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FAIR VALUE MEASUREMENTS (Tables) | 6 Months Ended
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Jun. 30, 2024
Fair Value Disclosures [Abstract] |
Schedule of Recurring Fair Value Measurements | The following tables set forth our recurring fair value measurements as of the dates indicated:
| June 30, 2024 |
| Level 1 |  | Level 2 |  | Level 3 |  | Total - Gross |  | Netting (a) |  | Total - Net |
| (Millions of dollars) |
Derivative assets |  |  |  |  |  |  |  |  |  |  |  |
Commodity contracts | $ | 20 |  |  | $ | 51 |  |  | $ | — |  |  | $ | 71 |  |  | $ | (71) |  |  | $ | — |  |
Total derivative assets | $ | 20 |  |  | $ | 51 |  |  | $ | — |  |  | $ | 71 |  |  | $ | (71) |  |  | $ | — |  |
Derivative liabilities |  |  |  |  |  |  |  |  |  |  |  |
Commodity contracts | $ | (23) |  |  | $ | (72) |  |  | $ | — |  |  | $ | (95) |  |  | $ | 95 |  |  | $ | — |  |
Total derivative liabilities | $ | (23) |  |  | $ | (72) |  |  | $ | — |  |  | $ | (95) |  |  | $ | 95 |  |  | $ | — |  |
(a) - Derivative assets and liabilities are presented in our Consolidated Balance Sheet on a net basis. We net derivative assets and liabilities when a legally enforceable master-netting arrangement exists between the counterparty to a derivative contract and us. At June 30, 2024, we held no cash and posted cash of $65 million with various counterparties, including $24 million of cash collateral that is offsetting derivative net liability positions under master-netting arrangements in the table above. The remaining $41 million of cash collateral in excess of derivative net liability positions is included in other current assets in our Consolidated Balance Sheet.
| December 31, 2023
| Level 1 |  | Level 2 |  | Level 3 |  | Total - Gross |  | Netting (a) |  | Total - Net
| (Millions of dollars)
Derivative assets |  |  |  |  |  |  |  |  |  |  |
Commodity contracts | $ | 109 |  |  | $ | 68 |  |  | $ | — |  |  | $ | 177 |  |  | $ | (125) |  |  | $ | 52 |
Total derivative assets | $ | 109 |  |  | $ | 68 |  |  | $ | — |  |  | $ | 177 |  |  | $ | (125) |  |  | $ | 52 |
Derivative liabilities |  |  |  |  |  |  |  |  |  |  |
Commodity contracts | $ | (40) |  |  | $ | (44) |  |  | $ | — |  |  | $ | (84) |  |  | $ | 84 |  |  | $ | — |
Total derivative liabilities | $ | (40) |  |  | $ | (44) |  |  | $ | — |  |  | $ | (84) |  |  | $ | 84 |  |  | $ | — |
(a) - Derivative assets and liabilities are presented in our Consolidated Balance Sheet on a net basis. We net derivative assets and liabilities when a legally enforceable master-netting arrangement exists between the counterparty to a derivative contract and us. At December 31, 2023, we posted no cash and held cash of $41 million with various counterparties, which offsets our derivative net asset position under master netting arrangements as shown in the table above.

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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). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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