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Derivative and Financial Instruments (Tables)

9 Months Ended

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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