v3.26.1
Financial and Derivative Instruments (Tables)
 3 Months Ended
Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Consolidated Balance Sheet: Fair Value of Derivatives
Derivative instruments measured at fair value at March 31, 2026, and December 31, 2025, and their classification on the Consolidated Balance Sheet and Consolidated Statement of Income are as follows:
Consolidated Balance Sheet: Fair Value of Derivatives
Type ofAt March 31,
2026		At December 31,
2025
ContractBalance Sheet Classification(Millions of dollars)
CommodityAccounts and notes receivable, net$1 $191 
CommodityLong-term receivables, net23 73 
Total Assets at Fair Value
$24 $264 
CommodityAccounts payable$44 $60 
CommodityDeferred credits and other noncurrent obligations5 8 
Total Liabilities at Fair Value
$49 $68 
Schedule of Consolidated Statement of Income: The Effect of Derivatives
Consolidated Statement of Income: The Effect of Derivatives
 Gain / (Loss)
Three Months Ended
March 31
Type of20262025
ContractStatement of Income Classification(Millions of dollars)
CommoditySales and other operating revenues$(2,967)$(144)
CommodityPurchased crude oil and products(144)(44)
CommodityOther income (loss)(1)(6)
Total$(3,112)$(194)
Schedule Consolidated Balance Sheet: The Effect of Netting Derivative Assets
The following table represents gross and net derivative assets and liabilities subject to netting agreements on the Consolidated Balance Sheet at March 31, 2026, and December 31, 2025.
Consolidated Balance Sheet: The Effect of Netting Derivative Assets and Liabilities
 Gross Amounts RecognizedGross Amounts OffsetNet Amounts Presented Gross Amounts Not OffsetNet Amount
At March 31, 2026(Millions of dollars)
Derivative Assets - not designated$697 $673 $24 $— $24 
Derivative Assets - designated$— $— $— $— $— 
Derivative Liabilities - not designated$722 $673 $49 $— $49 
Derivative Liabilities - designated$— $— $— $— $— 
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 $— $— $— 
Schedule of Consolidated Balance Sheet: The Effect of Netting Derivative Liabilities
The following table represents gross and net derivative assets and liabilities subject to netting agreements on the Consolidated Balance Sheet at March 31, 2026, and December 31, 2025.
Consolidated Balance Sheet: The Effect of Netting Derivative Assets and Liabilities
 Gross Amounts RecognizedGross Amounts OffsetNet Amounts Presented Gross Amounts Not OffsetNet Amount
At March 31, 2026(Millions of dollars)
Derivative Assets - not designated$697 $673 $24 $— $24 
Derivative Assets - designated$— $— $— $— $— 
Derivative Liabilities - not designated$722 $673 $49 $— $49 
Derivative Liabilities - designated$— $— $— $— $— 
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 $— $— $—