Financial and Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Consolidated Balance Sheet: Fair Value of Derivatives Not Designated as Hedging Instruments

Derivative instruments measured at fair value at March 31, 2023, and December 31, 2022, and their classification on the Consolidated Balance Sheet and Consolidated Statement of Income are as follows:

Consolidated Balance Sheet: Fair Value of Derivatives (Millions of dollars)
Type of Contract	Balance Sheet Classification	At March 31, 2023		At December 31, 2022
Commodity	Accounts and notes receivable, net	$	153	$	175
Commodity	Long-term receivables, net	6		9
Total Assets at Fair Value		$	159	$	184
Commodity	Accounts payable	$	82	$	46
Commodity	Deferred credits and other noncurrent obligations	21		12
Total Liabilities at Fair Value		$	103	$	58

Consolidated Statement of Income: The Effect of Derivatives Not Designated as Hedging Instruments

Consolidated Statement of Income: The Effect of Derivatives (Millions of dollars)
Type of		Gain / (Loss) Three Months Ended March 31
Contract	Statement of Income Classification	2023		2022
Commodity	Sales and other operating revenues	$	(97)	$	(873)
Commodity	Purchased crude oil and products	18		(105)
Commodity	Other income	(6)		1
		$	(85)	$	(977)

Schedule of Offsetting Assets

The following table represents gross and net derivative assets and liabilities subject to netting agreements on the Consolidated Balance Sheet at March 31, 2023, and December 31, 2022.

Consolidated Balance Sheet: The Effect of Netting Derivative Assets and Liabilities (Millions of dollars)
	Gross Amounts Recognized		Gross Amounts Offset		Net Amounts Presented		Gross Amounts Not Offset		Net Amount
At March 31, 2023
Derivative Assets - not designated	$	1,999	$	1,842	$	157	$	—	$	157
Derivative Assets - designated	$	16	$	14	$	2	$	—	$	2
Derivative Liabilities - not designated	$	1,945	$	1,842	$	103	$	—	$	103
Derivative Liabilities - designated	$	14	$	14	$	—	$	—	$	—
At December 31, 2022
Derivative Assets - not designated	$	2,591	$	2,407	$	184	$	5	$	179
Derivative Assets - designated	$	8	$	8	$	—	$	—	$	—
Derivative Liabilities - not designated	$	2,450	$	2,407	$	43	$	—	$	43
Derivative Liabilities - designated	$	23	$	8	$	15	$	—	$	15

Schedule of Offsetting Liabilities

The following table represents gross and net derivative assets and liabilities subject to netting agreements on the Consolidated Balance Sheet at March 31, 2023, and December 31, 2022.

Consolidated Balance Sheet: The Effect of Netting Derivative Assets and Liabilities (Millions of dollars)
	Gross Amounts Recognized		Gross Amounts Offset		Net Amounts Presented		Gross Amounts Not Offset		Net Amount
At March 31, 2023
Derivative Assets - not designated	$	1,999	$	1,842	$	157	$	—	$	157
Derivative Assets - designated	$	16	$	14	$	2	$	—	$	2
Derivative Liabilities - not designated	$	1,945	$	1,842	$	103	$	—	$	103
Derivative Liabilities - designated	$	14	$	14	$	—	$	—	$	—
At December 31, 2022
Derivative Assets - not designated	$	2,591	$	2,407	$	184	$	5	$	179
Derivative Assets - designated	$	8	$	8	$	—	$	—	$	—
Derivative Liabilities - not designated	$	2,450	$	2,407	$	43	$	—	$	43
Derivative Liabilities - designated	$	23	$	8	$	15	$	—	$	15