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Derivatives (Tables)
 6 Months Ended
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, 2025December 31, 2024
Balance Sheet LocationAssetLiabilityAssetLiability
Commodity derivatives
Other current assets$389 $379 $139 $144 
Other current liabilities(a)
— 8 — 10 
Deferred credits and other liabilities(a)
— 47 — 48 
(a)     Includes embedded derivatives.
Open Commodity Derivative Contracts
The table below summarizes open commodity derivative contracts for crude oil, refined products, blending products and soybean oil as of June 30, 2025.
Percentage of contracts
that expire next quarter		Position
(Units in thousands of barrels)LongShort
Exchange-traded(a)
Crude oil71.9%60,424 63,887 
Refined products74.7%29,527 32,702 
Blending products49.8%5,573 6,316 
Soybean oil96.5%2,276 2,870 
(a)    Included in exchange-traded are spread contracts in thousands of barrels: Crude oil - 9,810 long and 9,650 short and Refined products - 1,528 long and 1,074 short. There are no spread contracts for blending products or soybean oil.
Effect of Commodity Derivative Instruments in Statements of Income
The following table summarizes the effect of all commodity derivative instruments in our consolidated statements of income: 
Gain (Loss)
(Millions of dollars)Three Months Ended 
June 30,		Six Months Ended 
June 30,
Income Statement Location2025202420252024
Sales and other operating revenues$— $(2)$— $(2)
Cost of revenues31 (46)(36)(120)
Other income1 (1)3 (1)
Total$32 $(49)$(33)$(123)