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Acquisitions, Divestitures and Other Transactions (Tables) | 12 Months Ended
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Dec. 31, 2025
Business Combination, Pro Forma Information | The following unaudited pro forma consolidated results of operations for the year ended December 31, 2025 and 2024 are presented as if the Parkland and NuStar acquisitions and the West Texas Sale had been completed on January 1, 2024.
|  |  | Year Ended December 31,
|  |  |  |  | 2025 |  | 2024
Revenues |  |  |  |  | $ | 41,457 |  |  | $ | 43,696 |
Net income (loss) |  |  |  |  | 313 |  |  | (12) |
NuStar Acquisition |
Business Combination, Recognized Asset Acquired and Liability Assumed | The following table summarizes the allocation of the purchase price among assets acquired and liabilities assumed:
| As of May 3, 2024
Total current assets | $ | 186 |
Property, plant and equipment | 6,958 |
Operating lease right-of-use assets, net | 136 |
Goodwill (1) | 16 |
Intangible assets, net (2) | 195 |
Other non-current assets | 127 |
Total assets | 7,618 |
Total current liabilities | 245 |
Long-term debt, less current maturities (3) | 3,500 |
Operating lease non-current liabilities | 136 |
Deferred tax liabilities | 4 |
Other non-current liabilities | 82 |
Total liabilities | 3,967 |
Preferred units (3) | 801 |
Total consideration | 2,850 |
Cash acquired | 27 |
Total consideration, net of cash acquired | $ | 2,823 |
(1)Goodwill primarily represents expected commercial and operational synergies. None of the goodwill recorded as a result of this transaction is deductible for tax purposes. Goodwill of $16 million relates to Sunoco’s Fuel Distribution segment. (2)Intangible assets, net comprised $151 million of favorable contracts, with a remaining weighted average life of approximately 7 years, and $44 million of customer relationships with a remaining weighted average life of approximately 15 years. (3)Subsequent to the closing of the NuStar Acquisition, the Partnership redeemed all outstanding NuStar preferred units, totaling $784 million, redeemed NuStar's subordinated notes totaling $403 million and repaid and terminated the NuStar credit facility totaling $455 million.
Zenith European Terminals acquisition |
Business Combination, Recognized Asset Acquired and Liability Assumed | The following table summarizes the allocation of the purchase price among assets acquired and liabilities assumed:
| As of March 13, 2024
Other current assets | $ | 6 |
Property, plant and equipment | 204 |
Other non-current assets | 36 |
Deferred tax assets | 6 |
Current liabilities | (14) |
Deferred tax liabilities | (4) |
Other non-current liabilities | (43) |
Net assets | 191 |
Bargain purchase gain | (6) |
Total cash consideration, net of cash acquired | $ | 185 |
Parkland Acquisition |
Business Combination, Recognized Asset Acquired and Liability Assumed | The following table summarizes the preliminary allocation of the purchase price among assets acquired and liabilities assumed.
| As of October 31, 2025
Total current assets | $ | 2,814 |
Property, plant and equipment | 5,612 |
Operating lease right-of-use assets, net | 731 |
Goodwill (1) | 1,528 |
Intangible assets, net (2) | 1,871 |
Deferred tax assets | 210 |
Other non-current assets | 266 |
Investments in unconsolidated affiliates | 341 |
Total assets | 13,373 |
Total current liabilities | 2,490 |
Long-term debt, less current maturities | 3,797 |
Operating lease non-current liabilities | 731 |
Deferred tax liabilities | 965 |
Other non-current liabilities | 375 |
Total liabilities | 8,358 |
Total consideration | 5,015 |
Cash acquired | (464) |
Total consideration, net of cash acquired | $ | 4,551 |
(1)Goodwill represents expected commercial and operational synergies. Approximately $660 million of the goodwill recorded as a result of this transaction is expected to be deductible for IRC Sec. 951A GILTI and foreign earnings and profits purposes. The goodwill is not deductible for non-US jurisdictions. (2)Intangible assets, net comprised of $1.49 billion of customer relationships, with a remaining weighted average life of approximately 20 years, $297 million of indefinite-lived tradenames, and $85 million of other intangibles with a remaining weighted average life of approximately 10 years.

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