v3.26.1
Derivatives (Tables)
 6 Months Ended
Jun. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Classification of Fair Values of Derivative Instruments, Excluding Cash Collateral
The following table presents the fair value of derivative instruments as of June 30, 2026 and December 31, 2025 and the line items in the Consolidated Balance Sheets in which the fair values are reflected. The fair value amounts below are presented on a gross basis and do not reflect the netting of asset and liability positions permitted under the terms of our master netting arrangements including cash collateral on deposit with, or received from, brokers. We offset the recognized fair value amounts for multiple derivative instruments executed with the same counterparty in our financial statements when a legal right of offset exists. As a result, the asset and liability amounts below will not agree with the amounts presented in our Consolidated Balance Sheets.
(Millions of dollars)June 30, 2026December 31, 2025
Balance Sheet LocationAssetLiabilityAssetLiability
Commodity derivatives
Other current assets$1,703 $1,435 $243 $236 
Other non-current assets77 175 — — 
Other current liabilities(a)
— 205 — 6 
Deferred credits and other liabilities(a)
— 822 — 35 
(a)     Includes embedded derivatives and SPR liability.
Open Commodity Derivative Contracts
The table below summarizes open commodity derivative contracts for crude oil, refined products, blending products and soybean oil as of June 30, 2026.
Percentage of contracts
that expire next quarter		Position
(Units in thousands of barrels)LongShort
Exchange-traded(a)
Crude oil42.0%142,916 129,994 
Refined products75.1%62,962 66,315 
Blending products46.0%7,091 7,143 
Soybean oil100.0%3,846 4,940 
(a)    Included in exchange-traded are spread contracts in thousands of barrels: Crude oil - 3,715 long and 4,345 short, Refined products - 4,436 long and 4,512 short and Blending Products - 122 long and 81 short. There are no spread contracts for Soybean oil.
Effect of Commodity Derivative Instruments in Statements of Income
The following table summarizes the effect of all commodity derivative instruments in our Consolidated Statements of Income: 
(Millions of dollars)Three Months Ended 
June 30,		Six Months Ended 
June 30,
Income Statement Location2026202520262025
Sales and other operating revenues
Realized loss$(27)$— $(40)$— 
Unrealized gain/(loss)44 — (5)— 
Sales and other operating revenue gain/(loss)17 — (45)— 
Cost of revenues
Realized gain/(loss)(536)5 (936)(49)
Unrealized gain849 26 409 13 
Cost of revenues gain/(loss)313 31 (527)(36)
Other income
Realized gain/(loss)(24)— (1)3 
Unrealized gain/(loss)19 1 (11)— 
Other income gain/(loss)(5)1 (12)3 
Total derivative gain/(loss) included in Net Income$325 $32 $(584)$(33)