v3.26.1
Reportable Segments - Information by Segment (Details) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Dec. 31, 2025
Revenues $ 34,334 $ 19,242 $ 62,105 $ 40,262  
Cost of products sold 26,936 13,946 48,085 29,517  
Total 1,809 1,326 3,484 2,610  
Depreciation, depletion and amortization 1,575 1,384 3,158 2,751  
Selling, general and administrative expenses, excluding non-cash compensation and accretion expenses 389 236 723 498  
Equity in earnings of unconsolidated affiliates 108 105 218 197  
Total (134) 132 190 327  
Total 1,670 1,486 3,605 2,740  
Investments in unconsolidated affiliates 3,637   3,637   $ 3,589
Segment Adjusted EBITDA 5,066 3,866 10,003 7,964  
Eliminations          
Revenues 3,628 3,679 7,197 7,766  
Cost of products sold (3,615) (3,659) (7,153) (7,728)  
Total (55) (48) (104) (93)  
Total (61) (53) (118) (103)  
Intrastate transportation and storage          
Depreciation, depletion and amortization 51 51 103 102  
Selling, general and administrative expenses, excluding non-cash compensation and accretion expenses 15 10 28 24  
Equity in earnings of unconsolidated affiliates 7 3 10 8  
Total 326 273 912 499  
Investments in unconsolidated affiliates 156   156   151
Segment Adjusted EBITDA 377 284 814 628  
Intrastate transportation and storage | Operating Segments          
Revenues 596 931 1,752 2,225  
Cost of products sold 132 561 842 1,525  
Total 75 61 140 118  
Total 3 (15) 72 70  
Intrastate transportation and storage | Operating Segments | Revenues from external customers          
Revenues 531 819 1,523 1,966  
Intrastate transportation and storage | Operating Segments | Intersegment revenues          
Revenues 65 112 229 259  
Interstate transportation and storage          
Depreciation, depletion and amortization 144 141 289 283  
Selling, general and administrative expenses, excluding non-cash compensation and accretion expenses 34 26 64 63  
Equity in earnings of unconsolidated affiliates 71 72 146 135  
Total 200 79 453 125  
Investments in unconsolidated affiliates 2,385   2,385   2,353
Segment Adjusted EBITDA 481 470 1,000 982  
Interstate transportation and storage | Operating Segments          
Revenues 609 590 1,243 1,211  
Cost of products sold 4 3 7 5  
Total 230 221 445 410  
Total 140 130 273 249  
Interstate transportation and storage | Operating Segments | Revenues from external customers          
Revenues 599 584 1,226 1,197  
Interstate transportation and storage | Operating Segments | Intersegment revenues          
Revenues 10 6 17 14  
Midstream          
Depreciation, depletion and amortization 470 459 939 907  
Selling, general and administrative expenses, excluding non-cash compensation and accretion expenses 52 47 106 103  
Equity in earnings of unconsolidated affiliates 3 3 5 6  
Total 391 384 785 733  
Investments in unconsolidated affiliates 131   131   130
Segment Adjusted EBITDA 884 768 1,771 1,693  
Midstream | Operating Segments          
Revenues 2,821 3,135 5,865 6,791  
Cost of products sold 1,392 1,911 3,066 4,171  
Total 513 416 959 837  
Total 20 7 37 13  
Midstream | Operating Segments | Revenues from external customers          
Revenues 842 857 1,751 1,741  
Midstream | Operating Segments | Intersegment revenues          
Revenues 1,979 2,278 4,114 5,050  
NGL and refined products transportation and services          
Depreciation, depletion and amortization 255 248 515 496  
Selling, general and administrative expenses, excluding non-cash compensation and accretion expenses 48 41 96 89  
Equity in earnings of unconsolidated affiliates 18 20 37 37  
Total 292 385 609 748  
Investments in unconsolidated affiliates 374   374   362
Segment Adjusted EBITDA 1,308 1,033 2,471 2,011  
NGL and refined products transportation and services | Operating Segments          
Revenues 7,719 5,941 14,392 12,850  
Cost of products sold 5,927 4,635 11,411 10,276  
Total 284 230 582 477  
Total (152) (2) 168 3  
NGL and refined products transportation and services | Operating Segments | Revenues from external customers          
Revenues 6,405 5,029 12,109 11,063  
NGL and refined products transportation and services | Operating Segments | Intersegment revenues          
Revenues 1,314 912 2,283 1,787  
Crude oil transportation and services          
Depreciation, depletion and amortization 268 244 536 481  
Selling, general and administrative expenses, excluding non-cash compensation and accretion expenses 45 38 46 82  
Equity in earnings of unconsolidated affiliates 6 5 12 9  
Total 129 50 214 157  
Investments in unconsolidated affiliates 187   187   190
Segment Adjusted EBITDA 834 732 1,703 1,474  
Crude oil transportation and services | Operating Segments          
Revenues 11,051 5,748 18,809 11,956  
Cost of products sold 9,766 4,725 16,558 9,939  
Total 231 237 454 450  
Total (175) (16) (48) (11)  
Crude oil transportation and services | Operating Segments | Revenues from external customers          
Revenues 11,045 5,748 18,796 11,953  
Crude oil transportation and services | Operating Segments | Intersegment revenues          
Revenues 6 0 13 3  
Investment in Sunoco LP          
Depreciation, depletion and amortization 282 154 568 310  
Selling, general and administrative expenses, excluding non-cash compensation and accretion expenses 155 47 306 83  
Total 202 160 401 261  
Investments in unconsolidated affiliates 341   341   342
Segment Adjusted EBITDA 982 454 1,840 912  
Investment in Sunoco LP | Operating Segments          
Revenues 14,259 5,390 24,949 10,569  
Cost of products sold 12,795 4,821 21,796 9,347  
Total 434 162 815 320  
Total 107 94 (192) 93  
Investment in Sunoco LP | Operating Segments | Revenues from external customers          
Revenues 14,241 5,386 24,930 10,563  
Investment in Sunoco LP | Operating Segments | Intersegment revenues          
Revenues 18 4 19 6  
Investment In USAC [Member]          
Depreciation, depletion and amortization 89 71 176 141  
Selling, general and administrative expenses, excluding non-cash compensation and accretion expenses 27 14 60 28  
Total 64 30 99 63  
Segment Adjusted EBITDA 194 149 382 299  
Investment In USAC [Member] | Operating Segments          
Revenues 342 250 673 495  
Cost of products sold 33 40 62 78  
Total 91 47 180 90  
Total 3 0 11 0  
Investment In USAC [Member] | Operating Segments | Revenues from external customers          
Revenues 310 234 626 464  
Investment In USAC [Member] | Operating Segments | Intersegment revenues          
Revenues 32 16 47 31  
Investment in USAC | Operating Segments          
Revenues 565 936 1,619 1,931  
Investment in USAC | Operating Segments | Revenues from external customers          
Revenues 361 585 1,144 1,315  
Investment in USAC | Operating Segments | Intersegment revenues          
Revenues 204 351 475 616  
All other          
Depreciation, depletion and amortization 16 16 32 31  
Selling, general and administrative expenses, excluding non-cash compensation and accretion expenses 13 13 17 26  
Equity in earnings of unconsolidated affiliates 3 2 8 2  
Total (19) (13) (13) 13  
Total 66 125 132 154  
Investments in unconsolidated affiliates 63   63   $ 61
Segment Adjusted EBITDA 6 (24) 22 (35)  
All other | Operating Segments          
Cost of products sold 502 909 1,496 1,904  
Total $ 6 $ 0 $ 13 $ 1