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Long-Term Debt (Tables) | 12 Months Ended
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Dec. 31, 2024
Debt Disclosure [Abstract] |
Schedule of Long-term Debt |
| December 31, 2024 |  | December 31, 2023
Credit Facility | $ | 203 |  |  | $ | 411 |
5.750% senior notes due 2025 (1) (2) | 600 |  |  | — |
6.000% senior notes due 2026 (1) | 500 |  |  | — |
6.000% senior notes due 2027 | 600 |  |  | 600 |
5.625% senior notes due 2027 (1) | 550 |  |  | — |
5.875% senior notes due 2028 | 400 |  |  | 400 |
7.000% senior notes due 2028 | 500 |  |  | 500 |
4.500% senior notes due 2029 | 800 |  |  | 800 |
7.000% senior notes due 2029 | 750 |  |  | — |
4.500% senior notes due 2030 | 800 |  |  | 800 |
6.375% senior notes due 2030 (1) | 600 |  |  | — |
7.250% senior notes due 2032 | 750 |  |  | — |
GoZone Bonds (1) (2) | 322 |  |  | — |
Lease-related financing obligations | 132 |  |  | 94 |
Net unamortized premiums, discounts, and fair value adjustments | 16 |  |  | — |
Deferred debt issuance costs | (37) |  |  | (25) |
Total debt | 7,486 |  |  | 3,580 |
Less: current maturities | 2 |  |  | — |
Total long-term debt, net | $ | 7,484 |  |  | $ | 3,580 |
(1)These senior notes and bonds, totaling $2.57 billion aggregate principal amount, were assumed by the Partnership in connection with the closing of the NuStar acquisition in May 2024. (2)As of December 31, 2024, $600 million of senior notes and $75 million of GoZone Bonds due on or before December 31, 2025 were classified as long-term as management has the intent and ability to refinance the borrowings on a long-term basis.
Schedule of Maturities of Long-term Debt | At December 31, 2024, scheduled future debt maturities were as follows:
2025 | $ | 677 |
2026 | 502 |
2027 | 1,152 |
2028 | 902 |
2029 | 1,755 |
Thereafter | 2,519 |
Total | $ | 7,507 |
Schedule of Debt Conversions | The following table summarizes the GoZone Bonds outstanding as of December 31, 2024:
Series |  | Date Issued |  | Amount Outstanding |  | Interest Rate |  | Mandatory Purchase Date |  | Optional Redemption Date |  | Maturity Date
Series 2008 |  | June 26, 2008 |  | $ | 56 |  |  | 6.10 | % |  | June 1, 2030 |  | n/a |  | June 1, 2038
Series 2010 |  | July 15, 2010 |  | 100 |  |  | 6.35 | % |  | n/a |  | June 1, 2030 |  | July 1, 2040
Series 2010A |  | October 7, 2010 |  | 43 |  |  | 6.35 | % |  | n/a |  | June 1, 2030 |  | October 1, 2040
Series 2010B |  | December 29, 2010 |  | 48 |  |  | 6.10 | % |  | June 1, 2030 |  | n/a |  | December 1, 2040
Series 2011 |  | August 9, 2011 |  | 75 |  |  | 5.85 | % |  | June 1, 2025 |  | n/a |  | August 1, 2041

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