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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2025 and December 31, 2024 (in millions).


	Fair Value Measurements at June 30, 2025
	Level 1		Level 2		Level 3		Total
Assets:
Inventories carried at market	$	—	$	2,652	$	2,707	$	5,359
Unrealized derivative gains:
Commodity contracts	—		414		596		1,010
Foreign currency contracts	—		181		—		181
Interest rate contracts	—		19		—		19

Cash equivalents	447		—		—		447
Marketable securities	9		—		—		9
Segregated investments and restricted cash equivalents	1,902		—		—		1,902
Total Assets	$	2,358	$	3,266	$	3,303	$	8,927

Liabilities:
Unrealized derivative losses:
Commodity contracts	$	—	$	323	$	385	$	708
Foreign currency contracts	—		412		—		412


Inventory-related payables	—		933		41		974
Total Liabilities	$	—	$	1,668	$	426	$	2,094


	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 and restricted cash equivalents	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 and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended June 30, 2025 (in millions).


	Assets						Liabilities
	June 30, 2025						June 30, 2025
	Inventories Carried at Market		Commodity Derivative Contracts Gains		Total Assets		Inventory-related Payables		Commodity Derivative Contracts Losses		Total Liabilities
Opening balance, April 1, 2025	$	3,103	$	508	$	3,611	$	52	$	352	$	404
Increase (decrease) in unrealized gains included in Cost of products sold	(1,030)		353		(677)		—		—		—
Increase (decrease) in unrealized losses included in Cost of products sold	—		—		—		5		261		266
Realized increases (decreases) included in Cost of products sold	(46)		—		(46)		(1)		—		(1)
Purchases	4,620		—		4,620		4		—		4
Sales	(3,868)		—		(3,868)		(19)		—		(19)
Settlements	—		(221)		(221)		—		(237)		(237)
Transfers into Level 3	548		36		584		—		19		19
Transfers out of Level 3	(620)		(80)		(700)		—		(10)		(10)
Closing Balance, June 30, 2025	$	2,707	$	596	$	3,303	$	41	$	385	$	426


	Assets						Liabilities
	June 30, 2024						June 30, 2024
	Inventories Carried at Market		Commodity Derivative Contracts Gains		Total Assets		Inventory-related Payables		Commodity Derivative Contracts Losses		Total Liabilities
Opening balance, April 1, 2024	$	2,948	$	764	$	3,712	$	62	$	435	$	497
Increase (decrease) in unrealized gains included in Cost of products sold	128		197		325		—		—		—
Increase (decrease) in unrealized losses included in Cost of products sold	—		—		—		5		203		208
Realized increases (decreases) included in Cost of products sold	59		—		59		(9)		—		(9)
Purchases	3,637		—		3,637		2		—		2
Sales	(4,194)		—		(4,194)		(26)		—		(26)
Settlements	—		(438)		(438)		—		(282)		(282)
Transfers into Level 3	557		29		586		—		15		15
Transfers out of Level 3	(589)		(157)		(746)		—		(4)		(4)
Closing Balance, June 30, 2024	$	2,546	$	395	$	2,941	$	34	$	367	$	401

The following table presents a roll forward of assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the six months ended June 30, 2025 (in millions).


	Assets						Liabilities
	June 30, 2025						June 30, 2025
	Inventories Carried at Market		Commodity Derivative Contracts Gains		Total Assets		Inventory-related Payables		Commodity Derivative Contracts Losses		Total Liabilities
Opening balance, January 1, 2025	$	3,031	$	427	$	3,458	$	88	$	405	$	493
Increase (decrease) in unrealized gains included in Cost of products sold	(933)		566		(367)		—		—		—
Increase (decrease) in unrealized losses included in Cost of products sold	—		—		—		4		455		459
Realized increases (decreases) included in Cost of products sold	10		—		10		(3)		—		(3)
Purchases	8,705		—		8,705		7		—		7
Sales	(8,446)		—		(8,446)		(55)		—		(55)
Settlements	—		(449)		(449)		—		(513)		(513)
Transfers into Level 3	1,119		149		1,268		—		54		54
Transfers out of Level 3	(779)		(97)		(876)		—		(16)		(16)
Closing balance, June 30, 2025	$	2,707	$	596	$	3,303	$	41	$	385	$	426


	Assets						Liabilities
	June 30, 2024						June 30, 2024
	Inventories Carried at Market		Commodity Derivative Contracts Gains		Total Assets		Inventory-related Payables		Commodity Derivative Contracts Losses		Total Liabilities
Opening balance, January 1, 2024	$	2,713	$	731	$	3,444	$	101	$	457	$	558
Increase (decrease) in unrealized gains included in Cost of products sold	316		572		888		—		—		—
Increase (decrease) in unrealized losses included in Cost of products sold	—		—		—		14		532		546
Realized increases (decreases) included in Cost of products sold	(226)		—		(226)		(21)		—		(21)
Purchases	7,426		—		7,426		3		—		3
Sales	(8,077)		—		(8,077)		(64)		—		(64)
Settlements	—		(790)		(790)		—		(572)		(572)
Transfers into Level 3	1,073		57		1,130		1		28		29
Transfers out of Level 3	(679)		(175)		(854)		—		(78)		(78)
Closing balance, June 30, 2024	$	2,546	$	395	$	2,941	$	34	$	367	$	401

