v3.25.4
Fair Value Measurement (Tables)
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Hierarchy for Gross Financial Assets and Liabilities
The following table summarizes the fair value hierarchy for gross financial assets and liabilities (i.e., unadjusted where the right of setoff exists for commodity derivatives accounted for at fair value on a recurring basis):
Millions of Dollars
December 31, 2025December 31, 2024
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Assets
Investments in debt securities$270 1,331 — 1,601 261 1,290 — 1,551 
Commodity derivatives306 230 68 604 201 252 35 488 
Total assets$576 1,561 68 2,205 462 1,542 35 2,039 
Liabilities
Commodity derivatives$354 124 60 538 275 160 45 480 
Contingent consideration— — — — — — 145 145 
Total liabilities$354 124 60 538 275 160 190 625 
Fair Value Measurement Inputs and Valuation Techniques The range and arithmetic average of the significant unobservable input used in the Level 3 fair value measurement was as follows:
Fair Value (Millions of
Dollars)		Valuation
Technique		Unobservable Input
Range
(Arithmetic Average)
Contingent Consideration - Surmont as of:
December 31, 2025$— Discounted cash flowCommodity price outlook* ($/BOE)
$43.17 - $51.97 ($46.47)
December 31, 2024145 
$48.63 - $57.53 ($53.38)
*Commodity price outlook based on a combination of external pricing service companies' outlooks and internal outlook.
Commodity Derivative Balances Subject to Right of Setoff
The following table summarizes those commodity derivative balances subject to the right of setoff as presented on our consolidated balance sheet. We have elected to offset the recognized fair value amounts for multiple derivative instruments executed with the same counterparty in our financial statements when a legal right of setoff exists.
Millions of Dollars
Amounts Subject to Right of Setoff
Gross
Amounts
Recognized		Amounts Not
Subject to
Right of Setoff		Gross
Amounts		Gross
Amounts
Offset		Net
Amounts
Presented		Cash
Collateral		Net
Amounts
December 31, 2025
Assets$604 2 602 361 241 6 235 
Liabilities538 1 537 361 176 53 123 
December 31, 2024
Assets$488 — 488 278 210 — 210 
Liabilities480 — 480 278 202 73 129 
Schedule of Net Fair Value of Financial Instruments
The following table summarizes the net fair value of financial instruments (i.e., adjusted where the right of setoff exists for commodity derivatives):
Millions of Dollars
Carrying AmountFair Value
2025202420252024
Financial assets
Commodity derivatives237 210 237 210 
Investments in debt securities1,601 1,551 1,601 1,551 
Financial liabilities
Total debt, excluding finance leases22,643 23,384 22,698 22,997 
Commodity derivatives124 129 124 129