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Fair Value Measurements (Tables)

12 Months Ended

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


	Fair Value Measurements at December 31, 2025
	Level 1		Level 2		Level 3		Total
Assets:
Inventories carried at market	$	—	$	3,549	$	2,673	$	6,222
Unrealized derivative gains:
Commodity contracts	—		310		512		822
Foreign exchange contracts	—		108		—		108
Interest rate contracts	—		17		—		17
Cash equivalents	280		—		—		280
Marketable securities	32		—		—		32
Segregated investments and restricted cash equivalents	1,771		—		—		1,771

Total Assets	$	2,083	$	3,984	$	3,185	$	9,252
Liabilities:
Unrealized derivative losses:
Commodity contracts	$	—	$	300	$	313	$	613
Foreign exchange contracts	—		144		—		144


Inventory-related payables	—		714		16		730
Total Liabilities	$	—	$	1,158	$	329	$	1,487


	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 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, 2025 and 2024 (in millions).


	Assets							Liabilities
	December 31, 2025							December 31, 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	(1,021)		1,075		54			—		—		—
Increase (decrease) in unrealized losses included in Cost of products sold	—		—		—		—	13		852		865
Realized increases (decreases) included in Cost of products sold	28		—		28			(15)		—		(15)
Purchases	18,640		—		18,640			21		—		21
Sales	(17,761)		—		(17,761)			(91)		—		(91)
Settlements	—		(1,106)		(1,106)			—		(985)		(985)
Transfers into Level 3	1,616		241		1,857			—		72		72
Transfers out of Level 3	(1,860)		(125)		(1,985)			—		(31)		(31)
Closing balance, December 31, 2025	$	2,673	$	512	$	3,185		$	16	$	313	$	329


	Assets							Liabilities
	December 31, 2024							December 31, 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	697		1,010		1,707			—		—		—
Increase (decrease) in unrealized losses included in Cost of products sold	—		—		—		—	17		1,124		1,141
Realized increases (decreases) included in Cost of products sold	(51)		—		(51)			(29)		—		(29)
Purchases	16,296		—		16,296			79		—		79
Sales	(16,609)		—		(16,609)			(81)		—		(81)
Settlements	—		(1,369)		(1,369)			—		(1,142)		(1,142)
Transfers into Level 3	1,416		241		1,657			1		68		69
Transfers out of Level 3	(1,431)		(186)		(1,617)			—		(102)		(102)
Closing balance, December 31, 2024	$	3,031	$	427	$	3,458		$	88	$	405	$	493

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


	Assets							Liabilities
	December 31, 2025							December 31, 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	(1,021)		1,075		54			—		—		—
Increase (decrease) in unrealized losses included in Cost of products sold	—		—		—		—	13		852		865
Realized increases (decreases) included in Cost of products sold	28		—		28			(15)		—		(15)
Purchases	18,640		—		18,640			21		—		21
Sales	(17,761)		—		(17,761)			(91)		—		(91)
Settlements	—		(1,106)		(1,106)			—		(985)		(985)
Transfers into Level 3	1,616		241		1,857			—		72		72
Transfers out of Level 3	(1,860)		(125)		(1,985)			—		(31)		(31)
Closing balance, December 31, 2025	$	2,673	$	512	$	3,185		$	16	$	313	$	329


	Assets							Liabilities
	December 31, 2024							December 31, 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	697		1,010		1,707			—		—		—
Increase (decrease) in unrealized losses included in Cost of products sold	—		—		—		—	17		1,124		1,141
Realized increases (decreases) included in Cost of products sold	(51)		—		(51)			(29)		—		(29)
Purchases	16,296		—		16,296			79		—		79
Sales	(16,609)		—		(16,609)			(81)		—		(81)
Settlements	—		(1,369)		(1,369)			—		(1,142)		(1,142)
Transfers into Level 3	1,416		241		1,657			1		68		69
Transfers out of Level 3	(1,431)		(186)		(1,617)			—		(102)		(102)
Closing balance, December 31, 2024	$	3,031	$	427	$	3,458		$	88	$	405	$	493

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


	Weighted Average % of Total Price
	December 31, 2025		December 31, 2024
Component Type	Assets	Liabilities	Assets	Liabilities
Inventories and Related Payables
Basis	21.1%	9.0%	24.9%	31.3%
Transportation cost	22.4%	—%	10.8%	—%
Commodity Derivative Contracts
Basis	23.3%	23.6%	21.8%	23.4%
Transportation cost	25.7%	—%	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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