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v3.25.1

Fair Value Measurements (Tables) | 3 Months Ended
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Mar. 31, 2025
Fair Value Disclosures [Abstract] |
Schedule of Fair Value Hierarchy for Material Financial Instruments and Derivative Assets and Liabilities, Including the Effect of Counterparty Netting | The carrying values and fair values by hierarchy of our financial assets and liabilities, either carried or disclosed at fair value, including any effects of counterparty and collateral netting, were:
| Millions of Dollars
| March 31, 2025
| Fair Value Hierarchy |  | Total Fair Value of Gross Assets & Liabilities | Effect of Counterparty Netting | Effect of Collateral Netting | Difference in Carrying Value and Fair Value | Net Carrying Value Presented on the Balance Sheet |
| Level 1 |  | Level 2 |  | Level 3
Commodity Derivative Assets |  |  |  |  |  |  |  |  |  |  |  |
Exchange-cleared instruments | $ | 3,141 |  |  | — |  |  | — |  |  | 3,141 |  | (3,126) |  | — |  | — |  | 15 |  |
Physical forward contracts | — |  |  | 85 |  |  | 4 |  |  | 89 |  | (5) |  | — |  | — |  | 84 |  |
Rabbi trust assets | 143 |  |  | — |  |  | — |  |  | 143 |  | N/A | N/A | — |  | 143 |  |
Investment in NOVONIX | 26 |  |  | — |  |  | — |  |  | 26 |  | N/A | N/A | — |  | 26 |  |
| $ | 3,310 |  |  | 85 |  |  | 4 |  |  | 3,399 |  | (3,131) |  | — |  | — |  | 268 |  |
Commodity Derivative Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Exchange-cleared instruments | $ | 3,247 |  |  | — |  |  | — |  |  | 3,247 |  | (3,126) |  | (121) |  | — |  | — |  |
Physical forward contracts | — |  |  | 72 |  |  | 1 |  |  | 73 |  | (5) |  | — |  | — |  | 68 |  |
Floating-rate debt | — |  |  | 550 |  |  | — |  |  | 550 |  | N/A | N/A | — |  | 550 |  |
Fixed-rate debt, excluding finance leases and software obligations | — |  |  | 16,990 |  |  | — |  |  | 16,990 |  | N/A | N/A | 890 |  | 17,880 |  |
| $ | 3,247 |  |  | 17,612 |  |  | 1 |  |  | 20,860 |  | (3,131) |  | (121) |  | 890 |  | 18,498 |  |
| Millions of Dollars
| December 31, 2024
| Fair Value Hierarchy |  | Total Fair Value of Gross Assets & Liabilities | Effect of Counterparty Netting | Effect of Collateral Netting | Difference in Carrying Value and Fair Value | Net Carrying Value Presented on the Balance Sheet |
| Level 1 |  | Level 2 |  | Level 3 |
Commodity Derivative Assets |  |  |  |  |  |  |  |  |  |  |  |
Exchange-cleared instruments | $ | 2,137 |  |  | — |  |  | — |  |  | 2,137 |  | (2,111) |  | — |  | — |  | 26 |  |
OTC instruments | — |  |  | 7 |  |  | — |  |  | 7 |  | — |  | — |  | — |  | 7 |  |
Physical forward contracts | — |  |  | 70 |  |  | 3 |  |  | 73 |  | (7) |  | — |  | — |  | 66 |  |
Rabbi trust assets | 153 |  |  | — |  |  | — |  |  | 153 |  | N/A | N/A | — |  | 153 |  |
Investment in NOVONIX | 36 |  |  | — |  |  | — |  |  | 36 |  | N/A | N/A | — |  | 36 |  |
Foreign currency derivative | — |  |  | 67 |  |  | — |  |  | 67 |  | N/A | N/A | — |  | 67 |  |
| $ | 2,326 |  |  | 144 |  |  | 3 |  |  | 2,473 |  | (2,118) |  | — |  | — |  | 355 |  |
Commodity Derivative Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Exchange-cleared instruments | $ | 2,173 |  |  | — |  |  | — |  |  | 2,173 |  | (2,111) |  | (62) |  | — |  | — |  |
Physical forward contracts | — |  |  | 45 |  |  | 1 |  |  | 46 |  | (7) |  | — |  | — |  | 39 |  |
Floating-rate debt | — |  |  | 1,760 |  |  | — |  |  | 1,760 |  | N/A | N/A | — |  | 1,760 |  |
Fixed-rate debt, excluding finance leases and software obligations | — |  |  | 16,913 |  |  | — |  |  | 16,913 |  | N/A | N/A | 1,020 |  | 17,933 |  |
| $ | 2,173 |  |  | 18,718 |  |  | 1 |  |  | 20,892 |  | (2,118) |  | (62) |  | 1,020 |  | 19,732 |  |

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- Definition Tabular disclosure of assets and liabilities, including financial instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Also disclosure of information about derivative and financial liabilities that are subject to offsetting, including enforceable master netting arrangements. + References No definition available. + Details
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- References No definition available. + Details
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