v3.25.2
Financial and Derivative Instruments (Tables)
 6 Months Ended
Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Consolidated Balance Sheet: Fair Value of Derivatives not Designated as Hedging Instruments
Derivative instruments measured at fair value at June 30, 2025, and December 31, 2024, and their classification on the Consolidated Balance Sheet and Consolidated Statement of Income are as follows:
Consolidated Balance Sheet: Fair Value of Derivatives
Type ofAt June 30,
2025		At December 31,
2024
ContractBalance Sheet Classification(Millions of dollars)
CommodityAccounts and notes receivable, net$151 $122 
CommodityLong-term receivables, net49 15 
Total Assets at Fair Value
$200 $137 
CommodityAccounts payable$242 $127 
CommodityDeferred credits and other noncurrent obligations15 26 
Total Liabilities at Fair Value
$257 $153 
Schedule of Consolidated Statement of Income: The Effect of Derivatives not Designated as Hedging Instruments
Consolidated Statement of Income: The Effect of Derivatives
 Gain / (Loss)
Three Months Ended
June 30		Gain / (Loss)
Six Months Ended
June 30
Type of2025202420252024
ContractStatement of Income Classification(Millions of dollars)
CommoditySales and other operating revenues$86 $(82)$(58)$(240)
CommodityPurchased crude oil and products(19)25 (63)(39)
CommodityOther income (loss)(1)8 (7)21 
Total$66 $(49)$(128)$(258)
Schedule Consolidated Balance Sheet: The Effect of Netting Derivative Assets
The following table represents gross and net derivative assets and liabilities subject to netting agreements on the Consolidated Balance Sheet at June 30, 2025, and December 31, 2024.
Consolidated Balance Sheet: The Effect of Netting Derivative Assets and Liabilities
 Gross Amounts RecognizedGross Amounts OffsetNet Amounts Presented Gross Amounts Not OffsetNet Amount
At June 30, 2025(Millions of dollars)
Derivative Assets - not designated$3,650 $3,456 $194 $13 $181 
Derivative Assets - designated$18 $12 $6 $— $6 
Derivative Liabilities - not designated$3,713 $3,456 $257 $16 $241 
Derivative Liabilities - designated$12 $12 $— $— $— 
At December 31, 2024
Derivative Assets - not designated$1,895 $1,758 $137 $3 $134 
Derivative Assets - designated$— $— $— $— $— 
Derivative Liabilities - not designated$1,894 $1,758 $136 $2 $134 
Derivative Liabilities - designated$17 $— $17 $— $17 
Schedule of Consolidated Balance Sheet: The Effect of Netting Derivative Liabilities
The following table represents gross and net derivative assets and liabilities subject to netting agreements on the Consolidated Balance Sheet at June 30, 2025, and December 31, 2024.
Consolidated Balance Sheet: The Effect of Netting Derivative Assets and Liabilities
 Gross Amounts RecognizedGross Amounts OffsetNet Amounts Presented Gross Amounts Not OffsetNet Amount
At June 30, 2025(Millions of dollars)
Derivative Assets - not designated$3,650 $3,456 $194 $13 $181 
Derivative Assets - designated$18 $12 $6 $— $6 
Derivative Liabilities - not designated$3,713 $3,456 $257 $16 $241 
Derivative Liabilities - designated$12 $12 $— $— $— 
At December 31, 2024
Derivative Assets - not designated$1,895 $1,758 $137 $3 $134 
Derivative Assets - designated$— $— $— $— $— 
Derivative Liabilities - not designated$1,894 $1,758 $136 $2 $134 
Derivative Liabilities - designated$17 $— $17 $— $17