v3.26.1
Derivative and Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Balance Sheet Location and Fair Value Amounts of Derivatives
The following table presents the gross fair values of our commodity derivatives, excluding collateral, on our consolidated balance sheet:
Millions of Dollars
June 30
2026		December 31
2025
Assets
Prepaid expenses and other current assets
$1,095 491 
Other assets
207 113 
Liabilities
Other accruals
1,045 438 
Other liabilities and deferred credits
188 100 
Schedule of Income Statement Location and Gain (Loss) Amounts of Derivatives
The gains (losses) from commodity derivatives included in our consolidated income statement are presented in the following table:
Millions of Dollars
Three Months Ended
June 30
Six Months Ended
June 30
2026202520262025
Sales and other operating revenues
$99 25 258 84 
Other income
(4)1 (9)(3)
Purchased commodities
(88)(7)(157)(46)
Schedule of Net Exposures from Outstanding Commodity Derivative Contracts
The table below summarizes our net exposures resulting from outstanding commodity derivative contracts:
Open Position
Long (Short)
June 30
2026		December 31
2025
Commodity
Natural gas and power (BCF equivalent)
Fixed price(43)(15)
Basis(23)(17)
Schedule of Interest Rate Derivatives The gains (losses) from these swaps included in our consolidated income statement are presented in the following table:
Millions of Dollars
Three Months Ended
June 30
Six Months Ended
June 30
2026202520262025
Equity in earnings of affiliates
$37 18 28 33 
Schedule of Net Carrying Amount of Held to Maturity Investments
The following investments are carried on our consolidated balance sheet at cost plus accrued interest, and the table reflects remaining maturities at June 30, 2026, and December 31, 2025:
Millions of Dollars
Carrying Amount
Cash and cash equivalents
Short-term investments
June 30
2026		December 31
2025		June 30
2026		December 31
2025
Cash$504 543 
Demand deposits
3,946 3,781 
Time deposits
1 to 90 days
1,894 975 655 6 
91 to 180 days
4 17 
Within one year
4 8 
U.S. government obligations
1 to 90 days
230 1,198 — — 
$6,574 6,497 663 31 
Schedule of Debt Securities Carried at Fair Value
The following investments in debt securities classified as available for sale are carried at fair value on our consolidated balance sheet at June 30, 2026, and December 31, 2025:
Millions of Dollars
Carrying Amount
Short-term investmentsInvestments and long-term
receivables
June 30
2026		December 31
2025		June 30
2026		December 31
2025
Major Security Type
Corporate bonds
$354 308 688 651 
Commercial paper
54 72 
U.S. government obligations32 46 226 224 
U.S. government agency obligations
— — 1 1 
Foreign government obligations
5 9 9 9 
Asset-backed securities
10 18 234 263 
$455 453 1,158 1,148 
The following table summarizes the amortized cost basis and fair value of investments in debt securities classified as available for sale:
Millions of Dollars
Amortized Cost Basis
Fair Value
June 30
2026		December 31
2025		June 30
2026		December 31
2025
Major Security Type
Corporate bonds
$1,044 953 1,042 959 
Commercial paper
54 72 54 72 
U.S. government obligations
260 268 258 270 
U.S. government agency obligations
1 1 1 1 
Foreign government obligations
14 18 14 18 
Asset-backed securities
244 280 244 281 
$1,617 1,592 1,613 1,601