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Derivative and Financial Instruments (Tables)
 12 Months Ended
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
20242023
Assets
Prepaid expenses and other current assets$394 611 
Other assets94 113 
Liabilities
Other accruals397 567 
Other liabilities and deferred credits83 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
202420232022
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)
20242023
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
2024202320242023
Cash$770 474 
Demand Deposits3,211 1,424 
Time Deposits
1 to 90 days
1,364 3,713 1 511 
91 to 180 days
5 22 
Within one year6 3 
U.S. Government Obligations
1 to 90 days
260 24 — — 
$5,605 5,635 12 536 
Debt Securities, Available-for-Sale
The following investments in debt securities classified as available for sale are carried at fair value on our consolidated balance sheet at December 31, 2024 and 2023:
Millions of Dollars
Carrying Amount
Cash and Cash
Equivalents		Short-Term
Investments		Investments and Long-Term
Receivables
202420232024202320242023
Major Security Type
Corporate Bonds$— — 338 201 612 606 
Commercial Paper2 — 77 131 
U.S. Government Obligations— — 43 89 218 189 
U.S. Government Agency Obligations
— 5 7 7 
Foreign Government Obligations4 7 12 4 
Asset-backed Securities33 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 BasisFair Value
2024202320242023
Major Security Type
Corporate Bonds$947 806 950 807 
Commercial Paper79 131 79 131 
U.S. Government Obligations262 278 261 278 
U.S. Government Agency Obligations7 12 7 12 
Foreign Government Obligations16 11 16 11 
Asset-backed Securities237 184 238 185 
$1,548 1,422 1,551 1,424