The carrying values and fair values by hierarchy of our financial assets and liabilities, either carried or disclosed at fair value, including any effects of counterparty and collateral netting, were:


	Millions of Dollars
	March 31, 2026
	Fair Value Hierarchy				Total Fair Value of Gross Assets & Liabilities	Effect of Counterparty Netting	Effect of Collateral Netting	Difference in Carrying Value and Fair Value	Net Carrying Value Presented on the Balance Sheet
	Level 1		Level 2	Level 3
Commodity Derivative Assets
Exchange-cleared instruments	$	25,427	—	—	25,427	(25,423)	—	—	4

Physical forward contracts	—		673	2	675	(3)	—	—	672

Rabbi trust assets	134		—	—	134	N/A	N/A	—	134
Investment in NOVONIX	17		—	—	17	N/A	N/A	—	17

	$	25,578	673	2	26,253	(25,426)	—	—	827

Commodity Derivative Liabilities
Exchange-cleared instruments	$	26,920	—	—	26,920	(25,423)	(1,497)	—	—

Physical forward contracts	—		602	2	604	(3)	—	—	601

Floating-rate debt	—		7,916	—	7,916	N/A	N/A	—	7,916
Fixed-rate debt, excluding finance leases and software obligations	—		18,046	—	18,046	N/A	N/A	800	18,846
	$	26,920	26,564	2	53,486	(25,426)	(1,497)	800	27,363


	Millions of Dollars
	December 31, 2025
	Fair Value Hierarchy				Total Fair Value of Gross Assets & Liabilities	Effect of Counterparty Netting	Effect of Collateral Netting	Difference in Carrying Value and Fair Value	Net Carrying Value Presented on the Balance Sheet
	Level 1		Level 2	Level 3
Commodity Derivative Assets
Exchange-cleared instruments	$	2,731	—	—	2,731	(2,660)	—	—	71

Physical forward contracts	—		69	4	73	(10)	—	—	63

Rabbi trust assets	144		—	—	144	N/A	N/A	—	144
Investment in NOVONIX	26		—	—	26	N/A	N/A	—	26

	$	2,901	69	4	2,974	(2,670)	—	—	304

Commodity Derivative Liabilities
Exchange-cleared instruments	$	2,680	—	—	2,680	(2,660)	(20)	—	—

Physical forward contracts	—		30	1	31	(10)	—	—	21

Floating-rate debt	—		400	—	400	N/A	N/A	—	400
Fixed-rate debt, excluding finance leases and software obligations	—		18,324	—	18,324	N/A	N/A	621	18,945
	$	2,680	18,754	1	21,435	(2,670)	(20)	621	19,366