v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
CURRENT ASSETS    
Cash and cash equivalents $ 171 $ 328
Trade accounts receivable and other receivables, net 4,821 3,598
Inventory 380 211
Current assets of discontinued operations (Note 2) 602 479
Other current assets 190 117
Total current assets 6,164 4,733
PROPERTY AND EQUIPMENT 22,687 22,536
Accumulated depreciation (5,814) (5,676)
Property and equipment, net 16,873 16,860
OTHER ASSETS    
Investments in unconsolidated entities 2,838 2,846
Intangible assets, net 1,686 1,754
Linefill 876 900
Long-term operating lease right-of-use assets, net 197 198
Long-term inventory 315 214
Long-term assets of discontinued operations (Note 2) 2,537 2,557
Other long-term assets, net 150 107
Total assets 31,636 30,169
CURRENT LIABILITIES    
Trade accounts payable 4,929 3,457
Short-term debt 420 563
Current liabilities of discontinued operations (Note 2) 561 382
Other current liabilities 634 529
Total current liabilities 6,544 4,931
LONG-TERM LIABILITIES    
Senior notes, net 9,120 9,118
Other long-term debt, net 1,836 1,578
Long-term operating lease liabilities 202 202
Long-term liabilities of discontinued operations (Note 2) 665 606
Other long-term liabilities and deferred credits 449 654
Total long-term liabilities 12,272 12,158
COMMITMENTS AND CONTINGENCIES (NOTE 10)
PARTNERS’ CAPITAL    
Total partners’ capital excluding noncontrolling interests 9,601 9,836
Noncontrolling interests 3,219 3,244
Total partners’ capital 12,820 13,080
Total liabilities and partners’ capital 31,636 30,169
Series A Preferred Units    
PARTNERS’ CAPITAL    
Partners' capital 1,249 1,248
Series B Preferred Units    
PARTNERS’ CAPITAL    
Partners' capital 787 787
Common Units    
PARTNERS’ CAPITAL    
Partners' capital $ 7,565 $ 7,801