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Consolidated Balance Sheets - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Current assets:    
Cash and cash equivalents $ 3,485 $ 455
Restricted cash included in current assets 40 37
Trade accounts receivable — net 1,674 2,059
Income taxes receivable 6 27
Inventories 740 570
Commodity and other derivative contractual assets 3,645 4,538
Margin deposits related to commodity contracts 1,244 3,137
Margin deposits posted under affiliate financing agreement 439 0
Prepaid expense and other current assets 364 293
Total current assets 11,637 11,116
Restricted cash included in noncurrent assets 14 33
Investments 2,035 1,729
Property, plant and equipment — net 12,432 12,554
Operating lease right-of-use assets 50 51
Goodwill 2,583 2,583
Identifiable intangible assets — net 1,864 1,958
Commodity and other derivative contractual assets 577 702
Accumulated deferred income taxes 1,223 1,710
Other noncurrent assets 551 351
Total assets 32,966 32,787
Current liabilities:    
Short-term borrowings 0 650
Accounts receivable financing 0 425
Long-term debt due currently 2,286 38
Trade accounts payable 1,147 1,556
Commodity and other derivative contractual liabilities 5,258 6,610
Margin deposits related to commodity contracts 45 39
Accrued taxes other than income 203 199
Accrued interest 206 160
Asset retirement obligations 124 128
Operating lease liabilities 7 8
Other current liabilities 547 524
Total current liabilities 9,823 10,337
Margin deposit financing with affiliate 439 0
Total long-term debt less amounts due currently 12,116 11,933
Operating lease liabilities 48 45
Commodity and other derivative contractual liabilities 1,688 1,726
Accumulated deferred income taxes 1 1
Tax Receivable Agreement obligations 164 514
Noncurrent liability at December 31, 2023 2,414 2,309
Other noncurrent liabilities and deferred debits 951 1,004
Total liabilities 27,644 27,869
Commitments and Contingencies
Total equity:    
Preferred stock, number of shares authorized — 100,000,000; Series A (liquidation preference — $1,000; shares outstanding: December 31, 2023 and 2022 — 1,000,000; Series B (liquidation preference — $1,000; shares outstanding: December 31, 2023 and 2022 — 1,000,000; Series C (liquidation preference — $1,000; shares outstanding: December 31, 2023 — 476,081; December 31, 2022 — zero) 2,476 2,000
Common stock (par value — $0.01; number of shares authorized — 1,800,000,000) (shares outstanding: December 31, 2023 — 351,457,016; December 31, 2022 — 389,754,870) 5 5
Treasury stock, at cost (shares: December 31, 2023 — 192,178,156; December 31, 2022 — 147,424,202) (4,662) (3,395)
Additional paid-in-capital 10,095 9,928
Retained deficit (2,613) (3,643)
Accumulated other comprehensive income 6 7
Stockholders' equity 5,307 4,902
Noncontrolling interest in subsidiary 15 16
Total equity 5,322 4,918
Total liabilities and equity $ 32,966 $ 32,787