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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 969 $ 583
Restricted cash 276 255
Inventories (see Note 3) 3,884 3,955
Derivative assets (see Note 14) 434 534
Prepaid and other current assets 1,302 566
Total current assets 13,360 15,133
Property, plant and equipment, net (see Note 4) 51,359 49,062
Investments in unconsolidated affiliates (see Note 5) 2,185 2,259
Intangible assets, net (see Note 6) 4,159 4,005
Goodwill (see Note 6) 5,712 5,712
Other assets 1,127 997
Total assets 77,902 77,168
Current liabilities:    
Current maturities of debt (see Note 7) 1,625 1,150
Accrued product payables 8,183 10,777
Accrued interest 566 536
Derivative liabilities (see Note 14) 347 471
Other current liabilities 873 818
Total current liabilities 12,832 15,177
Long-term debt (see Note 7) 32,770 30,746
Deferred tax liabilities (see Note 16) 702 656
Other long-term liabilities 984 950
Commitments and contingent liabilities (see Note 17)
Redeemable preferred limited partner interests: (see Note 8)    
Series A cumulative convertible preferred units (“preferred units”) (45,412 units outstanding at December 31, 2025 and 50,687 units outstanding at December 31, 2024 44 50
Partners’ equity:    
Common limited partner interests (2,161,760,683 units issued and outstanding at December 31, 2025, 2,165,699,962 units issued and outstanding at December 31, 2024 30,700 29,793
Treasury units, at cost (1,297) (1,297)
Accumulated other comprehensive income 336 236
Total partners’ equity 29,739 28,732
Noncontrolling interests in consolidated subsidiaries 831 857
Total equity 30,570 29,589
Total liabilities, preferred units, and equity 77,902 77,168
Nonrelated Party    
Current assets:    
Accounts receivable, net 6,494 9,236
Current liabilities:    
Accounts payable 1,021 1,227
Related Party    
Current assets:    
Accounts receivable, net 1 4
Current liabilities:    
Accounts payable $ 217 $ 198