The carrying values and fair values by hierarchy of our financial assets and liabilities, either carried or disclosed at fair value, including any effects of counterparty and collateral netting, were:


	Millions of Dollars
	June 30, 2026
	Fair Value Hierarchy				Total Fair Value of Gross Assets & Liabilities	Effect of Counterparty Netting	Effect of Collateral Netting	Difference in Carrying Value and Fair Value	Net Carrying Value Presented on the Balance Sheet
	Level 1		Level 2	Level 3
Commodity Derivative Assets
Exchange-cleared instruments	$	9,451	—	—	9,451	(8,963)	(160)	—	328

Physical forward contracts	—		342	7	349	(34)	—	—	315

Rabbi trust assets	127		—	—	127	N/A	N/A	—	127
Investment in NOVONIX	9		—	—	9	N/A	N/A	—	9

	$	9,587	342	7	9,936	(8,997)	(160)	—	779

Commodity Derivative Liabilities
Exchange-cleared instruments	$	8,980	—	—	8,980	(8,963)	(12)	—	5

Physical forward contracts	—		419	5	424	(34)	—	—	390

Floating-rate debt	—		1,249	—	1,249	N/A	N/A	—	1,249
Fixed-rate debt, excluding finance leases and software obligations	—		18,118	—	18,118	N/A	N/A	732	18,850
	$	8,980	19,786	5	28,771	(8,997)	(12)	732	20,494


	Millions of Dollars
	December 31, 2025
	Fair Value Hierarchy				Total Fair Value of Gross Assets & Liabilities	Effect of Counterparty Netting	Effect of Collateral Netting	Difference in Carrying Value and Fair Value	Net Carrying Value Presented on the Balance Sheet
	Level 1		Level 2	Level 3
Commodity Derivative Assets
Exchange-cleared instruments	$	2,731	—	—	2,731	(2,660)	—	—	71

Physical forward contracts	—		69	4	73	(10)	—	—	63

Rabbi trust assets	144		—	—	144	N/A	N/A	—	144
Investment in NOVONIX	26		—	—	26	N/A	N/A	—	26

	$	2,901	69	4	2,974	(2,670)	—	—	304

Commodity Derivative Liabilities
Exchange-cleared instruments	$	2,680	—	—	2,680	(2,660)	(20)	—	—

Physical forward contracts	—		30	1	31	(10)	—	—	21

Floating-rate debt	—		400	—	400	N/A	N/A	—	400
Fixed-rate debt, excluding finance leases and software obligations	—		18,324	—	18,324	N/A	N/A	621	18,945
	$	2,680	18,754	1	21,435	(2,670)	(20)	621	19,366