Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2026

Schedule of Assets and Liabilities Accounted for at Fair Value on a Recurring Basis

The following tables set forth, by level, the Company’s assets and liabilities that were accounted for at fair value on a recurring basis as of September 30, 2026 and December 31, 2025 (in millions).


	Fair Value Measurements at September 30, 2026
	Level 1		Level 2		Level 3		Total
Assets:
Inventories carried at market	$	—	$	4,150	$	3,436	$	7,586
Unrealized derivative gains:
Commodity contracts	—		799		502		1,301
Foreign currency contracts	—		217		—		217
Interest rate contracts	—		—		—		—
Equity-linked debt contracts	—		—		—		—
Cash equivalents	146		—		—		146
Marketable securities	45		—		—		45
Segregated investments and restricted cash equivalents	2,351		—		—		2,351
Total Assets	$	2,542	$	5,166	$	3,938	$	11,646

Liabilities:
Unrealized derivative losses:
Commodity contracts	$	—	$	584	$	519	$	1,103
Foreign currency contracts	—		97		—		97
Interest rate contracts	—		11		—		11

Inventory-related payables	—		843		8		851
Total Liabilities	$	—	$	1,535	$	527	$	2,062


	Fair Value Measurements at December 31, 2025
	Level 1		Level 2		Level 3		Total
Assets:
Inventories carried at market	$	—	$	3,549	$	2,673	$	6,222
Unrealized derivative gains:
Commodity contracts	—		310		512		822
Foreign currency contracts	—		108		—		108
Interest rate contracts	—		17		—		17
Cash equivalents	280		—		—		280
Marketable securities	32		—		—		32
Segregated investments and restricted cash equivalents	1,771		—		—		1,771
Total Assets	$	2,083	$	3,984	$	3,185	$	9,252

Liabilities:
Unrealized derivative losses:
Commodity contracts	$	—	$	300	$	313	$	613
Foreign currency contracts	—		144		—		144


Inventory-related payables	—		714		16		730
Total Liabilities	$	—	$	1,158	$	329	$	1,487

Schedule of Roll Forward of Assets Measured at Fair Value on a Recurring Basis Using Unobservable Inputs

The following table presents a roll forward of assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended September 30, 2026 (in millions).


	Assets						Liabilities
	September 30, 2026						September 30, 2026
	Inventories Carried at Market		Commodity Derivative Contracts Gains		Total Assets		Inventory-related Payables		Commodity Derivative Contracts Losses		Total Liabilities
Opening balance, July 1, 2026	$	3,362	$	598	$	3,960	$	40	$	488	$	528
Increase in unrealized gains included in Cost of products sold	376		397		773		—		—		—
Increase in unrealized losses included in Cost of products sold	—		—		—		3		403		406
Realized (decreases) included in Cost of products sold	(764)		—		(764)		(2)		—		(2)
Purchases	5,442		—		5,442		2		—		2
Sales	(4,601)		—		(4,601)		(35)		—		(35)
Settlements	—		(274)		(274)		—		(335)		(335)
Transfers into Level 3	383		23		406		—		38		38
Transfers out of Level 3	(762)		(242)		(1,004)		—		(75)		(75)
Closing balance, September 30, 2026	$	3,436	$	502	$	3,938	$	8	$	519	$	527


	Assets						Liabilities
	September 30, 2025						September 30, 2025
	Inventories Carried at Market		Commodity Derivative Contracts Gains		Total Assets		Inventory-related Payables		Commodity Derivative Contracts Losses		Total Liabilities
Opening balance, July 1, 2025	$	2,707	$	596	$	3,303	$	41	$	385	$	426
Increase (decrease) in unrealized gains included in Cost of products sold	(340)		275		(65)		—		—		—
Increase in unrealized losses included in Cost of products sold	—		—		—		7		162		169
Realized (decreases) included in Cost of products sold	(42)		—		(42)		(5)		—		(5)
Purchases	4,956		—		4,956		7		—		7
Sales	(4,499)		—		(4,499)		(28)		—		(28)
Settlements	—		(359)		(359)		—		(293)		(293)
Transfers into Level 3	415		42		457		—		8		8
Transfers out of Level 3	(781)		(15)		(796)		—		(4)		(4)
Closing balance, September 30, 2025	$	2,416	$	539	$	2,955	$	22	$	258	$	280

The following table presents a roll forward of assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the nine months ended September 30, 2026 (in millions).


