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FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 30, 2023

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 September 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)	$	849	$	1,209	$	630	$	934	$	219	$	275		$	849	$	1,209
Net derivative contracts	—		—		—		—		(63)		(44)			(63)		(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.