v3.26.3
FAIR VALUE MEASUREMENTS (Tables)
 9 Months Ended
Sep. 30, 2026
Fair Value Disclosures [Abstract]  
Schedule of Recurring Fair Value Measurements The following tables set forth our recurring fair value measurements as of the dates indicated:
September 30, 2026
Level 1Level 2Level 3Total - GrossNetting (a)Total - Net
(Millions of dollars)
Derivative assets
Commodity contracts$59 $190 $— $249 $(249)$— 
Total derivative assets$59 $190 $— $249 $(249)$— 
Derivative liabilities
Commodity contracts$(342)$(102)$— $(444)$444 $— 
Total derivative liabilities$(342)$(102)$— $(444)$444 $— 
(a) - Derivative assets and liabilities are presented in our Consolidated Balance Sheets on a net basis. We net derivative assets and liabilities when a legally enforceable master-netting arrangement exists between the counterparty to a derivative contract and us. At September 30, 2026, we held no cash and posted cash of $289 million with a counterparty, including $195 million of cash collateral that is offsetting derivative net liability positions under master-netting arrangements in the table above. The remaining $94 million of cash collateral in excess of derivative liability positions is included in other current assets in our Consolidated Balance Sheets.

December 31, 2025
Level 1Level 2Level 3Total - GrossNetting (a)Total - Net
(Millions of dollars)
Derivative assets
Commodity contracts$60 $69 $— $129 $(67)$62 
Total derivative assets$60 $69 $— $129 $(67)$62 
Derivative liabilities
Commodity contracts$(21)$(46)$— $(67)$67 $— 
Total derivative liabilities$(21)$(46)$— $(67)$67 $— 
(a) - Derivative assets and liabilities are presented in our Consolidated Balance Sheets on a net basis. We net derivative assets and liabilities when a legally enforceable master-netting arrangement exists between the counterparty to a derivative contract and us. At December 31, 2025, we held no cash and posted cash of $4 million with a counterparty, which is included in other current assets in our Consolidated Balance Sheets.