v3.26.3
Derivatives
 9 Months Ended
Sep. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivatives Derivatives
For further information regarding the fair value measurement of derivative instruments, including any effect of master netting agreements or collateral, see Note 15. We do not designate any of our commodity derivative instruments as hedges for accounting purposes.
Derivatives that are not designated as accounting hedges may include commodity derivatives used to hedge price risk on (1) inventories, (2) fixed price sales of refined products, (3) the acquisition of domestic and foreign-sourced crude oil, (4) the acquisition of ethanol for blending with refined products, (5) the sale of NGLs, (6) the purchase of natural gas, (7) the purchase of soybean oil, and (8) power costs.
The following table presents the fair value of derivative instruments as of September 30, 2026 and December 31, 2025 and the line items in the Consolidated Balance Sheets in which the fair values are reflected. The fair value amounts below are presented on a gross basis and do not reflect the netting of asset and liability positions permitted under the terms of our master netting arrangements including cash collateral on deposit with, or received from, brokers. We offset the recognized fair value amounts for multiple derivative instruments executed with the same counterparty in our financial statements when a legal right of offset exists. As a result, the asset and liability amounts below will not agree with the amounts presented in our Consolidated Balance Sheets.

(In millions)September 30, 2026December 31, 2025
Balance Sheet LocationAssetLiabilityAssetLiability
Commodity derivatives
Other current assets$2,062 $2,193 $243 $236 
Other non-current assets146 109 — — 
Other current liabilities(a)
— 604 — 6 
Deferred credits and other liabilities(a)
— 1,399 — 35 
(a)     Includes embedded derivatives and SPR liability.

The table below summarizes open commodity derivative contracts for crude oil, refined products, blending products and soybean oil as of September 30, 2026.
Percentage of contracts
that expire next quarter		Position
(Units in thousands of barrels)LongShort
Exchange-traded(a)
Crude oil37.9%126,568 102,954 
Refined products64.7%52,593 56,430 
Blending products40.5%12,804 16,156 
Soybean oil88.8%1,880 2,744 
(a)    Included in exchange-traded are spread contracts in thousands of barrels: Crude oil - 5,075 long and 5,155 short, Refined products - 4,308 long and 3,678 short and Blending Products - 4,666 long and 3,448 short. There are no spread contracts for Soybean oil.

The following table summarizes the effect of all commodity derivative instruments in our Consolidated Statements of Income: 
(In millions)Three Months Ended 
September 30,		Nine Months Ended 
September 30,
Income Statement Location2026202520262025
Sales and other operating revenues
Realized loss$(13)$— $(53)$— 
Unrealized loss(16)— (21)— 
Sales and other operating revenue loss(29)— (74)— 
Cost of revenues
Realized gain/(loss)32 (19)(904)(68)
Unrealized gain/(loss)(502)13 (93)26 
Cost of revenues loss(470)(6)(997)(42)
Other income
Realized gain/(loss)(8)6 (9)9 
Unrealized gain/(loss)8 (4)(3)(4)
Other income gain/(loss)— 2 (12)5 
Total derivative loss included in Net income$(499)$(4)$(1,083)$(37)
During the second and third quarters of 2026, MPC received approximately 21 million barrels of crude oil from the SPR as part of its exchange contracts with the U.S. Department of Energy. Under the exchange contracts, MPC is obligated to return approximately 26 million barrels of crude from April 2027 through July 2029 (refer to Note 15 for further discussion on significant fair value inputs).
The exchange contracts are accounted for as derivatives, indexed to forward crude pricing. The derivatives are not designated as hedging instruments, and changes in the fair value are recognized in earnings within Cost of revenues in the Consolidated Statements of Income. As of September 30, 2026, the derivative liabilities related to the SPR return obligation totaled $1.9 billion, including $590 million presented as Other current liabilities and $1.3 billion presented as Deferred credits and other liabilities on our Consolidated Balance Sheets. MPC used derivatives to hedge our underlying commodity price exposure related to future changes in fair value of the obligation to return crude to the SPR.