v3.26.1
Derivatives and Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Offsetting Assets
The following table indicates the consolidated balance sheet line items that include the fair values of commodity derivative assets and liabilities. The balances in the following table are presented on a gross basis, before the effects of counterparty and collateral netting. However, we have elected to present our commodity derivative assets and liabilities with the same counterparty on a net basis on our consolidated balance sheet when the legal right of offset exists. At June 30, 2026, and December 31, 2025, there was no material cash collateral received or paid that was not offset on our consolidated balance sheet.

Millions of Dollars
June 30, 2026December 31, 2025
Commodity DerivativesEffect of Collateral NettingNet Carrying Value Presented on the Balance SheetCommodity DerivativesEffect of Collateral NettingNet Carrying Value Presented on the Balance Sheet
AssetsLiabilitiesAssetsLiabilities
Assets
Prepaid expenses and other current assets$9,457 (8,673)(160)624 2,714 (2,583)— 131 
Other assets29 (10)— 19 23 (20)— 3 
Liabilities
Other accruals80 (494)2 (412)67 (108)20 (21)
Other liabilities and deferred credits234 (227)10 17 — — — — 
Total$9,800 (9,404)(148)248 2,804 (2,711)20 113 
Schedule of Offsetting Liabilities
The following table indicates the consolidated balance sheet line items that include the fair values of commodity derivative assets and liabilities. The balances in the following table are presented on a gross basis, before the effects of counterparty and collateral netting. However, we have elected to present our commodity derivative assets and liabilities with the same counterparty on a net basis on our consolidated balance sheet when the legal right of offset exists. At June 30, 2026, and December 31, 2025, there was no material cash collateral received or paid that was not offset on our consolidated balance sheet.

Millions of Dollars
June 30, 2026December 31, 2025
Commodity DerivativesEffect of Collateral NettingNet Carrying Value Presented on the Balance SheetCommodity DerivativesEffect of Collateral NettingNet Carrying Value Presented on the Balance Sheet
AssetsLiabilitiesAssetsLiabilities
Assets
Prepaid expenses and other current assets$9,457 (8,673)(160)624 2,714 (2,583)— 131 
Other assets29 (10)— 19 23 (20)— 3 
Liabilities
Other accruals80 (494)2 (412)67 (108)20 (21)
Other liabilities and deferred credits234 (227)10 17 — — — — 
Total$9,800 (9,404)(148)248 2,804 (2,711)20 113 
Schedule of Gains (Losses) from Commodity Derivatives
The realized and unrealized gains (losses) incurred from commodity derivatives, and the line items where they appear on our consolidated statement of income, were:
 
Millions of Dollars
Three Months Ended
June 30		Six Months Ended
June 30
2026 2025 2026 2025 
Sales and other operating revenues$234 149 (1,302)84 
Other income83 54 189 68 
Purchased crude oil and products326 54 (890)(122)
Net gain (loss) from commodity derivative activity$643 257 (2,003)30 
Schedule of Material Net Exposures and Notional Amount of Derivative Contracts
The following table summarizes our material net exposures resulting from outstanding commodity derivative contracts. These financial and physical derivative contracts are primarily used to manage price exposure on our underlying operations. The underlying exposures may be from nonderivative positions such as inventory volumes. Financial derivative contracts may also offset physical derivative contracts, such as forward purchase and sales contracts. The percentage of our derivative contract volumes expiring within the next 12 months was more than 90% at June 30, 2026, and December 31, 2025.
Open Position
Long / (Short)
June 30
2026		December 31
2025
Commodity
Crude oil, refined petroleum products, NGL and renewable feedstocks (millions of barrels)
(36)(33)
Natural gas (billions of cubic feet)
(17)(17)