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Derivatives and Risk Management Activities (Tables)
 6 Months Ended
Jun. 30, 2025
Derivatives and Risk Management Activities  
Schedule of Impact of Derivative Activities Recognized in Earnings The following table summarizes the impact of our commodity derivatives recognized in earnings (in millions):
 Three Months Ended
June 30,		Six Months Ended
June 30,
 2025202420252024
Product sales revenues$(40)$— $(41)$(28)
Field operating costs5 (5)3 (6)
   Net loss from commodity derivative activity$(35)$(5)$(38)$(34)
Schedule of Net Broker Receivable (Payable) The following table provides the components of our net broker receivable (in millions):
June 30,
2025		December 31,
2024
Initial margin$9 $16 
Variation margin posted/(returned)
(6)15 
Letters of credit
— (9)
   Net broker receivable
$3 $22 
Schedule of Derivative Assets and Liabilities on Consolidated Balance Sheets on a Gross Basis
The following table reflects the Condensed Consolidated Balance Sheet line items that include the fair values of our commodity derivative assets and liabilities and the effect of the collateral netting. Such amounts are presented on a gross basis, before the effects of counterparty netting. However, we have elected to present our commodity derivative assets and liabilities with the same counterparty on a net basis on our Condensed Consolidated Balance Sheet when the legal right of offset exists. Amounts in the table below are presented in millions.

June 30, 2025December 31, 2024
Effect of Collateral NettingNet Carrying Value Presented on the Balance SheetEffect of Collateral NettingNet Carrying Value Presented on the Balance Sheet
Commodity DerivativesCommodity Derivatives
AssetsLiabilitiesAssetsLiabilities
Derivative Assets
Other current assets$27 $(16)$3 $14 $25 $(24)$22 $23 
Other long-term assets, net1 — — 1 — — — — 
Derivative Liabilities
Other current liabilities— — — — (5)5 — — 
Other long-term liabilities and deferred credits3 (6)— (3)2 (6)— (4)
Total$31 $(22)$3 $12 $22 $(25)$22 $19 
Schedule of Net Deferred Gain/(Loss) Recognized in AOCI for Derivatives
The following table summarizes the net unrealized gain/(loss) recognized in AOCI for derivatives (in millions):

Three Months Ended
June 30,		Six Months Ended
June 30,
 2025202420252024
Interest rate derivatives, net$7 $5 $6 $18 
Schedule of Derivative Financial Assets and Liabilities Accounted for at Fair Value on a Recurring Basis, by Level within the Fair Value Hierarchy
The following table sets forth by level within the fair value hierarchy our financial assets and liabilities that were accounted for at fair value on a recurring basis (in millions):

 Fair Value as of June 30, 2025Fair Value as of December 31, 2024
Recurring Fair Value Measures (1)
Level 1Level 2TotalLevel 1Level 2Total
Commodity derivatives$12 $(3)$9 $11 $(14)$(3)
Interest rate derivatives— 33 33 — 27 27 
Foreign currency derivatives— (49)(49)— — — 
Total net derivative asset/(liability)$12 $(19)$(7)$11 $13 $24 
(1)Derivative assets and liabilities are presented above on a net basis but do not include related cash margin deposits.
Interest rate derivatives  
Derivatives and Risk Management Activities  
Schedule of Terms of Forward Starting Interest Rate Derivatives
The following table summarizes the terms of our outstanding interest rate derivatives as of June 30, 2025 (notional amounts in millions):

Hedged TransactionNumber and Types of
Derivatives Employed		Notional
Amount		Expected
Termination Date		Average Rate
Locked		Accounting
Treatment
Anticipated interest payments
8 forward starting swaps
(30-year)
$200 6/15/20263.09%Cash flow hedge
Anticipated interest payments
4 forward starting swaps
(30-year)
$100 10/15/20253.76%Cash flow hedge
Anticipated interest payments
4 Treasury Locks
(10-year)
$100 10/15/20254.00%
Cash flow hedge