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Derivatives (Tables) | 6 Months Ended
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Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Classification of Fair Values of Derivative Instruments, Excluding Cash Collateral | The following table presents the fair value of derivative instruments as of June 30, 2025 and December 31, 2024 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.
(Millions of dollars) | June 30, 2025 |  | December 31, 2024
Balance Sheet Location | Asset |  | Liability |  | Asset |  | Liability
Commodity derivatives |  |  |  |  |  |  |
Other current assets | $ | 389 |  |  | $ | 379 |  |  | $ | 139 |  |  | $ | 144 |
Other current liabilities(a) | — |  |  | 8 |  |  | — |  |  | 10 |
Deferred credits and other liabilities(a) | — |  |  | 47 |  |  | — |  |  | 48 |
(a) Includes embedded derivatives.
Open Commodity Derivative Contracts | The table below summarizes open commodity derivative contracts for crude oil, refined products, blending products and soybean oil as of June 30, 2025.
| Percentage of contracts that expire next quarter |  | Position
(Units in thousands of barrels) |  | Long |  | Short
Exchange-traded(a) |  |  |  |  |
Crude oil | 71.9% |  | 60,424 |  |  | 63,887 |
Refined products | 74.7% |  | 29,527 |  |  | 32,702 |
Blending products | 49.8% |  | 5,573 |  |  | 6,316 |
Soybean oil | 96.5% |  | 2,276 |  |  | 2,870 |
(a) Included in exchange-traded are spread contracts in thousands of barrels: Crude oil - 9,810 long and 9,650 short and Refined products - 1,528 long and 1,074 short. There are no spread contracts for blending products or soybean oil.
Effect of Commodity Derivative Instruments in Statements of Income | The following table summarizes the effect of all commodity derivative instruments in our consolidated statements of income:
| Gain (Loss)
(Millions of dollars) | Three Months Ended June 30, |  | Six Months Ended June 30,
Income Statement Location | 2025 |  | 2024 |  | 2025 |  | 2024
Sales and other operating revenues | $ | — |  |  | $ | (2) |  |  | $ | — |  |  | $ | (2) |
Cost of revenues | 31 |  |  | (46) |  |  | (36) |  |  | (120) |
Other income | 1 |  |  | (1) |  |  | 3 |  |  | (1) |
Total | $ | 32 |  |  | $ | (49) |  |  | $ | (33) |  |  | $ | (123) |

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- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4CC -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4CC Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4A -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4A -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4E -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4E + Details
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- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 182 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480401/815-10-55-182 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4E -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4E Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4B + Details
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- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References No definition available. + Details
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