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Sales and Other Operating Revenues | 6 Months Ended
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Jun. 30, 2024
Revenue from Contract with Customer [Abstract] |
Sales and Other Operating Revenues | Note 16—Sales and Other Operating Revenues Revenue from Contracts with Customers The following table provides further disaggregation of our consolidated sales and other operating revenues:
| Millions of Dollars
| Three Months Ended June 30 | Six Months Ended June 30
| 2024 | 2023 | 2024 | 2023
Revenue from contracts with customers | $ | 12,660 |  | 11,015 |  | 24,967 |  | 22,979 |
Revenue from contracts outside the scope of ASC Topic 606 |  |  |  |
Physical contracts meeting the definition of a derivative | 1,003 |  | 1,465 |  | 2,568 |  | 4,592 |
Financial derivative contracts | (43) |  | (129) |  | (67) |  | (409) |
Consolidated sales and other operating revenues | $ | 13,620 |  | 12,351 |  | 27,468 |  | 27,162 |
Revenues from contracts outside the scope of ASC Topic 606 relate primarily to physical gas contracts at market prices, which qualify as derivatives accounted for under ASC Topic 815, “Derivatives and Hedging,” and for which we have not elected NPNS. There is no significant difference in contractual terms or the policy for recognition of revenue from these contracts and those within the scope of ASC Topic 606. The following disaggregation of revenues is provided in conjunction with Note 18—Segment Disclosures and Related Information:
| Millions of Dollars
| Three Months Ended June 30 | Six Months Ended June 30
| 2024 | 2023 | 2024 | 2023
Revenue from Contracts Outside the Scope of ASC Topic 606 by Segment |  |  |  |
Lower 48 | $ | 743 |  | 1,081 |  | 2,002 |  | 3,589 |
Canada | 91 |  | 204 |  | 308 |  | 771 |
Europe, Middle East and North Africa | 169 |  | 180 |  | 258 |  | 232 |
Physical contracts meeting the definition of a derivative | $ | 1,003 |  | 1,465 |  | 2,568 |  | 4,592 |
| Millions of Dollars
| Three Months Ended June 30 | Six Months Ended June 30
| 2024 | 2023 | 2024 | 2023
Revenue from Contracts Outside the Scope of ASC Topic 606 by Product |  |  |  |
Crude oil | $ | 53 |  | 96 |  | 53 |  | 143 |
Natural gas | 715 |  | 1,123 |  | 1,914 |  | 3,848 |
Other | 235 |  | 246 |  | 601 |  | 601 |
Physical contracts meeting the definition of a derivative | $ | 1,003 |  | 1,465 |  | 2,568 |  | 4,592 |
Practical Expedients Typically, our commodity sales contracts are less than 12 months in duration; however, in certain specific cases may extend longer, which may be out to the end of field life. We have long-term commodity sales contracts which use prevailing market prices at the time of delivery, and under these contracts, the market-based variable consideration for each performance obligation (i.e., delivery of commodity) is allocated to each wholly unsatisfied performance obligation within the contract. Accordingly, we have applied the practical expedient allowed in ASC Topic 606 and do not disclose the aggregate amount of the transaction price allocated to performance obligations or when we expect to recognize revenues that are unsatisfied (or partially unsatisfied) as of the end of the reporting period. Receivables and Contract Liabilities Receivables from Contracts with Customers At June 30, 2024, the “Accounts and notes receivable” line on our consolidated balance sheet included trade receivables of $4,323 million compared with $4,414 million at December 31, 2023, and included both contracts with customers within the scope of ASC Topic 606 and those that are outside the scope of ASC Topic 606. We typically receive payment within 30 days or less (depending on the terms of the invoice) once delivery is made. Revenues that are outside the scope of ASC Topic 606 relate primarily to physical gas sales contracts at market prices for which we do not elect NPNS and are therefore accounted for as a derivative under ASC Topic 815. There is little distinction in the nature of the customer or credit quality of trade receivables associated with gas sold under contracts for which NPNS has not been elected compared to trade receivables where NPNS has been elected. Contract Liabilities from Contracts with Customers We have entered into certain agreements under which we license our proprietary technology, including the Optimized Cascade® process technology, to customers to maximize the efficiency of LNG plants. These agreements typically provide for milestone payments to be made during and after the construction phases of the LNG plant. The payments are not directly related to our performance obligations under the contract and are recorded as deferred revenue to be recognized when the customer is able to benefit from their right to use the applicable licensed technology. Revenue recognized during the three- and six-month periods ended June 30, 2024 was immaterial. No revenue was recognized during the three- and six-month periods ended June 30, 2023. We expect to recognize the outstanding contract liabilities of $45 million as of June 30, 2024, as revenue during the years 2026, 2028 and 2029.

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