v3.25.2
Derivatives and Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Offsetting Assets
The following table indicates the consolidated balance sheet line items that include the fair values of commodity derivative assets and liabilities. The balances in the following table are presented on a gross basis, before the effects of counterparty and collateral netting. However, we have elected to present our commodity derivative assets and liabilities with the same counterparty on a net basis on our consolidated balance sheet when the legal right of offset exists.

 Millions of Dollars
 June 30, 2025December 31, 2024
Commodity DerivativesEffect of Collateral NettingNet Carrying Value Presented on the Balance SheetCommodity DerivativesEffect of Collateral NettingNet Carrying Value Presented on the Balance Sheet
 AssetsLiabilitiesAssetsLiabilities
Assets
Prepaid expenses and other current assets$4,078 (3,870)— 208 1,021 (922)— 99 
Other assets7 (5)— 2 — — — — 
Liabilities
Other accruals748 (946)66 (132)1,136 (1,226)46 (44)
Other liabilities and deferred credits118 (117)4 5 60 (71)16 5 
Total$4,951 (4,938)70 83 2,217 (2,219)62 60 
Schedule of Offsetting Liabilities
The following table indicates the consolidated balance sheet line items that include the fair values of commodity derivative assets and liabilities. The balances in the following table are presented on a gross basis, before the effects of counterparty and collateral netting. However, we have elected to present our commodity derivative assets and liabilities with the same counterparty on a net basis on our consolidated balance sheet when the legal right of offset exists.

 Millions of Dollars
 June 30, 2025December 31, 2024
Commodity DerivativesEffect of Collateral NettingNet Carrying Value Presented on the Balance SheetCommodity DerivativesEffect of Collateral NettingNet Carrying Value Presented on the Balance Sheet
 AssetsLiabilitiesAssetsLiabilities
Assets
Prepaid expenses and other current assets$4,078 (3,870)— 208 1,021 (922)— 99 
Other assets7 (5)— 2 — — — — 
Liabilities
Other accruals748 (946)66 (132)1,136 (1,226)46 (44)
Other liabilities and deferred credits118 (117)4 5 60 (71)16 5 
Total$4,951 (4,938)70 83 2,217 (2,219)62 60 
Schedule of Fair Value of Commodity Derivative Assets and Liabilities and Gains (Losses) from Derivative Contracts
The realized and unrealized gains (losses) incurred from commodity derivatives, and the line items where they appear on our consolidated statement of income, were:
 
 Millions of Dollars
 Three Months Ended
June 30		Six Months Ended
June 30
 2025 2024 2025 2024 
Sales and other operating revenues$149 29 84 (173)
Other income54 30 68 68 
Purchased crude oil and products54 38 (122)(218)
Net gain (loss) from commodity derivative activity$257 97 30 (323)
Schedule of Material Net Exposures and Notional Amount of Derivative Contracts
The following table summarizes our material net exposures resulting from outstanding commodity derivative contracts. These financial and physical derivative contracts are primarily used to manage price exposure on our underlying operations. The underlying exposures may be from nonderivative positions such as inventory volumes. Financial derivative contracts may also offset physical derivative contracts, such as forward purchase and sales contracts. The percentage of our derivative contract volumes expiring within the next 12 months was more than 90% at June 30, 2025, and December 31, 2024.
 Open Position
Long / (Short)
 June 30
2025		December 31
2024
Commodity
Crude oil, refined petroleum products, NGL and renewable feedstocks (millions of barrels)
(55)(22)
Natural gas (billions of cubic feet)
(1)(14)