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Fair Value Measurements (Tables)

9 Months Ended

Sep. 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 September 30, 2025 and December 31, 2024 (in millions).


	Fair Value Measurements at September 30, 2025
	Level 1		Level 2		Level 3		Total
Assets:
Inventories carried at market	$	—	$	2,389	$	2,416	$	4,805
Unrealized derivative gains:
Commodity contracts	—		420		539		959
Foreign currency contracts	—		133		—		133
Interest rate contracts	—		20		—		20

Cash equivalents	557		—		—		557

Segregated investments and restricted cash equivalents	1,623		—		—		1,623
Total Assets	$	2,180	$	2,962	$	2,955	$	8,097

Liabilities:
Unrealized derivative losses:
Commodity contracts	$	—	$	306	$	258	$	564
Foreign currency contracts	—		238		—		238


Inventory-related payables	—		939		22		961
Total Liabilities	$	—	$	1,483	$	280	$	1,763


	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 September 30, 2025 (in millions).


	Assets						Liabilities
	September 30, 2025						September 30, 2025
	Inventories Carried at Market		Commodity Derivative Contracts Gains		Total Assets		Inventory-related Payables		Commodity Derivative Contracts Losses		Total Liabilities
Opening balance, July 1, 2025	$	2,707	$	596	$	3,303	$	41	$	385	$	426
Increase (decrease) in unrealized gains included in Cost of products sold	(340)		275		(65)		—		—		—
Increase (decrease) in unrealized losses included in Cost of products sold	—		—		—		7		162		169
Realized increases (decreases) included in Cost of products sold	(42)		—		(42)		(5)		—		(5)
Purchases	4,956		—		4,956		7		—		7
Sales	(4,499)		—		(4,499)		(28)		—		(28)
Settlements	—		(359)		(359)		—		(293)		(293)
Transfers into Level 3	415		42		457		—		8		8
Transfers out of Level 3	(781)		(15)		(796)		—		(4)		(4)
Closing balance, September 30, 2025	$	2,416	$	539	$	2,955	$	22	$	258	$	280


	Assets						Liabilities
	September 30, 2024						September 30, 2024
	Inventories Carried at Market		Commodity Derivative Contracts Gains		Total Assets		Inventory-related Payables		Commodity Derivative Contracts Losses		Total Liabilities
Opening balance, July 1, 2024	$	2,546	$	395	$	2,941	$	34	$	367	$	401
Increase (decrease) in unrealized gains included in Cost of products sold	221		215		436		—		—		—
Increase (decrease) in unrealized losses included in Cost of products sold	—		—		—		3		343		346
Realized increases (decreases) included in Cost of products sold	(313)		—		(313)		(6)		—		(6)
Purchases	4,174		—		4,174		8		—		8
Sales	(3,736)		—		(3,736)		(12)		—		(12)
Settlements	—		(288)		(288)		—		(251)		(251)
Transfers into Level 3	265		158		423		—		22		22
Transfers out of Level 3	(529)		(4)		(533)		—		(7)		(7)
Closing balance, September 30, 2024	$	2,628	$	476	$	3,104	$	27	$	474	$	501

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 nine months ended September 30, 2025 (in millions).


	Assets						Liabilities
	September 30, 2025						September 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	(1,273)		841		(432)		—		—		—
Increase (decrease) in unrealized losses included in Cost of products sold	—		—		—		11		617		628
Realized increases (decreases) included in Cost of products sold	(32)		—		(32)		(8)		—		(8)
Purchases	13,661		—		13,661		14		—		14
Sales	(12,945)		—		(12,945)		(83)		—		(83)
Settlements	—		(808)		(808)		—		(806)		(806)
Transfers into Level 3	1,534		191		1,725		—		62		62
Transfers out of Level 3	(1,560)		(112)		(1,672)		—		(20)		(20)
Closing balance, September 30, 2025	$	2,416	$	539	$	2,955	$	22	$	258	$	280


	Assets						Liabilities
	September 30, 2024						September 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	512		788		1,300		—		—		—
Increase (decrease) in unrealized losses included in Cost of products sold	—		—		—		17		875		892
Realized increases (decreases) included in Cost of products sold	(515)		—		(515)		(26)		—		(26)
Purchases	11,600		—		11,600		10		—		10
Sales	(11,813)		—		(11,813)		(75)		—		(75)
Settlements	—		(1,077)		(1,077)		—		(823)		(823)
Transfers into Level 3	1,339		214		1,553		—		50		50
Transfers out of Level 3	(1,208)		(180)		(1,388)		—		(85)		(85)
Closing balance, September 30, 2024	$	2,628	$	476	$	3,104	$	27	$	474	$	501

