v3.25.2
Financial Instruments and Fair Value Measurements
 6 Months Ended
Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Financial Instruments and Fair Value Measurements Financial Instruments and Fair Value Measurements
We are exposed to market risks, such as changes in commodity pricing, interest rates and currency exchange rates. To manage the volatility related to these exposures, we selectively enter into derivative contracts pursuant to our risk management policies.
Financial Instruments Measured at Fair Value on a Recurring Basis—The following table summarizes financial instruments outstanding for the periods presented that are measured at fair value on a recurring basis:
Fair Value
Millions of dollarsJune 30, 2025December 31, 2024Balance Sheet Classification
Assets–
Derivatives designated as hedges:
Commodities$3 $14 Prepaid expenses and other current assets
Commodities9 7 Other assets
Foreign currency11 146 Prepaid expenses and other current assets
Foreign currency— 66 Other assets
Interest rates18 16 Prepaid expenses and other current assets
Derivatives not designated as hedges:
Commodities6 18 Prepaid expenses and other current assets
Commodities— 2 Other assets
Foreign currency1 16 Prepaid expenses and other current assets
Total$48 $285 
Liabilities–
Derivatives designated as hedges:
Commodities$20 $14 Accrued and other current liabilities
Commodities1 5 Other liabilities
Foreign currency103 9 Accrued and other current liabilities
Foreign currency147 — Other liabilities
Interest rates26 36 Accrued and other current liabilities
Interest rates102 146 Other liabilities
Derivatives not designated as hedges:
Commodities35 11 Accrued and other current liabilities
Foreign currency20 1 Accrued and other current liabilities
Total$454 $222 
The financial instruments in the table above are classified as Level 2. We present the gross assets and liabilities of our derivative financial instruments on the Consolidated Balance Sheets.
Financial Instruments Not Measured at Fair Value on a Recurring Basis—The following table presents the carrying value and estimated fair value of our short-term precious metal financings and Long-term debt:
June 30, 2025December 31, 2024
Millions of dollarsCarrying
 Value		Fair
 Value		Carrying
 Value		Fair
Value
Precious metal financings$119 $149 $119 $122 
Long-term debt11,199 9,697 10,521 9,048 
Total$11,318 $9,846 $10,640 $9,170 
The financial instruments in the table above are classified as Level 2. Our other financial instruments classified within Current assets and Current liabilities have a short maturity and their carrying value approximates fair value.
Derivative Instruments:
Commodity Prices—The following table presents the notional amounts of our outstanding commodity derivative instruments:
Notional AmountUnit of MeasureMaturity Date
Millions of unitsJune 30, 2025December 31, 2024
Derivatives designated as hedges:
Natural gas60 62 MMBtu
2025 to 2028
Ethane14 14 Bbls
2025 to 2028
Power1 — MWhs
2025 to 2028
Derivatives not designated as hedges:
Ethane21 — Bbls2025 to 2026
Other commodities3 6 Bbls2025 to 2026
Interest Rates—The following table presents the notional amounts of our outstanding interest rate derivative instruments:
Notional Amount
Millions of dollarsJune 30, 2025December 31, 2024Maturity Date
Fair value hedges$2,035 $2,158 
2025 to 2031
Foreign Currency Rates—The following table presents the notional amounts of our outstanding foreign currency derivative instruments:
Notional Amount
Millions of dollarsJune 30, 2025December 31, 2024Maturity Date
Net investment hedges$2,779 $3,256 
2025 to 2030
Cash flow hedges294 300 2027
Not designated1,115 772 2025 to 2026
Impact on Earnings and Other Comprehensive Income (Loss)—The following tables summarize the pre-tax effect of derivative instruments recorded in Accumulated other comprehensive income (“AOCI”), the gains (losses) reclassified from AOCI to earnings and additional gains (losses) recognized directly in earnings:
Effects of Financial Instruments
Three Months Ended June 30,
Balance SheetIncome Statement
Gain (Loss)
Recognized in
AOCI		Gain (Loss) Reclassified
to Income
from AOCI		Additional Gain
(Loss) Recognized
in Income		Income Statement
Millions of dollars202520242025202420252024Classification
Derivatives designated as hedges:
Commodities$— $(1)$— $1 $— $— Sales and other operating revenues
Commodities(49)31 4 35 — — Cost of sales
Foreign currency(273)25 24 1 13 14 Interest expense
Interest rates— — 1 1 7 (17)Interest expense
Derivatives not designated as hedges:
Commodities— — — — (17)5 Cost of sales
Commodities— — — — — 13 (Loss) income from discontinued operations, net of tax
Foreign currency— — — — (52)16 Other income, net
Total$(322)$55 $29 $38 $(49)$31 
Effects of Financial Instruments
Six Months Ended June 30,
Balance SheetIncome Statement
Gain (Loss)
Recognized in
AOCI		Gain (Loss) Reclassified
to Income
from AOCI		Additional Gain
(Loss) Recognized
in Income		Income Statement
Millions of dollars202520242025202420252024Classification
Derivatives designated as hedges:
Commodities$— $(3)$— $2 $— $— Sales and other operating revenues
Commodities(12)(17)2 73 — — Cost of sales
Foreign currency(392)120 35 (27)25 35 Interest expense
Interest rates— 11 2 2 20 (61)Interest expense
Derivatives not designated as hedges:
Commodities— — — — — (1)Sales and other operating revenues
Commodities— — — — (36)3 Cost of sales
Commodities— — — — 8 6 (Loss) income from discontinued operations, net of tax
Foreign currency— — — — (81)24 Other income, net
Total$(404)$111 $39 $50 $(64)$6 
As of June 30, 2025, on a pre-tax basis, $5 million is scheduled to be reclassified from AOCI as an increase to Interest expense over the next twelve months.
Other Financial Instruments:
Cash and Cash Equivalents—As of June 30, 2025 and December 31, 2024, we had marketable securities classified as Cash and cash equivalents of $820 million and $2,610 million, respectively.