v3.26.1
Fair Value Measurement (Tables)
6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Schedule of Fair Value Hierarchy for Gross Financial Assets and Liabilities
The following table summarizes the fair value hierarchy for gross financial assets and liabilities (i.e., unadjusted where the right of setoff exists for commodity derivatives accounted for at fair value on a recurring basis):
Millions of Dollars
June 30, 2026December 31, 2025
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
Assets
Investments in debt securities
$258 1,355  1,613 270 1,331 — 1,601 
Commodity derivatives
901 332 69 1,302 306 230 68 604 
Total assets
$1,159 1,687 69 2,915 576 1,561 68 2,205 
Liabilities
Commodity derivatives963 137 133 1,233 354 124 60 538 
Total liabilities
$963 137 133 1,233 354 124 60 538 
Schedule of Fair Value Measurement Inputs and Valuation Techniques
Schedule of Commodity Derivative Balances Subject to Right of Setoff
The following table summarizes those commodity derivative balances subject to the right of setoff as presented on our consolidated balance sheet. We have elected to offset the recognized fair value amounts for multiple derivative instruments executed with the same counterparty in our financial statements when a legal right of setoff exists.
Millions of Dollars
Amounts Subject to Right of Setoff
Gross
Amounts
Recognized
Amounts Not
Subject to
Right of Setoff
Gross
Amounts
Gross
Amounts
Offset
Net
Amounts
Presented
Cash
Collateral
Net
Amounts
June 30, 2026
Assets$1,302 43 1,259 974 285 1 284 
Liabilities1,233 13 1,220 974 246 63 183 
December 31, 2025
Assets$604 602 361 241 235 
Liabilities538 537 361 176 53 123 
Schedule of Net Fair Value of Financial Instruments
The following table summarizes the net fair value of financial instruments (i.e., adjusted where the right of setoff exists for commodity derivatives):
Millions of Dollars
Carrying Amount
Fair Value
June 30
2026
December 31
2025
June 30
2026
December 31
2025
Financial assets
Commodity derivatives
$327 237 327 237 
Investments in debt securities
1,613 1,601 1,613 1,601 
Financial liabilities
Total debt, excluding finance leases
22,553 22,643 22,332 22,698 
Commodity derivatives
196 124 196 124