	Assets						Liabilities
	September 30, 2026						September 30, 2026
	Inventories Carried at Market		Commodity Derivative Contracts Gains		Total Assets		Inventory-related Payables		Commodity Derivative Contracts Losses		Total Liabilities
Opening balance, January 1, 2026	$	2,673	$	512	$	3,185	$	16	$	313	$	329
Increase (decrease) in unrealized gains included in Cost of products sold	(411)		1,010		599		—		—		—
Increase in unrealized losses included in Cost of products sold	—		—		—		6		1,262		1,268
Realized (decreases) included in Cost of products sold	(2,025)		—		(2,025)		(6)		—		(6)
Purchases	15,258		—		15,258		31		—		31
Sales	(12,055)		—		(12,055)		(40)		—		(40)
Settlements	—		(800)		(800)		—		(959)		(959)
Transfers into Level 3	1,432		48		1,480		1		84		85
Transfers out of Level 3	(1,436)		(268)		(1,704)		—		(181)		(181)
Closing balance, September 30, 2026	$	3,436	$	502	$	3,938	$	8	$	519	$	527


	Assets						Liabilities
	September 30, 2025						September 30, 2025
	Inventories Carried at Market		Commodity Derivative Contracts Gains		Total Assets		Inventory-related Payables		Commodity Derivative Contracts Losses		Total Liabilities
Opening balance, January 1, 2025	$	3,031	$	427	$	3,458	$	88	$	405	$	493
Increase (decrease) in unrealized gains included in Cost of products sold	(1,273)		841		(432)		—		—		—
Increase in unrealized losses included in Cost of products sold	—		—		—		11		617		628
Realized increases (decreases) included in Cost of products sold	(32)		—		(32)		(8)		—		(8)
Purchases	13,661		—		13,661		14		—		14
Sales	(12,945)		—		(12,945)		(83)		—		(83)
Settlements	—		(808)		(808)		—		(806)		(806)
Transfers into Level 3	1,534		191		1,725		—		62		62
Transfers out of Level 3	(1,560)		(112)		(1,672)		—		(20)		(20)
Closing balance, September 30, 2025	$	2,416	$	539	$	2,955	$	22	$	258	$	280

Schedule of Roll Forward of Liabilities Measured at Fair Value on a Recurring Basis Using Unobservable Inputs


	Assets						Liabilities
	September 30, 2026						September 30, 2026
	Inventories Carried at Market		Commodity Derivative Contracts Gains		Total Assets		Inventory-related Payables		Commodity Derivative Contracts Losses		Total Liabilities
Opening balance, July 1, 2026	$	3,362	$	598	$	3,960	$	40	$	488	$	528
Increase in unrealized gains included in Cost of products sold	376		397		773		—		—		—
Increase in unrealized losses included in Cost of products sold	—		—		—		3		403		406
Realized (decreases) included in Cost of products sold	(764)		—		(764)		(2)		—		(2)
Purchases	5,442		—		5,442		2		—		2
Sales	(4,601)		—		(4,601)		(35)		—		(35)
Settlements	—		(274)		(274)		—		(335)		(335)
Transfers into Level 3	383		23		406		—		38		38
Transfers out of Level 3	(762)		(242)		(1,004)		—		(75)		(75)
Closing balance, September 30, 2026	$	3,436	$	502	$	3,938	$	8	$	519	$	527


