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Derivative and Financial Instruments (Tables)
 9 Months Ended
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
2024202320242023
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 EquivalentsShort-Term InvestmentsInvestments 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