Financial Instruments and Derivatives (Tables)

6 Months Ended

Jun. 30, 2026

Financial Instruments And Derivatives [Abstract]

Financial Instruments

The estimated fair value of financial instruments and derivatives at June 30, 2026 and December 31, 2025, and the related

hierarchy level for the fair value measurement was as follows:


	June 30, 2026

(millions of dollars)	Fair Value
(millions of dollars)	Level 1	Level 2	Level 3	Total Gross Assets & Liabilities	Effect of Counterparty Netting	Effect of Collateral Netting	Difference in Carrying Value and Fair Value	Net Carrying Value
Assets
Derivative assets (1)	15,760	4,163	—	19,923	(17,681)	(644)	—	1,598
Advances to/receivables from equity companies (2)(3)	—	1,375	4,330	5,705	—	—	141	5,846
Other long-term financial assets (4)	1,595	—	1,806	3,401	—	—	127	3,528

Liabilities
Derivative liabilities (5)	15,452	4,384	—	19,836	(17,681)	(337)	—	1,818
Long-term debt (6)	23,262	3,379	—	26,641	—	—	3,224	29,865
Long-term obligations to equity companies (3)	—	—	549	549	—	—	—	549
Other long-term financial liabilities (7)	—	—	277	277	—	—	16	293


	December 31, 2025

(millions of dollars)	Fair Value
(millions of dollars)	Level 1	Level 2	Level 3	Total Gross Assets & Liabilities	Effect of Counterparty Netting	Effect of Collateral Netting	Difference in Carrying Value and Fair Value	Net Carrying Value
Assets
Derivative assets (1)	5,197	2,259	—	7,456	(6,261)	(341)	—	854
Advances to/receivables from equity companies (2)(3)	—	1,935	3,938	5,873	—	—	256	6,129
Other long-term financial assets (4)	1,536	—	1,800	3,336	—	—	216	3,552

Liabilities
Derivative liabilities (5)	4,994	2,043	—	7,037	(6,261)	(141)	—	635
Long-term debt (6)	24,678	3,909	—	28,587	—	—	3,248	31,835
Long-term obligations to equity companies (3)	—	—	542	542	—	—	—	542
Other long-term financial liabilities (7)	—	—	348	348	—	—	16	364

(1) Included in the Balance Sheet lines: Notes and accounts receivable - net and Other assets, including intangibles - net.
(2) Included in the Balance Sheet line: Investments, advances and long-term receivables.
(3) Advances to/receivables from equity companies and long-term obligations to equity companies are mainly designated as hierarchy level 3 inputs. The fair value is calculated by discounting the remaining obligations by a rate consistent with the credit quality and industry of the equity company.
(4) Included in the Balance Sheet lines: Investments, advances and long-term receivables and Other assets, including intangibles - net.
(5) Included in the Balance Sheet lines: Accounts payable and accrued liabilities and Other long-term obligations.
(6) Excluding finance lease obligations.
(7) Included in the Balance Sheet line: Other long-term obligations. Includes contingent consideration related to a prior year acquisition where fair value is based on expected drilling activities and discount rates.

Schedule of Notional Amounts of Outstanding Derivative Positions

The net notional long/(short) position of derivative instruments at June 30, 2026 and December 31, 2025, was as follows:


(millions)	June 30, 2026	December 31, 2025
Crude oil (barrels)	20	6
Petroleum products (barrels)	(55)	(27)
Natural gas (MMBTUs)	(528)	(449)