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Derivatives and Financial Instruments (Tables) | 3 Months Ended
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Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Offsetting Assets | The following table indicates the consolidated balance sheet line items that include the fair values of commodity derivative assets and liabilities. The balances in the following table are presented on a gross basis, before the effects of counterparty and collateral netting. However, we have elected to present our commodity derivative assets and liabilities with the same counterparty on a net basis on our consolidated balance sheet when the legal right of offset exists.
| Millions of Dollars
| March 31, 2025 |  | December 31, 2024
| Commodity Derivatives | Effect of Collateral Netting | Net Carrying Value Presented on the Balance Sheet |  |  | Commodity Derivatives | Effect of Collateral Netting | Net Carrying Value Presented on the Balance Sheet
| Assets | Liabilities |  | Assets | Liabilities
Assets |  |  |  |  |  |  |  |  |  |
Prepaid expenses and other current assets | $ | 683 |  | (584) |  | — |  | 99 |  |  |  | 1,021 |  | (922) |  | — |  | 99 |
Liabilities |  |  |  |  |  |  |  |  |  |
Other accruals | 2,469 |  | (2,643) |  | 101 |  | (73) |  |  |  | 1,136 |  | (1,226) |  | 46 |  | (44) |
Other liabilities and deferred credits | 78 |  | (93) |  | 20 |  | 5 |  |  |  | 60 |  | (71) |  | 16 |  | 5 |
Total | $ | 3,230 |  | (3,320) |  | 121 |  | 31 |  |  |  | 2,217 |  | (2,219) |  | 62 |  | 60 |
Schedule of Offsetting Liabilities | The following table indicates the consolidated balance sheet line items that include the fair values of commodity derivative assets and liabilities. The balances in the following table are presented on a gross basis, before the effects of counterparty and collateral netting. However, we have elected to present our commodity derivative assets and liabilities with the same counterparty on a net basis on our consolidated balance sheet when the legal right of offset exists.
| Millions of Dollars
| March 31, 2025 |  | December 31, 2024
| Commodity Derivatives | Effect of Collateral Netting | Net Carrying Value Presented on the Balance Sheet |  |  | Commodity Derivatives | Effect of Collateral Netting | Net Carrying Value Presented on the Balance Sheet
| Assets | Liabilities |  | Assets | Liabilities
Assets |  |  |  |  |  |  |  |  |  |
Prepaid expenses and other current assets | $ | 683 |  | (584) |  | — |  | 99 |  |  |  | 1,021 |  | (922) |  | — |  | 99 |
Liabilities |  |  |  |  |  |  |  |  |  |
Other accruals | 2,469 |  | (2,643) |  | 101 |  | (73) |  |  |  | 1,136 |  | (1,226) |  | 46 |  | (44) |
Other liabilities and deferred credits | 78 |  | (93) |  | 20 |  | 5 |  |  |  | 60 |  | (71) |  | 16 |  | 5 |
Total | $ | 3,230 |  | (3,320) |  | 121 |  | 31 |  |  |  | 2,217 |  | (2,219) |  | 62 |  | 60 |
Schedule of Fair Value of Commodity Derivative Assets and Liabilities and Gains (Losses) from Derivative Contracts | The realized and unrealized gains (losses) incurred from commodity derivatives, and the line items where they appear on our consolidated statement of income, were:
| Millions of Dollars
| Three Months Ended March 31 |  |
| 2025 |  |  | 2024 |  |  |  |
Sales and other operating revenues | $ | (65) |  |  | (202) |  |  |  |
Other income | 14 |  |  | 38 |  |  |  |
Purchased crude oil and products | (176) |  |  | (256) |  |  |  |
Net loss from commodity derivative activity | $ | (227) |  |  | (420) |  |  |  |
Schedule of Material Net Exposures and Notional Amount of Derivative Contracts | The following table summarizes our material net exposures resulting from outstanding commodity derivative contracts. These financial and physical derivative contracts are primarily used to manage price exposure on our underlying operations. The underlying exposures may be from nonderivative positions such as inventory volumes. Financial derivative contracts may also offset physical derivative contracts, such as forward purchase and sales contracts. The percentage of our derivative contract volumes expiring within the next 12 months was more than 90% at March 31, 2025, and December 31, 2024.
| Open Position Long / (Short)
| March 31 2025 |  | December 31 2024
Commodity |  |  |
Crude oil, refined petroleum products, NGL and renewable feedstocks (millions of barrels) | (38) |  |  | (22) |
Natural gas (billions of cubic feet) | (8) |  |  | (14) |

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