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Canadian NGL Business Divestiture and Discontinued Operations (Tables) | 6 Months Ended
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Jun. 30, 2026
Discontinued Operations and Disposal Groups [Abstract] |
Schedule of Disposal Groups, Including Discontinued Operations | The following table summarizes the carrying amounts of major classes of assets and liabilities of discontinued operations (in millions):
| June 30, 2026 |  | December 31, 2025
Assets: |  |  |
Current assets: |  |  |
Trade accounts receivable and other receivables, net | $ | — |  |  | $ | 285 |
Inventory | — |  |  | 176 |
Other current assets | — |  |  | 18 |
Total current assets of discontinued operations | $ | — |  |  | $ | 479 |
Long-term assets: |  |  |
Property and equipment, net (1) | $ | — |  |  | $ | 2,191 |
Linefill | — |  |  | 70 |
Long-term operating lease right-of-use assets, net | — |  |  | 138 |
Long-term inventory | — |  |  | 38 |
Other long-term assets, net | — |  |  | 120 |
Total long-term assets of discontinued operations | $ | — |  |  | $ | 2,557 |
Liabilities: |  |  |
Current liabilities: |  |  |
Trade accounts payable | $ | — |  |  | $ | 295 |
Other current liabilities | 154 |  |  | 87 |
Total current liabilities of discontinued operations | $ | 154 |  |  | $ | 382 |
Long-term liabilities: |  |  |
Long-term operating lease liabilities | $ | — |  |  | $ | 96 |
Other long-term liabilities and deferred credits | — |  |  | 510 |
Total long-term liabilities of discontinued operations | $ | — |  |  | $ | 606 |
(1)Amounts are net of accumulated depreciation of $876 million as of December 31, 2025. The following table provides a reconciliation of the line items comprising income from discontinued operations before tax to income from discontinued operations, net of tax (in millions):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2026 |  | 2025 |  | 2026 |  | 2025
Revenues: |  |  |  |  |  |  |
Product sales | $ | 35 |  |  | $ | 181 |  |  | $ | 292 |  |  | $ | 679 |
Services | 19 |  |  | 30 |  |  | 58 |  |  | 66 |
Total revenues | 54 |  |  | 211 |  |  | 350 |  |  | 745 |
Cost and Expenses: |  |  |  |  |  |  |
Purchases and related costs | — |  |  | 10 |  |  | 205 |  |  | 252 |
Field operating costs | 37 |  |  | 53 |  |  | 108 |  |  | 122 |
General and administrative expenses | 3 |  |  | 12 |  |  | 17 |  |  | 26 |
Depreciation and amortization | — |  |  | 27 |  |  | — |  |  | 57 |
(Gains)/losses on asset sales and other, net | (1,637) |  |  | 13 |  |  | (1,605) |  |  | 13 |
Total costs and expenses | (1,597) |  |  | 115 |  |  | (1,275) |  |  | 470 |
Income from discontinued operations before tax | 1,651 |  |  | 96 |  |  | 1,625 |  |  | 275 |
Current income tax expense | (71) |  |  | (14) |  |  | (115) |  |  | (54) |
Deferred income tax (expense)/benefit | 69 |  |  | (12) |  |  | 38 |  |  | (15) |
Income from discontinued operations, net of tax | $ | 1,649 |  |  | $ | 70 |  |  | $ | 1,548 |  |  | $ | 206 |

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