FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 2023

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, 2023 and December 31, 2022:

					Fair Value
Millions of dollars	Total Cost Basis				Level 1				Level 2				Total
Measured at fair value on a recurring basis:	2023		2022		2023		2022		2023		2022		2023		2022
Short-term investments (1)	$	935	$	1,209	$	693	$	934	$	242	$	275	$	935	$	1,209
Net derivative contracts	—		—		—		—		(129)		(44)		(129)		(44)

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