v3.25.4
Derivatives and Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Offsetting Assets
The following table indicates the consolidated balance sheet line items that include the fair values of commodity derivative assets and liabilities. The balances in the following table are presented on a gross basis, before the effects of counterparty and collateral netting. However, we have elected to present our commodity derivative assets and liabilities with the same counterparty on a net basis on our consolidated balance sheet when the legal right of offset exists.

 Millions of Dollars
 December 31, 2025December 31, 2024
Commodity DerivativesEffect of Collateral NettingNet Carrying Value Presented on the Balance SheetCommodity DerivativesEffect of Collateral NettingNet Carrying Value Presented on the Balance Sheet
 AssetsLiabilitiesAssetsLiabilities
Assets
Prepaid expenses and other current assets$2,714 (2,583)— 131 1,021 (922)— 99 
Other assets23 (20)— 3 — — — — 
Liabilities
Other accruals67 (108)20 (21)1,136 (1,226)46 (44)
Other liabilities and deferred credits— — — — 60 (71)16 5 
Total$2,804 (2,711)20 113 2,217 (2,219)62 60 
Schedule of Offsetting Liabilities
The following table indicates the consolidated balance sheet line items that include the fair values of commodity derivative assets and liabilities. The balances in the following table are presented on a gross basis, before the effects of counterparty and collateral netting. However, we have elected to present our commodity derivative assets and liabilities with the same counterparty on a net basis on our consolidated balance sheet when the legal right of offset exists.

 Millions of Dollars
 December 31, 2025December 31, 2024
Commodity DerivativesEffect of Collateral NettingNet Carrying Value Presented on the Balance SheetCommodity DerivativesEffect of Collateral NettingNet Carrying Value Presented on the Balance Sheet
 AssetsLiabilitiesAssetsLiabilities
Assets
Prepaid expenses and other current assets$2,714 (2,583)— 131 1,021 (922)— 99 
Other assets23 (20)— 3 — — — — 
Liabilities
Other accruals67 (108)20 (21)1,136 (1,226)46 (44)
Other liabilities and deferred credits— — — — 60 (71)16 5 
Total$2,804 (2,711)20 113 2,217 (2,219)62 60 
Schedule of Gains/(Losses) From Commodity Derivatives
The realized and unrealized gains (losses) incurred from commodity derivatives, and the line items where they appear on our consolidated statement of income, were:
 
Millions of Dollars
 202520242023
Sales and other operating revenues$187 35 137 
Other income87 48 99 
Purchased crude oil and products(7)(5)(269)
Net gain (loss) from commodity derivative activity$267 78 (33)
Schedule of Outstanding Commodity Derivative Contracts
The following table summarizes our material net exposures resulting from outstanding commodity derivative contracts. These financial and physical derivative contracts are primarily used to manage price exposure on our underlying operations. The underlying exposures may be from nonderivative positions such as inventory volumes. Financial derivative contracts may also offset physical derivative contracts, such as forward purchase and sales contracts. The percentage of our derivative contract volumes expiring within the next 12 months was more than 90% at December 31, 2025 and 2024.
 
Open Position
Long / (Short)
 20252024
Commodity
Crude oil, refined petroleum products, NGL and renewable feedstocks (millions of barrels)
(33)(22)
Natural gas (billions of cubic feet)
(17)(14)