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Fair Value Measurement (Tables) | 12 Months Ended
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Dec. 31, 2024
Fair Value Disclosures [Abstract] |
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
| December 31, 2024 |  | December 31, 2023
| Level 1 | Level 2 | Level 3 | Total |  | Level 1 | Level 2 | Level 3 | Total
Assets |  |  |  |  |  |  |  |  |
Investments in debt securities | $ | 261 |  | 1,290 |  | — |  | 1,551 |  |  | 278 |  | 1,146 |  | — |  | 1,424 |
Commodity derivatives | 201 |  | 252 |  | 35 |  | 488 |  |  | 308 |  | 301 |  | 115 |  | 724 |
Total assets | $ | 462 |  | 1,542 |  | 35 |  | 2,039 |  |  | 586 |  | 1,447 |  | 115 |  | 2,148 |
Liabilities |  |  |  |  |  |  |  |  |
Commodity derivatives | $ | 275 |  | 160 |  | 45 |  | 480 |  |  | 350 |  | 283 |  | 14 |  | 647 |
Contingent consideration | — |  | — |  | 145 |  | 145 |  |  | — |  | — |  | 312 |  | 312 |
Total liabilities | $ | 275 |  | 160 |  | 190 |  | 625 |  |  | 350 |  | 283 |  | 326 |  | 959 |
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: |  |  |  |
December 31, 2024 | $ | 145 |  | Discounted cash flow | Commodity price outlook* ($/BOE) | $48.63 - $57.53 ($53.38)
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.
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
December 31, 2024 |  |  |  |  |  |  |
Assets | $ | 488 |  | — |  | 488 |  | 278 |  | 210 |  | — |  | 210 |
Liabilities | 480 |  | — |  | 480 |  | 278 |  | 202 |  | 73 |  | 129 |
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
| 2024 | 2023 |  | 2024 | 2023
Financial assets |  |  |  |  |
Commodity derivatives | 210 |  | 345 |  |  | 210 |  | 345 |
Investments in debt securities | 1,551 |  | 1,424 |  |  | 1,551 |  | 1,424 |
Financial liabilities |  |  |  |  |
Total debt, excluding finance leases | 23,384 |  | 17,808 |  |  | 22,997 |  | 18,621 |
Commodity derivatives | 129 |  | 225 |  |  | 129 |  | 225 |

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- Definition 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 Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 103 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-103 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-11 + Details
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- Definition 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 Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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