v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Jun. 30, 2026
Dec. 31, 2025
CURRENT ASSETS    
Cash and cash equivalents $ 1,059 $ 328
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 127 117
Total current assets 6,537 4,733
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
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 152 107
Total assets 29,218 30,169
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 754 529
Total current liabilities 5,859 4,931
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    
Total partners’ capital excluding noncontrolling interests 11,079 9,836
Noncontrolling interests 3,212 3,244
Total partners’ capital 14,291 13,080
Total liabilities and partners’ capital 29,218 30,169
Series A Preferred Units    
PARTNERS’ CAPITAL    
Partners' capital 1,250 1,248
Series B Preferred Units    
PARTNERS’ CAPITAL    
Partners' capital 787 787
Common Units    
PARTNERS’ CAPITAL    
Partners' capital $ 9,042 $ 7,801