XML 44 R32.htm IDEA: XBRL DOCUMENT
v3.25.1

Fair Value Measurements (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2025
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, 2025 and December 31, 2024. 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, 2025
|  |  | 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 | $ | 506 |  |  | $ | — |  |  | $ | — |  |  | $ | 506 |  |  | $ | (447) |  |  | $ | (25) |  |  | $ | 34 |  |  | $ | — |
Physical purchase contracts | — |  |  | 1 |  |  | — |  |  | 1 |  |  | n/a |  | n/a |  | 1 |  |  | n/a
Investments of certain benefit plans | 85 |  |  | — |  |  | 4 |  |  | 89 |  |  | n/a |  | n/a |  | 89 |  |  | n/a
Investments in AFS debt securities | — |  |  | 26 |  |  | — |  |  | 26 |  |  | n/a |  | n/a |  | 26 |  |  | n/a
Total | $ | 591 |  |  | $ | 27 |  |  | $ | 4 |  |  | $ | 622 |  |  | $ | (447) |  |  | $ | (25) |  |  | $ | 150 |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commodity derivative contracts | $ | 472 |  |  | $ | — |  |  | $ | — |  |  | $ | 472 |  |  | $ | (447) |  |  | $ | (25) |  |  | $ | — |  |  | $ | (99) |
Physical purchase contracts | — |  |  | 12 |  |  | — |  |  | 12 |  |  | n/a |  | n/a |  | 12 |  |  | n/a
Blending program obligations | — |  |  | 113 |  |  | — |  |  | 113 |  |  | n/a |  | n/a |  | 113 |  |  | n/a
Total | $ | 472 |  |  | $ | 125 |  |  | $ | — |  |  | $ | 597 |  |  | $ | (447) |  |  | $ | (25) |  |  | $ | 125 |  |  |
| December 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 | $ | 402 |  |  | $ | — |  |  | $ | — |  |  | $ | 402 |  |  | $ | (402) |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Physical purchase contracts | — |  |  | 2 |  |  | — |  |  | 2 |  |  | n/a |  | n/a |  | 2 |  |  | n/a
Investments of certain benefit plans | 89 |  |  | — |  |  | 4 |  |  | 93 |  |  | n/a |  | n/a |  | 93 |  |  | n/a
Investments in AFS debt securities | 6 |  |  | 20 |  |  | — |  |  | 26 |  |  | n/a |  | n/a |  | 26 |  |  | n/a
Foreign currency contracts | 6 |  |  | — |  |  | — |  |  | 6 |  |  | n/a |  | n/a |  | 6 |  |  | n/a
Total | $ | 503 |  |  | $ | 22 |  |  | $ | 4 |  |  | $ | 529 |  |  | $ | (402) |  |  | $ | — |  |  | $ | 127 |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commodity derivative contracts | $ | 448 |  |  | $ | — |  |  | $ | — |  |  | $ | 448 |  |  | $ | (402) |  |  | $ | (46) |  |  | $ | — |  |  | $ | (71) |
Blending program obligations | — |  |  | 13 |  |  | — |  |  | 13 |  |  | n/a |  | n/a |  | 13 |  |  | n/a
Physical purchase contracts | — |  |  | 3 |  |  | — |  |  | 3 |  |  | n/a |  | n/a |  | 3 |  |  | n/a
Total | $ | 448 |  |  | $ | 16 |  |  | $ | — |  |  | $ | 464 |  |  | $ | (402) |  |  | $ | (46) |  |  | $ | 16 |  |  |
Schedule of Fair Value of Assets and Liabilities Measured on Nonrecurring Basis | The following table presents information (in millions) about our nonfinancial assets measured at fair value on a nonrecurring basis during the three months ended March 31, 2025 and categorized according to the fair value hierarchy of the inputs utilized by us to determine the fair values as of March 31, 2025.
| Fair Value Measurements Using |  |  |  |
| Quoted Prices in Active Markets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Fair Value |  | Loss Recognized
Assets |  |  |  |  |  |  |  |  |
Long-lived assets of the Benicia Refinery | $ | — |  |  | $ | — |  |  | $ | 722 |  |  | $ | 722 |  |  | $ | 901 |
Long-lived assets of the Wilmington Refinery | — |  |  | — |  |  | 847 |  |  | 847 |  |  | 230 |
Total | $ | — |  |  | $ | — |  |  | $ | 1,569 |  |  | $ | 1,569 |  |  | $ | 1,131 |
Schedule of Carrying Amount and Estimated Fair Value of Financial Instruments | The estimated fair values of cash and cash equivalents, restricted cash, 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, 2025 |  | December 31, 2024
| Fair Value Hierarchy |  | Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value
Financial liabilities: |  |  |  |  |  |  |  |  |
Debt (excluding finance lease obligations) | Level 2 |  | $ | 8,528 |  |  | $ | 8,325 |  |  | $ | 8,085 |  |  | $ | 7,776 |

X
- Definition Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -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 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -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 + Details
Name: | us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

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 825 -SubTopic 10 -Section 50 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-11 + Details
Name: | us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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/2009/role/commonPracticeRef -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 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -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 + Details
Name: | us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration