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Risk Management (Tables)

12 Months Ended

Dec. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Energy Commodity Price Risk Management

As of December 31, 2024, we had the following outstanding commodity forward contracts to hedge our forecasted energy commodity purchases and sales: 

			Net open position long/(short)
Derivatives designated as hedging contracts
Crude oil fixed price			(16.8)			MMBbl
Natural gas fixed price			(64.8)			Bcf
Natural gas basis			(36.7)			Bcf
Derivatives not designated as hedging contracts
Crude oil fixed price			(1.0)			MMBbl
Crude oil basis			(0.2)			MMBbl
Natural gas fixed price			(7.0)			Bcf
Natural gas basis			(66.2)			Bcf
NGL fixed price			(1.3)			MMBbl

Schedule of Interest Rate Risk Management

The following table summarizes our outstanding interest rate contracts as of December 31, 2024:

Notional amount

Accounting treatment

Maximum term

(In millions)

Derivatives designated as hedging instruments

Fixed-to-variable interest rate contracts(a)

$

4,750

Fair value hedge

March 2035

Derivatives not designated as hedging instruments

Variable-to-fixed interest rate contracts

$

1,500

Mark-to-Market

December 2025

(a)The principal amount of hedged senior notes consisted of $1,500 million included in “Current portion of debt” and $3,250 million included in “Long-term debt” on our accompanying consolidated balance sheet.

Schedule of Foreign Currency Risk Management

The following table summarizes our outstanding foreign currency contracts as of December 31, 2024:

Notional amount

Accounting treatment

Maximum term

(In millions)

Derivatives designated as hedging instruments

EUR-to-USD cross currency swap contracts(a)

$

543

Cash flow hedge

March 2027

(a)These swaps eliminate the foreign currency risk associated with our Euro-denominated debt.

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The following table summarizes the fair values of our derivative contracts included in our accompanying consolidated balance sheets:

Fair Value of Derivative Contracts
			Location						Derivatives Asset												Derivatives Liability
									December 31,												December 31,
									2024						2023						2024						2023
									(In millions)
Derivatives designated as hedging instruments
Energy commodity derivative contracts
			Other current assets/(Other current liabilities)						$	10					$	77					$	(46)					$	(75)
			Deferred charges and other assets/(Other long-term liabilities and deferred credits)						9						12						(8)						(29)
			Subtotal						19						89						(54)						(104)
Interest rate contracts
			Other current assets/(Other current liabilities)						1						—						(51)						(120)
			Deferred charges and other assets/(Other long-term liabilities and deferred credits)						19						37						(203)						(158)
			Subtotal						20						37						(254)						(278)
Foreign currency contracts
			Other current assets/(Other current liabilities)						—						—						(3)						(2)
			Deferred charges and other assets/(Other long-term liabilities and deferred credits)						—						—						(26)						(2)
			Subtotal						—						—						(29)						(4)
			Total						39						126						(337)						(386)
Derivatives not designated as hedging instruments
Energy commodity derivative contracts
			Other current assets/(Other current liabilities)						14						49						(35)						(8)
			Deferred charges and other assets/(Other long-term liabilities and deferred credits)						1						3						(15)						(1)
			Subtotal						15						52						(50)						(9)
Interest rate contracts
			Other current assets/(Other current liabilities)						4						—						—						—
			Deferred charges and other assets/(Other long-term liabilities and deferred credits)						4						—						(2)						—
			Subtotal						8						—						(2)						—
			Total						23						52						(52)						(9)
Total derivatives									$	62					$	178					$	(389)					$	(395)

Schedule of Derivative Assets and Liabilities at Fair Value

The following two tables summarize the fair value measurements of our derivative contracts based on the three levels established by the ASC. The tables also identify the impact of derivative contracts which we have elected to present on our accompanying consolidated balance sheets on a gross basis that are eligible for netting under master netting agreements.

