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Fair Value Measurement (Tables)

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of 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
			March 31, 2025															December 31, 2024
			Level 1			Level 2			Level 3			Total						Level 1			Level 2			Level 3			Total
Assets
Investments in debt securities			$	225		1,333			—			1,558						261			1,290			—			1,551
Commodity derivatives			326			306			31			663						201			252			35			488
Total assets			$	551		1,639			31			2,221						462			1,542			35			2,039
Liabilities
Commodity derivatives			$	404		168			86			658						275			160			45			480
Contingent consideration			—			—			110			110						—			—			145			145
Total liabilities			$	404		168			196			768						275			160			190			625

Schedule of 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:

March 31, 2025

$

110

Discounted cash flow

Commodity price outlook* ($/BOE)

$48.32 - $58.72 ($53.25)

December 31, 2024

145

$48.63 - $57.53 ($53.38)

*Commodity price outlook based on a combination of external pricing service companies' outlooks and our internal outlook.

Schedule of 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
March 31, 2025
Assets			$	663		—			663			414			249			—			249
Liabilities			658			—			658			414			244			77			167
December 31, 2024
Assets			$	488		—			488			278			210			—			210
Liabilities			480			—			480			278			202			73			129

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
			March 31 2025			December 31 2024						March 31 2025			December 31 2024
Financial Assets
Commodity derivatives			$	249		210						249			210
Investments in debt securities			1,558			1,551						1,558			1,551
Financial Liabilities
Total debt, excluding finance leases			22,880			23,384						22,794			22,997
Commodity derivatives			167			129						167			129

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-Topic 820
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Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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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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