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Debt
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Debt Debt
 
Debt consisted of the following (in millions):

June 30,
2025		December 31,
2024
SHORT-TERM DEBT  
Commercial paper notes, bearing a weighted-average interest rate of 4.6% and 4.6%, respectively (1)
$462 $393 
Other13 14 
Total short-term debt475 407 
LONG-TERM DEBT
Senior notes, net of unamortized discounts and debt issuance costs of $50 and $42, respectively (2)
8,133 7,141 
Other71 70 
Total long-term debt8,204 7,211 
Total debt (3)
$8,679 $7,618 
(1)We classified these commercial paper notes as short-term as of June 30, 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 inventory and NYMEX and ICE margin deposits.
(2)As of June 30, 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 June 30, 2025 and December 31, 2024, respectively. We estimated the aggregate fair value of these notes as of June 30, 2025 and December 31, 2024 to be approximately $7.9 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.

Senior Notes

In January 2025, we completed the offering of $1.0 billion, 5.95% senior notes due June 2035 at a public offering price of 99.761%. Interest payments are due on June 15 and December 15 of each year, commencing on June 15, 2025.

Borrowings and Repayments
 
Total borrowings under our commercial paper program for the six months ended June 30, 2025 and 2024 were approximately $27.6 billion and $20.6 billion, respectively. Total repayments under our commercial paper program were approximately $27.5 billion and $21.0 billion for the six months ended June 30, 2025 and 2024, respectively. The variance in total gross borrowings and repayments is impacted by various business and financial factors including, but not limited to, the timing, average term and method of general partnership borrowing activities.

Letters of Credit
 
In connection with our merchant activities, we provide certain suppliers with irrevocable standby letters of credit to secure our obligation for the purchase and transportation of crude oil and NGL. Additionally, we issue letters of credit to support insurance programs, derivative transactions, including hedging-related margin obligations, and construction activities. At June 30, 2025 and December 31, 2024, we had outstanding letters of credit of $81 million and $90 million, respectively.