v3.26.1
Price Risk Management Activities (Tables)
 6 Months Ended
Jun. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Risk Management Activities by Type of Risk
As of June 30, 2026, we had the following outstanding commodity derivative instruments that were used as cash flow hedges and economic hedges, as well as commodity derivative instruments related to the physical purchase of corn at a fixed price. The information presents the notional volume of outstanding contracts by type of instrument and year of maturity (volumes in thousands of barrels, except corn contracts that are presented in thousands of bushels).
Notional Contract
Volumes by
Year of Maturity
20262027
Derivatives designated as cash flow hedges:
Refined petroleum products:
Futures – short3,678 — 
Derivatives designated as economic hedges:
Crude oil and refined petroleum products:
Futures – long138,774 208 
Futures – short138,511 400 
Corn:
Futures – long122,530 765 
Futures – short173,320 13,220 
Physical contracts – long50,298 12,454 
Schedule of Fair Values of Derivative Instruments
The following table provides information about the fair values of our derivative instruments as of June 30, 2026 and December 31, 2025 (in millions) and the line items in our balance sheets in which the fair values are reflected. See Note 12 for additional information related to the fair values of our derivative instruments.

As indicated in Note 12, we net fair value amounts recognized for multiple similar derivative contracts executed with the same counterparty under master netting arrangements, including cash collateral assets and obligations. The following table, however, is presented on a gross asset and gross liability basis, which results in the reflection of certain assets in liability accounts and certain liabilities in asset accounts:
Balance Sheet
Location		June 30, 2026December 31, 2025
Asset
Derivatives		Liability
Derivatives		Asset
Derivatives		Liability
Derivatives
Derivatives designated
as hedging instruments:
Commodity contractsReceivables, net$48 $22 $31 $7 
Derivatives not designated
as hedging instruments:
Commodity contractsReceivables, net$2,134 $2,279 $459 $446 
Physical purchase contractsInventories2 22 1 4 
Foreign currency contractsReceivables, net5 — — — 
Foreign currency contractsAccrued expenses— — — 2 
Total
$2,141 $2,301 $460 $452 
Schedule of Effect of Derivative Instruments on Income and Other Comprehensive Income (Loss)
The following table provides information about the gain (loss) recognized in income and other comprehensive income (loss) due to fair value adjustments of our cash flow hedges (in millions):
Derivatives in
Cash Flow Hedging
Relationships
Location of Gain (Loss)
Recognized in Income
on Derivatives
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Commodity contracts:
Gain (loss) recognized in
other comprehensive
income (loss)
n/a$37 $4 $(153)$— 
Gain (loss) reclassified
from accumulated
other comprehensive
loss into income
Revenues(105)7 (166)— 
The following table provides information about the gain (loss) recognized in income on our derivative instruments with respect to our economic hedges and our foreign currency hedges and the line items in our statements of income in which such gains (losses) are reflected (in millions):
Derivatives Not
Designated as
Hedging Instruments
Location of Gain (Loss)
Recognized in Income
on Derivatives
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Commodity contractsRevenues$39 $(4)$(129)$(4)
Commodity contractsCost of materials and other(175)(32)(1)(50)
Foreign currency contractsCost of materials and other11 (16)28 (20)