v3.26.1
Financial Instruments and Fair Value Measurements
 6 Months Ended
Jun. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Financial Instruments and Fair Value Measurements Financial Instruments and Fair Value Measurements
We are exposed to market risks, such as changes in commodity pricing, interest rates and currency exchange rates. To manage the volatility related to these exposures, we selectively enter into derivative contracts pursuant to our risk management policies.
Financial Instruments Measured at Fair Value on a Recurring Basis—The following table summarizes financial instruments outstanding for the periods presented that are measured at fair value on a recurring basis:
Fair Value
Millions of dollarsJune 30, 2026December 31, 2025Balance Sheet Classification
Assets–
Derivatives designated as hedges:
Commodities$46 $— Prepaid expenses and other current assets
Commodities6 4 Other assets
Foreign currency19 19 Prepaid expenses and other current assets
Foreign currency5 — Other assets
Interest rates19 16 Prepaid expenses and other current assets
Interest rates1 — Other assets
Derivatives not designated as hedges:
Commodities34 5 Prepaid expenses and other current assets
Total$130 $44 
Liabilities–
Derivatives designated as hedges:
Commodities$31 $33 Accrued and other current liabilities
Commodities10 8 Other liabilities
Foreign currency77 15 Accrued and other current liabilities
Foreign currency76 199 Other liabilities
Interest rates35 27 Accrued and other current liabilities
Interest rates75 79 Other liabilities
Derivatives not designated as hedges:
Commodities14 42 Accrued and other current liabilities
Foreign currency7 5 Accrued and other current liabilities
Total$325 $408 
The financial instruments in the table above are classified as Level 2. We present the gross assets and liabilities of our derivative instruments on the Consolidated Balance Sheets.
Financial Instruments Not Measured at Fair Value on a Recurring Basis—The following table presents the carrying value and estimated fair value of our short-term precious metal financings and Long-term debt:
June 30, 2026December 31, 2025
Millions of dollarsCarrying
 Value		Fair
 Value		Carrying
 Value		Fair
Value
Precious metal financings$234 $216 $226 $263 
Long-term debt11,204 9,602 12,113 10,501 
Total$11,438 $9,818 $12,339 $10,764 
The financial instruments in the table above are classified as Level 2. Our other financial instruments classified within Current assets and Current liabilities have a short maturity and their carrying value approximates fair value.
Derivative Instruments:
Commodity Prices—The following table presents the notional amounts of our outstanding commodity derivative instruments:
Notional AmountUnit of MeasureMaturity Date
Millions of unitsJune 30, 2026December 31, 2025
Derivatives designated as hedges:
Natural gas40 51 MMBtu
2026 to 2028
Ethane9 13 Bbls
2026 to 2028
Power1 1 MWhs
2026 to 2028
Other commodities2 — Bbls2026 to 2027
Derivatives not designated as hedges:
Ethane5 6 Bbls2026 to 2027
Other commodities2 3 Bbls2026 to 2028
Interest Rates—The following table presents the notional amounts of our outstanding interest rate derivative instruments:
Notional Amount
Millions of dollarsJune 30, 2026December 31, 2025Maturity Date
Fair value hedges$2,078 $1,885 
2026 to 2031
Foreign Currency Rates—The following table presents the notional amounts of our outstanding foreign currency derivative instruments:
Notional Amount
Millions of dollarsJune 30, 2026December 31, 2025Maturity Date
Net investment hedges$2,465 $2,465 
2027 to 2032
Cash flow hedges294 294 2027
Not designated186 295 2026
Impact on Earnings and Other Comprehensive Income—The following tables summarize the pre-tax effect of derivative instruments recorded in Accumulated other comprehensive income (“AOCI”), the gains (losses) reclassified from AOCI to earnings and additional gains (losses) recognized directly in earnings:
Effects of Financial Instruments
Three Months Ended June 30,
Balance SheetIncome Statement
Gain (Loss)
Recognized in
AOCI		Gain (Loss) Reclassified
to Income
from AOCI		Additional Gain
(Loss) Recognized
in Income		Income Statement
Millions of dollars202620252026202520262025Classification
Derivatives designated as hedges:
Commodities$25 $— $(4)$— $— $— Sales and other operating revenues
Commodities(33)(49)3 4 — — Cost of sales
Foreign currency(10)(273)(2)24 8 13 Interest expense
Foreign currency— — (39)— — — Loss on sale of business
Interest rates— — 1 1 (10)7 Interest expense
Derivatives not designated as hedges:
Commodities— — — — (4)— Sales and other operating revenues
Commodities— — — — 54 (17)Cost of sales
Foreign currency— — — — (2)(52)Other income, net
Total$(18)$(322)$(41)$29 $46 $(49)
Effects of Financial Instruments
Six Months Ended June 30,
Balance SheetIncome Statement
Gain (Loss)
Recognized in
AOCI		Gain (Loss) Reclassified
to Income
from AOCI		Additional Gain
(Loss) Recognized
in Income		Income Statement
Millions of dollars202620252026202520262025Classification
Derivatives designated as hedges:
Commodities$25 $— $(4)$— $— $— Sales and other operating revenues
Commodities25 (12)1 2 — — Cost of sales
Foreign currency64 (392)(9)35 18 25 Interest expense
Foreign currency— — (39)— — — Loss on sale of business
Interest rates— — 2 2 (22)20 Interest expense
Derivatives not designated as hedges:
Commodities— — — — (12)— Sales and other operating revenues
Commodities— — — — 69 (36)Cost of sales
Commodities— — — — — 8 Income (loss) from discontinued operations, net of tax
Foreign currency— — — — 2 (81)Other income, net
Total$114 $(404)$(49)$39 $55 $(64)
As of June 30, 2026, on a pre-tax basis, $5 million is scheduled to be reclassified from AOCI as an increase to Interest expense over the next twelve months.
Other Financial Instruments:
Cash and Cash Equivalents—As of June 30, 2026 and December 31, 2025, we had marketable securities classified as Cash and cash equivalents of $1,434 million and $2,030 million, respectively.