			Balance sheet asset fair value measurements by level
			Level 1						Level 2						Level 3						Gross amount						Contracts available for netting						Cash collateral held(a)						Net amount
			(In millions)
As of December 31, 2024
Energy commodity derivative contracts(b)			$	6					$	29					$	—					$	35					$	(19)					$	—					$	16
Interest rate contracts			—						27						—						27						—						—						27
As of December 31, 2023
Energy commodity derivative contracts(b)			$	65					$	75					$	—					$	140					$	(16)					$	—					$	124
Interest rate contracts			—						38						—						38						—						—						38

			Balance sheet liability fair value measurements by level
			Level 1						Level 2						Level 3						Gross amount						Contracts available for netting						Cash collateral posted(a)						Net amount
			(In millions)
As of December 31, 2024
Energy commodity derivative contracts(b)			$	(17)					$	(89)					$	—					$	(106)					$	19					$	52					$	(35)
Interest rate contracts			—						(254)						—						(254)						—						—						(254)
Foreign currency contracts			—						(29)						—						(29)						—						—						(29)
As of December 31, 2023
Energy commodity derivative contracts(b)			(17)						(96)						—						(113)						16						(85)						(182)
Interest rate contracts			—						(278)						—						(278)						—						—						(278)
Foreign currency contracts			—						(4)						—						(4)						—						—						(4)

(a)Any cash collateral paid or received is reflected in this table, but only to the extent that it represents variation margins. Any amount associated with derivative prepayments or initial margins that are not influenced by the derivative asset or liability amounts or those that are determined solely on their volumetric notional amounts are excluded from this table.

(b)Level 1 consists primarily of NYMEX natural gas futures.  Level 2 consists primarily of OTC WTI swaps, NGL swaps and crude oil basis swaps.

Schedule of Derivative Instruments, Gain (Loss) in Statements of Income

The following tables summarize the pre-tax impact of our derivative contracts in our accompanying consolidated statements of income and comprehensive income:

Derivatives in fair value hedging relationships						Location						Gain/(loss) recognized in income on derivatives and related hedged item
												Year Ended December 31,
												2024						2023						2022
												(In millions)
Interest rate contracts						Interest, net						$	(3)					$	138					$	(738)
Hedged fixed rate debt(a)						Interest, net						$	5					$	(132)					$	743

(a)As of December 31, 2024, the cumulative amount of fair value hedging adjustments to our hedged fixed rate debt was a decrease of $241 million included in “Debt fair value adjustments” on our accompanying consolidated balance sheet.

Derivatives in cash flow hedging relationships						Gain/(loss) recognized in OCI on derivatives(a)																		Location						Gain/(loss) reclassified from Accumulated OCI into income(b)
						Year Ended																								Year Ended
						December 31,																								December 31,
						2024						2023						2022												2024						2023						2022
						(In millions)																								(In millions)
Energy commodity derivative contracts						$	(26)					$	182					$	(338)					Revenues—Commodity sales						$	7					$	103					$	(491)
																								Costs of sales						(29)						(73)						144
Interest rate contracts						13						(10)						7						Interest, net						4						—						—
Foreign currency contracts						(24)						30						(73)						Other, net						(34)						17						(68)
Total						$	(37)					$	202					$	(404)					Total						$	(52)					$	47					$	(415)

(a)We expect to reclassify an approximately $37 million loss associated with cash flow hedge price risk management activities included in our accumulated other comprehensive loss balance as of December 31, 2024 into earnings during the next twelve months (when the associated forecasted transactions are also expected to impact earnings); however, actual amounts reclassified into earnings could vary materially as a result of changes in market prices.

(b)During the year ended December 31, 2022, we recognized gains of $121 million associated with a write-down of hedged inventory. All other amounts reclassified were the result of the hedged forecasted transactions actually affecting earnings (i.e., when the forecasted sales and purchases actually occurred).

Derivatives not designated as accounting hedges						Location						Gain/(loss) recognized in income on derivatives
												Year Ended December 31,
												2024						2023						2022
												(In millions)
Energy commodity derivative contracts						Revenues—Commodity sales						$	20					$	75					$	137
						Costs of sales						(89)						100						(190)
						Earnings from equity investments						—						2						(11)
Interest rate contracts						Interest, net						3						1						(10)
Total(a)												$	(66)					$	178					$	(74)

(a)The years ended December 31, 2024, 2023 and 2022 include approximate gains (losses) of $8 million, $58 million and $(11) million, respectively, associated with natural gas, crude and NGL derivative contract settlements.

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