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Acquisitions and Divestitures (Tables)

9 Months Ended

Sep. 30, 2024

Nustar Acquisition

Business Acquisition [Line Items]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table summarizes the assumed allocation of the purchase price among the assets acquired and liabilities assumed:

			At May 3, 2024
Total current assets			$	186
Property, plant and equipment, net			6,958
Lease right-of-use assets, net			136
Goodwill (1)			16
Intangible assets, net (2)			195
Other non-current assets			127
Total assets			7,618
Total current liabilities			245
Long-term debt, less current maturities (3)			3,500
Non-current operating lease liabilities			136
Deferred income taxes			4
Other non-current liabilities			82
Total liabilities			3,967
Preferred units (3)			801
Total consideration			2,850
Cash received			27
Total consideration, net of cash received			$	2,823

(1)Goodwill primarily represents expected commercial and operational synergies and is subject to change based on final purchase price allocations. None of the goodwill recorded as a result of this transaction is deductible for tax purposes.

(2)Intangible assets, net comprised of $151 million of favorable contracts, with a remaining weighted average life of approximately 7 years, and $44 million of customer relationships, with a remaining weighted average life of approximately 15 years.

(3)Subsequent to the closing of the NuStar acquisition, Sunoco LP redeemed all outstanding NuStar preferred units totaling $784 million, redeemed NuStar’s subordinated notes totaling $403 million and repaid the outstanding balance on the NuStar credit facility totaling $455 million.

WTG Midstream

Business Acquisition [Line Items]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table summarizes the assumed allocation of the purchase price among the assets acquired and liabilities assumed:

			At July 15, 2024
Total current assets			$	334
Property, plant and equipment, net			3,109
Lease right-of-use assets, net			8
Intangible assets, net			20
Total assets			3,471
Total current liabilities			394
Non-current operating lease liabilities			5
Other non-current liabilities			20
Total liabilities			419
Total consideration			3,052
Cash received			45
Total consideration, net of cash received			$	3,007

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