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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Jun. 30, 2026
Dec. 31, 2025
Current Assets    
Cash and cash equivalents $ 162 $ 4,708
Funds deposited by counterparties 167 260
Restricted cash 50 30
Accounts receivable, net 3,534 4,065
Inventory 793 461
Derivative instruments 3,188 2,189
Cash collateral paid in support of energy risk management activities 441 365
Prepayments and other current assets 1,318 1,069
Total current assets 9,653 13,147
Property, plant and equipment, net 14,076 3,632
Other Assets    
Operating lease right-of-use assets, net 142 130
Goodwill 8,815 5,017
Derivative instruments 1,617 1,568
Deferred income taxes 1,725 1,843
Other non-current assets 1,772 1,494
Total other assets 16,211 12,361
Total Assets 39,940 29,140
Current Liabilities    
Current portion of long-term debt and finance leases 1,512 31
Current portion of operating lease liabilities 41 35
Accounts payable 2,579 2,834
Derivative instruments 3,120 2,257
Cash collateral received in support of energy risk management activities 167 260
Deferred revenue current 837 748
Accrued expenses and other current liabilities 1,719 1,864
Total current liabilities 9,975 8,029
Other Liabilities    
Long-term debt and finance leases 21,744 16,412
Non-current operating lease liabilities 170 144
Derivative instruments 1,327 1,103
Deferred income taxes 15 15
Deferred revenue non-current 984 895
Other non-current liabilities 870 861
Total other liabilities 25,110 19,430
Total Liabilities 35,085 27,459
Commitments and Contingencies
Stockholders’ Equity    
Preferred stock; 10,000,000 shares authorized; 650,000 Series A shares issued and outstanding at June 30, 2026 and December 31, 2025, aggregate liquidation preference of $650 at June 30, 2026 and December 31, 2025 650 650
Common stock; $0.01 par value; 500,000,000 shares authorized; 225,198,900 and 199,828,615 shares issued and 210,307,902 and 190,376,607 shares outstanding at June 30, 2026 and December 31, 2025, respectively 2 2
Additional paid-in-capital 3,880 215
Retained earnings 2,374 1,982
Treasury stock, at cost; 14,890,998 shares and 9,452,008 shares at June 30, 2026 and December 31, 2025, respectively (1,964) (1,087)
Accumulated other comprehensive loss (87) (81)
Total Stockholders’ Equity 4,855 1,681
Total Liabilities and Stockholders’ Equity 39,940 29,140
Customer relationships, net    
Other Assets    
Intangible assets, net 1,177 1,203
Other intangible assets, net    
Other Assets    
Intangible assets, net $ 963 $ 1,106