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


	Assets						Liabilities
	June 30, 2025						June 30, 2025
	Inventories Carried at Market		Commodity Derivative Contracts Gains		Total Assets		Inventory-related Payables		Commodity Derivative Contracts Losses		Total Liabilities
Opening balance, April 1, 2025	$	3,103	$	508	$	3,611	$	52	$	352	$	404
Increase (decrease) in unrealized gains included in Cost of products sold	(1,030)		353		(677)		—		—		—
Increase (decrease) in unrealized losses included in Cost of products sold	—		—		—		5		261		266
Realized increases (decreases) included in Cost of products sold	(46)		—		(46)		(1)		—		(1)
Purchases	4,620		—		4,620		4		—		4
Sales	(3,868)		—		(3,868)		(19)		—		(19)
Settlements	—		(221)		(221)		—		(237)		(237)
Transfers into Level 3	548		36		584		—		19		19
Transfers out of Level 3	(620)		(80)		(700)		—		(10)		(10)
Closing Balance, June 30, 2025	$	2,707	$	596	$	3,303	$	41	$	385	$	426


	Assets						Liabilities
	June 30, 2024						June 30, 2024
	Inventories Carried at Market		Commodity Derivative Contracts Gains		Total Assets		Inventory-related Payables		Commodity Derivative Contracts Losses		Total Liabilities
Opening balance, April 1, 2024	$	2,948	$	764	$	3,712	$	62	$	435	$	497
Increase (decrease) in unrealized gains included in Cost of products sold	128		197		325		—		—		—
Increase (decrease) in unrealized losses included in Cost of products sold	—		—		—		5		203		208
Realized increases (decreases) included in Cost of products sold	59		—		59		(9)		—		(9)
Purchases	3,637		—		3,637		2		—		2
Sales	(4,194)		—		(4,194)		(26)		—		(26)
Settlements	—		(438)		(438)		—		(282)		(282)
Transfers into Level 3	557		29		586		—		15		15
Transfers out of Level 3	(589)		(157)		(746)		—		(4)		(4)
Closing Balance, June 30, 2024	$	2,546	$	395	$	2,941	$	34	$	367	$	401


	Assets						Liabilities
	June 30, 2025						June 30, 2025
	Inventories Carried at Market		Commodity Derivative Contracts Gains		Total Assets		Inventory-related Payables		Commodity Derivative Contracts Losses		Total Liabilities
Opening balance, January 1, 2025	$	3,031	$	427	$	3,458	$	88	$	405	$	493
Increase (decrease) in unrealized gains included in Cost of products sold	(933)		566		(367)		—		—		—
Increase (decrease) in unrealized losses included in Cost of products sold	—		—		—		4		455		459
Realized increases (decreases) included in Cost of products sold	10		—		10		(3)		—		(3)
Purchases	8,705		—		8,705		7		—		7
Sales	(8,446)		—		(8,446)		(55)		—		(55)
Settlements	—		(449)		(449)		—		(513)		(513)
Transfers into Level 3	1,119		149		1,268		—		54		54
Transfers out of Level 3	(779)		(97)		(876)		—		(16)		(16)
Closing balance, June 30, 2025	$	2,707	$	596	$	3,303	$	41	$	385	$	426


	Assets						Liabilities
	June 30, 2024						June 30, 2024
	Inventories Carried at Market		Commodity Derivative Contracts Gains		Total Assets		Inventory-related Payables		Commodity Derivative Contracts Losses		Total Liabilities
Opening balance, January 1, 2024	$	2,713	$	731	$	3,444	$	101	$	457	$	558
Increase (decrease) in unrealized gains included in Cost of products sold	316		572		888		—		—		—
Increase (decrease) in unrealized losses included in Cost of products sold	—		—		—		14		532		546
Realized increases (decreases) included in Cost of products sold	(226)		—		(226)		(21)		—		(21)
Purchases	7,426		—		7,426		3		—		3
Sales	(8,077)		—		(8,077)		(64)		—		(64)
Settlements	—		(790)		(790)		—		(572)		(572)
Transfers into Level 3	1,073		57		1,130		1		28		29
Transfers out of Level 3	(679)		(175)		(854)		—		(78)		(78)
Closing balance, June 30, 2024	$	2,546	$	395	$	2,941	$	34	$	367	$	401

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 June 30, 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
	June 30, 2025				December 31, 2024
Component Type	Assets		Liabilities		Assets		Liabilities
Inventories and Inventory-Related Payables
Basis	26.3	%	25.8	%	24.9	%	31.3	%
Transportation cost	10.5	%	—	%	10.8	%	—	%

Commodity Derivative Contracts
Basis	32.5	%	30.7	%	21.8	%	23.4	%
Transportation cost	26.3	%	22.3	%	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.

+ References + Details