v3.26.1
Derivatives (Tables)
 3 Months Ended
Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Classification of Fair Values of Derivative Instruments, Excluding Cash Collateral
The following table presents the fair value of derivative instruments as of March 31, 2026 and December 31, 2025 and the line items in the consolidated balance sheets in which the fair values are reflected. The fair value amounts below are presented on a gross basis and do not reflect the netting of asset and liability positions permitted under the terms of our master netting arrangements including cash collateral on deposit with, or received from, brokers. We offset the recognized fair value amounts for multiple derivative instruments executed with the same counterparty in our financial statements when a legal right of offset exists. As a result, the asset and liability amounts below will not agree with the amounts presented in our consolidated balance sheets.

(Millions of dollars)March 31, 2026December 31, 2025
Balance Sheet LocationAssetLiabilityAssetLiability
Commodity derivatives
Other current assets$3,112 $3,582 $243 $236 
Other non-current assets28 56 — — 
Other current liabilities(a)
— 18 — 6 
Deferred credits and other liabilities(a)
— 43 — 35 
(a)     Includes embedded derivatives.
Open Commodity Derivative Contracts
The table below summarizes open commodity derivative contracts for crude oil, refined products, blending products and soybean oil as of March 31, 2026.
Percentage of contracts
that expire next quarter		Position
(Units in thousands of barrels)LongShort
Exchange-traded(a)
Crude oil64.2%104,640 114,888 
Refined products83.6%97,684 110,823 
Blending products80.5%11,368 10,123 
Soybean oil70.2%1,806 2,858 
(a)    Included in exchange-traded are spread contracts in thousands of barrels: Crude oil - 3,755 long and 4,070 short, Refined products - 4,059 long and 3,706 short and Blending Products - 147 long and 67 short. There are no spread contracts for Soybean oil.
Effect of Commodity Derivative Instruments in Statements of Income
The following table summarizes the effect of all commodity derivative instruments in our consolidated statements of income: 
(Millions of dollars)Three Months Ended 
March 31,
Income Statement Location20262025
Sales and other operating revenues
Realized loss$(13)$— 
Unrealized loss(49)— 
Sales and other operating revenues loss(62)— 
Cost of revenues
Realized loss(400)(54)
Unrealized loss(440)(13)
Cost of revenues loss(840)(67)
Other income
Realized gain23 3 
Unrealized loss(30)(1)
Other income loss(7)2 
Total derivative loss included in Net Income$(909)$(65)