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Fair Value Measurements (Tables) | 6 Months Ended
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Jun. 30, 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 June 30, 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.
| June 30, 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 | $ | 867 |  |  | $ | — |  |  | $ | — |  |  | $ | 867 |  |  | $ | (822) |  |  | $ | (22) |  |  | $ | 23 |  |  | $ | — |
Physical purchase contracts | — |  |  | 1 |  |  | — |  |  | 1 |  |  | n/a |  | n/a |  | 1 |  |  | n/a
Investments of certain benefit plans | 84 |  |  | — |  |  | 4 |  |  | 88 |  |  | n/a |  | n/a |  | 88 |  |  | n/a
Investments in AFS debt securities | 4 |  |  | 23 |  |  | — |  |  | 27 |  |  | n/a |  | n/a |  | 27 |  |  | n/a
Total | $ | 955 |  |  | $ | 24 |  |  | $ | 4 |  |  | $ | 983 |  |  | $ | (822) |  |  | $ | (22) |  |  | $ | 139 |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commodity derivative contracts | $ | 881 |  |  | $ | — |  |  | $ | — |  |  | $ | 881 |  |  | $ | (822) |  |  | $ | (59) |  |  | $ | — |  |  | $ | (55) |
Physical purchase contracts | — |  |  | 8 |  |  | — |  |  | 8 |  |  | n/a |  | n/a |  | 8 |  |  | n/a
Blending program obligations | — |  |  | 140 |  |  | — |  |  | 140 |  |  | n/a |  | n/a |  | 140 |  |  | n/a
Foreign currency contracts | 4 |  |  | — |  |  | — |  |  | 4 |  |  | n/a |  | n/a |  | 4 |  |  | n/a
Total | $ | 885 |  |  | $ | 148 |  |  | $ | — |  |  | $ | 1,033 |  |  | $ | (822) |  |  | $ | (59) |  |  | $ | 152 |  |  |
| 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 | As discussed in Note 2, we concluded that the carrying values of the Benicia and Wilmington refineries were impaired as of March 31, 2025. The fair values of the refineries were determined using a market approach based on a comparison of recent property sales and other relevant real estate and market data, which we determined reflects the highest and best use of these assets. These fair values involved significant assumptions and actual results could differ from these estimates. The following table presents information (in millions) about our nonfinancial assets measured at fair value on a nonrecurring basis during the six months ended June 30, 2025.
| 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 |  | Carrying Value as of June 30, 2025 (a) |  | Loss Recognized (b)
Assets |  |  |  |  |  |  |  |  |  |  |
Long-lived assets of the Benicia Refinery | $ | — |  |  | $ | — |  |  | $ | 722 |  |  | $ | 722 |  |  | $ | 584 |  |  | $ | 901 |
Long-lived assets of the Wilmington Refinery | — |  |  | — |  |  | 847 |  |  | 847 |  |  | 824 |  |  | 230 |
Total | $ | — |  |  | $ | — |  |  | $ | 1,569 |  |  | $ | 1,569 |  |  | $ | 1,408 |  |  | $ | 1,131 |
________________________ (a)The carrying values of the Benicia and Wilmington refineries as of June 30, 2025 are lower than the fair values as of March 31, 2025 primarily due to depreciation and amortization expense recognized in the three months ended June 30, 2025. (b)The asset impairment loss was recognized in our Refining segment in March 2025.
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).
|  |  | June 30, 2025 |  | December 31, 2024
| Fair Value Hierarchy |  | Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value
Financial liabilities: |  |  |  |  |  |  |  |  |
Debt (excluding finance lease obligations) | Level 2 |  | $ | 8,370 |  |  | $ | 8,191 |  |  | $ | 8,085 |  |  | $ | 7,776 |

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- 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
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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/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
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