v3.26.1
FAIR VALUE MEASUREMENTS (Tables)
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Schedule of Recurring Fair Value Measurements The following tables set forth our recurring fair value measurements as of the dates indicated:
June 30, 2026
Level 1Level 2Level 3Total - GrossNetting (a)Total - Net
(Millions of dollars)
Derivative assets
Commodity contracts$76 $116 $— $192 $(155)$37 
Total derivative assets$76 $116 $— $192 $(155)$37 
Derivative liabilities
Commodity contracts$(96)$(59)$— $(155)$155 $— 
Total derivative liabilities$(96)$(59)$— $(155)$155 $— 
(a) - Derivative assets and liabilities are presented in our Consolidated Balance Sheets on a net basis. We net derivative assets and liabilities when a legally enforceable master-netting arrangement exists between the counterparty to a derivative contract and us. At June 30, 2026, we held no cash and posted cash of $46 million with a counterparty, which is included in other current assets in our Consolidated Balance Sheets.
December 31, 2025
Level 1Level 2Level 3Total - GrossNetting (a)Total - Net
(Millions of dollars)
Derivative assets
Commodity contracts$60 $69 $— $129 $(67)$62 
Total derivative assets$60 $69 $— $129 $(67)$62 
Derivative liabilities
Commodity contracts$(21)$(46)$— $(67)$67 $— 
Total derivative liabilities$(21)$(46)$— $(67)$67 $— 
(a) - Derivative assets and liabilities are presented in our Consolidated Balance Sheets on a net basis. We net derivative assets and liabilities when a legally enforceable master-netting arrangement exists between the counterparty to a derivative contract and us. At December 31, 2025, we held no cash and posted cash of $4 million with a counterparty, which is included in other current assets in our Consolidated Balance Sheets.