commodity derivatives included in our consolidated income statement are presented in the following table:
Millions of Dollars
Three Months Ended
March 31
20242023
Sales and other operating revenues
$54 28 
Other income
— 1 
Purchased commodities
(50)(72)
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)
March 31
2024		December 31
2023
Commodity
Natural gas and power (billions of cubic feet equivalent)
Fixed price(14)(12)
Basis(6)(2)
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 March 31, 2024, and December 31, 2023:
Millions of Dollars
Carrying Amount
Cash and Cash Equivalents
Short-Term Investments
March 31
2024		December 31
2023		March 31
2024		December 31
2023
Cash$576 474 
Demand Deposits
1,553 1,424 
Time Deposits
1 to 90 days
3,399 3,713 121 511 
91 to 180 days
22 
Within one year
3 3 
U.S. Government Obligations
1 to 90 days
38 24 — — 
$5,566 5,635 124 536 
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 March 31, 2024, and December 31, 2023:
Millions of Dollars
Carrying Amount
Cash and Cash EquivalentsShort-Term InvestmentsInvestments and Long-Term
Receivables
March 31
2024		December 31
2023		March 31
2024		December 31
2023		March 31
2024		December 31
2023
Major Security Type
Corporate Bonds
$— — 181 201 670 606 
Commercial Paper
8 — 98 131 
U.S. Government Obligations— — 75 89 172 189 
U.S. Government Agency Obligations
— 5 7 7 
Foreign Government Obligations
7 7 4 4 
Asset-Backed Securities
2 2 213 183 
$8 — 363 435 1,066 989 
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
March 31
2024		December 31
2023		March 31
2024		December 31
2023
Major Security Type
Corporate Bonds
$852 806 851 807 
Commercial Paper
106 131 106 131 
U.S. Government Obligations
249 278 247 278 
U.S. Government Agency Obligations
7 12 7 12 
Foreign Government Obligations
11 11 11 11 
Asset-Backed Securities
215 184 215 185 
$1,440 1,422 1,437 1,424