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Derivatives and Risk Management Activities (Tables) | 6 Months Ended
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Jun. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
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,
| 2026 |  | 2025 |  | 2026 |  | 2025
Product sales revenues | $ | 17 |  |  | $ | (40) |  |  | $ | 105 |  |  | $ | (41) |
Field operating costs | — |  |  | 5 |  |  | 2 |  |  | 3 |
Net income/(loss) from commodity derivative activity | $ | 17 |  |  | $ | (35) |  |  | $ | 107 |  |  | $ | (38) |
Schedule of Net Broker Receivable | The following table provides the components of our net broker receivable (in millions):
| June 30, 2026 |  | December 31, 2025
Initial margin | $ | 31 |  |  | $ | 16 |
Variation margin posted | 31 |  |  | 4 |
Letters of credit | (29) |  |  | (1) |
Net broker receivable | $ | 33 |  |  | $ | 19 |
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, 2026 |  |  | December 31, 2025
|  |  |  |  |  | Effect of Collateral Netting |  | Net Carrying Value Presented on the Balance Sheet |  |  |  |  |  |  | Effect of Collateral Netting |  | Net Carrying Value Presented on the Balance Sheet
|  | Commodity Derivatives |  |  |  |  | Commodity Derivatives |  |
|  | Assets |  | Liabilities |  |  |  |  | Assets |  | Liabilities |  |
Derivative Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other current assets |  | $ | 20 |  |  | $ | (12) |  |  | $ | (7) |  |  | $ | 1 |  |  |  | $ | 18 |  |  | $ | (24) |  |  | $ | 19 |  |  | $ | 13 |
Other long-term assets, net |  | 11 |  |  | (3) |  |  | — |  |  | 8 |  |  |  | 1 |  |  | — |  |  | — |  |  | 1 |
Derivative Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other current liabilities |  | 28 |  |  | (87) |  |  | 40 |  |  | (19) |  |  |  | (1) |  |  | — |  |  | — |  |  | (1) |
Other long-term liabilities and deferred credits |  | — |  |  | — |  |  | — |  |  | — |  |  |  | 10 |  |  | (8) |  |  | — |  |  | 2 |
Total |  | $ | 59 |  |  | $ | (102) |  |  | $ | 33 |  |  | $ | (10) |  |  |  | $ | 28 |  |  | $ | (32) |  |  | $ | 19 |  |  | $ | 15 |
Schedule of Net Deferred Gain/(Loss) Recognized in AOCI for Derivatives | The following table summarizes the net unrealized gain recognized in AOCI for derivatives (in millions):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2026 |  | 2025 |  | 2026 |  | 2025
Interest rate derivatives, net | $ | — |  |  | $ | 7 |  |  | $ | — |  |  | $ | 6 |
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, 2026 |  |  | Fair Value as of December 31, 2025
Recurring Fair Value Measures (1) |  | Level 1 |  | Level 2 |  |  |  | Total |  |  | Level 1 |  | Level 2 |  |  |  | Total
Commodity derivatives |  | $ | (50) |  |  | $ | 7 |  |  |  |  | $ | (43) |  |  |  | $ | (2) |  |  | $ | (2) |  |  |  |  | $ | (4) |
Foreign currency derivatives |  | — |  |  | — |  |  |  |  | — |  |  |  | — |  |  | 8 |  |  |  |  | 8 |
Total net derivative asset/(liability) |  | $ | (50) |  |  | $ | 7 |  |  |  |  | $ | (43) |  |  |  | $ | (2) |  |  | $ | 6 |  |  |  |  | $ | 4 |
(1)Derivative assets and liabilities are presented above on a net basis but do not include related cash margin deposits.

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- Definition Tabular disclosure of gain (loss) on derivative and nonderivative instruments designated and qualifying as cash flow hedge recorded in accumulated other comprehensive income (AOCI) and reclassified into earnings. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4E -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4E Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A + Details
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- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4CC -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4CC Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4A -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4A -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4E -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4E + Details
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- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 182 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480401/815-10-55-182 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4E -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4E Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4B + Details
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- Definition Tabular disclosure of amounts receivable from and payable to broker-dealers and clearing organizations, including securities failed to receive, deposits received for securities loaned, amounts payable to clearing organizations related to open transactions, floor brokerage payables and payables for commodities futures accounts liquidating to an equity balance on a broker-dealer's records. + References No definition available. + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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