Commitments and Contingent Liabilities (Tables)

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

The following table summarizes our various contractual obligations at December 31, 2025. A description of each type of contractual obligation follows:


	Payment or Settlement due by Period
Contractual Obligations	Total		2026		2027		2028		2029		2030		Thereafter
Scheduled maturities of debt obligations	$	34,707	$	1,625	$	1,575	$	1,800	$	1,250	$	1,250	$	27,207
Estimated cash interest payments	$	28,309	$	1,578	$	1,509	$	1,477	$	1,409	$	1,354	$	20,982
Operating lease obligations (1)	$	576	$	111	$	73	$	52	$	39	$	36	$	265
Finance lease obligations (2)	$	18	$	4	$	4	$	5	$	3	$	1	$	1
Purchase obligations:
Product purchase commitments:
Estimated payment obligations:
NGLs	$	2,836	$	1,186	$	1,186	$	170	$	131	$	131	$	32
Crude oil	$	4,296	$	1,226	$	1,226	$	965	$	622	$	257	$	–
Other	$	43	$	7	$	8	$	8	$	8	$	7	$	5
Service payment commitments	$	271	$	41	$	38	$	33	$	25	$	24	$	110

Capital expenditure commitments	$	51	$	36	$	15	$	–	$	–	$	–	$	–

(1)As of December 31, 2025, 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 $105 million.

(2)As of December 31, 2025, the difference between the total payments for finance lease obligations and the carrying value of our finance lease liabilities, which represents the present value of future finance lease payments, was $2 million.

Schedule of Operating and Finance Leases

The following table presents information regarding operating and finance leases where we are the lessee at December 31, 2025:


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	$	247	$	246	10 years	4.8	%
Transportation equipment	32		33		3 years	4.8	%
Office and warehouse space	158		192		11 years	3.3	%
Total operating leases	437		471
Finance leases
Transportation equipment	16		16		4 years	4.8	%
Total finance leases	16		16
Total leases	$	453	$	487

(1)ROU asset amounts are a component of “Other assets” on our Consolidated Balance Sheet.

(2)At December 31, 2025, operating lease liabilities of $94 million and $377 million were included within “Other current liabilities” and “Other long-term liabilities,” respectively. Additionally, at December 31, 2025, finance lease liabilities of $3 million and $13 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 of either (i) the implicit rate applicable to the underlying leases (where determinable) or (ii) our incremental borrowing rate adjusted for collateralization (if the implicit rate is not determinable). In general, the discount rates are based on either information available at the lease commencement date or January 1, 2019 for leases existing at the adoption date for ASC 842.

Schedule of Consolidated Lease Expense

The following table disaggregates our total operating and finance lease expense for the years indicated:


	For the Year Ended December 31,
		2025		2024			2023
Long-term leases:
Fixed operating lease expense:
Non-cash lease expense (amortization of ROU assets)		$	109	$	95		$	72
Related accretion expense on lease liability balances		17		17			14
Total fixed operating lease expense		126		112			86
Fixed finance lease expense:
Amortization of ROU assets (1)		2		–		*	–
Interest on finance lease liabilities (1)		1		–		*	–
Total fixed finance lease expense (1)		3		–		*	–
Variable lease expense		18		17			13
Total long-term lease expense		147		129			99
Short-term leases		163		121			111
Total lease expense		$	310	$	250		$	210

(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 Long-Term 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,
	2025		2024
Noncurrent portion of AROs (see Note 4)	$	285	$	259
Deferred revenues – non-current portion (see Note 9)	261		284
Operating lease liability – non-current portion	377		366
Derivative liabilities	16		24
Other	45		17
Total	$	984	$	950