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Derivative and Financial Instruments (Tables)

3 Months Ended

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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