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Debt Obligations Debt Obligations (Tables)

12 Months Ended

Dec. 31, 2024

Debt Obligations [Abstract]

Schedule of debt obligations

Our debt obligations consist of the following:

			December 31,
			2024						2023
Energy Transfer Indebtedness
5.875% Senior Notes due January 15, 2024(1)			$	—					$	23
5.875% Senior Notes due January 15, 2024(1)			—						1,127
7.60% Senior Notes due February 1, 2024(1)			—						82
4.90% Senior Notes due February 1, 2024(1)			—						350
4.25% Senior Notes due April 1, 2024(1)			—						500
4.50% Senior Notes due April 15, 2024(1)			—						750
3.90% Senior Notes due May 15, 2024(1)			—						600
9.00% Debentures due November 1, 2024(1)			—						65
4.05% Senior Notes due March 15, 2025(2)			1,000						1,000
5.75% Senior Notes due April 1, 2025(1)			—						500
2.90% Senior Notes due May 15, 2025(2)			1,000						1,000
5.95% Senior Notes due December 1, 2025(2)			400						400
4.75% Senior Notes due January 15, 2026			1,000						1,000
3.90% Senior Notes due July 15, 2026			550						550
6.05% Senior Notes due December 1, 2026			1,000						1,000
4.40% Senior Notes due March 15, 2027			700						700
4.20% Senior Notes due April 15, 2027			600						600
6.05% Senior Notes due May 1, 2027			600						600
5.50% Senior Notes due June 1, 2027			44						44
5.50% Senior Notes due June 1, 2027			956						956
4.00% Senior Notes due October 1, 2027			750						750
5.55% Senior Notes due February 15, 2028			1,000						1,000
4.95% Senior Notes due May 15, 2028			800						800
4.95% Senior Notes due June 15, 2028			1,000						1,000
6.10% Senior Notes due December 1, 2028			500						500
6.00% Senior Notes due February 1, 2029			700						700
8.00% Senior Notes due April 1, 2029(1)			—						450
5.25% Senior Notes due April 15, 2029			1,500						1,500
5.25% Senior Notes due July 1, 2029			1,000						—
7.00% Senior Notes due July 15, 2029			66						66
4.15% Senior Notes due September 15, 2029			547						547
8.25% Senior Notes due November 15, 2029			33						33
8.25% Senior Notes due November 15, 2029			267						267
3.75% Senior Note due May 15, 2030			1,500						1,500
6.40% Senior Notes due December 1, 2030			1,000						1,000
7.38% Senior Notes due April 1, 2031			600						600
5.75% Senior Notes due February 15, 2033			1,500						1,500
4.05% Tax-Exempt Bonds due June 1, 2033			225						225
6.55% Senior Notes due December 1,2033			1,500						1,500
5.55% Senior Notes due May 15, 2034			1,250						—
5.60% Senior Notes due September 1, 2034			1,250						—
4.90% Senior Notes due March 15, 2035			500						500
6.625% Senior Notes due October 15, 2036			400						400

