Financial Instruments and Derivatives (Tables)

3 Months Ended

Mar. 31, 2025

Financial Instruments And Derivatives [Abstract]

Financial Instruments

The estimated fair value of financial instruments and derivatives at March 31, 2025 and December 31, 2024, and the related hierarchy level for the fair value measurement was as follows:

	March 31, 2025
	Fair Value
(millions of dollars)	Level 1	Level 2	Level 3	Total Gross Assets & Liabilities	Effect of Counterparty Netting	Effect of Collateral Netting	Difference in Carrying Value and Fair Value	Net Carrying Value
Assets
Derivative assets (1)	5,240	887	—	6,127	(5,516)	(70)	—	541
Advances to/receivables from equity companies (2)(6)	—	2,435	4,688	7,123	—	—	374	7,497
Other long-term financial assets (3)	1,497	—	1,509	3,006	—	—	234	3,240
Liabilities
Derivative liabilities (4)	5,438	859	—	6,297	(5,516)	(268)	—	513
Long-term debt (5)	25,109	2,096	—	27,205	—	—	3,560	30,765
Long-term obligations to equity companies (6)	—	—	1,427	1,427	—	—	(46)	1,381
Other long-term financial liabilities (7)	—	—	557	557	—	—	55	612

 

	December 31, 2024
	Fair Value
(millions of dollars)	Level 1	Level 2	Level 3	Total Gross Assets & Liabilities	Effect of Counterparty Netting	Effect of Collateral Netting	Difference in Carrying Value and Fair Value	Net Carrying Value
Assets
Derivative assets (1)	3,223	1,206	—	4,429	(3,913)	(3)	—	513
Advances to/receivables from equity companies (2)(6)	—	2,466	4,167	6,633	—	—	451	7,084
Other long-term financial assets (3)	1,468	—	1,504	2,972	—	—	247	3,219
Liabilities
Derivative liabilities (4)	3,561	1,416	—	4,977	(3,913)	(341)	—	723
Long-term debt (5)	28,884	1,813	—	30,697	—	—	3,935	34,632
Long-term obligations to equity companies (6)	—	—	1,393	1,393	—	—	(47)	1,346
Other long-term financial liabilities (7)	—	—	583	583	—	—	57	640

(1) Included in the Balance Sheet lines: Notes and accounts receivable - net and Other assets, including intangibles - net.

(2) Included in the Balance Sheet line: Investments, advances and long-term receivables.

(3) Included in the Balance Sheet lines: Investments, advances and long-term receivables and Other assets, including intangibles - net.

(4) Included in the Balance Sheet lines: Accounts payable and accrued liabilities and Other long-term obligations.

(5) Excluding finance lease obligations.

(6) Advances to/receivables from equity companies and long-term obligations to equity companies are mainly designated as hierarchy level 3 inputs. The fair value is calculated by discounting the remaining obligations by a rate consistent with the credit quality and industry of the equity company.

(7) Included in the Balance Sheet line: Other long-term obligations. Includes contingent consideration related to a prior year acquisition where fair value is based on expected drilling activities and discount rates.

Schedule of Notional Amounts of Outstanding Derivative Positions

The net notional long/(short) position of derivative instruments at March 31, 2025 and December 31, 2024, was as follows:

(millions)	March 31, 2025	December 31, 2024
Crude oil (barrels)	35	13
Petroleum products (barrels)	(28)	(32)
Natural gas (MMBTUs)	(702)	(675)

Derivative Instruments - Before-Tax Realized and Unrealized Gains / (Losses)

Realized and unrealized gains/(losses) on derivative instruments that were recognized in the Condensed Consolidated Statement of Income are included in the following lines on a before-tax basis:

(millions of dollars)	Three Months Ended March 31,
	2025	2024
Sales and other operating revenue	19	(792)
Crude oil and product purchases	2	3
Total	21	(789)