FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 2022

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, 2022 and December 31, 2021:

					Fair Value
Millions of dollars	Total Cost Basis				Level 1				Level 2				Total
Measured at fair value on a recurring basis:	2022		2021		2022		2021		2022		2021		2022		2021
Short-term investments (1)	$	1,123	$	1,905	$	783	$	1,697	$	340	$	208	$	1,123	$	1,905
Net derivative contracts	—		—		—		—		244		66		244		66

(1)Short-term investments are primarily comprised of money market funds and highly liquid, low risk investments with initial maturities less than 90 days.