5.80% Senior Notes due June 15, 2038			500						500
7.50% Senior Notes due July 1, 2038			550						550
6.85% Senior Notes due February 15, 2040			250						250
6.05% Senior Notes due June 1, 2041			700						700
6.50% Senior Notes due February 1, 2042			1,000						1,000
6.10% Senior Notes due February 15, 2042			300						300
4.95% Senior Notes due January 15, 2043			350						350
5.15% Senior Notes due February 1, 2043			450						450
5.95% Senior Notes due October 1, 2043			450						450
5.30% Senior Notes due April 1, 2044			700						700
5.00% Senior Notes due May 15, 2044			531						531
5.15% Senior Notes due March 15, 2045			1,000						1,000
5.35% Senior Notes due May 15, 2045			800						800
6.125% Senior Notes due December 15, 2045			1,000						1,000
5.30% Senior Notes due April 15, 2047			900						900
5.40% Senior Notes due October 1, 2047			1,500						1,500
6.00% Senior Notes due June 15, 2048			1,000						1,000
6.25% Senior Notes due April 15, 2049			1,750						1,750
5.00% Senior Notes due May 15, 2050			2,000						2,000
5.95% Senior Notes due May 15, 2054			1,750						—
6.05% Senior Notes due September 1, 2054			1,250						—
8.00% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due May 15, 2054			800						—
7.125% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due October 1, 2054			400						—
Floating Rate Junior Subordinated Notes due November 1, 2066			600						600
Five-Year Credit Facility due April 11, 2029			2,759						1,412
Unamortized premiums, discounts and fair value adjustments, net			62						128
Deferred debt issuance costs			(250)						(197)
			48,840						44,359
Subsidiary Indebtedness
Transwestern Debt
5.66% Senior Notes due December 9, 2024(1)			—						175
6.16% Senior Notes due May 24, 2037			75						75
			75						250
Bakken Project Debt
3.90% Senior Notes due April 1, 2024(1)			—						1,000
4.625% Senior Notes due April 1, 2029			850						850
Unamortized premiums, discounts and fair value adjustments, net			—						(1)
Deferred debt issuance costs			(3)						(4)
			847						1,845
Sunoco LP Debt
5.750% Senior Notes due October 1, 2025(2)(3)			600						—
6.000% Senior Notes due June 1, 2026(3)			500						—
6.000% Senior Notes due April 15, 2027			600						600
5.625% Senior Notes due April 28, 2027(3)			550						—
5.875% Senior Notes due March 15, 2028			400						400
7.000% Senior Notes due September 25, 2028			500						500
7.000% Senior Notes due May 1, 2029			750						—
4.500% Senior Notes due May 15, 2029			800						800
4.500% Senior Notes due April 30, 2030			800						800

6.375% Senior Notes due October 1, 2030(3)			600						—
7.250% Senior Notes due May 1, 2032			750						—
GoZone Bonds(2)(3)			322						—
Sunoco LP Credit Facility due May 3, 2029			203						411
Lease-related obligations			132						94
Unamortized premiums, discounts and fair value adjustments, net			15						—
Deferred debt issuance costs			(37)						(25)
			7,485						3,580
USAC Debt
6.875% Senior Notes due April 1, 2026(1)			—						725
6.875% Senior Notes due September 1, 2027			750						750
7.125% Senior Notes due March 15, 2029			1,000						—
USAC Credit Facility due December 8, 2026			772						872
Deferred debt issuance costs			(20)						(11)
			2,502						2,336
Other long-term debt			11						18
Total debt			59,760						52,388
Less: Current maturities of long-term debt			8						1,008
Long-term debt, less current maturities			$	59,752					$	51,380

(1)These notes were redeemed in 2024.

(2)As of December 31, 2024, these obligations (including $75 million of Sunoco LP’s GoZone bonds) were classified as long-term as management had the intent and ability to refinance the borrowings on a long-term basis.

(3)Sunoco LP assumed $2.57 billion aggregate principal amount of NuStar senior notes and bonds in connection with the closing of the NuStar acquisition in May 2024.

Future maturities of long-term debt

The following table reflects future maturities of long-term debt for each of the next five years and thereafter. These amounts exclude $233 million in unamortized premiums, fair value adjustments and deferred debt issuance costs, net:

2025			$	3,082
2026			3,826
2027			5,554
2028			4,203
2029			10,476
Thereafter			32,852
Total			$	59,993

Schedule of Debt Conversions

The following table summarizes the GoZone Bonds outstanding as of December 31, 2024:

Series

Date Issued

Amount Outstanding

Interest Rate

Mandatory Purchase Date

Original Redemption Date

Maturity Date

Series 2008

June 26, 2008

56

6.10

%

June 1, 2030

n/a

June 1, 2038

Series 2010

July 15, 2010

100

6.35

%

n/a

June 1, 2030

July 1, 2040

Series 2010A

October 7, 2010

43

6.35

%

n/a

June 1, 2030

October 1, 2040

Series 2010B

December 29, 2010

48

6.10

%

June 1, 2030

n/a

December 1, 2040

Series 2011

August 9, 2011

75

5.85

%

June 1, 2025

n/a

August 1, 2041

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