7 unchanged sentences
We also use futures, forwards, swaps and options in various markets to accomplish the following objectives:
−Removed: • Balance physical systems or meet our refinery requirements and market demand.
+Added: • Balance physical systems or meet our asset requirements and market demand.
In addition to cash settlement prior to contract expiration, certain exchange-traded futures may be settled by physical delivery of the underlying commodity.
30 unchanged sentences
Fair value $ 18,324 $ 400
+Added: * Includes junior subordinated notes issued in September 2025, see Note 15—Debt, in the Notes to Consolidated Financial Statements for additional information.
Millions of Dollars, Except as Indicated
12 unchanged sentences
Generally, we do not hedge our foreign currency risk.
−Removed: In October 2024, we entered into a foreign currency derivative instrument and recognized a before-tax gain of $67 million.
−Removed: The instrument is in connection with the sale of our 49% ownership interest in Coop, which closed in January 2025.
−Removed: This instrument was settled in January 2025.
−Removed: For additional information, see Note 9—Investments, Loans and Long-Term Receivables.
+Added: In May 2025, we entered into foreign currency forward contracts in connection with the sale of 65% of our interest in Germany and Austria Marketing and this instrument was settled upon closing of the sale in December 2025.
+Added: In October 2024, we entered into a foreign currency derivative instrument in connection with the sale of our 49% ownership interest in Coop, and this instrument was settled upon closing of the sale in January 2025.
+Added: See Note 9—Investments, Loans and Long-Term Receivables for additional information on these derivative instruments.
Risk Monitoring
2 unchanged sentences
CAUTIONARY STATEMENT FOR THE PURPOSES OF THE “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
−Removed: This report includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.
+Added: This report includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended.
You can normally identify our forward-looking statements by the words “anticipate,” “estimate,” “believe,” “budget,” “continue,” “could,” “intend,” “may,” “plan,” “potential,” “predict,” “seek,” “should,” “will,” “would,” “expect,” “objective,” “projection,” “forecast,” “goal,” “guidance,” “outlook,” “effort,” “target,” “priorities” and similar expressions that convey the prospective nature of events or outcomes, but the absence of such words does not mean a statement is not forward-looking.
5 unchanged sentences
Statements regarding our goals are not guarantees or promises that they will be met.
−Removed: The information included in, and any issues identified as material for purposes of, our sustainability reports shall not be considered material for SEC reporting purposes.
+Added: The information included in, and any issues identified as material for purposes of, our sustainability reports shall not be considered material for U.S.
+Added: Securities and Exchange Commission reporting purposes.
Factors that could cause actual results to differ materially from those in our forward-looking statements include:
35 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.