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Commitments and Contingent Liabilities (Tables) | 12 Months Ended
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Dec. 31, 2024
Commitments and Contingencies [Abstract] |
Summary of Contractual Obligations | The following table summarizes our various contractual obligations at December 31, 2024. A description of each type of contractual obligation follows:
|  | Payment or Settlement due by Period |
Contractual Obligations |  | Total |  |  | 2025 |  |  | 2026 |  |  | 2027 |  |  | 2028 |  |  | 2029 |  |  | Thereafter |
Scheduled maturities of debt obligations |  | $ | 32,207 |  |  | $ | 1,150 |  |  | $ | 1,625 |  |  | $ | 1,575 |  |  | $ | 1,000 |  |  | $ | 1,250 |  |  | $ | 25,607 |
Estimated cash interest payments |  | $ | 28,769 |  |  | $ | 1,476 |  |  | $ | 1,407 |  |  | $ | 1,338 |  |  | $ | 1,323 |  |  | $ | 1,272 |  |  | $ | 21,953 |
Operating lease obligations (1) |  | $ | 561 |  |  | $ | 121 |  |  | $ | 91 |  |  | $ | 54 |  |  | $ | 37 |  |  | $ | 30 |  |  | $ | 228 |
Finance lease obligations |  | $ | 4 |  |  | $ | 1 |  |  | $ | 1 |  |  | $ | 1 |  |  | $ | 1 |  |  | $ | – |  |  | $ | – |
Purchase obligations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Product purchase commitments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Estimated payment obligations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
NGLs |  | $ | 1,322 |  |  | $ | 275 |  |  | $ | 248 |  |  | $ | 239 |  |  | $ | 205 |  |  | $ | 158 |  |  | $ | 197 |
Crude oil |  | $ | 7,197 |  |  | $ | 1,872 |  |  | $ | 1,584 |  |  | $ | 1,490 |  |  | $ | 1,177 |  |  | $ | 760 |  |  | $ | 314 |
Other |  | $ | 14 |  |  | $ | 2 |  |  | $ | 2 |  |  | $ | 2 |  |  | $ | 2 |  |  | $ | 2 |  |  | $ | 4 |
Service payment commitments |  | $ | 307 |  |  | $ | 46 |  |  | $ | 40 |  |  | $ | 40 |  |  | $ | 27 |  |  | $ | 22 |  |  | $ | 132 |
Capital expenditure commitments |  | $ | 99 |  |  | $ | 99 |  |  | $ | – |  |  | $ | – |  |  | $ | – |  |  | $ | – |  |  | $ | – |
(1) | As of December 31, 2024, the difference between the total payments for operating lease obligations and the carrying value of our operating lease liabilities, which represents the present value of future operating lease payments, was $90 million.
Operating and Finance Leases | The following table presents information regarding operating and finance leases where we are the lessee at December 31, 2024:
Asset Category | ROU Asset Carrying Value (1) |  | Lease Liability Carrying Value (2) |  | Weighted- Average Remaining Term |  | Weighted- Average Discount Rate (3)
Operating leases |  |  |  |  |  |  |
Storage and pipeline facilities | $ | 222 |  | $ | 222 |  | 8 years |  | 4.5%
Transportation equipment |  | 43 |  |  | 44 |  | 4 years |  | 4.8%
Office and warehouse space |  | 170 |  |  | 205 |  | 12 years |  | 3.4%
Total operating leases |  | 435 |  |  | 471 |  |  |  |
Finance leases |  |  |  |  |  |  |  |  |
Transportation equipment |  | 4 |  |  | 4 |  | 4 years |  | 4.7%
Total finance leases |  | 4 |  |  | 4 |  |  |  |
Total leases | $ | 439 |  | $ | 475 |  |  |  |
(1) | ROU asset amounts are a component of “Other assets” on our Consolidated Balance Sheet.
(2) | At December 31, 2024, operating lease liabilities of $105 million and $366 million were included within “Other current liabilities” and “Other long-term liabilities,” respectively. Additionally, at December 31, 2024, finance lease liabilities of $1 million and $3 million were included within “Other current liabilities” and “Other long-term liabilities,” respectively.
(3) | The discount rate for each category of assets represents the weighted average incremental borrowing rate adjusted for collateralization (if the implicit rate is not determinable). In general, the discount rates are based on either (i) information available at the lease commencement date or (ii) January 1, 2019 for leases existing at the adoption date for ASC 842.
Consolidated Lease Expense | The following table disaggregates our total operating and finance lease expense for the years indicated:
|  | For the Year Ended December, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Long-term leases: |  |  |  |  |  |  |  |  |
Fixed operating lease expense: |  |  |  |  |  |  |  |  |
Non-cash lease expense (amortization of ROU assets) |  | $ | 95 |  |  | $ | 72 |  |  | $ | 59 |
Related accretion expense on lease liability balances |  |  | 17 |  |  |  | 14 |  |  |  | 12 |
Total fixed operating lease expense |  |  | 112 |  |  |  | 86 |  |  |  | 71 |
Fixed finance lease expense: |  |  |  |  |  |  |  |  |  |  |  |
Amortization of ROU assets (1) |  |  | – | * |  |  | – |  |  |  | – |
Interest on finance lease liabilities (1) |  |  | – | * |  |  | – |  |  |  | – |
Total fixed finance lease expense (1) |  |  | – | * |  |  | – |  |  |  | – |
Variable lease expense |  |  | 17 |  |  |  | 13 |  |  |  | 6 |
Total long-term lease expense |  |  | 129 |  |  |  | 99 |  |  |  | 77 |
Short-term leases |  |  | 121 |  |  |  | 111 |  |  |  | 91 |
Total lease expense |  | $ | 250 |  |  | $ | 210 |  |  | $ | 168 |
(1) | For the year ended December 31, 2024, total fixed finance lease expense, which include amortization of finance lease ROU assets and interest on finance lease liabilities, was less than $1 million.
* | Amount is negligible.
Schedule of Other Liabilities | The following table summarizes the components of “Other long-term liabilities” as presented on our Consolidated Balance Sheets at the dates indicated:
|  | December 31, |
|  | 2024 |  |  | 2023 |
Noncurrent portion of AROs (see Note 4) |  | $ | 259 |  |  | $ | 221 |
Deferred revenues – non-current portion (see Note 9) |  |  | 284 |  |  |  | 326 |
Operating lease liability – non-current portion |  |  | 366 |  |  |  | 323 |
Derivative liabilities |  |  | 24 |  |  |  | 106 |
Other |  |  | 17 |  |  |  | 8 |
Total |  | $ | 950 |  |  | $ | 984 |

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