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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2025

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 March 31, 2025 and December 31, 2024 (in millions).


	Fair Value Measurements at March 31, 2025
	Level 1		Level 2		Level 3		Total
Assets:
Inventories carried at market	$	—	$	3,918	$	3,103	$	7,021
Unrealized derivative gains:
Commodity contracts	—		274		508		782
Foreign currency contracts	—		145		—		145
Interest rate contracts	—		15		—		15

Cash equivalents	413		—		—		413
Marketable securities	33		—		—		33
Segregated investments	1,899		—		—		1,899
Total Assets	$	2,345	$	4,352	$	3,611	$	10,308

Liabilities:
Unrealized derivative losses:
Commodity contracts	$	—	$	381	$	352	$	733
Foreign currency contracts	—		114		—		114


Inventory-related payables	—		1,400		52		1,452
Total Liabilities	$	—	$	1,895	$	404	$	2,299


	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 currency 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 currency contracts	—		212		—		212


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

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

The following table presents a roll forward of assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended March 31, 2025 (in millions).


	Level 3 Fair Value Asset Measurements at
	March 31, 2025
	Inventories Carried at Market		Commodity Derivative Contracts Gains		Total
Opening balance, January 1, 2025	$	3,031	$	427	$	3,458
Total increase in net realized/unrealized gains included in cost of products sold*	152		213		365
Purchases	4,086		—		4,086
Sales	(4,578)		—		(4,578)
Settlements	—		(228)		(228)
Transfers into Level 3	571		113		684
Transfers out of Level 3	(159)		(17)		(176)
Closing Balance, March 31, 2025	$	3,103	$	508	$	3,611

* Includes increase in unrealized gains of $311 million relating to Level 3 assets still held at March 31, 2025.


	Level 3 Fair Value Asset Measurements at
	March 31, 2024
	Inventories Carried at Market		Commodity Derivative Contracts Gains		Total
Opening balance, January 1, 2024	$	2,713	$	731	$	3,444
Total (decrease) increase in net realized/unrealized gains included in cost of products sold*	(97)		375		278
Purchases	3,789		—		3,789
Sales	(3,883)		—		(3,883)
Settlements	—		(352)		(352)
Transfers into Level 3	516		28		544
Transfers out of Level 3	(90)		(18)		(108)
Closing balance, March 31, 2024	$	2,948	$	764	$	3,712

* Includes increase in unrealized gains of $564 million relating to Level 3 assets still held at March 31, 2024.

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

The following table presents a roll forward of liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended March 31, 2025 (in millions).


	Level 3 Fair Value Liability Measurements at
	March 31, 2025
	Inventory- related Payables		Commodity Derivative Contracts Losses		Total
Opening balance, January 1, 2025	$	88	$	405	$	493
Total (decrease) increase in net realized/unrealized losses included in cost of products sold*	(3)		194		191
Purchases	3		—		3
Sales	(36)		—		(36)
Settlements	—		(277)		(277)
Transfers into Level 3	—		35		35
Transfers out of Level 3	—		(5)		(5)
Closing Balance, March 31, 2025	$	52	$	352	$	404

* Includes increase in unrealized losses of $193 million relating to Level 3 liabilities still held at March 31, 2025.


	Level 3 Fair Value Liability Measurements at
	March 31, 2024
	Inventory- related Payables		Commodity Derivative Contracts Losses		Total
Opening balance, January 1, 2024	$	101	$	457	$	558
Total (decrease) increase in net realized/unrealized losses included in cost of products sold and interest expense*	(3)		329		326
Purchases	1		—		1
Sales	(38)		—		(38)
Settlements	—		(290)		(290)
Transfers into Level 3	1		13		14
Transfers out of Level 3	—		(74)		(74)
Closing balance, March 31, 2024	$	62	$	435	$	497

* Includes increase in unrealized losses of $338 million relating to Level 3 liabilities still held at March 31, 2024.

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 March 31, 2025 and December 31, 2024. The Company’s Level 3 measurements may include basis only, transportation cost only, or both price components.


	Weighted Average % of Total Price
	March 31, 2025				December 31, 2024
Component Type	Assets		Liabilities		Assets		Liabilities
Inventories and Inventory-Related Payables
Basis	25.7	%	27.0	%	24.9	%	31.3	%
Transportation cost	15.4	%	—	%	10.8	%	—	%

Commodity Derivative Contracts
Basis	26.7	%	21.5	%	21.8	%	23.4	%
Transportation cost	21.8	%	23.8	%	10.8	%	10.8	%

- 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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