Supplemental Cash Flow Information

3 Months Ended

Mar. 31, 2026

Supplemental Cash Flow Information [Abstract]

11. SUPPLEMENTAL CASH FLOW INFORMATION

In order to determine net cash provided by operating activities, net income (loss) is adjusted by, among other things, changes in current assets and current liabilities as follows (in millions):


	Three Months Ended March 31,
	2026		2025
Decrease (increase) in current assets:
Receivables, net	$	(3,707)	$	(457)
Inventories	(16)		693
Prepaid expenses and other	(71)		63
Increase (decrease) in current liabilities:
Accounts payable	3,310		(42)
Accrued expenses	(102)		(13)
Taxes other than income taxes payable	(139)		(84)
Income taxes payable	422		(3)
Changes in current assets and current liabilities	$	(303)	$	157

Changes in current assets and current liabilities for the three months ended March 31, 2026 were primarily due to the following:

•The increase in receivables was due to an increase in refined petroleum product prices combined with an increase in related sales volumes in March 2026 compared to December 2025; and

•The increase in accounts payable was due to an increase in crude oil and other feedstock prices combined with an increase in related volumes purchased in March 2026 compared to December 2025.

Changes in current assets and current liabilities for the three months ended March 31, 2025 were primarily due to the following:

•The increase in receivables was primarily due to an increase in refined petroleum product sales volumes combined with an increase in related prices in March 2025 compared to December 2024, partially offset by the collection of $246 million for a blender’s tax credit receivable; and

•The decrease in inventories was primarily due to lower inventory levels in March 2025 compared to December 2024.

Cash flows related to interest and income taxes were as follows (in millions):


	Three Months Ended March 31,
	2026		2025
Interest paid in excess of amount capitalized, including interest on finance leases	$	96	$	84
Income taxes paid, net	63		35

Supplemental cash flow information related to our operating and finance leases was as follows (in millions):


	Three Months Ended March 31,
	2026				2025
	Operating Leases		Finance Leases		Operating Leases		Finance Leases
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows	$	138	$	29	$	127	$	29

Financing cash flows	—		61		—		65
Changes in lease balances resulting from new and modified leases	118		—		100		10

There were no significant noncash investing and financing activities during the three months ended March 31, 2026 or 2025, except as noted in the table above.