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Leases (Tables)
6 Months Ended
Jun. 30, 2022
Leases [Abstract]  
Summary of right of use asset and lease liability balances for operating and finance leases
The following tables summarize the right-of-use (“ROU”) asset and lease liability balances for the Company’s operating and finance leases at June 30, 2022 and December 31, 2021:
June 30, 2022December 31, 2021
(in millions)Operating LeasesFinance LeasesOperating LeasesFinance Leases
ROU assets, net
Pipeline and storage$18 $22 $17 $23 
Railcars5  — 
Real estate and other15 16 14 18 
Lease liability
Pipelines and storage18 34 17 35 
Railcars5  — 
Real estate and other15 17 14 19 
Schedule of lease expense, lease terms, and discount rates For the three and six months ended June 30, 2022 and 2021, we recognized lease expense comprised of the following components:
Three Months Ended
June 30,
Six Months Ended
June 30,
(in millions)2022202120222021
Operating lease expense$4 $$8 $
Finance lease expense:
Amortization of ROU asset1 3 
Interest expense on lease liability1 2 
Short-term lease expense2 5 
The following outlines the remaining lease terms and discount rates used in the measurement of the Company’s ROU assets and lease liabilities:
June 30, 2022December 31, 2021
Operating LeasesFinance LeasesOperating LeasesFinance Leases
Weighted-average remaining lease term4.0 years6.7 years4.1 years7.2 years
Weighted-average discount rate5.1 %9.0 %5.4 %9.0 %
Summary of remaining minimum lease payments for operating leases
The following summarizes the remaining minimum lease payments through maturity of the Company’s lease liabilities at June 30, 2022:
(in millions)Operating LeasesFinance Leases
Remainder of 2022$8 $6 
202314 9 
20249 10 
20254 10 
20263 10 
Thereafter4 23 
Total lease payments42 68 
Less: imputed interest(4)(17)
Total lease liability$38 $51 
Summary of remaining minimum lease payments for finance leases
The following summarizes the remaining minimum lease payments through maturity of the Company’s lease liabilities at June 30, 2022:
(in millions)Operating LeasesFinance Leases
Remainder of 2022$8 $6 
202314 9 
20249 10 
20254 10 
20263 10 
Thereafter4 23 
Total lease payments42 68 
Less: imputed interest(4)(17)
Total lease liability$38 $51