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DERIVATIVES (Tables)
 12 Months Ended
Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of net sales related to the outstanding commodity derivative instruments
The following table summarizes net short volumes associated with the outstanding marketing commodity derivatives as of December 31:

20252024
Oil commodity contracts
Volume (MMbbl)(59)(34)
Natural gas commodity contracts
Volume (Bcf)(189)(130)
Schedule of gross and net fair values of outstanding derivatives The following table presents the fair values of the Company’s outstanding derivatives. Fair values are presented at gross amounts below, including when derivatives are subject to netting arrangements, and are presented on a net basis in the Consolidated Balance Sheets.
millionsFair Value Measurements UsingTotal Fair Value
Balance Sheet ClassificationLevel 1Level 2Level 3
Netting (a)
December 31, 2025
Marketing Derivatives
Other current assets$345 $51 $— $(328)$68 
Other long-term assets— — — — — 
Accrued liabilities(336)(24)— 328 (32)
Deferred credits and other liabilities - other— — — — — 
December 31, 2024
Marketing Derivatives
Other current assets$455 $92 $— $(512)$35 
Other long-term assets— 1 — (1)— 
Accrued liabilities(451)(90)— 512 (29)
Deferred credits and other liabilities - other— (2)— 1 (1)
(a)These amounts do not include collateral. The Company netted $29 million of collateral received from brokers against derivative assets and $23 million of collateral deposited with brokers against derivatives liabilities as of December 31, 2025. As of December 31, 2024, the Company netted $12 million of collateral received from brokers against derivative assets and $9 million collateral deposited with brokers against derivative liabilities.
Schedule of gains and losses on derivatives
The following table presents gains and (losses) related to the Company’s derivative instruments in the Consolidated Statements of Operations for the years ended December 31:

millions
Income Statement Classification202520242023
Marketing Derivatives
Net sales (a)
$32 $(374)$(74)
(a)Included derivative and non-derivative marketing activity.