Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2026

Schedule of Assets and Liabilities Accounted for at Fair Value on a Recurring Basis

The following tables set forth, by level, the Company’s assets and liabilities that were accounted for at fair value on a recurring basis as of June 30, 2026 and December 31, 2025 (in millions).


	Fair Value Measurements at June 30, 2026
	Level 1		Level 2		Level 3		Total
Assets:
Inventories carried at market	$	—	$	3,222	$	3,362	$	6,584
Unrealized derivative gains:
Commodity contracts	—		343		598		941
Foreign currency contracts	—		266		—		266
Interest rate contracts	—		6		—		6

Cash equivalents	192		—		—		192
Marketable securities	33		—		—		33
Segregated investments and restricted cash equivalents	2,592		—		—		2,592
Total Assets	$	2,817	$	3,837	$	3,960	$	10,614

Liabilities:
Unrealized derivative losses:
Commodity contracts	$	—	$	501	$	488	$	989
Foreign currency contracts	—		145		—		145


Inventory-related payables	—		867		40		907
Total Liabilities	$	—	$	1,513	$	528	$	2,041


	Fair Value Measurements at December 31, 2025
	Level 1		Level 2		Level 3		Total
Assets:
Inventories carried at market	$	—	$	3,549	$	2,673	$	6,222
Unrealized derivative gains:
Commodity contracts	—		310		512		822
Foreign currency contracts	—		108		—		108
Interest rate contracts	—		17		—		17
Cash equivalents	280		—		—		280
Marketable securities	32		—		—		32
Segregated investments and restricted cash equivalents	1,771		—		—		1,771
Total Assets	$	2,083	$	3,984	$	3,185	$	9,252

Liabilities:
Unrealized derivative losses:
Commodity contracts	$	—	$	300	$	313	$	613
Foreign currency contracts	—		144		—		144


Inventory-related payables	—		714		16		730
Total Liabilities	$	—	$	1,158	$	329	$	1,487

Schedule of Roll Forward of Assets Measured at Fair Value on a Recurring Basis Using Unobservable Inputs

The following table presents a roll forward of assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended June 30, 2026 (in millions).


	Assets						Liabilities
	June 30, 2026						June 30, 2026
	Inventories Carried at Market		Commodity Derivative Contracts Gains		Total Assets		Inventory-related Payables		Commodity Derivative Contracts Losses		Total Liabilities
Opening balance, April 1, 2026	$	3,242	$	540	$	3,782	$	30	$	634	$	664
Increase (decrease) in unrealized gains included in Cost of products sold	(1,162)		322		(840)		—		—		—
Increase in unrealized losses included in Cost of products sold	—		—		—		2		305		307
Realized (decreases) included in Cost of products sold	(1,015)		—		(1,015)		(1)		—		(1)
Purchases	5,266		—		5,266		14		—		14
Sales	(3,032)		—		(3,032)		(5)		—		(5)
Settlements	—		(277)		(277)		—		(401)		(401)
Transfers into Level 3	554		16		570		—		17		17
Transfers out of Level 3	(491)		(3)		(494)		—		(67)		(67)
Closing balance, June 30, 2026	$	3,362	$	598	$	3,960	$	40	$	488	$	528


	Assets						Liabilities
	June 30, 2025						June 30, 2025
	Inventories Carried at Market		Commodity Derivative Contracts Gains		Total Assets		Inventory-related Payables		Commodity Derivative Contracts Losses		Total Liabilities
Opening balance, April 1, 2025	$	3,103	$	508	$	3,611	$	52	$	352	$	404
Increase (decrease) in unrealized gains included in Cost of products sold	(1,030)		353		(677)		—		—		—
Increase in unrealized losses included in Cost of products sold	—		—		—		5		261		266
Realized (decreases) included in Cost of products sold	(46)		—		(46)		(1)		—		(1)
Purchases	4,620		—		4,620		4		—		4
Sales	(3,868)		—		(3,868)		(19)		—		(19)
Settlements	—		(221)		(221)		—		(237)		(237)
Transfers into Level 3	548		36		584		—		19		19
Transfers out of Level 3	(620)		(80)		(700)		—		(10)		(10)
Closing balance, June 30, 2025	$	2,707	$	596	$	3,303	$	41	$	385	$	426

The following table presents a roll forward of assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the six months ended June 30, 2026 (in millions).


