v3.25.1
Debt (Tables)
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Debt
Debt consisted of the following (in millions):

March 31,
2025		December 31,
2024
SHORT-TERM DEBT  
Commercial paper notes, bearing a weighted-average interest rate of 4.6% and 4.6%, respectively (1)
$464 $393 
Other14 15 
Total short-term debt478 408 
LONG-TERM DEBT
Senior notes, net of unamortized discounts and debt issuance costs of $52 and $42, respectively (2)
8,131 7,141 
Other73 72 
Total long-term debt8,204 7,213 
Total debt (3)
$8,682 $7,621 
(1)We classified these commercial paper notes as short-term as of March 31, 2025 and December 31, 2024, as these notes were primarily designated as working capital borrowings, were required to be repaid within one year and were primarily for hedged NGL and crude oil inventory and NYMEX and ICE margin deposits.
(2)As of March 31, 2025 and December 31, 2024, we classified our $1.0 billion, 4.65% senior notes due October 2025 as long-term based on our ability and intent to refinance the notes on a long-term basis.
(3)Our fixed-rate senior notes had a face value of approximately $8.2 billion and $7.2 billion as of March 31, 2025 and December 31, 2024, respectively. We estimated the aggregate fair value of these notes as of March 31, 2025 and December 31, 2024 to be approximately $7.8 billion and $6.7 billion, respectively. Our fixed-rate senior notes are traded among institutions, and these trades are routinely published by a reporting service. Our determination of fair value is based on reported trading activity near the end of the reporting period. We estimate that the carrying value of outstanding borrowings under our commercial paper program approximates fair value as interest rates reflect current market rates. The fair value estimates for our senior notes and commercial paper program are based upon observable market data and are classified in Level 2 of the fair value hierarchy.