Derivative Instruments and Hedging Activities (Tables)

9 Months Ended

Sep. 30, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Pre-tax effect on Income Due to Maturities and Fair Value Adjustments of Economic Hedges

The following table presents the pre-tax effect on income due to maturities and fair value adjustments of our economic hedges:

Gain (Loss) Recognized in Earnings	Statements of Operations Classification	Three Months Ended September 30,				Nine Months Ended September 30,
		2025		2024		2025		2024
		(In millions)
Derivatives not designated as hedging instruments:
Commodity contracts	Cost of materials and other	$	(1)	$	15	$	10	$	(4)
	Operating expenses	—		(1)		—		(3)
	Interest expense	(8)		1		(23)		—
Foreign currency contracts	Other income (expense), net	9		(4)		(9)		9
	Total	$	—	$	11	$	(22)	$	2

Schedule of Notional Amounts of Outstanding Derivatives Serving as Economic Hedges

As of September 30, 2025, we have the following notional amounts related to outstanding derivative instruments:

		Notional Contract Volumes by Year of Maturity
	Total Outstanding Notional	2025	2026	Unit of Measure
Derivatives designated as cash flow hedging instruments:
WTI crude oil price swaps - long	400,000	400,000	—	Barrels
Sub-octane gasoline price swaps - short	400,000	400,000	—	Barrels
Derivatives not designated as cash flow hedging instruments:
NYMEX futures (WTI) - short	500,000	500,000	—	Barrels
Forward gasoline and diesel contracts - long	129,200	129,200	—	Barrels
Forward crude oil contracts - long	180,000	—	180,000	Barrels
Foreign currency forward contracts	522,000,000	140,705,100	381,294,900	Canadian dollar
Forward commodity contracts (platinum)	31,733	4,592	27,141	Troy ounces

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The following tables present the fair value and the locations of our outstanding derivative instruments in the consolidated balance sheets. These amounts are presented on a gross basis with offsetting balances that reconcile to a net asset or liability position in our consolidated balance sheets. We present on a net basis to reflect the net settlement of these positions in accordance with provisions of our master netting arrangements.

	Derivatives in Net Asset Position						Derivatives in Net Liability Position
	Gross Assets		Gross Liabilities Offset in Balance Sheet		Net Assets Recognized in Balance Sheet		Gross Liabilities		Gross Assets Offset in Balance Sheet		Net Liabilities Recognized in Balance Sheet
			(In millions)
September 30, 2025
Derivatives designated as cash flow hedging instruments:
WTI crude oil price swaps - long	$	—	$	—	$	—	$	1	$	—	$	1
Sub-octane gasoline price swaps - short	2		—		2		—		—		—
	$	2	$	—	$	2	$	1	$	—	$	1
Derivatives not designated as cash flow hedging instruments:
Commodity forward contracts - long	$	1	$	—	$	1	$	1	$	—	$	1
Foreign currency forward contracts	3		—		3		4		—		4
	$	4	$	—	$	4	$	5	$	—	$	5
Total net balance					$	6					$	6
Balance sheet classification:	Prepayments and other				$	6	Accrued liabilities				$	6

	Derivatives in Net Asset Position						Derivatives in Net Liability Position
	Gross Assets		Gross Liabilities Offset in Balance Sheet		Net Assets Recognized in Balance Sheet		Gross Liabilities		Gross Assets Offset in Balance Sheet		Net Liabilities Recognized in Balance Sheet
			(In millions)
December 31, 2024
Derivatives not designated as cash flow hedging instruments:
NYMEX futures contracts	$	—	$	—	$	—	$	1	$	—	$	1
Commodity forward contracts - long	1		—		1		1		—		1
Foreign currency forward contracts	18		—		18		—		—		—
	$	19	$	—	$	19	$	2	$	—	$	2
Total net balance					$	19					$	2
Balance sheet classification:	Prepayments and other				$	19	Accrued liabilities				$	2