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Fair Value Measurements (Tables)

3 Months Ended

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.

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