v3.26.1
Derivatives and Risk Management Activities (Tables)
 3 Months Ended
Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Impact of Derivative Activities Recognized in Earnings The following table summarizes the impact of our commodity derivatives recognized in earnings (in millions):
 Three Months Ended
March 31,
 20262025
Product sales revenues$88 $(1)
Field operating costs1 (2)
   Net gain/(loss) from commodity derivative activity
$89 $(3)
Schedule of Net Broker Receivable The following table provides the components of our net broker receivable (in millions):
March 31,
2026		December 31,
2025
Initial margin$82 $16 
Variation margin posted/(returned)
(152)4 
Letters of credit
(18)(1)
   Net broker receivable/(payable)
$(88)$19 
Schedule of Derivative Assets and Liabilities on Consolidated Balance Sheets on a Gross Basis
The following table reflects the Condensed Consolidated Balance Sheet line items that include the fair values of our commodity derivative assets and liabilities and the effect of the collateral netting. Such amounts are presented on a gross basis, before the effects of counterparty netting. However, we have elected to present our commodity derivative assets and liabilities with the same counterparty on a net basis on our Condensed Consolidated Balance Sheet when the legal right of offset exists. Amounts in the table below are presented in millions.

March 31, 2026December 31, 2025
Effect of Collateral NettingNet Carrying Value Presented on the Balance SheetEffect of Collateral NettingNet Carrying Value Presented on the Balance Sheet
Commodity DerivativesCommodity Derivatives
AssetsLiabilitiesAssetsLiabilities
Derivative Assets
Other current assets$247 $(103)$(88)$56 $18 $(24)$19 $13 
Other long-term assets, net1 — — 1 1 — — 1 
Derivative Liabilities
Other current liabilities— (17)— (17)(1)— — (1)
Other long-term liabilities and deferred credits6 (4)— 2 10 (8)— 2 
Total$254 $(124)$(88)$42 $28 $(32)$19 $15 
Schedule of Net Deferred Gain (Loss) Recognized in AOCI for Derivatives
The following table summarizes the net unrealized loss recognized in AOCI for derivatives (in millions):

Three Months Ended
March 31,
 20262025
Interest rate derivatives, net$— $(1)
Schedule of Derivative Financial Assets and Liabilities Accounted for at Fair Value on a Recurring Basis, by Level within the Fair Value Hierarchy
The following table sets forth by level within the fair value hierarchy our financial assets and liabilities that were accounted for at fair value on a recurring basis (in millions):

 
Fair Value as of March 31, 2026
Fair Value as of December 31, 2025
Recurring Fair Value Measures (1)
Level 1Level 2TotalLevel 1Level 2Total
Commodity derivatives$99 $31 $130 $(2)$(2)$(4)
Foreign currency derivatives— 61 61 — 8 8 
Total net derivative asset/(liability)$99 $92 $191 $(2)$6 $4 
(1)Derivative assets and liabilities are presented above on a net basis but do not include related cash margin deposits.