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Fair Value Measurement (Tables)

12 Months Ended

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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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).

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