Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

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 March 31, 2026 and December 31, 2025.

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.


	March 31, 2026
							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	$	5,199	$	—	$	—	$	5,199	$	(5,100)	$	—	$	99	$	—
Physical purchase contracts	—		2		—		2		n/a		n/a		2		n/a

Clean fuel production credits	—		—		140		140		n/a		n/a		140		n/a
Investments of certain benefit plans	90		—		4		94		n/a		n/a		94		n/a
Investments in AFS debt securities	—		28		—		28		n/a		n/a		28		n/a
Foreign currency contracts	10		—		—		10		n/a		n/a		10		n/a
Total	$	5,299	$	30	$	144	$	5,473	$	(5,100)	$	—	$	373

Liabilities
Commodity derivative contracts	$	5,444	$	—	$	—	$	5,444	$	(5,100)	$	(344)	$	—	$	(166)
Physical purchase contracts	—		7		—		7		n/a		n/a		7		n/a
Blending program obligations	—		149		—		149		n/a		n/a		149		n/a



Total	$	5,444	$	156	$	—	$	5,600	$	(5,100)	$	(344)	$	156


	December 31, 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	$	490	$	—	$	—	$	490	$	(448)	$	(7)	$	35	$	—
Physical purchase contracts	—		1		—		1		n/a		n/a		1		n/a
Clean fuel production credits	—		—		55		55		n/a		n/a		55		n/a
Investments of certain benefit plans	92		—		4		96		n/a		n/a		96		n/a
Investments in AFS debt securities	1		26		—		27		n/a		n/a		27		n/a

Total	$	583	$	27	$	59	$	669	$	(448)	$	(7)	$	214

Liabilities
Commodity derivative contracts	$	453	$	—	$	—	$	453	$	(448)	$	(5)	$	—	$	(39)
Physical purchase contracts	—		4		—		4		n/a		n/a		4		n/a
Blending program obligations	—		85		—		85		n/a		n/a		85		n/a
Foreign currency contracts	2		—		—		2		n/a		n/a		2		n/a
Total	$	455	$	89	$	—	$	544	$	(448)	$	(5)	$	91

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 are shown in the table below (in millions).


		March 31, 2026				December 31, 2025
	Fair Value Hierarchy	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial liabilities:
Debt (excluding finance lease obligations)	Level 2	$	9,191	$	9,051	$	8,261	$	8,190