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Derivative and Financial Instruments (Tables) | 12 Months Ended
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Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Balance Sheet Location - Fair Value Amounts of Derivatives, Balance Sheet Location | The following table presents the gross fair values of our commodity derivatives, excluding collateral, on our consolidated balance sheet:
| Millions of Dollars
| 2024 | 2023
Assets |  |
Prepaid expenses and other current assets | $ | 394 |  | 611 |
Other assets | 94 |  | 113 |
Liabilities |  |
Other accruals | 397 |  | 567 |
Other liabilities and deferred credits | 83 |  | 80 |
Gain (Loss) Amounts of Derivatives, Income Statement Location | The gains (losses) from commodity derivatives included in our consolidated income statement are presented in the following table:
| Millions of Dollars
| 2024 | 2023 | 2022
Sales and other operating revenues | $ | 133 |  | 86 |  | (88) |
Other income | (4) |  | (6) |  | (5) |
Purchased commodities | (133) |  | (90) |  | (91) |
Net Exposures from Outstanding Derivative Contracts | The table below summarizes our net exposures resulting from outstanding commodity derivative contracts:
| Open Position Long/(Short)
| 2024 | 2023
Commodity |  |
Natural gas and power (BCF equivalent) |  |
Fixed price | (17) |  | (12) |
Basis | — |  | (2) |
Net Carrying Amount of Investments and Long-term Receivables Carried at Cost plus Accrued Interest | The following investments are carried on our consolidated balance sheet at cost, plus accrued interest and the table reflects remaining maturities at December 31, 2024 and 2023:
| Millions of Dollars
| Carrying Amount
| Cash and Cash Equivalents | Short-Term Investments
| 2024 | 2023 | 2024 | 2023
Cash | $ | 770 |  | 474 |  |  |
Demand Deposits | 3,211 |  | 1,424 |  |  |
Time Deposits |  |  |  |
1 to 90 days | 1,364 |  | 3,713 |  | 1 |  | 511 |
91 to 180 days |  |  | 5 |  | 22 |
Within one year |  |  | 6 |  | 3 |
U.S. Government Obligations |  |  |  |
1 to 90 days | 260 |  | 24 |  | — |  | — |
| $ | 5,605 |  | 5,635 |  | 12 |  | 536 |
Debt Securities, Available-for-Sale | The following investments in debt securities classified as available for sale are carried at fair value on our consolidated balance sheet at December 31, 2024 and 2023:
| Millions of Dollars
| Carrying Amount
| Cash and Cash Equivalents | Short-Term Investments | Investments and Long-Term Receivables
| 2024 | 2023 | 2024 | 2023 | 2024 | 2023
Major Security Type |  |  |  |  |  |
Corporate Bonds | $ | — |  | — |  | 338 |  | 201 |  | 612 |  | 606 |
Commercial Paper | 2 |  | — |  | 77 |  | 131 |  |  |
U.S. Government Obligations | — |  | — |  | 43 |  | 89 |  | 218 |  | 189 |
U.S. Government Agency Obligations |  |  | — |  | 5 |  | 7 |  | 7 |
Foreign Government Obligations |  |  | 4 |  | 7 |  | 12 |  | 4 |
Asset-backed Securities |  |  | 33 |  | 2 |  | 205 |  | 183 |
| $ | 2 |  | — |  | 495 |  | 435 |  | 1,054 |  | 989 |
The following table summarizes the amortized cost basis and fair value of investments in debt securities classified as available for sale at December 31:
| Millions of Dollars
| Amortized Cost Basis | Fair Value
| 2024 | 2023 | 2024 | 2023
Major Security Type |  |  |  |
Corporate Bonds | $ | 947 |  | 806 |  | 950 |  | 807 |
Commercial Paper | 79 |  | 131 |  | 79 |  | 131 |
U.S. Government Obligations | 262 |  | 278 |  | 261 |  | 278 |
U.S. Government Agency Obligations | 7 |  | 12 |  | 7 |  | 12 |
Foreign Government Obligations | 16 |  | 11 |  | 16 |  | 11 |
Asset-backed Securities | 237 |  | 184 |  | 238 |  | 185 |
| $ | 1,548 |  | 1,422 |  | 1,551 |  | 1,424 |

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