Price Risk Management Activities (Tables)

3 Months Ended

Mar. 31, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Risk Management Activities by Type of Risk

As of March 31, 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
	2026
Derivatives designated as cash flow hedges:
Refined petroleum products:
Futures – short	2,071
Derivatives designated as economic hedges:
Crude oil and refined petroleum products:
Futures – long	180,088
Futures – short	186,476
Options – long	100
Corn:
Futures – long	55,960
Futures – short	112,600
Physical contracts – long	55,130

Schedule of Fair Values of Derivative Instruments

The following table provides information about the fair values of our derivative instruments as of March 31, 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	March 31, 2026				December 31, 2025
		Asset Derivatives		Liability Derivatives		Asset Derivatives		Liability Derivatives
Derivatives designated as hedging instruments:
Commodity contracts	Receivables, net	$	193	$	363	$	31	$	7
Derivatives not designated as hedging instruments:
Commodity contracts	Receivables, net	$	5,006	$	5,081	$	459	$	446
Physical purchase contracts	Inventories	2		7		1		4
Foreign currency contracts	Receivables, net	10		—		—		—
Foreign currency contracts	Accrued expenses	—		—		—		2
Total		$	5,018	$	5,088	$	460	$	452

Schedule of Effect of Derivative Instruments on Income and Other Comprehensive Income (Loss)

The following table provides information about the 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 Loss Recognized in Income on Derivatives	Three Months Ended March 31,
		2026		2025
Commodity contracts:
Loss recognized in other comprehensive income (loss)	n/a	$	(190)	$	(4)
Loss reclassified from accumulated other comprehensive loss into income	Revenues	(61)		(7)

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 March 31,
		2026		2025
Commodity contracts	Revenues	$	(168)	$	—
Commodity contracts	Cost of materials and other	174		(18)
Foreign currency contracts	Cost of materials and other	17		(4)