v3.26.1
Segment Information - Segment Financial Data (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:          
Total revenues $ 17,693 $ 10,642 $ 30,162 $ 22,119  
Significant segment expenses:          
Purchases and related costs (16,556) (9,758) (28,049) (20,277)  
Field operating costs (328) (286) (628) (585)  
Segment general and administrative expenses (110) (82) (192) (168)  
Total significant segment expenses (16,994) (10,126) (28,869) (21,030)  
Equity earnings in unconsolidated entities 89 94 178 196  
Other segment items:          
Total other segment items (94) (40) (204) (160)  
Segment Adjusted EBITDA 694 570 1,267 1,125  
Investment and acquisition capital expenditures 155 218 326 1,002  
Maintenance capital expenditures 38 44 73 77  
Investments in unconsolidated entities 2,817   2,817   $ 2,846
Product sales revenues          
Revenues:          
Total revenues 17,221 10,197 29,246 21,243  
Services          
Revenues:          
Total revenues 472 445 916 876  
Operating Segments          
Revenues:          
Total revenues 17,782 10,648 30,370 22,128  
Operating Segments | Crude Oil          
Revenues:          
Total revenues 17,760 10,622 30,309 22,061  
Significant segment expenses:          
Purchases and related costs (16,632) (9,742) (28,211) (20,231)  
Field operating costs (325) (279) (616) (571)  
Segment general and administrative expenses (108) (75) (184) (155)  
Total significant segment expenses (17,065) (10,096) (29,011) (20,957)  
Equity earnings in unconsolidated entities 89 94 178 196  
Other segment items:          
Depreciation and amortization of unconsolidated entities 21 20 42 40  
Derivative activities and inventory valuation adjustments (74) 52 56 28  
Long-term inventory costing adjustments 67 17 (45) 18  
Deficiencies under minimum volume commitments, net (4) (9) (36) (16)  
Equity-indexed compensation expense 10 8 20 18  
Foreign currency revaluation (8) 9 (13) 9  
Impact from exit of Canadian NGL Business 34   34    
Transaction-related expenses   3   8  
Segment amounts attributable to noncontrolling interests (140) (140) (262) (265)  
Total other segment items (94) (40) (204) (160)  
Segment Adjusted EBITDA 690 580 1,272 1,140  
Investment and acquisition capital expenditures 155 218 326 1,002  
Maintenance capital expenditures 38 43 72 74  
Investments in unconsolidated entities 2,817   2,817   2,846
Operating Segments | Crude Oil | Product sales revenues          
Revenues:          
Total revenues 17,290 10,178 29,396 21,185  
Operating Segments | Crude Oil | Services          
Revenues:          
Total revenues 470 444 913 876  
Operating Segments | NGL          
Revenues:          
Total revenues 22 26 61 67  
Significant segment expenses:          
Purchases and related costs (13) (22) (46) (55)  
Field operating costs (3) (7) (12) (14)  
Segment general and administrative expenses (2) (7) (8) (13)  
Total significant segment expenses (18) (36) (66) (82)  
Other segment items:          
Depreciation and amortization of unconsolidated entities 0        
Derivative activities and inventory valuation adjustments 0        
Long-term inventory costing adjustments 0        
Impact from exit of Canadian NGL Business 0   0    
Total other segment items 0 0 0 0  
Segment Adjusted EBITDA 4 (10) (5) (15)  
Maintenance capital expenditures 0 1 1 3  
Investments in unconsolidated entities 0   0   $ 0
Operating Segments | NGL | Product sales revenues          
Revenues:          
Total revenues 20 24 58 66  
Operating Segments | NGL | Services          
Revenues:          
Total revenues 2 2 3 1  
Intersegment Elimination          
Revenues:          
Total revenues (89) (6) (208) (9)  
Significant segment expenses:          
Purchases and related costs 89 6 208 9  
Field operating costs 0        
Segment general and administrative expenses 0        
Total significant segment expenses 89 6 208 9  
Intersegment Elimination | Product sales revenues          
Revenues:          
Total revenues $ (89) (5) $ (208) (8)  
Intersegment Elimination | Services          
Revenues:          
Total revenues   $ (1)   $ (1)