Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Assets and Liabilities Accounted for at Fair Value on a Recurring Basis

The following tables set forth, by level, the Company’s assets and liabilities that were accounted for at fair value on a recurring basis as of March 31, 2026 and December 31, 2025 (in millions).


	Fair Value Measurements at March 31, 2026
	Level 1		Level 2		Level 3		Total
Assets:
Inventories carried at market	$	—	$	4,328	$	3,242	$	7,570
Unrealized derivative gains:
Commodity contracts	—		333		540		873
Foreign currency contracts	—		314		—		314
Interest rate contracts	—		13		—		13

Cash equivalents	65		—		—		65
Marketable securities	33		—		—		33
Segregated investments and restricted cash equivalents	1,583		—		—		1,583
Total Assets	$	1,681	$	4,988	$	3,782	$	10,451

Liabilities:
Unrealized derivative losses:
Commodity contracts	$	—	$	568	$	634	$	1,202
Foreign currency contracts	—		166		—		166


Inventory-related payables	—		1,467		30		1,497
Total Liabilities	$	—	$	2,201	$	664	$	2,865


	Fair Value Measurements at December 31, 2025
	Level 1		Level 2		Level 3		Total
Assets:
Inventories carried at market	$	—	$	3,549	$	2,673	$	6,222
Unrealized derivative gains:
Commodity contracts	—		310		512		822
Foreign currency contracts	—		108		—		108
Interest rate contracts	—		17		—		17
Cash equivalents	280		—		—		280
Marketable securities	32		—		—		32
Segregated investments and restricted cash equivalents	1,771		—		—		1,771
Total Assets	$	2,083	$	3,984	$	3,185	$	9,252

Liabilities:
Unrealized derivative losses:
Commodity contracts	$	—	$	300	$	313	$	613
Foreign currency contracts	—		144		—		144


Inventory-related payables	—		714		16		730
Total Liabilities	$	—	$	1,158	$	329	$	1,487

Schedule of Roll Forward of Assets Measured at Fair Value on a Recurring Basis Using Unobservable Inputs

The following table presents a roll forward of assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended March 31, 2026 (in millions).


	Assets						Liabilities
	March 31, 2026						March 31, 2026
	Inventories Carried at Market		Commodity Derivative Contracts Gains		Total Assets		Inventory-related Payables		Commodity Derivative Contracts Losses		Total Liabilities
Opening balance, January 1, 2026	$	2,673	$	512	$	3,185	$	16	$	313	$	329
Increase in unrealized gains included in Cost of products sold	375		290		665		—		—		—
Increase in unrealized losses included in Cost of products sold	—		—		—		1		554		555
Realized (decreases) included in Cost of products sold	(246)		—		(246)		(2)		—		(2)
Purchases	4,550		—		4,550		15		—		15
Sales	(4,421)		—		(4,421)		(1)		—		(1)
Settlements	—		(249)		(249)		—		(222)		(222)
Transfers into Level 3	495		10		505		1		28		29
Transfers out of Level 3	(184)		(23)		(207)		—		(39)		(39)
Closing balance, March 31, 2026	$	3,242	$	540	$	3,782	$	30	$	634	$	664


	Assets						Liabilities
	March 31, 2025						March 31, 2025
	Inventories Carried at Market		Commodity Derivative Contracts Gains		Total Assets		Inventory-related Payables		Commodity Derivative Contracts Losses		Total Liabilities
Opening balance, January 1, 2025	$	3,031	$	427	$	3,458	$	88	$	405	$	493
Increase in unrealized gains included in Cost of products sold	97		213		310		—		—		—
Increase (decrease) in unrealized losses included in Cost of products sold	—		—		—		(1)		194		193
Realized increases (decreases) included in Cost of products sold	55		—		55		(2)		—		(2)
Purchases	4,086		—		4,086		3		—		3
Sales	(4,578)		—		(4,578)		(36)		—		(36)
Settlements	—		(228)		(228)		—		(277)		(277)
Transfers into Level 3	571		113		684		—		35		35
Transfers out of Level 3	(159)		(17)		(176)		—		(5)		(5)
Closing balance, March 31, 2025	$	3,103	$	508	$	3,611	$	52	$	352	$	404

Schedule of Roll Forward of Liabilities Measured at Fair Value on a Recurring Basis Using Unobservable Inputs


	Assets						Liabilities
	March 31, 2026						March 31, 2026
	Inventories Carried at Market		Commodity Derivative Contracts Gains		Total Assets		Inventory-related Payables		Commodity Derivative Contracts Losses		Total Liabilities
Opening balance, January 1, 2026	$	2,673	$	512	$	3,185	$	16	$	313	$	329
Increase in unrealized gains included in Cost of products sold	375		290		665		—		—		—
Increase in unrealized losses included in Cost of products sold	—		—		—		1		554		555
Realized (decreases) included in Cost of products sold	(246)		—		(246)		(2)		—		(2)
Purchases	4,550		—		4,550		15		—		15
Sales	(4,421)		—		(4,421)		(1)		—		(1)
Settlements	—		(249)		(249)		—		(222)		(222)
Transfers into Level 3	495		10		505		1		28		29
Transfers out of Level 3	(184)		(23)		(207)		—		(39)		(39)
Closing balance, March 31, 2026	$	3,242	$	540	$	3,782	$	30	$	634	$	664


	Assets						Liabilities
	March 31, 2025						March 31, 2025
	Inventories Carried at Market		Commodity Derivative Contracts Gains		Total Assets		Inventory-related Payables		Commodity Derivative Contracts Losses		Total Liabilities
Opening balance, January 1, 2025	$	3,031	$	427	$	3,458	$	88	$	405	$	493
Increase in unrealized gains included in Cost of products sold	97		213		310		—		—		—
Increase (decrease) in unrealized losses included in Cost of products sold	—		—		—		(1)		194		193
Realized increases (decreases) included in Cost of products sold	55		—		55		(2)		—		(2)
Purchases	4,086		—		4,086		3		—		3
Sales	(4,578)		—		(4,578)		(36)		—		(36)
Settlements	—		(228)		(228)		—		(277)		(277)
Transfers into Level 3	571		113		684		—		35		35
Transfers out of Level 3	(159)		(17)		(176)		—		(5)		(5)
Closing balance, March 31, 2025	$	3,103	$	508	$	3,611	$	52	$	352	$	404

Schedule of Unobservable Price Components Present in the Level 3 Valuations of Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table sets forth the weighted average percentage of the unobservable price components included in the Company’s Level 3 valuations as of March 31, 2026 and December 31, 2025. The Company’s Level 3 measurements may include basis only, transportation cost only, or both price components.


	Weighted Average % of Total Price
	March 31, 2026				December 31, 2025
Component Type	Assets		Liabilities		Assets		Liabilities
Inventories and Inventory-Related Payables
Basis	19.4	%	11.4	%	21.1	%	9.0	%
Transportation cost	14.4	%	—	%	22.4	%	—	%

Commodity Derivative Contracts
Basis	20.0	%	20.5	%	23.3	%	23.6	%
Transportation cost	20.4	%	23.3	%	25.7	%	—	%

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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