v3.26.1
Debt
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Debt Debt
 
Debt consisted of the following (in millions):

March 31,
2026		December 31,
2025
SHORT-TERM DEBT  
Commercial paper notes, bearing a weighted-average interest rate of 4.1% and 3.9%, respectively (1)
$411 $554 
Other9 9 
Total short-term debt420 563 
LONG-TERM DEBT
Senior notes, net of unamortized discounts and debt issuance costs of $63 and $65, respectively (2)
9,120 9,118 
Commercial paper notes, bearing a weighted-average interest rate of 4.1% and 3.9%, respectively (3)
675 416 
Term loan, net of debt issuance costs of $1 and $1, respectively, and bearing a weighted-average interest rate of 4.8% and 5.0%, respectively (4)
1,099 1,099 
Other62 63 
Total long-term debt10,956 10,696 
Total debt (5)
$11,376 $11,259 
(1)We classified these commercial paper notes as short-term as of March 31, 2026 and December 31, 2025, as these notes were primarily designated as working capital borrowings, were required to be repaid within one year and were primarily for hedged inventory and NYMEX and ICE margin deposits.
(2)As of March 31, 2026 and December 31, 2025, we classified our $750 million, 4.50% senior notes due December 2026 as long-term based on our ability and intent to refinance the notes on a long-term basis.
(3)As of March 31, 2026 and December 31, 2025, we classified a portion of our commercial paper notes as long-term based on our ability and intent to refinance such amounts on a long-term basis.
(4)The closing of the Canadian NGL Business divestiture will trigger mandatory prepayment of all amounts outstanding under the term loan agreement within seven business days of the closing of such divestiture. See Note 1 for additional information about the pending Canadian NGL Business divestiture.
(5)Our fixed-rate senior notes had a face value of approximately $9.2 billion at both March 31, 2026 and December 31, 2025. We estimated the aggregate fair value of these notes as of March 31, 2026 and December 31, 2025 to be approximately $8.9 billion and $9.0 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 and our term loan approximate fair value as interest rates reflect current market rates. The fair value estimates for our senior notes, commercial paper program and term loan are based upon observable market data and are classified in Level 2 of the fair value hierarchy.

Borrowings and Repayments
 
Total borrowings under our credit facilities and commercial paper program for the three months ended March 31, 2026 and 2025 were approximately $26.5 billion and $12.9 billion, respectively. Total repayments under our commercial paper program were approximately $26.4 billion and $12.8 billion for the three months ended March 31, 2026 and 2025, respectively. The variance in total gross borrowings and repayments is impacted by various business and financial factors including, but not limited to, the timing, average term and method of general partnership borrowing activities.
Letters of Credit
 
In connection with our merchant activities, we provide certain suppliers with irrevocable standby letters of credit to secure our obligation for the purchase and transportation of crude oil and NGL. Additionally, we issue letters of credit to support insurance programs, derivative transactions, including hedging-related margin obligations, and construction activities. At March 31, 2026 and December 31, 2025, we had outstanding letters of credit of $118 million and $95 million, respectively.