v3.26.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Millions
Jun. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 435 $ 785
Restricted cash 41 31
Trade accounts receivable — net 2,293 2,323
Commodity and other derivative contractual assets 3,663 2,793
Margin deposits related to commodity contracts 1,436 1,133
Margin deposits posted under affiliate financing agreement 438 444
Assets held for sale 97 0
Prepaid expense and other current assets 832 654
Total current assets 10,276 9,179
Restricted cash 5 6
Investments 5,331 5,091
Property, plant, and equipment — net 19,944 19,846
Goodwill 2,810 2,810
Identifiable intangible assets — net 2,286 2,435
Commodity and other derivative contractual assets 334 405
Accumulated deferred income taxes 213 239
Other noncurrent assets 1,404 1,539
Total assets 42,603 41,550
Current liabilities:    
Short-term borrowings 0 1,800
Accounts receivable financing 300 1,225
Long-term debt due currently 1,876 1,201
Forward repurchase obligation due currently 613 632
Trade accounts payable 1,504 1,644
Commodity and other derivative contractual liabilities 4,893 4,049
Margin deposits related to commodity contracts 122 7
Accrued income taxes 3 0
Accrued taxes other than income 125 224
Accrued interest 249 188
Asset retirement obligations 197 181
Liabilities held for sale 13 0
Other current liabilities 662 663
Total current liabilities 10,557 11,814
Margin deposits financing with affiliate 438 444
Long-term debt, less amounts due currently 17,719 15,842
Commodity and other derivative contractual liabilities 1,458 1,729
Accumulated deferred income taxes 1,271 1,049
Asset retirement obligations 4,072 4,035
Other noncurrent liabilities and deferred credits 1,594 1,527
Total liabilities 37,109 36,440
Commitments and Contingencies
Total equity:    
Preferred stock (100,000,000 shares authorized, $1,000 liquidation preference per share, 2,476,066 shares outstanding at both June 30, 2026 and December 31, 2025, respectively) 2,476 2,476
Common stock (par value $0.01 per share, 1,800,000,000 shares authorized, 335,961,328 and 338,059,635 shares outstanding at June 30, 2026 and December 31, 2025, respectively) 5 5
Treasury stock, at cost (220,121,017 and 215,599,525 shares at June 30, 2026 and December 31, 2025, respectively) (7,627) (6,925)
Additional paid-in-capital 9,536 9,536
Retained earnings (accumulated deficit) 1,076 (12)
Accumulated other comprehensive income 16 17
Stockholders' equity 5,482 5,097
Noncontrolling interest in subsidiary 12 13
Total equity 5,494 5,110
Total liabilities and equity 42,603 41,550
Materials and supplies    
Current assets:    
Inventories — net 605 599
Fuel stock and natural gas in storage    
Current assets:    
Inventories — net $ 436 $ 417