Direct operating costs are costs incurred to earn revenue and include all attributable expenses. The following table lists direct operating costs for the three and six-month periods ended June 30, 2026, and 2025.


	For the three-month period ended June 30				For the six-month period ended June 30
US$ MILLIONS	2026		2025		2026		2025
Depreciation and amortization	$	1,095	$	941	$	2,170	$	1,901
Cost of inventory	1,040		587		1,828		1,209
Compensation	819		792		1,654		1,545
Fuel, transportation and distribution costs	587		527		1,119		1,058
Operations and maintenance costs	496		325		988		623
Marketing and administrative costs	343		299		694		573
Utilities	249		288		516		570
Other direct operating costs	263		236		528		480
Total	$	4,892	$	3,995	$	9,497	$	7,959