Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2025

Fair Value Disclosures [Abstract]

Schedule of Fair Value of Assets and Liabilities Measured on Recurring Basis

The following tables present information (in millions) about our assets and liabilities recognized at their fair values in our balance sheets categorized according to the fair value hierarchy of the inputs utilized by us to determine the fair values as of June 30, 2025 and December 31, 2024.

We have elected to offset the fair value amounts recognized for multiple similar derivative contracts executed with the same counterparty, including any related cash collateral assets or obligations as shown below; however, fair value amounts by hierarchy level are presented in the following tables on a gross basis. We have no derivative contracts that are subject to master netting arrangements that are reflected gross in our balance sheets.

	June 30, 2025
							Total Gross Fair Value		Effect of Counter- party Netting		Effect of Cash Collateral Netting		Net Carrying Value on Balance Sheet		Cash Collateral Paid or Received Not Offset
	Fair Value Hierarchy
	Level 1		Level 2		Level 3
Assets
Commodity derivative contracts	$	867	$	—	$	—	$	867	$	(822)	$	(22)	$	23	$	—
Physical purchase contracts	—		1		—		1		n/a		n/a		1		n/a
Investments of certain benefit plans	84		—		4		88		n/a		n/a		88		n/a
Investments in AFS debt securities	4		23		—		27		n/a		n/a		27		n/a
Total	$	955	$	24	$	4	$	983	$	(822)	$	(22)	$	139
Liabilities
Commodity derivative contracts	$	881	$	—	$	—	$	881	$	(822)	$	(59)	$	—	$	(55)
Physical purchase contracts	—		8		—		8		n/a		n/a		8		n/a
Blending program obligations	—		140		—		140		n/a		n/a		140		n/a
Foreign currency contracts	4		—		—		4		n/a		n/a		4		n/a
Total	$	885	$	148	$	—	$	1,033	$	(822)	$	(59)	$	152

	December 31, 2024
							Total Gross Fair Value		Effect of Counter- party Netting		Effect of Cash Collateral Netting		Net Carrying Value on Balance Sheet		Cash Collateral Paid or Received Not Offset
	Fair Value Hierarchy
	Level 1		Level 2		Level 3
Assets
Commodity derivative contracts	$	402	$	—	$	—	$	402	$	(402)	$	—	$	—	$	—
Physical purchase contracts	—		2		—		2		n/a		n/a		2		n/a
Investments of certain benefit plans	89		—		4		93		n/a		n/a		93		n/a
Investments in AFS debt securities	6		20		—		26		n/a		n/a		26		n/a
Foreign currency contracts	6		—		—		6		n/a		n/a		6		n/a
Total	$	503	$	22	$	4	$	529	$	(402)	$	—	$	127
Liabilities
Commodity derivative contracts	$	448	$	—	$	—	$	448	$	(402)	$	(46)	$	—	$	(71)
Blending program obligations	—		13		—		13		n/a		n/a		13		n/a
Physical purchase contracts	—		3		—		3		n/a		n/a		3		n/a
Total	$	448	$	16	$	—	$	464	$	(402)	$	(46)	$	16

Schedule of Fair Value of Assets and Liabilities Measured on Nonrecurring Basis

As discussed in Note 2, we concluded that the carrying values of the Benicia and Wilmington refineries were impaired as of March 31, 2025. The fair values of the refineries were determined using a market approach based on a comparison of recent property sales and other relevant real estate and market data, which we determined reflects the highest and best use of these assets. These fair values involved significant assumptions and actual results could differ from these estimates.

The following table presents information (in millions) about our nonfinancial assets measured at fair value on a nonrecurring basis during the six months ended June 30, 2025.

	March 31, 2025
	Fair Value Measurements Using
	Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value		Carrying Value as of June 30, 2025 (a)		Loss Recognized (b)
Assets
Long-lived assets of the Benicia Refinery	$	—	$	—	$	722	$	722	$	584	$	901
Long-lived assets of the Wilmington Refinery	—		—		847		847		824		230
Total	$	—	$	—	$	1,569	$	1,569	$	1,408	$	1,131

________________________

(a)The carrying values of the Benicia and Wilmington refineries as of June 30, 2025 are lower than the fair values as of March 31, 2025 primarily due to depreciation and amortization expense recognized in the three months ended June 30, 2025.

(b)The asset impairment loss was recognized in our Refining segment in March 2025.

Schedule of Carrying Amount and Estimated Fair Value of Financial Instruments

The estimated fair values of cash and cash equivalents, restricted cash, receivables, payables, and operating and finance lease obligations approximate their carrying amounts; the carrying value and fair value of debt is shown in the table below (in millions).

		June 30, 2025				December 31, 2024
	Fair Value Hierarchy	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial liabilities:
Debt (excluding finance lease obligations)	Level 2	$	8,370	$	8,191	$	8,085	$	7,776