v3.26.1
RISK-MANAGEMENT AND HEDGING ACTIVITIES USING DERIVATIVES (Tables)
 6 Months Ended
Jun. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Fair Value of Derivatives The following table sets forth the fair values of our derivative instruments presented on a gross basis as of the dates indicated:
June 30, 2026December 31, 2025
Location in our Consolidated Balance SheetsAssets(Liabilities)Assets(Liabilities)
(Millions of dollars)
Derivatives designated as hedging instruments
Commodity contracts (a)Other current assets$180 $(138)$112 $(50)
Other assets9 (7)— — 
Total derivatives designated as hedging instruments189 (145)112 (50)
Derivatives not designated as hedging instruments
Commodity contracts (a)Other current assets3 (8)17 (17)
Other assets— (2)— — 
Total derivatives not designated as hedging instruments3 (10)17 (17)
Total derivatives$192 $(155)$129 $(67)
(a) - Derivative assets and liabilities are presented in our Consolidated Balance Sheets on a net basis when a legally enforceable master-netting arrangement exists between the counterparty to a derivative contract and us.
Schedule of Notional Amounts of Derivative Instruments The following table sets forth the notional quantities for our derivative instruments, consisting of futures and swaps, held as of the dates indicated:
June 30, 2026December 31, 2025
Net Purchased/Payor
(Sold/Receiver)
Derivatives designated as hedging instruments:
Cash flow hedges
   Fixed price
    - Natural gas (Bcf)
(18.3)(19.4)
    - NGLs, Refined Products and crude oil (MMBbl)
(19.1)(22.1)
   Basis
    - Natural gas (Bcf)
(18.2)(17.9)
    - NGLs, Refined Products and crude oil (MMBbl)
7.7 (0.6)
Derivatives not designated as hedging instruments:
   Fixed price
    - Natural gas (Bcf)
(4.9)(4.1)
    - NGLs, Refined Products and crude oil (MMBbl)
(0.2)0.1 
   Basis
    - Natural gas (Bcf)
— (0.2)
   Swing Swaps
    - Natural gas (Bcf)
— (0.6)
Schedule of Cash Flow Hedging Instruments Effect on Income (Loss)
The following table sets forth the effect of cash flow hedges on net income for the periods indicated:

Derivatives in Cash Flow
Hedging Relationships		Location of Gain (Loss) Reclassified from
Accumulated Other Comprehensive
Loss into Net Income		Three Months EndedSix Months Ended
June 30,June 30,
20262026
(Millions of dollars)
Commodity contractsCommodity sales revenues$(280)$(378)
Cost of sales and fuel(2)16 
Interest-rate contractsInterest expense(4)(8)
Total change in fair value of cash flow hedges reclassified from accumulated other comprehensive loss into net income on derivatives$(286)$(370)