v3.25.4
Investments, Loans and Long-Term Receivables (Tables)
 12 Months Ended
Dec. 31, 2025
Investments, All Other Investments [Abstract]  
Schedule of Long Term Investments and Receivables
Components of investments and long-term receivables at December 31 were:
 
 Millions of Dollars
 20252024
Equity investments$11,425 14,013 
Other investments177 191 
Loans and long-term receivables303 174 
$11,905 14,378 
Schedule of Financial Information for Equity Method Investments
The following table represents our significant investments in unconsolidated affiliates at December 31:

 
At December 31, 2025
Millions of Dollars
 VIEOwnership Percentage20252024
Chevron Phillips Chemical Company LLC50.00 %$7,899 7,819 
WRB Refining LP*
100.00 — 2,323 
Gulf Coast Express Pipeline LLC**
— — 776 
Dakota Access, LLC25.00 748 777 
JET Management Holding GmbH & Co. KG***
35.00 743 — 
Front Range Pipeline LLC33.33 436 459 
CF United LLC †47.09 298 284 
OnCue Holdings, LLC ††X50.00 211 185 
* On October 1, 2025, we acquired the remaining 50% equity interest in WRB from Cenovus and began consolidating the financial results of WRB Refining LP. See Note 5—Business Combinations for additional information.
** Sold as of January 30, 2025. See further discussion in “Dispositions” section below.
*** On December 1, 2025, we divested 65% of our interest in Germany and Austria retail marketing business. We retained a 35% non-operating equity interest in a new entity, JET Management Holding GmbH & Co. KG (JET Management Holding). See further discussion in “Dispositions” section below.
 † On January 1, 2024, CF United LLC (CF United) ceased to be a VIE following the completion of the acquisition of another joint venture in which we had an ownership interest. In connection with this acquisition, the governing agreement for CF United was amended and restated. The amended and restated agreement included removal of a put option that required us to purchase our co-venturer’s interest based on a fixed multiple that was considered a variable interest.
†† We fully guarantee various debt agreements of OnCue Holdings, LLC (OnCue), and our co-venturer does not participate in the guarantees. This entity is considered a VIE because our debt guarantees resulted in OnCue not being exposed to all potential losses. We have determined we are not the primary beneficiary because we do not have the power to direct the activities that most significantly impact economic performance. At December 31, 2025, our maximum exposure to loss was $265 million, which represented the book value of our investment in OnCue of $211 million and guaranteed debt obligations of $54 million.
The following table presents significant basis differences between the carrying value of our investments in unconsolidated affiliates and our share of their underlying equity at December 31:

 Millions of Dollars
 20252024
Excess (deficit) of Carrying Value over (under) Underlying Equity in Unconsolidated Affiliates
WRB Refining LP*
$— (1,526)
Gulf Coast Express Pipeline LLC**
— 393 
Front Range Pipeline LLC264 280 
* On October 1, 2025, we acquired the remaining 50% equity interest in WRB from Cenovus and began consolidating the financial results of WRB Refining LP. See Note 5—Business Combinations for additional information.
** Sold as of January 30, 2025. See further discussion in “Investment Dispositions” section below.
Summarized 100% financial information for all affiliated companies accounted for under the equity method, on a combined basis, as of and for the years ended December 31 was:
 Millions of Dollars
 202520242023
Revenues$32,377 42,069 42,078 
Income before income taxes2,416 4,846 5,350 
Net income2,305 4,674 5,160 
Current assets5,221 6,820 6,759 
Noncurrent assets33,646 46,480 46,241 
Current liabilities3,898 6,494 5,750 
Noncurrent liabilities8,108 9,304 10,980 
Noncontrolling interests— 2 2 
Schedule of Disposal Groups, Including Discontinued Operations The gain comprised of the following components:
Millions of Dollars
Cash proceeds received$1,664 
Fair value of 35% retained interest in JET Management Holding
744
Reclassification from accumulated other comprehensive income49
Less: Carrying value of assets net of liabilities sold (including cash)*(320)
Less: Goodwill allocated(141)
Less: Foreign currency forward contract loss(53)
Less: Liabilities incurred in conjunction with the sale(40)
Gain on sale of Germany and Austria Marketing$1,903 
* Includes trade name intangible assets associated with Germany and Austria Marketing.