Financial and Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2024

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, 2024, and December 31, 2023, 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, 2024		At December 31, 2023
Commodity	Accounts and notes receivable, net	$	78	$	151
Commodity	Long-term receivables, net	2		8
Total Assets at Fair Value		$	80	$	159
Commodity	Accounts payable	$	301	$	216
Commodity	Deferred credits and other noncurrent obligations	19		46
Total Liabilities at Fair Value		$	320	$	262

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	2024		2023
Commodity	Sales and other operating revenues	$	(158)	$	(97)
Commodity	Purchased crude oil and products	(64)		18
Commodity	Other income (loss)	13		(6)
		$	(209)	$	(85)

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, 2024, and December 31, 2023.

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, 2024
Derivative Assets - not designated	$	2,757	$	2,677	$	80	$	4	$	76
Derivative Assets - designated	$	—	$	—	$	—	$	—	$	—
Derivative Liabilities - not designated	$	2,963	$	2,677	$	286	$	9	$	277
Derivative Liabilities - designated	$	34	$	—	$	34	$	—	$	34
At December 31, 2023
Derivative Assets - not designated	$	2,394	$	2,242	$	152	$	4	$	148
Derivative Assets - designated	$	8	$	1	$	7	$	—	$	7
Derivative Liabilities - not designated	$	2,504	$	2,242	$	262	$	15	$	247
Derivative Liabilities - designated	$	1	$	1	$	—	$	—	$	—

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, 2024, and December 31, 2023.

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, 2024
Derivative Assets - not designated	$	2,757	$	2,677	$	80	$	4	$	76
Derivative Assets - designated	$	—	$	—	$	—	$	—	$	—
Derivative Liabilities - not designated	$	2,963	$	2,677	$	286	$	9	$	277
Derivative Liabilities - designated	$	34	$	—	$	34	$	—	$	34
At December 31, 2023
Derivative Assets - not designated	$	2,394	$	2,242	$	152	$	4	$	148
Derivative Assets - designated	$	8	$	1	$	7	$	—	$	7
Derivative Liabilities - not designated	$	2,504	$	2,242	$	262	$	15	$	247
Derivative Liabilities - designated	$	1	$	1	$	—	$	—	$	—