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Debt (Tables) | 12 Months Ended
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Dec. 31, 2024
Debt Disclosure [Abstract] |
Schedule of Debt | Debt consisted of the following (in millions):
| December 31, 2024 |  | December 31, 2023
SHORT-TERM DEBT |  |  |
Commercial paper notes, bearing a weighted-average interest rate of 4.6% and 5.8%, respectively (1) | $ | 393 |  |  | $ | 433 |
Other | 15 |  |  | 13 |
Total short-term debt | 408 |  |  | 446 |
LONG-TERM DEBT |  |  |
Senior notes: |  |  |
3.60% senior notes due November 2024 (2) | — |  |  | 750 |
4.65% senior notes due October 2025 (3) | 1,000 |  |  | 1,000 |
4.50% senior notes due December 2026 | 750 |  |  | 750 |
3.55% senior notes due December 2029 | 1,000 |  |  | 1,000 |
3.80% senior notes due September 2030 | 750 |  |  | 750 |
5.70% senior notes due September 2034 | 650 |  |  | — |
6.70% senior notes due May 2036 | 250 |  |  | 250 |
6.65% senior notes due January 2037 | 600 |  |  | 600 |
5.15% senior notes due June 2042 | 499 |  |  | 499 |
4.30% senior notes due January 2043 | 348 |  |  | 348 |
4.70% senior notes due June 2044 | 687 |  |  | 687 |
4.90% senior notes due February 2045 | 649 |  |  | 649 |
Unamortized discounts and debt issuance costs | (42) |  |  | (41) |
Senior notes, net of unamortized discounts and debt issuance costs | 7,141 |  |  | 7,242 |
Other long-term debt: |  |  |
Other | 72 |  |  | 63 |
Total long-term debt | 7,213 |  |  | 7,305 |
Total debt (4) | $ | 7,621 |  |  | $ | 7,751 |
(1)We classified these commercial paper notes as short-term as of December 31, 2024 and 2023, as these notes were primarily designated as working capital borrowings, were required to be repaid within one year and were primarily for hedged NGL and crude oil inventory and NYMEX and ICE margin deposits. (2)As of December 31, 2023, we classified our $750 million, 3.60% senior notes due November 2024 as long-term based on our ability and intent to refinance the notes on a long-term basis at that time. We redeemed these senior notes on November 1, 2024. (3)As of December 31, 2024, we classified our $1 billion, 4.65% senior notes due October 2025 as long-term based on our ability and intent to refinance these notes on a long-term basis. (4)Our fixed-rate senior notes had a face value of approximately $7.2 billion and $7.3 billion at December 31, 2024 and 2023, respectively. We estimated the aggregate fair value of these notes to be approximately $6.7 billion and $6.9 billion at December 31, 2024 and 2023, respectively. Our fixed-rate senior notes are traded among institutions, and these trades are routinely published by a reporting service. Our determination of fair value is based on reported trading activity near the end of the reporting period. We estimate that the carrying value of outstanding borrowings under our commercial paper program approximates fair value as interest rates reflect current market rates. The fair value estimates for our senior notes and commercial paper program are based upon observable market data and are classified in Level 2 of the fair value hierarchy.
Schedule of Senior Unsecured Notes | The table below summarizes our issuances of senior unsecured notes during the three years ended December 31, 2024 (in millions):
Year |  | Description |  | Maturity |  | Face Value |  | Interest Payment Dates
2024 |  | 5.70% Senior Notes issued at 99.953% of face value |  | September 2034 |  | $ | 650 |  |  | March 15 and September 15
Senior Notes Repayments. During the three years ended December 31, 2024, we repaid the following senior unsecured notes in full (in millions):
Year |  | Description |  | Repayment Date |  |
2024 |  | $750 million 3.60% Senior Notes due November 2024 |  | November 2024 |  | (1)
2023 |  | $700 million 3.85% Senior Notes due October 2023 |  | October 2023 |  | (2)
2023 |  | $400 million 2.85% Senior Notes due January 2023 |  | January 2023 |  | (2)
2022 |  | $750 million 3.65% Senior Notes due June 2022 |  | March 2022 |  | (2)
(1)We repaid these senior notes with proceeds from our 5.70% senior notes issued in June 2024, cash on hand and borrowings under our commercial paper program. (2)We repaid these senior notes with cash on hand and borrowings under our commercial paper program.
Schedule of Aggregate Maturities of Long-term Debt | The following table presents the aggregate contractually scheduled maturities of such senior notes for the next five years and thereafter. The amounts presented exclude unamortized discounts and debt issuance costs.
Calendar Year |  | Payment (in millions)
2025 |  | $ | 1,000 |
2026 |  | $ | 750 |
2027 |  | $ | — |
2028 |  | $ | — |
2029 |  | $ | 1,000 |
Thereafter |  | $ | 4,433 |

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