v3.26.1
Acquisitions and Dispositions (Tables)
 6 Months Ended
Jun. 30, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Schedule of Business Combination The provisional fair values assigned to the assets acquired and liabilities assumed are as follows:
Initial Preliminary AllocationMeasurement Period Adjustments
Allocation as of
June 30, 2026
(in millions)
Cash and cash equivalents$97 $— $97 
Trade accounts receivables, inventories, prepaid expenses, and other current assets72 (5)67 
Property, plant, and equipment (a)2,346 — 2,346 
Other noncurrent assets22 (6)16 
Total identifiable assets acquired2,537 (11)2,526 
Trade accounts payable and other current liabilities21 — 21 
Long-term debt, including amounts due currently (b)803 — 803 
Commodity and other derivative contractual liabilities (c)417 — 417 
Asset retirement obligations13 — 13 
Identifiable intangible liabilities23 — 23 
Other noncurrent liabilities and deferred credits23 (5)18 
Total identifiable liabilities assumed1,300 (5)1,295 
Net assets acquired1,237 (6)$1,231 
(a)Acquired property, plant, and equipment are valued using a combination of an income approach and a market approach. The income approach utilized a discounted cash flow analysis based upon a debt-free, free cash flow model (Level 3).
(b)Assumed long-term debt was valued based on observable market prices in less active markets (Level 2) which approximates the principal balance. In November 2025, the Company repaid the long-term indebtedness assumed.
(c)Acquired derivatives are valued using the methods described in Note 14 (Level 1, Level 2, or Level 3).
Schedule of Business Acquisitions, Pro Forma Information The following unaudited pro forma financial information for the Company for the three and six months ended June 30, 2025 assumes that the Lotus Acquisition occurred on January 1, 2024. The unaudited pro forma financial information is provided for informational purposes only and is not necessarily indicative of the results of operations that would have occurred had the Lotus Acquisition been completed on January 1, 2024, nor is the unaudited pro forma financial information indicative of future results of operations, which may differ materially from the pro forma financial information presented here.
Three Months Ended June 30, 2025Six Months Ended June 30, 2025
(in millions)
Revenues$4,370 $8,476 
Net income$322 $30