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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of Assets and Liabilities Accounted for at Fair Value on a Recurring Basis

The following tables set forth, by level, the Company’s assets and liabilities that were accounted for at fair value on a recurring basis as of December 31, 2024 and 2023 (in millions).


	Fair Value Measurements at December 31, 2024
	Level 1		Level 2		Level 3		Total
Assets:
Inventories carried at market	$	—	$	3,930	$	3,031	$	6,961
Unrealized derivative gains:
Commodity contracts	—		404		427		831
Foreign exchange contracts	—		272		—		272
Interest rate contracts	—		5		—		5
Cash equivalents	70		—		—		70
Marketable securities	246		—		—		246
Segregated investments	1,681		—		—		1,681

Total Assets	$	1,997	$	4,611	$	3,458	$	10,066
Liabilities:
Unrealized derivative losses:
Commodity contracts	$	—	$	355	$	405	$	760
Foreign exchange contracts	—		212		—		212


Inventory-related payables	—		654		88		742
Total Liabilities	$	—	$	1,221	$	493	$	1,714


	Fair Value Measurements at December 31, 2023
	Level 1		Level 2		Level 3		Total
Assets:
Inventories carried at market	$	—	$	4,274	$	2,713	$	6,987
Unrealized derivative gains:
Commodity contracts	—		628		731		1,359
Foreign currency contracts	—		187		—		187

Cash equivalents	209		—		—		209

Segregated investments	1,362		—		—		1,362

Total Assets	$	1,571	$	5,089	$	3,444	$	10,104
Liabilities:
Unrealized derivative losses:
Commodity contracts	$	—	$	500	$	457	$	957
Foreign currency contracts	—		144		—		144


Inventory-related payables	—		1,219		101		1,320
Total Liabilities	$	—	$	1,863	$	558	$	2,421

Schedule of Roll Forward of Assets Measured at Fair Value on a Recurring Basis Using Unobservable Inputs

The following tables present a rollforward of the activity of all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the years ended December 31, 2024 and 2023 (in millions).


	Level 3 Fair Value Assets Measurements at December 31, 2024
	Inventories Carried at Market		Commodity Derivative Contracts Gains		Total
Opening balance, January 1, 2024	$	2,713	$	731	$	3,444
Total increase (decrease) in net realized/unrealized gains included in cost of products sold	646		1,010		1,656
Purchases	16,296		—		16,296
Sales	(16,609)		—		(16,609)
Settlements	—		(1,369)		(1,369)
Transfers into Level 3	1,416		241		1,657
Transfers out of Level 3	(1,431)		(186)		(1,617)
Closing balance, December 31, 2024 (1)	$	3,031	$	427	$	3,458

(1) Includes increase in unrealized gains of $1.7 billion relating to Level 3 assets still held at December 31, 2024.


	Level 3 Fair Value Assets Measurements at December 31, 2023
	Inventories Carried at Market		Commodity Derivative Contracts Gains		Total
Opening balance, January 1, 2023	$	2,760	$	541	$	3,301
Total increase (decrease) in net realized/unrealized gains included in cost of products sold	432		1,460		1,892
Purchases	29,929		—		29,929
Sales	(30,038)		—		(30,038)
Settlements	(4)		(1,559)		(1,563)
Transfers into Level 3	1,584		371		1,955
Transfers out of Level 3	(1,950)		(82)		(2,032)
Closing balance, December 31, 2023 (1)	$	2,713	$	731	$	3,444

(1) Includes increase in unrealized gains of $2.1 billion relating to Level 3 assets still held at December 31, 2023.

Schedule of Roll Forward of Liabilities Measured at Fair Value on a Recurring Basis Using Unobservable Inputs


	Level 3 Fair Value Liabilities Measurements at December 31, 2024
	Inventory- related Payables		Commodity Derivative Contracts Losses		Total
Opening balance, January 1, 2024	$	101	$	457	$	558
Total increase (decrease) in net realized/unrealized losses included in cost of products sold and interest expense	(12)		1,124		1,112
Purchases	79		—		79
Sales	(81)		—		(81)
Settlements	—		(1,142)		(1,142)
Transfers into Level 3	1		68		69
Transfers out of Level 3	—		(102)		(102)
Closing balance, December 31, 2024 (1)	$	88	$	405	$	493

(1) Includes increase in unrealized losses of $1.1 billion relating to Level 3 liabilities still held at December 31, 2024.


	Level 3 Fair Value Liabilities Measurements at December 31, 2023
	Inventory- related Payables		Commodity Derivative Contracts Losses		Debt Conversion Option		Total
Opening balance, January 1, 2023	$	89	$	603	$	6	$	698
Total increase (decrease) in net realized/unrealized losses included in cost of products sold and interest expense	5		1,303		(6)		1,302
Purchases	49		—		—		49

Settlements	(35)		(1,583)		—		(1,618)
Transfers into Level 3	1		157		—		158
Transfers out of Level 3	(8)		(23)		—		(31)
Closing balance, December 31, 2023 (1)	$	101	$	457	$	—	$	558

(1) Includes increase in unrealized losses of $1.3 billion relating to Level 3 liabilities still held at December 31, 2023.

Schedule of Unobservable Price Components Present in the Level 3 Valuations of Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table sets forth the weighted average percentage of the unobservable price components included in the Company’s Level 3 valuations as of December 31, 2024 and 2023. The Company’s Level 3 measurements may include basis only, transportation cost only, or both price components. As an example, for Level 3 inventories with basis, the unobservable component as of December 31, 2024 was a weighted average 24.9% of the total price for assets and 31.3% of the total price for liabilities.


	Weighted Average % of Total Price
	December 31, 2024		December 31, 2023
Component Type	Assets	Liabilities	Assets	Liabilities
Inventories and Related Payables
Basis	24.9%	31.3%	25.0%	33.2%
Transportation cost	10.8%	—%	11.5%	—%
Commodity Derivative Contracts
Basis	21.8%	23.4%	24.2%	24.9%
Transportation cost	10.8%	10.8%	9.3%	3.2%

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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