v3.26.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Jun. 30, 2026
Dec. 31, 2025
CURRENT ASSETS    
Cash and cash equivalents $ 1,060 $ 329
Trade accounts receivable and other receivables, net 5,267 3,598
Inventory 84 211
Current assets of discontinued operations (Note 2) 0 479
Other current assets 119 87
Total current assets 6,530 4,704
PROPERTY AND EQUIPMENT 22,702 22,536
Accumulated depreciation (5,921) (5,676)
Property and equipment, net 16,781 16,860
OTHER ASSETS    
Investments in unconsolidated entities 2,817 2,846
Intangible assets, net 1,610 1,754
Deferred tax asset 1,083 1,136
Linefill 892 900
Long-term operating lease right-of-use assets, net 172 198
Long-term inventory 257 214
Long-term assets of discontinued operations (Note 2) 0 2,557
Other long-term assets, net 91 107
Total assets 30,233 31,276
CURRENT LIABILITIES    
Trade accounts payable 4,942 3,457
Short-term debt 9 563
Current liabilities of discontinued operations (Note 2) 154 382
Other current liabilities 746 500
Total current liabilities 5,851 4,902
LONG-TERM LIABILITIES    
Senior notes, net 8,373 9,118
Other long-term debt, net 59 1,578
Long-term operating lease liabilities 194 202
Long-term liabilities of discontinued operations (Note 2) 0 606
Other long-term liabilities and deferred credits 442 654
Total long-term liabilities 9,068 12,158
COMMITMENTS AND CONTINGENCIES (NOTE 10)
PARTNERS’ CAPITAL    
Noncontrolling interests 13,734 12,871
Total partners’ capital 15,314 14,216
Total liabilities and partners’ capital 30,233 31,276
Class A Shareholders    
PARTNERS’ CAPITAL    
Class A shareholders (197,904,124 and 197,904,124 shares outstanding, respectively) $ 1,580 $ 1,345