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Fair Value Measurement (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Fair Value Hierarchy for Gross Financial Assets and Liabilities

The following table summarizes the fair value hierarchy for gross financial assets and liabilities (i.e., unadjusted where the right of setoff exists for commodity derivatives accounted for at fair value on a recurring basis):

			Millions of Dollars
			June 30, 2024															December 31, 2023
			Level 1			Level 2			Level 3			Total						Level 1			Level 2			Level 3			Total
Assets
Investments in debt securities			$	215		1,264			—			1,479						278			1,146			—			1,424
Commodity derivatives			298			287			50			635						308			301			115			724
Total assets			$	513		1,551			50			2,114						586			1,447			115			2,148
Liabilities
Commodity derivatives			$	333		240			14			587						350			283			14			647
Contingent consideration			—			—			249			249						—			—			312			312
Total liabilities			$	333		240			263			836						350			283			326			959

Schedule of Fair Value Measurement Inputs and Valuation Techniques

The range and arithmetic average of the significant unobservable input used in the Level 3 fair value measurement was as follows:

Fair Value (Millions of Dollars)

Valuation Technique

Unobservable Input

Range (Arithmetic Average)

Contingent consideration - Surmont as of:

June 30, 2024

$

249

Discounted cash flow

Commodity price outlook* ($/BOE)

$59.99 - $67.34 ($62.38)

December 31, 2023

312

$45.48 - $63.04 ($57.45)

*Commodity price outlook based on a combination of external pricing service companies' outlooks and our internal outlook.

Schedule of Commodity Derivative Balances Subject to Right of Setoff

The following table summarizes those commodity derivative balances subject to the right of setoff as presented on our consolidated balance sheet. We have elected to offset the recognized fair value amounts for multiple derivative instruments executed with the same counterparty in our financial statements when a legal right of setoff exists.

			Millions of Dollars
									Amounts Subject to Right of Setoff
			Gross Amounts Recognized			Amounts Not Subject to Right of Setoff			Gross Amounts			Gross Amounts Offset			Net Amounts Presented			Cash Collateral			Net Amounts
June 30, 2024
Assets			$	635		16			619			368			251			1			250
Liabilities			587			16			571			368			203			41			162
December 31, 2023
Assets			$	724		39			685			375			310			4			306
Liabilities			647			34			613			375			238			47			191

Schedule of Net Fair Value of Financial Instruments

The following table summarizes the net fair value of financial instruments (i.e., adjusted where the right of setoff exists for commodity derivatives):

			Millions of Dollars
			Carrying Amount									Fair Value
			June 30 2024			December 31 2023						June 30 2024			December 31 2023
Financial assets
Commodity derivatives			266			345						266			345
Investments in debt securities			1,479			1,424						1,479			1,424
Financial liabilities
Total debt, excluding finance leases			17,318			17,808						17,321			18,621
Commodity derivatives			178			225						178			225

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Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

+ References

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-Topic 820
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-Name Accounting Standards Codification
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Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

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-Topic 820
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