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


	Assets						Liabilities
	September 30, 2025						September 30, 2025
	Inventories Carried at Market		Commodity Derivative Contracts Gains		Total Assets		Inventory-related Payables		Commodity Derivative Contracts Losses		Total Liabilities
Opening balance, July 1, 2025	$	2,707	$	596	$	3,303	$	41	$	385	$	426
Increase (decrease) in unrealized gains included in Cost of products sold	(340)		275		(65)		—		—		—
Increase (decrease) in unrealized losses included in Cost of products sold	—		—		—		7		162		169
Realized increases (decreases) included in Cost of products sold	(42)		—		(42)		(5)		—		(5)
Purchases	4,956		—		4,956		7		—		7
Sales	(4,499)		—		(4,499)		(28)		—		(28)
Settlements	—		(359)		(359)		—		(293)		(293)
Transfers into Level 3	415		42		457		—		8		8
Transfers out of Level 3	(781)		(15)		(796)		—		(4)		(4)
Closing balance, September 30, 2025	$	2,416	$	539	$	2,955	$	22	$	258	$	280


	Assets						Liabilities
	September 30, 2024						September 30, 2024
	Inventories Carried at Market		Commodity Derivative Contracts Gains		Total Assets		Inventory-related Payables		Commodity Derivative Contracts Losses		Total Liabilities
Opening balance, July 1, 2024	$	2,546	$	395	$	2,941	$	34	$	367	$	401
Increase (decrease) in unrealized gains included in Cost of products sold	221		215		436		—		—		—
Increase (decrease) in unrealized losses included in Cost of products sold	—		—		—		3		343		346
Realized increases (decreases) included in Cost of products sold	(313)		—		(313)		(6)		—		(6)
Purchases	4,174		—		4,174		8		—		8
Sales	(3,736)		—		(3,736)		(12)		—		(12)
Settlements	—		(288)		(288)		—		(251)		(251)
Transfers into Level 3	265		158		423		—		22		22
Transfers out of Level 3	(529)		(4)		(533)		—		(7)		(7)
Closing balance, September 30, 2024	$	2,628	$	476	$	3,104	$	27	$	474	$	501


	Assets						Liabilities
	September 30, 2025						September 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	(1,273)		841		(432)		—		—		—
Increase (decrease) in unrealized losses included in Cost of products sold	—		—		—		11		617		628
Realized increases (decreases) included in Cost of products sold	(32)		—		(32)		(8)		—		(8)
Purchases	13,661		—		13,661		14		—		14
Sales	(12,945)		—		(12,945)		(83)		—		(83)
Settlements	—		(808)		(808)		—		(806)		(806)
Transfers into Level 3	1,534		191		1,725		—		62		62
Transfers out of Level 3	(1,560)		(112)		(1,672)		—		(20)		(20)
Closing balance, September 30, 2025	$	2,416	$	539	$	2,955	$	22	$	258	$	280


	Assets						Liabilities
	September 30, 2024						September 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	512		788		1,300		—		—		—
Increase (decrease) in unrealized losses included in Cost of products sold	—		—		—		17		875		892
Realized increases (decreases) included in Cost of products sold	(515)		—		(515)		(26)		—		(26)
Purchases	11,600		—		11,600		10		—		10
Sales	(11,813)		—		(11,813)		(75)		—		(75)
Settlements	—		(1,077)		(1,077)		—		(823)		(823)
Transfers into Level 3	1,339		214		1,553		—		50		50
Transfers out of Level 3	(1,208)		(180)		(1,388)		—		(85)		(85)
Closing balance, September 30, 2024	$	2,628	$	476	$	3,104	$	27	$	474	$	501

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 September 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
	September 30, 2025				December 31, 2024
Component Type	Assets		Liabilities		Assets		Liabilities
Inventories and Inventory-Related Payables
Basis	20.7	%	17.0	%	24.9	%	31.3	%
Transportation cost	10.5	%	—	%	10.8	%	—	%

Commodity Derivative Contracts
Basis	30.6	%	37.4	%	21.8	%	23.4	%
Transportation cost	22.8	%	21.1	%	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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