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Debt (Tables) | 3 Months Ended
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Mar. 31, 2025
Debt Disclosure [Abstract] |
Schedule of Debt | Debt consisted of the following (in millions):
| March 31, 2025 |  | December 31, 2024
SHORT-TERM DEBT |  |  |
Commercial paper notes, bearing a weighted-average interest rate of 4.6% and 4.6%, respectively (1) | $ | 464 |  |  | $ | 393 |
Other | 14 |  |  | 15 |
Total short-term debt | 478 |  |  | 408 |
LONG-TERM DEBT |  |  |
Senior notes, net of unamortized discounts and debt issuance costs of $52 and $42, respectively (2) | 8,131 |  |  | 7,141 |
Other | 73 |  |  | 72 |
Total long-term debt | 8,204 |  |  | 7,213 |
Total debt (3) | $ | 8,682 |  |  | $ | 7,621 |
(1)We classified these commercial paper notes as short-term as of March 31, 2025 and December 31, 2024, 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 March 31, 2025 and December 31, 2024, we classified our $1.0 billion, 4.65% senior notes due October 2025 as long-term based on our ability and intent to refinance the notes on a long-term basis. (3)Our fixed-rate senior notes had a face value of approximately $8.2 billion and $7.2 billion as of March 31, 2025 and December 31, 2024, respectively. We estimated the aggregate fair value of these notes as of March 31, 2025 and December 31, 2024 to be approximately $7.8 billion and $6.7 billion, 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.

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- Definition Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. + References No definition available. + Details
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