v3.26.1
DERIVATIVES (Tables)
 6 Months Ended
Jun. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Net Sales Related to the Outstanding Commodity Derivative Instruments
The following table summarizes net volumes associated with the outstanding marketing commodity derivatives as of:

long (short)June 30, 2026December 31, 2025
 Oil commodity contracts
Volume (MMbbl)(52)(59)
Natural gas commodity contracts
Volume (Bcf)(307)(189)
Schedule of Gross and Net Fair Values of Outstanding Derivatives
The following tables present the fair values of the Company's outstanding derivatives. Fair values are presented at gross amounts below, including when the derivatives are subject to netting arrangements, and are presented on a net basis in the Consolidated Condensed Balance Sheets:

millionsFair Value Measurements Using
Netting (a)
Total Fair Value
Balance Sheet ClassificationsLevel 1Level 2Level 3
June 30, 2026
Marketing Derivatives
Other current assets$2,261 $416 $— $(2,385)$292 
Other long-term assets2 — — (2)— 
Accrued liabilities(2,140)(279)— 2,385 (34)
Deferred credits and other liabilities - other(2)— — 2 — 
Crude Collars
Accrued liabilities(31)— — — (31)
December 31, 2025
Marketing Derivatives
Other current assets$345 $51 $— $(328)$68 
Accrued liabilities(336)(24)— 328 (32)
(a)These amounts do not include collateral. The Company netted $71 million of collateral received from brokers against derivative assets as of June 30, 2026. As of December 31, 2025, the Company netted $29 million of collateral received from brokers against derivative assets and $23 million of collateral deposited with brokers against derivative liabilities.
Schedule of Gains and Losses on Derivatives
The following table presents gains and losses related to the Company's derivative instruments and the location on the Consolidated Condensed Statements of Operations:

millionsThree months ended Six months ended
Income Statement ClassificationJune 30, 2026June 30, 2025June 30, 2026June 30, 2025
Marketing derivatives (included in net sales)$908 $97 $910 $(10)
Crude collars (included in net sales)$105 $— $(234)$—