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v3.26.1

Financial and Derivative Instruments (Tables) | 6 Months Ended
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Jun. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Consolidated Balance Sheet: Fair Value of Derivatives | Derivative instruments measured at fair value at June 30, 2026, and December 31, 2025, and their classification on the Consolidated Balance Sheet and Consolidated Statement of Income are as follows:
Consolidated Balance Sheet: Fair Value of Derivatives
Type of |  |  |  | At June 30, 2026 |  | At December 31, 2025
Contract |  | Balance Sheet Classification |  | (Millions of dollars)
Commodity |  | Accounts and notes receivable, net |  | $ | 30 |  |  | $ | 191 |
Commodity |  | Long-term receivables, net |  | — |  |  | 73 |
Total Assets at Fair Value |  | $ | 30 |  |  | $ | 264 |
Commodity |  | Accounts payable |  | $ | 23 |  |  | $ | 60 |
Commodity |  | Deferred credits and other noncurrent obligations |  | 5 |  |  | 8 |
Total Liabilities at Fair Value |  | $ | 28 |  |  | $ | 68 |
Schedule of Consolidated Statement of Income: The Effect of Derivatives |
Consolidated Statement of Income: The Effect of Derivatives
|  |  |  | Gain / (Loss) Three Months Ended June 30 |  | Gain / (Loss) Six Months Ended June 30
Type of |  |  |  | 2026 |  | 2025 |  | 2026 |  | 2025
Contract |  | Statement of Income Classification |  | (Millions of dollars)
Commodity |  | Sales and other operating revenues |  | $ | 268 |  |  | $ | 86 |  |  | $ | (2,699) |  |  | $ | (58) |
Commodity |  | Purchased crude oil and products |  | 109 |  |  | (19) |  |  | (35) |  |  | (63) |
Commodity |  | Other income (loss) |  | (9) |  |  | (1) |  |  | (10) |  |  | (7) |
Total |  | $ | 368 |  |  | $ | 66 |  |  | $ | (2,744) |  |  | $ | (128) |
Schedule Consolidated Balance Sheet: The Effect of Netting Derivative Assets | The following table represents gross and net derivative assets and liabilities subject to netting agreements on the Consolidated Balance Sheet at June 30, 2026, and December 31, 2025.
Consolidated Balance Sheet: The Effect of Netting Derivative Assets and Liabilities
|  | Gross Amounts Recognized |  | Gross Amounts Offset |  | Net Amounts Presented |  | Gross Amounts Not Offset |  | Net Amount
At June 30, 2026 |  | (Millions of dollars)
Derivative Assets - not designated |  | $ | 129 |  |  | $ | 99 |  |  | $ | 30 |  |  | $ | 13 |  |  | $ | 17 |
Derivative Assets - designated |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Derivative Liabilities - not designated |  | $ | 127 |  |  | $ | 99 |  |  | $ | 28 |  |  | $ | 14 |  |  | $ | 14 |
Derivative Liabilities - designated |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
At December 31, 2025 |  |  |  |  |  |  |  |  |  |
Derivative Assets - not designated |  | $ | 2,525 |  |  | $ | 2,271 |  |  | $ | 254 |  |  | $ | 1 |  |  | $ | 253 |
Derivative Assets - designated |  | $ | 11 |  |  | $ | 1 |  |  | $ | 10 |  |  | $ | — |  |  | $ | 10 |
Derivative Liabilities - not designated |  | $ | 2,339 |  |  | $ | 2,271 |  |  | $ | 68 |  |  | $ | 3 |  |  | $ | 65 |
Derivative Liabilities - designated |  | $ | 1 |  |  | $ | 1 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Schedule of Consolidated Balance Sheet: The Effect of Netting Derivative Liabilities | The following table represents gross and net derivative assets and liabilities subject to netting agreements on the Consolidated Balance Sheet at June 30, 2026, and December 31, 2025.
Consolidated Balance Sheet: The Effect of Netting Derivative Assets and Liabilities
|  | Gross Amounts Recognized |  | Gross Amounts Offset |  | Net Amounts Presented |  | Gross Amounts Not Offset |  | Net Amount
At June 30, 2026 |  | (Millions of dollars)
Derivative Assets - not designated |  | $ | 129 |  |  | $ | 99 |  |  | $ | 30 |  |  | $ | 13 |  |  | $ | 17 |
Derivative Assets - designated |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Derivative Liabilities - not designated |  | $ | 127 |  |  | $ | 99 |  |  | $ | 28 |  |  | $ | 14 |  |  | $ | 14 |
Derivative Liabilities - designated |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
At December 31, 2025 |  |  |  |  |  |  |  |  |  |
Derivative Assets - not designated |  | $ | 2,525 |  |  | $ | 2,271 |  |  | $ | 254 |  |  | $ | 1 |  |  | $ | 253 |
Derivative Assets - designated |  | $ | 11 |  |  | $ | 1 |  |  | $ | 10 |  |  | $ | — |  |  | $ | 10 |
Derivative Liabilities - not designated |  | $ | 2,339 |  |  | $ | 2,271 |  |  | $ | 68 |  |  | $ | 3 |  |  | $ | 65 |
Derivative Liabilities - designated |  | $ | 1 |  |  | $ | 1 |  |  | $ | — |  |  | $ | — |  |  | $ | — |

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