v3.25.4
FAIR VALUE MEASUREMENTS (Tables)
12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis
Assets and liabilities measured at fair value on a recurring basis at December 31, 2025 and 2024 are as follows:
Total Cost BasisQuoted Prices In
Active Markets for
Identical Assets
(Level 1)
Significant Other
Observable Inputs
(Level 2)
Total Fair Value
Millions of dollars20252024202520242025202420252024
Short-term investments (1)
$441 $1,000 $435 $705 $6 $295 $441 $1,000 
Net derivative contracts —  — (111)(111)
(1)Short-term investments are primarily comprised of money market funds and highly liquid, low risk investments with initial maturities less than 90 days.