Debt (Tables)

9 Months Ended

Sep. 30, 2025

Debt consisted of the following (in millions):


	September 30, 2025		December 31, 2024
SHORT-TERM DEBT
Commercial paper notes, bearing a weighted-average interest rate of 4.6% (1)	$	—	$	393


Senior notes:
4.65% senior notes due October 2025 (2)	1,000		—

Other	10		14
Total short-term debt	1,010		407

LONG-TERM DEBT
Senior notes, net of unamortized discounts and debt issuance costs of $62 and $42, respectively (2)	8,371		7,141


Other	68		70
Total long-term debt	8,439		7,211
Total debt (3)	$	9,449	$	7,618

(1)We classified these commercial paper notes as short-term as of 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 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 at that time. We redeemed these senior notes on October 3, 2025.

(3)Our fixed-rate senior notes had a face value of approximately $9.4 billion and $7.2 billion as of September 30, 2025 and December 31, 2024, respectively. We estimated the aggregate fair value of these notes as of September 30, 2025 and December 31, 2024 to be approximately $9.2 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.