Derivative and Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Balance Sheet Location - Fair Value Amounts of Derivatives, Balance Sheet Location

The following table presents the gross fair values of our commodity derivatives, excluding collateral, and the line items where they appear on our consolidated balance sheet:

	Millions of Dollars
	2022		2021
Assets
Prepaid expenses and other current assets	$	1,795	1,168
Other assets	242		75
Liabilities
Other accruals	1,800		1,160
Other liabilities and deferred credits	210		63

Gain (Loss) Amounts of Derivatives, Income Statement Location

The gains (losses) from commodity derivatives incurred, and the line items where they appear on our consolidated income statement were:

	Millions of Dollars
	2022		2021	2020
Sales and other operating revenues	$	(88)	(228)	19
Other income (loss)	(5)		25	4
Purchased commodities	(91)		75	11

Net Exposures from Outstanding Derivative Contracts

The table below summarizes our net exposures resulting from outstanding commodity derivative contracts:

	Open Position Long/(Short)
	2022	2021
Commodity
Natural gas and power (billions of cubic feet equivalent)
Fixed price	(14)	4
Basis	(8)	(22)

Net Carrying Amount of Investments and Long-term Receivables Carried at Cost plus Accrued Interest

The following investments are carried on our consolidated balance sheet at cost, plus accrued interest and the table reflects remaining maturities at December 31, 2022 and 2021:

	Millions of Dollars
	Carrying Amount
	Cash and Cash Equivalents			Short-Term Investments
	2022		2021	2022	2021
Cash	$	593	670
Demand Deposits	1,638		1,554
Time Deposits
1 to 90 days	4,116		2,363	1,288	217
91 to 180 days				883	4
Within one year				11	4
U.S. Government Obligations
1 to 90 days	14		431	—	—
	$	6,361	5,018	2,182	225

Debt Securities, Available-for-Sale

The following investments in debt securities classified as available for sale are carried at fair value on our consolidated balance sheet at December 31, 2022 and 2021:

	Millions of Dollars
	Carrying Amount
	Cash and Cash Equivalents			Short-Term Investments		Investments and Long-Term Receivables
	2022		2021	2022	2021	2022	2021
Major Security Type
Corporate Bonds	$	—	3	323	128	309	173
Commercial Paper	97		7	156	82
U.S. Government Obligations	—		—	115	—	63	2
U.S. Government Agency Obligations				8	2	5	8
Foreign Government Obligations				—	7	7	2
Asset-backed Securities				1	2	138	63
	$	97	10	603	221	522	248

The following table summarizes the amortized cost basis and fair value of investments in debt securities classified as available for sale at December 31:

	Millions of Dollars
	Amortized Cost Basis			Fair Value
	2022		2021	2022	2021
Major Security Type
Corporate Bonds	$	641	305	632	304
Commercial Paper	253		88	253	89
U.S. Government Obligations	181		2	178	2
U.S. Government Agency Obligations	13		10	13	10
Foreign Government Obligations	7		9	7	9
Asset-backed Securities	139		65	139	65
	$	1,234	479	1,222	479