The following tables set forth information about the assets and liabilities measured at fair value on a recurring basis, by input level, as of June 30, 2026 and December 31, 2025. Such amounts are presented on a gross basis, before the effects of netting and allocation of collateral. The Company elected to offset the fair value amounts recognized for derivative assets and liabilities executed with the same counterparty under a master netting arrangement, including fair value amounts recognized for the right to reclaim or the obligation to return cash collateral.


	June 30, 2026
	Fair Value Hierarchy						Total gross fair value		Contract netting		Collateral netting (1)		Net value
(in millions)	Level 1		Level 2		Level 3
Assets
Commodity derivative instruments	$	—	$	16	$	—	$	16	$	(16)	$	—	$	—

Liabilities
Commodity derivative instruments	—		160		—		160		(16)		(41)		103
RFS	—		408		—		408		—		—		408


	December 31, 2025
	Fair Value Hierarchy						Total gross fair value		Contract netting		Collateral netting (1)		Net value
(in millions)	Level 1		Level 2		Level 3
Assets
Commodity derivative instruments	$	—	$	10	$	—	$	10	$	(3)	$	—	$	7

Liabilities
Commodity derivative instruments	—		3		—		3		(3)		—		—
RFS	—		72		—		72		—		—		72

(1)At June 30, 2026 and December 31, 2025, the Company had $6 million and $5 million, respectively, of collateral under master netting arrangements within Other current assets on the Condensed Consolidated Balance Sheets primarily related to initial margin requirements, which were not offset against the derivative liability positions.