	Assets						Liabilities
	September 30, 2025						September 30, 2025
	Inventories Carried at Market		Commodity Derivative Contracts Gains		Total Assets		Inventory-related Payables		Commodity Derivative Contracts Losses		Total Liabilities
Opening balance, July 1, 2025	$	2,707	$	596	$	3,303	$	41	$	385	$	426
Increase (decrease) in unrealized gains included in Cost of products sold	(340)		275		(65)		—		—		—
Increase in unrealized losses included in Cost of products sold	—		—		—		7		162		169
Realized (decreases) included in Cost of products sold	(42)		—		(42)		(5)		—		(5)
Purchases	4,956		—		4,956		7		—		7
Sales	(4,499)		—		(4,499)		(28)		—		(28)
Settlements	—		(359)		(359)		—		(293)		(293)
Transfers into Level 3	415		42		457		—		8		8
Transfers out of Level 3	(781)		(15)		(796)		—		(4)		(4)
Closing balance, September 30, 2025	$	2,416	$	539	$	2,955	$	22	$	258	$	280


	Assets						Liabilities
	September 30, 2026						September 30, 2026
	Inventories Carried at Market		Commodity Derivative Contracts Gains		Total Assets		Inventory-related Payables		Commodity Derivative Contracts Losses		Total Liabilities
Opening balance, January 1, 2026	$	2,673	$	512	$	3,185	$	16	$	313	$	329
Increase (decrease) in unrealized gains included in Cost of products sold	(411)		1,010		599		—		—		—
Increase in unrealized losses included in Cost of products sold	—		—		—		6		1,262		1,268
Realized (decreases) included in Cost of products sold	(2,025)		—		(2,025)		(6)		—		(6)
Purchases	15,258		—		15,258		31		—		31
Sales	(12,055)		—		(12,055)		(40)		—		(40)
Settlements	—		(800)		(800)		—		(959)		(959)
Transfers into Level 3	1,432		48		1,480		1		84		85
Transfers out of Level 3	(1,436)		(268)		(1,704)		—		(181)		(181)
Closing balance, September 30, 2026	$	3,436	$	502	$	3,938	$	8	$	519	$	527


	Assets						Liabilities
	September 30, 2025						September 30, 2025
	Inventories Carried at Market		Commodity Derivative Contracts Gains		Total Assets		Inventory-related Payables		Commodity Derivative Contracts Losses		Total Liabilities
Opening balance, January 1, 2025	$	3,031	$	427	$	3,458	$	88	$	405	$	493
Increase (decrease) in unrealized gains included in Cost of products sold	(1,273)		841		(432)		—		—		—
Increase in unrealized losses included in Cost of products sold	—		—		—		11		617		628
Realized increases (decreases) included in Cost of products sold	(32)		—		(32)		(8)		—		(8)
Purchases	13,661		—		13,661		14		—		14
Sales	(12,945)		—		(12,945)		(83)		—		(83)
Settlements	—		(808)		(808)		—		(806)		(806)
Transfers into Level 3	1,534		191		1,725		—		62		62
Transfers out of Level 3	(1,560)		(112)		(1,672)		—		(20)		(20)
Closing balance, September 30, 2025	$	2,416	$	539	$	2,955	$	22	$	258	$	280

Schedule of Unobservable Price Components Present in the Level 3 Valuations of Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table sets forth the weighted average percentage of the unobservable price components included in the Company’s Level 3 valuations as of September 30, 2026 and December 31, 2025. The Company’s Level 3 measurements may include basis only, transportation cost only, or both price components.


	Weighted Average % of Total Price
	September 30, 2026				December 31, 2025
Component Type	Assets		Liabilities		Assets		Liabilities
Inventories and Inventory-Related Payables
Basis	20.5	%	8.5	%	21.1	%	9.0	%
Transportation cost	14.1	%	—	%	22.4	%	—	%

Commodity Derivative Contracts
Basis	17.4	%	21.0	%	23.3	%	23.6	%
Transportation cost	20.0	%	21.9	%	25.7	%	—	%

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details