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Derivative and Financial Instruments (Tables) | 9 Months Ended
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Sep. 30, 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
| September 30 2025 | December 31 2024
Assets |  |
Prepaid expenses and other current assets | $ | 439 |  | 394 |
Other assets | 124 |  | 94 |
Liabilities |  |
Other accruals | 391 |  | 397 |
Other liabilities and deferred credits | 98 |  | 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 September 30 | Nine Months Ended September 30
| 2025 | 2024 | 2025 | 2024
Sales and other operating revenues | $ | 62 |  | 49 |  | 146 |  | 135 |
Other income | (3) |  | (2) |  | (6) |  | (2) |
Purchased commodities | (6) |  | (46) |  | (52) |  | (125) |
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)
| September 30 2025 | December 31 2024
Commodity |  |
Natural gas and power (BCF equivalent) |  |
Fixed price | (24) |  | (17) |
Basis | (22) |  | — |
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 September 30, 2025, and December 31, 2024:
| Millions of Dollars
| Carrying Amount
| Cash and cash equivalents | Short-term investments |
| September 30 2025 | December 31 2024 | September 30 2025 | December 31 2024 |  |
Cash | $ | 560 |  | 770 |  |  |  |  |
Demand deposits | 2,472 |  | 3,211 |  |  |  |  |
Time deposits |  |  |  |  |  |
1 to 90 days | 1,899 |  | 1,364 |  | 529 |  | 1 |  |  |
91 to 180 days |  |  | 6 |  | 5 |  |  |
Within one year |  |  | 21 |  | 6 |  |  |
U.S. government obligations |  |  |  |  |  |
1 to 90 days | 316 |  | 260 |  | — |  | — |  |  |
| $ | 5,247 |  | 5,605 |  | 556 |  | 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 September 30, 2025, and December 31, 2024:
| Millions of Dollars
| Carrying Amount
| Cash and cash equivalents | Short-term investments | Investments and long-term receivables
| September 30 2025 | December 31 2024 | September 30 2025 | December 31 2024 | September 30 2025 | December 31 2024
Major Security Type |  |  |  |  |  |
Corporate bonds | $ | — |  | — |  | 300 |  | 338 |  | 643 |  | 612 |
Commercial paper | 13 |  | 2 |  | 81 |  | 77 |  |  |
U.S. government obligations | — |  | — |  | 39 |  | 43 |  | 225 |  | 218 |
U.S. government agency obligations |  |  | — |  | — |  | 1 |  | 7 |
Foreign government obligations |  |  | 4 |  | 4 |  | 11 |  | 12 |
Asset-backed securities |  |  | 16 |  | 33 |  | 254 |  | 205 |
| $ | 13 |  | 2 |  | 440 |  | 495 |  | 1,134 |  | 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
| September 30 2025 | December 31 2024 | September 30 2025 | December 31 2024
Major Security Type |  |  |  |
Corporate bonds | $ | 936 |  | 947 |  | 943 |  | 950 |
Commercial paper | 94 |  | 79 |  | 94 |  | 79 |
U.S. government obligations | 263 |  | 262 |  | 264 |  | 261 |
U.S. government agency obligations | 1 |  | 7 |  | 1 |  | 7 |
Foreign government obligations | 15 |  | 16 |  | 15 |  | 16 |
Asset-backed securities | 269 |  | 237 |  | 270 |  | 238 |
| $ | 1,578 |  | 1,548 |  | 1,587 |  | 1,551 |

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