Debt (Tables)

3 Months Ended

Mar. 31, 2026

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



Other	9		9
Total short-term debt	420		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
Other	62		63
Total long-term debt	10,956		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.