Financial and Derivative Instruments (Tables)

6 Months Ended

Jun. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Consolidated Balance Sheet: Fair Value of Derivatives Not Designated as Hedging Instruments

Derivative instruments measured at fair value at June 30, 2020, and December 31, 2019, and their classification on the Consolidated Balance Sheet and Consolidated Statement of Income are as follows:

Consolidated Balance Sheet: Fair Value of Derivatives Not Designated as Hedging Instruments (Millions of dollars)
Type of Contract	Balance Sheet Classification	At June 30, 2020		At December 31, 2019
Commodity	Accounts and notes receivable, net	$	16	$	11
Commodity	Long-term receivables, net	7		—
Total Assets at Fair Value		$	23	$	11
Commodity	Accounts payable	$	80	$	74
Commodity	Deferred credits and other noncurrent obligations	3		—
Total Liabilities at Fair Value		$	83	$	74

Consolidated Statement of Income: The Effect of Derivatives Not Designated as Hedging Instruments

Consolidated Statement of Income: The Effect of Derivatives Not Designated as Hedging Instruments (Millions of dollars)
Type of		Gain / (Loss) Three Months Ended June 30				Gain / (Loss) Six Months Ended June 30
Contract	Statement of Income Classification	2020		2019		2020		2019
Commodity	Sales and other operating revenues	$	(216)	$	(6)	$	245	$	(244)
Commodity	Purchased crude oil and products	(20)		(2)		(24)		(9)
Commodity	Other income	(3)		(3)		(3)		(3)
		$	(239)	$	(11)	$	218	$	(256)

Schedule of Offsetting Assets

The table below represents gross and net derivative assets and liabilities subject to netting agreements on the Consolidated Balance Sheet at June 30, 2020, and December 31, 2019.

Consolidated Balance Sheet: The Effect of Netting Derivative Assets and Liabilities (Millions of dollars)
	Gross Amount Recognized		Gross Amounts Offset		Net Amounts Presented		Gross Amounts Not Offset		Net Amount
At June 30, 2020
Derivative Assets	$	1,603	$	1,580	$	23	$	—	$	23
Derivative Liabilities	$	1,663	$	1,580	$	83	$	—	$	83
At December 31, 2019
Derivative Assets	$	656	$	645	$	11	$	—	$	11
Derivative Liabilities	$	719	$	645	$	74	$	—	$	74

Schedule of Offsetting Liabilities

The table below represents gross and net derivative assets and liabilities subject to netting agreements on the Consolidated Balance Sheet at June 30, 2020, and December 31, 2019.

Consolidated Balance Sheet: The Effect of Netting Derivative Assets and Liabilities (Millions of dollars)
	Gross Amount Recognized		Gross Amounts Offset		Net Amounts Presented		Gross Amounts Not Offset		Net Amount
At June 30, 2020
Derivative Assets	$	1,603	$	1,580	$	23	$	—	$	23
Derivative Liabilities	$	1,663	$	1,580	$	83	$	—	$	83
At December 31, 2019
Derivative Assets	$	656	$	645	$	11	$	—	$	11
Derivative Liabilities	$	719	$	645	$	74	$	—	$	74