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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of fair value of assets and liabilities measured on recurring basis

The following tables present information (in millions) about our assets and liabilities recognized at their fair values in our balance sheets categorized according to the fair value hierarchy of the inputs utilized by us to determine the fair values as of March 31, 2024 and December 31, 2023.

We have elected to offset the fair value amounts recognized for multiple similar derivative contracts executed with the same counterparty, including any related cash collateral assets or obligations as shown below; however, fair value amounts by hierarchy level are presented in the following tables on a gross basis. We have no derivative contracts that are subject to master netting arrangements that are reflected gross in our balance sheets.

			March 31, 2024
																					Total Gross Fair Value						Effect of Counter- party Netting						Effect of Cash Collateral Netting						Net Carrying Value on Balance Sheet						Cash Collateral Paid or Received Not Offset
			Fair Value Hierarchy
			Level 1						Level 2						Level 3
Assets
Commodity derivative contracts			$	936					$	—					$	—					$	936					$	(904)					$	(5)					$	27					$	—
Physical purchase contracts			—						1						—						1						n/a						n/a						1						n/a
Investments of certain benefit plans			82						—						4						86						n/a						n/a						86						n/a
Investments in AFS debt securities			33						64						—						97						n/a						n/a						97						n/a
Foreign currency contracts			2						—						—						2						n/a						n/a						2						n/a
Total			$	1,053					$	65					$	4					$	1,122					$	(904)					$	(5)					$	213
Liabilities
Commodity derivative contracts			$	975					$	—					$	—					$	975					$	(904)					$	(71)					$	—					$	(137)
Physical purchase contracts			—						2						—						2						n/a						n/a						2						n/a
Blending program obligations			—						41						—						41						n/a						n/a						41						n/a
Total			$	975					$	43					$	—					$	1,018					$	(904)					$	(71)					$	43

			December 31, 2023
																					Total Gross Fair Value						Effect of Counter- party Netting						Effect of Cash Collateral Netting						Net Carrying Value on Balance Sheet						Cash Collateral Paid or Received Not Offset
			Fair Value Hierarchy
			Level 1						Level 2						Level 3
Assets
Commodity derivative contracts			$	803					$	—					$	—					$	803					$	(642)					$	(66)					$	95					$	—
Investments of certain benefit plans			76						—						4						80						n/a						n/a						80						n/a
Investments in AFS debt securities			36						75						—						111						n/a						n/a						111						n/a
Total			$	915					$	75					$	4					$	994					$	(642)					$	(66)					$	286
Liabilities
Commodity derivative contracts			$	643					$	—					$	—					$	643					$	(642)					$	(1)					$	—					$	(67)
Physical purchase contracts			—						6						—						6						n/a						n/a						6						n/a
Blending program obligations			—						58						—						58						n/a						n/a						58						n/a
Foreign currency contracts			7						—						—						7						n/a						n/a						7						n/a
Total			$	650					$	64					$	—					$	714					$	(642)					$	(1)					$	71

Schedule of carrying amount and estimated fair value of financial instruments

The estimated fair values of cash and cash equivalents, receivables, payables, and operating and finance lease obligations approximate their carrying amounts; the carrying value and fair value of debt is shown in the table below (in millions).

									March 31, 2024												December 31, 2023
			Fair Value Hierarchy						Carrying Amount						Fair Value						Carrying Amount						Fair Value
Financial liabilities:
Debt (excluding finance lease obligations)			Level 2						$	8,461					$	8,300					$	9,218					$	9,109

X

- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-11

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- Definition

Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

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