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Derivatives (Tables)
 9 Months Ended
Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Classification of Fair Values of Derivative Instruments, Excluding Cash Collateral
The following table presents the fair value of derivative instruments as of September 30, 2024 and December 31, 2023 and the line items in the consolidated balance sheets in which the fair values are reflected. The fair value amounts below are presented on a gross basis and do not reflect the netting of asset and liability positions permitted under the terms of our master netting arrangements including cash collateral on deposit with, or received from, brokers. We offset the recognized fair value amounts for multiple derivative instruments executed with the same counterparty in our financial statements when a legal right of offset exists. As a result, the asset and liability amounts below will not agree with the amounts presented in our consolidated balance sheets.

(Millions of dollars)September 30, 2024December 31, 2023
Balance Sheet LocationAssetLiabilityAssetLiability
Commodity derivatives
Other current assets$303 $295 $244 $249 
Other current liabilities(a)
— 10 — 11 
Deferred credits and other liabilities(a)
— 59 — 50 
(a)     Includes embedded derivatives.
Open Commodity Derivative Contracts
The table below summarizes open commodity derivative contracts for crude oil, refined products, blending products, soybean oil and propane as of September 30, 2024.
Percentage of contracts
that expire next quarter		Position
(Units in thousands of barrels)LongShort
Exchange-traded(a)
Crude oil77.5%51,340 56,381 
Refined products95.0%19,421 20,765 
Blending products82.5%5,652 7,953 
Soybean oil99.6%2,261 2,530 
Over-the-counter
Propane100.0%— 344 
(a)    Included in exchange-traded are spread contracts in thousands of barrels: Crude oil - 13,138 long and 12,968 short; Refined products - 517 long and 156 short. There are no spread contracts for blending products or soybean oil.
Effect of Commodity Derivative Instruments in Statements of Income
The following table summarizes the effect of all commodity derivative instruments in our consolidated statements of income: 
Gain (Loss)
(Millions of dollars)Three Months Ended 
September 30,		Nine Months Ended 
September 30,
Income Statement Location2024202320242023
Sales and other operating revenues$4 $(4)$2 $6 
Cost of revenues38 (172)(82)(61)
Other income(1)(3)(2)(2)
Total$41 $(179)$(82)$(57)