Derivatives (Tables)

12 Months Ended

Dec. 31, 2024

Summary of Derivative Instruments [Abstract]

Classification of Fair Values of Derivative Instruments, Excluding Cash Collateral

The following table presents the fair value of derivative instruments as of December 31, 2024 and 2023 and the line items in the consolidated balance sheets in which the fair values are reflected. The fair value amounts below are presented on a gross basis and do not reflect the netting of asset and liability positions permitted under the terms of our master netting arrangements including cash collateral on deposit with, or received from, brokers. We offset the recognized fair value amounts for multiple derivative instruments executed with the same counterparty in our financial statements when a legal right of offset exists. As a result, the asset and liability amounts below will not agree with the amounts presented in our consolidated balance sheets.

(Millions of dollars)	December 31, 2024				December 31, 2023
Balance Sheet Location	Asset		Liability		Asset		Liability
Commodity derivatives
Other current assets	$	139	$	144	$	244	$	249
Other current liabilities(a)	—		10		—		11
Deferred credits and other liabilities(a)	—		48		—		50

(a)    Includes embedded derivatives.

Schedule of Notional Amounts of Outstanding Derivative Positions

The table below summarizes open commodity derivative contracts for crude oil, refined products, blending products and soybean oil as of December 31, 2024. 

	Percentage of contracts that expire next quarter	Position
(Units in thousands of barrels)		Long	Short
Exchange-traded(a)
Crude oil	54.5%	47,351	43,785
Refined products	82.3%	18,086	21,973
Blending products	93.5%	6,061	6,121
Soybean oil	97.9%	2,295	2,888

(a)    Included in exchange-traded are spread contracts in thousands of barrels: Crude oil - 15,975 long and 15,455 short; Refined products - 545 long and 325 short and Blending products - 158 long. There are no spread contracts for soybean oil.

Effect of Commodity Derivative Instruments in Statements of Income

The following table summarizes the effect of all commodity derivative instruments in our consolidated statements of income:

(Millions of dollars)	Gain (Loss)
Income Statement Location	2024		2023		2022
Sales and other operating revenues	$	1	$	7	$	—
Cost of revenues	(94)		(15)		(58)
Other income	2		2		—
Total	$	(91)	$	(6)	$	(58)