	Assets						Liabilities
	June 30, 2026						June 30, 2026
	Inventories Carried at Market		Commodity Derivative Contracts Gains		Total Assets		Inventory-related Payables		Commodity Derivative Contracts Losses		Total Liabilities
Opening balance, January 1, 2026	$	2,673	$	512	$	3,185	$	16	$	313	$	329
Increase (decrease) in unrealized gains included in Cost of products sold	(787)		612		(175)		—		—		—
Increase in unrealized losses included in Cost of products sold	—		—		—		3		859		862
Realized (decreases) included in Cost of products sold	(1,260)		—		(1,260)		(4)		—		(4)
Purchases	9,816		—		9,816		29		—		29
Sales	(7,454)		—		(7,454)		(6)		—		(6)
Settlements	—		(526)		(526)		—		(623)		(623)
Transfers into Level 3	1,049		26		1,075		2		45		47
Transfers out of Level 3	(675)		(26)		(701)		—		(106)		(106)
Closing balance, June 30, 2026	$	3,362	$	598	$	3,960	$	40	$	488	$	528


	Assets						Liabilities
	June 30, 2025						June 30, 2025
	Inventories Carried at Market		Commodity Derivative Contracts Gains		Total Assets		Inventory-related Payables		Commodity Derivative Contracts Losses		Total Liabilities
Opening balance, January 1, 2025	$	3,031	$	427	$	3,458	$	88	$	405	$	493
Increase (decrease) in unrealized gains included in Cost of products sold	(933)		566		(367)		—		—		—
Increase in unrealized losses included in Cost of products sold	—		—		—		4		455		459
Realized increases (decreases) included in Cost of products sold	10		—		10		(3)		—		(3)
Purchases	8,705		—		8,705		7		—		7
Sales	(8,446)		—		(8,446)		(55)		—		(55)
Settlements	—		(449)		(449)		—		(513)		(513)
Transfers into Level 3	1,119		149		1,268		—		54		54
Transfers out of Level 3	(779)		(97)		(876)		—		(16)		(16)
Closing balance, June 30, 2025	$	2,707	$	596	$	3,303	$	41	$	385	$	426

Schedule of Roll Forward of Liabilities Measured at Fair Value on a Recurring Basis Using Unobservable Inputs


	Assets						Liabilities
	June 30, 2026						June 30, 2026
	Inventories Carried at Market		Commodity Derivative Contracts Gains		Total Assets		Inventory-related Payables		Commodity Derivative Contracts Losses		Total Liabilities
Opening balance, April 1, 2026	$	3,242	$	540	$	3,782	$	30	$	634	$	664
Increase (decrease) in unrealized gains included in Cost of products sold	(1,162)		322		(840)		—		—		—
Increase in unrealized losses included in Cost of products sold	—		—		—		2		305		307
Realized (decreases) included in Cost of products sold	(1,015)		—		(1,015)		(1)		—		(1)
Purchases	5,266		—		5,266		14		—		14
Sales	(3,032)		—		(3,032)		(5)		—		(5)
Settlements	—		(277)		(277)		—		(401)		(401)
Transfers into Level 3	554		16		570		—		17		17
Transfers out of Level 3	(491)		(3)		(494)		—		(67)		(67)
Closing balance, June 30, 2026	$	3,362	$	598	$	3,960	$	40	$	488	$	528


