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Derivatives | 6 Months Ended
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Jun. 30, 2025
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 14. 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 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 and (7) the purchase of soybean oil. 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. 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. 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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