Price Risk Management Activities (Tables)

12 Months Ended

Dec. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Risk Management Activities by Type of Risk

As of December 31, 2024, 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
	2025
Derivatives designated as cash flow hedges:
Refined petroleum products:
Futures – long	180
Futures – short	1,780
Derivatives designated as economic hedges:
Crude oil and refined petroleum products:
Futures – long	98,086
Futures – short	102,120
Corn:
Futures – long	46,405
Futures – short	85,365
Physical contracts – long	37,826

Fair Values of Derivative Instruments

The following table provides information about the fair values of our derivative instruments as of December 31, 2024 and 2023 (in millions) and the line items in our balance sheets in which the fair values are reflected. See Note 19 for additional information related to the fair values of our derivative instruments.

As indicated in Note 19, 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	December 31, 2024				December 31, 2023
		Asset Derivatives		Liability Derivatives		Asset Derivatives		Liability Derivatives
Derivatives designated as hedging instruments:
Commodity contracts	Receivables, net	$	12	$	13	$	141	$	34
Derivatives not designated as hedging instruments:
Commodity contracts	Receivables, net	$	390	$	435	$	662	$	609
Physical purchase contracts	Inventories	2		3		—		6
Foreign currency contracts	Receivables, net	6		—		—		—
Foreign currency contracts	Accrued expenses	—		—		—		7
Total		$	398	$	438	$	662	$	622

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	Year Ended December 31,
		2024		2023		2022
Commodity contracts:
Gain (loss) recognized in other comprehensive income (loss)	n/a	$	30	$	82	$	(292)
Gain (loss) reclassified from accumulated other comprehensive loss into income	Revenues	117		(8)		(286)

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	Year Ended December 31,
		2024		2023		2022
Commodity contracts	Revenues	$	(18)	$	(27)	$	(17)
Commodity contracts	Cost of materials and other	(86)		208		(988)
Commodity contracts	Operating expenses (excluding depreciation and amortization expense)	—		1		(1)
Foreign currency contracts	Cost of materials and other	36		(34)		73
Foreign currency contracts	Other income, net	—		—		(119)