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Derivative and Financial Instruments (Tables) | 9 Months Ended
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Sep. 30, 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
| September 30 2024 | December 31 2023
Assets |  |
Prepaid expenses and other current assets | $ | 342 |  | 611 |
Other assets | 86 |  | 113 |
Liabilities |  |
Other accruals | 308 |  | 567 |
Other liabilities and deferred credits | 74 |  | 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 September 30 | Nine Months Ended September 30
| 2024 | 2023 | 2024 | 2023
Sales and other operating revenues | $ | 49 |  | (11) |  | 135 |  | 1 |
Other income | (2) |  | (5) |  | (2) |  | (6) |
Purchased commodities | (46) |  | 7 |  | (125) |  | (49) |
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 2024 | December 31 2023
Commodity |  |
Natural gas and power (bcf equivalent) |  |
Fixed price | (21) |  | (12) |
Basis | (1) |  | (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 September 30, 2024, and December 31, 2023:
| Millions of Dollars
| Carrying Amount
| Cash and Cash Equivalents | Short-Term Investments |
| September 30 2024 | December 31 2023 | September 30 2024 | December 31 2023 |  |
Cash | $ | 581 |  | 474 |  |  |  |  |
Demand Deposits | 1,884 |  | 1,424 |  |  |  |  |
Time Deposits |  |  |  |  |  |
1 to 90 days | 2,512 |  | 3,713 |  | 1,050 |  | 511 |  |  |
91 to 180 days |  |  | 1 |  | 22 |  |  |
Within one year |  |  | 5 |  | 3 |  |  |
U.S. Government Obligations |  |  |  |  |  |
1 to 90 days | 241 |  | 24 |  | — |  | — |  |  |
| $ | 5,218 |  | 5,635 |  | 1,056 |  | 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 September 30, 2024, and December 31, 2023:
| Millions of Dollars
| Carrying Amount
| Cash and Cash Equivalents | Short-Term Investments | Investments and Long-Term Receivables
| September 30 2024 | December 31 2023 | September 30 2024 | December 31 2023 | September 30 2024 | December 31 2023
Major Security Type |  |  |  |  |  |
Corporate Bonds | $ | — |  | — |  | 330 |  | 201 |  | 599 |  | 606 |
Commercial Paper | 3 |  | — |  | 97 |  | 131 |  |  |
U.S. Government Obligations | — |  | — |  | 62 |  | 89 |  | 195 |  | 189 |
U.S. Government Agency Obligations |  |  | — |  | 5 |  | 7 |  | 7 |
Foreign Government Obligations |  |  | 8 |  | 7 |  | 4 |  | 4 |
Asset-Backed Securities |  |  | 18 |  | 2 |  | 204 |  | 183 |
| $ | 3 |  | — |  | 515 |  | 435 |  | 1,009 |  | 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
| September 30 2024 | December 31 2023 | September 30 2024 | December 31 2023
Major Security Type |  |  |  |
Corporate Bonds | $ | 919 |  | 806 |  | 929 |  | 807 |
Commercial Paper | 100 |  | 131 |  | 100 |  | 131 |
U.S. Government Obligations | 255 |  | 278 |  | 257 |  | 278 |
U.S. Government Agency Obligations | 7 |  | 12 |  | 7 |  | 12 |
Foreign Government Obligations | 12 |  | 11 |  | 12 |  | 11 |
Asset-Backed Securities | 220 |  | 184 |  | 222 |  | 185 |
| $ | 1,513 |  | 1,422 |  | 1,527 |  | 1,424 |

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