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Debt (Tables)

12 Months Ended

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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