Supplemental Cash Flow Information

6 Months Ended

Jun. 30, 2026

Supplemental Cash Flow Information [Abstract]

11. SUPPLEMENTAL CASH FLOW INFORMATION

In order to determine net cash provided by operating activities, net income is adjusted by, among other things, changes in current assets and current liabilities as follows (in millions):


	Six Months Ended June 30,
	2026		2025
Decrease (increase) in current assets:
Receivables, net	$	(4,037)	$	(112)
Inventories	(70)		418
Prepaid expenses and other	(185)		98
Increase (decrease) in current liabilities:
Accounts payable	4,347		(613)
Accrued expenses	(77)		112
Taxes other than income taxes payable	4		45
Income taxes payable	421		(116)
Changes in current assets and current liabilities	$	403	$	(168)

Changes in current assets and current liabilities for the six months ended June 30, 2026 were primarily due to the following:

•The increase in receivables was primarily due to an increase in refined petroleum product prices in June 2026 compared to December 2025; and

•The increase in accounts payable was primarily due to an increase in crude oil and other feedstock prices in June 2026 compared to December 2025.

Changes in current assets and current liabilities for the six months ended June 30, 2025 were primarily due to the following:

•The increase in receivables was primarily due to an increase in refined petroleum product sales volumes, partially offset by a decrease in related prices in June 2025 compared to December 2024 and the collection of $246 million for a blender’s tax credit receivable;

•The decrease in inventories was primarily due to lower inventory levels in June 2025 compared to December 2024; and

•The decrease in accounts payable was primarily due to a decrease in crude oil and other feedstock prices in June 2025 compared to December 2024.

Cash flows related to interest and income taxes were as follows (in millions):


	Six Months Ended June 30,
	2026		2025
Interest paid in excess of amount capitalized, including interest on finance leases	$	264	$	263
Income taxes paid, net	830		283

Supplemental cash flow information related to our operating and finance leases was as follows (in millions):


	Six Months Ended June 30,
	2026				2025
	Operating Leases		Finance Leases		Operating Leases		Finance Leases
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows	$	277	$	58	$	261	$	57

Financing cash flows	—		123		—		129
Changes in lease balances resulting from new and modified leases	270		12		266		18

There were no significant noncash investing and financing activities during the six months ended June 30, 2026, except as noted in the table above. Noncash investing activities for the six months ended June 30, 2025 included the recognition of expected asset retirement obligations of $337 million, as described in Note 2. There were no other significant noncash investing and financing activities during the six months ended June 30, 2025, except as noted in the table above.