v3.25.4
Financial and Derivative Instruments (Tables)
 12 Months Ended
Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Consolidated Balance Sheet: Fair Value of Derivatives not Designated as Hedging Instruments
Consolidated Balance Sheet: Fair Value of Derivatives
At December 31
Type of ContractBalance Sheet Classification20252024
CommodityAccounts and notes receivable$191 $122 
Commodity
Long-term receivables, net
73 15 
Total assets at fair value$264 $137 
CommodityAccounts payable$60 $127 
Commodity
Deferred credits and other noncurrent obligations
8 26 
Total liabilities at fair value$68 $153 
Schedule of Consolidated Statement of Income: The Effect of Derivatives not Designated as Hedging Instruments
Consolidated Statement of Income: The Effect of Derivatives
Gain/(Loss)
Year ended December 31
Type of ContractStatement of Income Classification202520242023
CommoditySales and other operating revenues$(102)$(57)$(304)
Commodity
Purchased crude oil and products
44 28 (154)
CommodityOther income (loss)(7)6 (47)
$(65)$(23)$(505)
Schedule Consolidated Balance Sheet: The Effect of Netting Derivative Assets
The table below represents gross and net derivative assets and liabilities subject to netting agreements on the Consolidated Balance Sheet at December 31, 2025 and 2024.
Consolidated Balance Sheet: The Effect of Netting Derivative Assets and Liabilities
 Gross Amounts RecognizedGross Amounts OffsetNet Amounts Presented Gross Amounts Not OffsetNet Amounts
At December 31, 2025
Derivative Assets - not designated$2,525 $2,271 $254 $1 $253 
Derivative Assets - designated$11 $1 $10 $— $10 
Derivative Liabilities - not designated$2,339 $2,271 $68 $3 $65 
Derivative Liabilities - designated$1 $1 $— $— $— 
At December 31, 2024
Derivative Assets - not designated$1,895 $1,758 $137 $3 $134 
Derivative Assets - designated$— $— $— $— $— 
Derivative Liabilities - not designated$1,894 $1,758 $136 $2 $134 
Derivative Liabilities - designated$17 $— $17 $— $17 
Schedule of Consolidated Balance Sheet: The Effect of Netting Derivative Liabilities
The table below represents gross and net derivative assets and liabilities subject to netting agreements on the Consolidated Balance Sheet at December 31, 2025 and 2024.
Consolidated Balance Sheet: The Effect of Netting Derivative Assets and Liabilities
 Gross Amounts RecognizedGross Amounts OffsetNet Amounts Presented Gross Amounts Not OffsetNet Amounts
At December 31, 2025
Derivative Assets - not designated$2,525 $2,271 $254 $1 $253 
Derivative Assets - designated$11 $1 $10 $— $10 
Derivative Liabilities - not designated$2,339 $2,271 $68 $3 $65 
Derivative Liabilities - designated$1 $1 $— $— $— 
At December 31, 2024
Derivative Assets - not designated$1,895 $1,758 $137 $3 $134 
Derivative Assets - designated$— $— $— $— $— 
Derivative Liabilities - not designated$1,894 $1,758 $136 $2 $134 
Derivative Liabilities - designated$17 $— $17 $— $17