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Financial and Derivative Instruments (Tables)
9 Months Ended
Sep. 30, 2021
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 September 30, 2021, and December 31, 2020, and their classification on the Consolidated Balance Sheet and Consolidated Statement of Income are as follows:
Consolidated Balance Sheet: Fair Value of Derivatives
(Millions of dollars)
Type of
Contract
Balance Sheet ClassificationAt September 30,
2021
At December 31,
2020
CommodityAccounts and notes receivable, net$404 $73 
CommodityLong-term receivables, net90 
Total Assets at Fair Value
$494 $74 
CommodityAccounts payable$277 $172 
CommodityDeferred credits and other noncurrent obligations8 
Total Liabilities at Fair Value
$285 $173 
Consolidated Statement of Income: The Effect of Derivatives Not Designated as Hedging Instruments
Consolidated Statement of Income: The Effect of Derivatives
(Millions of dollars)
Type of Gain / (Loss)
Three Months Ended
September 30
Gain / (Loss)
Nine Months Ended
September 30
ContractStatement of Income Classification2021202020212020
CommoditySales and other operating revenues$203 $38 $(339)$283 
CommodityPurchased crude oil and products(21)(7)(45)(31)
CommodityOther income(8)(43)
$174 $37 $(427)$255 
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 September 30, 2021, and December 31, 2020.
Consolidated Balance Sheet: The Effect of Netting Derivative Assets and Liabilities
(Millions of dollars)
 Gross Amount RecognizedGross Amounts OffsetNet Amounts Presented Gross Amounts Not OffsetNet Amount
At September 30, 2021
Derivative Assets - not designated$3,537 $3,043 $494 $ $494 
Derivative Liabilities - not designated$3,324 $3,043 $281 $ $281 
Derivative Liabilities - designated$4 $ $4 $ $4 
At December 31, 2020
Derivative Assets - not designated$818 $744 $74 $— $74 
Derivative Liabilities - not designated$917 $744 $173 $— $173 
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 September 30, 2021, and December 31, 2020.
Consolidated Balance Sheet: The Effect of Netting Derivative Assets and Liabilities
(Millions of dollars)
 Gross Amount RecognizedGross Amounts OffsetNet Amounts Presented Gross Amounts Not OffsetNet Amount
At September 30, 2021
Derivative Assets - not designated$3,537 $3,043 $494 $ $494 
Derivative Liabilities - not designated$3,324 $3,043 $281 $ $281 
Derivative Liabilities - designated$4 $ $4 $ $4 
At December 31, 2020
Derivative Assets - not designated$818 $744 $74 $— $74 
Derivative Liabilities - not designated$917 $744 $173 $— $173