v3.25.4
Derivative and Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Balance Sheet Location - Fair Value Amounts of Derivatives, Balance Sheet Location
The following table presents the gross fair values of our commodity derivatives, excluding collateral, on our consolidated balance sheet:
Millions of Dollars
20252024
Assets
Prepaid expenses and other current assets$491 394 
Other assets113 94 
Liabilities
Other accruals438 397 
Other liabilities and deferred credits100 83 
Gain (Loss) Amounts of Derivatives, Income Statement Location
The gains (losses) from commodity derivatives included in our consolidated income statement are presented in the following table:
Millions of Dollars
202520242023
Sales and other operating revenues$230 133 86 
Other income(8)(4)(6)
Purchased commodities(97)(133)(90)
Net Exposures from Outstanding Derivative Contracts
The table below summarizes our net exposures resulting from outstanding commodity derivative contracts:
Open Position
Long/(Short)
20252024
Commodity
Natural gas and power (BCF equivalent)
Fixed price(15)(17)
Basis(17)— 
Net Carrying Amount of Investments and Long-term Receivables Carried at Cost plus Accrued Interest
The following investments are carried on our consolidated balance sheet at cost, plus accrued interest and the table reflects remaining maturities at December 31, 2025 and 2024:
Millions of Dollars
Carrying Amount
Cash and cash
equivalents		Short-term
investments
2025202420252024
Cash$543 770 
Demand Deposits3,781 3,211 
Time Deposits
1 to 90 days
975 1,364 6 1 
91 to 180 days
17 5 
Within one year8 6 
U.S. Government Obligations
1 to 90 days
1,198 260 — — 
$6,497 5,605 31 12 
Debt Securities, Available-for-Sale
The following investments in debt securities classified as available for sale are carried at fair value on our consolidated balance sheet at December 31, 2025 and 2024:
Millions of Dollars
Carrying Amount
Cash and cash
equivalents		Short-term
investments		Investments and long-term
receivables
202520242025202420252024
Major Security Type
Corporate Bonds$— — 308 338 651 612 
Commercial Paper— 2 72 77 
U.S. Government Obligations— — 46 43 224 218 
U.S. Government Agency Obligations
— — 1 7 
Foreign Government
    Obligations		9 4 9 12 
Asset-backed Securities18 33 263 205 
$— 2 453 495 1,148 1,054 
The following table summarizes the amortized cost basis and fair value of investments in debt securities classified as available for sale at December 31:
Millions of Dollars
Amortized Cost BasisFair Value
2025202420252024
Major Security Type
Corporate Bonds$953 947 959 950 
Commercial Paper72 79 72 79 
U.S. Government Obligations268 262 270 261 
U.S. Government Agency Obligations1 7 1 7 
Foreign Government Obligations18 16 18 16 
Asset-backed Securities280 237 281 238 
$1,592 1,548 1,601 1,551