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Derivative and Financial Instruments (Tables) | 3 Months Ended
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Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Balance Sheet Location and Fair Value Amounts of Derivatives | The following table presents the gross fair values of our commodity derivatives, excluding collateral, on our consolidated balance sheet:
| Millions of Dollars
| March 31 2025 | December 31 2024
Assets |  |
Prepaid expenses and other current assets | $ | 541 |  | 394 |
Other assets | 122 |  | 94 |
Liabilities |  |
Other accruals | 553 |  | 397 |
Other liabilities and deferred credits | 105 |  | 83 |
Schedule of Income Statement Location and Gain (Loss) Amounts of Derivatives | The gains (losses) from commodity derivatives included in our consolidated income statement are presented in the following table:
| Millions of Dollars
| Three Months Ended March 31 |
| 2025 | 2024 |  |
Sales and other operating revenues | $ | 59 |  | 54 |  |  |
Other income | (4) |  | — |  |  |
Purchased commodities | (39) |  | (50) |  |  |
Schedule of Net Exposures from Outstanding Commodity Derivative Contracts | The table below summarizes our net exposures resulting from outstanding commodity derivative contracts:
| Open Position Long (Short)
| March 31 2025 | December 31 2024
Commodity |  |
Natural gas and power (BCF equivalent) |  |
Fixed price | (15) |  | (17) |
Basis | 5 |  | — |
Schedule of Net Carrying Amount of Held to Maturity Investments | The following investments are carried on our consolidated balance sheet at cost, plus accrued interest and the table reflects remaining maturities at March 31, 2025, and December 31, 2024:
| Millions of Dollars
| Carrying Amount
| Cash and Cash Equivalents | Short-Term Investments |
| March 31 2025 | December 31 2024 | March 31 2025 | December 31 2024 |  |
Cash | $ | 493 |  | 770 |  |  |  |  |
Demand Deposits | 2,533 |  | 3,211 |  |  |  |  |
Time Deposits |  |  |  |  |  |
1 to 90 days | 3,033 |  | 1,364 |  | 403 |  | 1 |  |  |
91 to 180 days |  |  | 10 |  | 5 |  |  |
Within one year |  |  | 1 |  | 6 |  |  |
U.S. Government Obligations |  |  |  |  |  |
1 to 90 days | 244 |  | 260 |  | — |  | — |  |  |
| $ | 6,303 |  | 5,605 |  | 414 |  | 12 |  |  |
Schedule of Debt Securities Carried at Fair Value | The following investments in debt securities classified as available for sale are carried at fair value on our consolidated balance sheet at March 31, 2025, and December 31, 2024:
| Millions of Dollars
| Carrying Amount
| Cash and Cash Equivalents | Short-Term Investments | Investments and Long-Term Receivables
| March 31 2025 | December 31 2024 | March 31 2025 | December 31 2024 | March 31 2025 | December 31 2024
Major Security Type |  |  |  |  |  |
Corporate Bonds | $ | — |  | — |  | 385 |  | 338 |  | 604 |  | 612 |
Commercial Paper | 6 |  | 2 |  | 47 |  | 77 |  |  |
U.S. Government Obligations | — |  | — |  | 40 |  | 43 |  | 185 |  | 218 |
U.S. Government Agency Obligations |  |  | 7 |  | — |  | 1 |  | 7 |
Foreign Government Obligations |  |  | 4 |  | 4 |  | 15 |  | 12 |
Asset-Backed Securities |  |  | 29 |  | 33 |  | 235 |  | 205 |
| $ | 6 |  | 2 |  | 512 |  | 495 |  | 1,040 |  | 1,054 |
The following table summarizes the amortized cost basis and fair value of investments in debt securities classified as available for sale:
| Millions of Dollars
| Amortized Cost Basis | Fair Value
| March 31 2025 | December 31 2024 | March 31 2025 | December 31 2024
Major Security Type |  |  |  |
Corporate Bonds | $ | 984 |  | 947 |  | 989 |  | 950 |
Commercial Paper | 53 |  | 79 |  | 53 |  | 79 |
U.S. Government Obligations | 224 |  | 262 |  | 225 |  | 261 |
U.S. Government Agency Obligations | 8 |  | 7 |  | 8 |  | 7 |
Foreign Government Obligations | 19 |  | 16 |  | 19 |  | 16 |
Asset-Backed Securities | 263 |  | 237 |  | 264 |  | 238 |
| $ | 1,551 |  | 1,548 |  | 1,558 |  | 1,551 |

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