v3.25.2
FAIR VALUE MEASUREMENTS (Tables)
6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following table summarizes the valuation of our assets and liabilities measured at fair value on a recurring basis at June 30, 2025 and December 31, 2024:
Fair Value
Millions of dollarsTotal Cost BasisLevel 1Level 2Total
Measured at fair value on a recurring basis:20252024202520242025202420252024
Short-term investments (1)
$762 $1,000 $417 $705 $345 $295 $762 $1,000 
Net derivative contracts —  — (161)(161)
(1)Short-term investments are primarily comprised of money market funds and highly liquid, low risk investments with initial maturities less than 90 days.