	Assets						Liabilities
	June 30, 2025						June 30, 2025
	Inventories Carried at Market		Commodity Derivative Contracts Gains		Total Assets		Inventory-related Payables		Commodity Derivative Contracts Losses		Total Liabilities
Opening balance, April 1, 2025	$	3,103	$	508	$	3,611	$	52	$	352	$	404
Increase (decrease) in unrealized gains included in Cost of products sold	(1,030)		353		(677)		—		—		—
Increase in unrealized losses included in Cost of products sold	—		—		—		5		261		266
Realized (decreases) included in Cost of products sold	(46)		—		(46)		(1)		—		(1)
Purchases	4,620		—		4,620		4		—		4
Sales	(3,868)		—		(3,868)		(19)		—		(19)
Settlements	—		(221)		(221)		—		(237)		(237)
Transfers into Level 3	548		36		584		—		19		19
Transfers out of Level 3	(620)		(80)		(700)		—		(10)		(10)
Closing balance, June 30, 2025	$	2,707	$	596	$	3,303	$	41	$	385	$	426


	Assets						Liabilities
	June 30, 2026						June 30, 2026
	Inventories Carried at Market		Commodity Derivative Contracts Gains		Total Assets		Inventory-related Payables		Commodity Derivative Contracts Losses		Total Liabilities
Opening balance, January 1, 2026	$	2,673	$	512	$	3,185	$	16	$	313	$	329
Increase (decrease) in unrealized gains included in Cost of products sold	(787)		612		(175)		—		—		—
Increase in unrealized losses included in Cost of products sold	—		—		—		3		859		862
Realized (decreases) included in Cost of products sold	(1,260)		—		(1,260)		(4)		—		(4)
Purchases	9,816		—		9,816		29		—		29
Sales	(7,454)		—		(7,454)		(6)		—		(6)
Settlements	—		(526)		(526)		—		(623)		(623)
Transfers into Level 3	1,049		26		1,075		2		45		47
Transfers out of Level 3	(675)		(26)		(701)		—		(106)		(106)
Closing balance, June 30, 2026	$	3,362	$	598	$	3,960	$	40	$	488	$	528


	Assets						Liabilities
	June 30, 2025						June 30, 2025
	Inventories Carried at Market		Commodity Derivative Contracts Gains		Total Assets		Inventory-related Payables		Commodity Derivative Contracts Losses		Total Liabilities
Opening balance, January 1, 2025	$	3,031	$	427	$	3,458	$	88	$	405	$	493
Increase (decrease) in unrealized gains included in Cost of products sold	(933)		566		(367)		—		—		—
Increase in unrealized losses included in Cost of products sold	—		—		—		4		455		459
Realized increases (decreases) included in Cost of products sold	10		—		10		(3)		—		(3)
Purchases	8,705		—		8,705		7		—		7
Sales	(8,446)		—		(8,446)		(55)		—		(55)
Settlements	—		(449)		(449)		—		(513)		(513)
Transfers into Level 3	1,119		149		1,268		—		54		54
Transfers out of Level 3	(779)		(97)		(876)		—		(16)		(16)
Closing balance, June 30, 2025	$	2,707	$	596	$	3,303	$	41	$	385	$	426

Schedule of Unobservable Price Components Present in the Level 3 Valuations of Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table sets forth the weighted average percentage of the unobservable price components included in the Company’s Level 3 valuations as of June 30, 2026 and December 31, 2025. The Company’s Level 3 measurements may include basis only, transportation cost only, or both price components.


	Weighted Average % of Total Price
	June 30, 2026				December 31, 2025
Component Type	Assets		Liabilities		Assets		Liabilities
Inventories and Inventory-Related Payables
Basis	21.9	%	15.3	%	21.1	%	9.0	%
Transportation cost	16.3	%	—	%	22.4	%	—	%

Commodity Derivative Contracts
Basis	19.9	%	25.9	%	23.3	%	23.6	%
Transportation cost	20.8	%	22.1	%	25.7	%	—	%

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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