v3.26.1
FAIR VALUE MEASUREMENTS (Tables)
6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following table summarizes the valuation of our assets and liabilities measured at fair value on a recurring basis at June 30, 2026 and December 31, 2025:
Fair Value
Millions of dollarsTotal Cost BasisLevel 1Level 2Total
Measured at fair value on a recurring basis:20262025202620252026202520262025
Short-term investments (1)
$498 $441 $488 $435 $10 $$498 $441 
Net derivative contracts —  — (28)(111)(28)(111)
(1)Short-term investments are primarily comprised of money market funds and highly liquid, low risk investments with initial maturities less than 90 days.