Leases (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Total Lease Cost by Class of Underlying Asset

Total lease cost was as follows (in millions):

	Pipelines, Terminals, and Tanks		Transportation				Other		Total
			Marine		Rail
Year ended December 31, 2025
Finance lease cost:
Amortization of ROU assets	$	303	$	—	$	3	$	31	$	337
Interest on lease liabilities	103		—		1		8		112
Operating lease cost	186		200		89		42		517
Variable lease cost	102		29		1		9		141
Short-term lease cost	16		291		3		121		431
Sublease income	—		(23)		—		(2)		(25)
Total lease cost	$	710	$	497	$	97	$	209	$	1,513
Year ended December 31, 2024
Finance lease cost:
Amortization of ROU assets	$	247	$	—	$	3	$	33	$	283
Interest on lease liabilities	107		—		—		9		116
Operating lease cost	167		210		89		42		508
Variable lease cost	114		36		—		10		160
Short-term lease cost	27		196		3		134		360
Sublease income	—		(33)		—		(2)		(35)
Total lease cost	$	662	$	409	$	95	$	226	$	1,392
Year ended December 31, 2023
Finance lease cost:
Amortization of ROU assets	$	213	$	—	$	3	$	30	$	246
Interest on lease liabilities	101		—		1		5		107
Operating lease cost	166		127		80		45		418
Variable lease cost	114		61		—		8		183
Short-term lease cost	18		125		2		112		257
Sublease income	—		(29)		—		(2)		(31)
Total lease cost	$	612	$	284	$	86	$	198	$	1,180

Additional Information Related to Operating and Finance Leases

The following table presents additional information related to our operating and finance leases (in millions, except for lease terms and discount rates):

	December 31, 2025						December 31, 2024
	Operating Leases			Finance Leases			Operating Leases			Finance Leases
Supplemental balance sheet information
ROU assets, net reflected in the following balance sheet line items:
Property, plant, and equipment, net	$	—		$	2,078		$	—		$	2,218
Deferred charges and other assets, net	1,072			—			1,098			—
Total ROU assets, net	$	1,072		$	2,078		$	1,098		$	2,218
Current lease liabilities reflected in the following balance sheet line items:
Current portion of debt and finance lease obligations	$	—		$	254		$	—		$	244
Accrued expenses	419			—			378			—
Noncurrent lease liabilities reflected in the following balance sheet line items:
Debt and finance lease obligations, less current portion	—			2,104			—			2,134
Other long-term liabilities	665			—			699			—
Total lease liabilities	$	1,084		$	2,358		$	1,077		$	2,378
Other supplemental information
Weighted-average remaining lease term	5.8 years			13.2 years			6.2 years			13.2 years
Weighted-average discount rate	5.8		%	5.1		%	5.9		%	4.9		%

Remaining Minimum Lease Payments Due under Long-Term Operating Leases

As of December 31, 2025, the remaining minimum lease payments due under our long-term leases were as follows (in millions):

	Operating Leases		Finance Leases
2026	$	457	$	361
2027	260		312
2028	166		310
2029	100		280
2030	53		257
Thereafter	310		1,877
Total undiscounted lease payments	1,346		3,397
Less: Amount associated with discounting	262		1,039
Total lease liabilities	$	1,084	$	2,358

Remaining Minimum Lease Payments Due under Long-Term Finance Leases

As of December 31, 2025, the remaining minimum lease payments due under our long-term leases were as follows (in millions):

	Operating Leases		Finance Leases
2026	$	457	$	361
2027	260		312
2028	166		310
2029	100		280
2030	53		257
Thereafter	310		1,877
Total undiscounted lease payments	1,346		3,397
Less: Amount associated with discounting	262		1,039
Total lease liabilities	$	1,084	$	2,358