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Derivatives | 3 Months Ended
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Mar. 31, 2026
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 domestic and 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 March 31, 2026 and December 31, 2025 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) | March 31, 2026 |  | December 31, 2025
Balance Sheet Location | Asset |  | Liability |  | Asset |  | Liability
Commodity derivatives |  |  |  |  |  |  |
Other current assets | $ | 3,112 |  |  | $ | 3,582 |  |  | $ | 243 |  |  | $ | 236 |
Other non-current assets | 28 |  |  | 56 |  |  | — |  |  | — |
Other current liabilities(a) | — |  |  | 18 |  |  | — |  |  | 6 |
Deferred credits and other liabilities(a) | — |  |  | 43 |  |  | — |  |  | 35 |
(a) Includes embedded derivatives. The table below summarizes open commodity derivative contracts for crude oil, refined products, blending products and soybean oil as of March 31, 2026.
| Percentage of contracts that expire next quarter |  | Position
(Units in thousands of barrels) |  | Long |  | Short
Exchange-traded(a) |  |  |  |  |
Crude oil | 64.2% |  | 104,640 |  |  | 114,888 |
Refined products | 83.6% |  | 97,684 |  |  | 110,823 |
Blending products | 80.5% |  | 11,368 |  |  | 10,123 |
Soybean oil | 70.2% |  | 1,806 |  |  | 2,858 |
(a) Included in exchange-traded are spread contracts in thousands of barrels: Crude oil - 3,755 long and 4,070 short, Refined products - 4,059 long and 3,706 short and Blending Products - 147 long and 67 short. There are no spread contracts for Soybean oil. The following table summarizes the effect of all commodity derivative instruments in our consolidated statements of income:
(Millions of dollars) | Three Months Ended March 31, |  |
Income Statement Location | 2026 |  | 2025 |  |  |  |
Sales and other operating revenues |  |  |  |  |  |  |
Realized loss | $ | (13) |  |  | $ | — |  |  |  |  |
Unrealized loss | (49) |  |  | — |  |  |  |  |
Sales and other operating revenues loss | (62) |  |  | — |  |  |  |  |
Cost of revenues |  |  |  |  |  |  |
Realized loss | (400) |  |  | (54) |  |  |  |  |
Unrealized loss | (440) |  |  | (13) |  |  |  |  |
Cost of revenues loss | (840) |  |  | (67) |  |  |  |  |
Other income |  |  |  |  |  |  |
Realized gain | 23 |  |  | 3 |  |  |  |  |
Unrealized loss | (30) |  |  | (1) |  |  |  |  |
Other income loss | (7) |  |  | 2 |  |  |  |  |
Total derivative loss included in Net Income | $ | (909) |  |  | $ | (65) |  |  |  |  |
In March and April 2026, the U.S. Department of Energy accepted MPC’s bids to exchange crude oil barrels with the Strategic Petroleum Reserve (“SPR”). Under the arrangements, the SPR agreed to deliver 9.7 million barrels to MPC in the second quarter of 2026, with an estimated return of approximately 11.8 million barrels beginning in 2028. The arrangements will be accounted for as derivatives, indexed to forward crude pricing. Changes in the fair value of the derivatives will be recognized in earnings within Cost of revenues in the Consolidated Statements of Income.

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