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Asset Retirement Obligations and Accrued Environmental Costs (Tables) | 12 Months Ended
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Dec. 31, 2024
Asset Retirement Obligation Disclosure [Abstract] |
Asset Retirement Obligations and Accrued Environmental Costs | Asset retirement obligations and accrued environmental costs at December 31 were:
| Millions of Dollars
| 2024 | 2023
Asset retirement obligations | $ | 8,215 |  | 7,227 |
Accrued environmental costs | 206 |  | 184 |
Total asset retirement obligations and accrued environmental costs | 8,421 |  | 7,411 |
Asset retirement obligations and accrued environmental costs due within one year* | (332) |  | (191) |
Long-term asset retirement obligations and accrued environmental costs | $ | 8,089 |  | 7,220 |
Changes in Asset Retirement Obligation | During 2024 and 2023, our overall ARO changed as follows:
| Millions of Dollars
| 2024 | 2023
Balance at January 1 | $ | 7,227 |  | 6,380 |
Accretion of discount | 319 |  | 278 |
New obligations, including acquisitions | 926 |  | 257 |
Changes in estimates of existing obligations | 140 |  | 484 |
Spending on existing obligations | (182) |  | (119) |
Property dispositions | (6) |  | (27) |
Foreign currency translation | (209) |  | (26) |
Balance at December 31 | $ | 8,215 |  | 7,227 |

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- Definition Tabular disclosure of the changes in carrying amount of a liability for asset retirement obligations, for changes such as new obligations, changes in estimates of existing obligations, spending on existing obligations, property dispositions, and foreign currency translation. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 410 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481850/410-20-50-1 + Details
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