Commitments and Contingent Liabilities (Tables)

12 Months Ended

Dec. 31, 2024

Commitments and Contingencies [Abstract]

Summary of Contractual Obligations

The following table summarizes our various contractual obligations at December 31, 2024.  A description of each type of contractual obligation follows:

	Payment or Settlement due by Period
Contractual Obligations	Total		2025		2026		2027		2028		2029		Thereafter
Scheduled maturities of debt obligations	$	32,207	$	1,150	$	1,625	$	1,575	$	1,000	$	1,250	$	25,607
Estimated cash interest payments	$	28,769	$	1,476	$	1,407	$	1,338	$	1,323	$	1,272	$	21,953
Operating lease obligations (1)	$	561	$	121	$	91	$	54	$	37	$	30	$	228
Finance lease obligations	$	4	$	1	$	1	$	1	$	1	$	–	$	–
Purchase obligations:
Product purchase commitments:
Estimated payment obligations:
NGLs	$	1,322	$	275	$	248	$	239	$	205	$	158	$	197
Crude oil	$	7,197	$	1,872	$	1,584	$	1,490	$	1,177	$	760	$	314
Other	$	14	$	2	$	2	$	2	$	2	$	2	$	4
Service payment commitments	$	307	$	46	$	40	$	40	$	27	$	22	$	132
Capital expenditure commitments	$	99	$	99	$	–	$	–	$	–	$	–	$	–

(1) As of December 31, 2024, the difference between the total payments for operating lease obligations and the carrying value of our operating lease liabilities, which represents the present value of future operating lease payments, was $90 million.

Operating and Finance Leases

The following table presents information regarding operating and finance leases where we are the lessee at December 31, 2024:

Asset Category	ROU Asset Carrying Value (1)		Lease Liability  Carrying     Value (2)		Weighted- Average Remaining Term	Weighted- Average Discount Rate (3)
Operating leases
Storage and pipeline facilities	$	222	$	222	8 years	4.5%
Transportation equipment		43		44	4 years	4.8%
Office and warehouse space		170		205	12 years	3.4%
Total operating leases		435		471
Finance leases
Transportation equipment		4		4	4 years	4.7%
Total finance leases		4		4
Total leases	$	439	$	475

(1)	ROU asset amounts are a component of “Other assets” on our Consolidated Balance Sheet.
(2)	At December 31, 2024, operating lease liabilities of $105 million and $366 million were included within “Other current liabilities” and “Other long-term liabilities,” respectively.  Additionally, at December 31, 2024, finance lease liabilities of $1 million and $3 million were included within “Other current liabilities” and “Other long-term liabilities,” respectively.
(3)	The discount rate for each category of assets represents the weighted average incremental borrowing rate adjusted for collateralization (if the implicit rate is not determinable).  In general, the discount rates are based on either (i) information available at the lease commencement date or (ii) January 1, 2019 for leases existing at the adoption date for ASC 842.

Consolidated Lease Expense

The following table disaggregates our total operating and finance lease expense for the years indicated:

	For the Year Ended December,
	2024			2023		2022
Long-term leases:
Fixed operating lease expense:
Non-cash lease expense (amortization of ROU assets)	$	95		$	72	$	59
Related accretion expense on lease liability balances		17			14		12
Total fixed operating lease expense		112			86		71
Fixed finance lease expense:
Amortization of ROU assets (1)		–	*		–		–
Interest on finance lease liabilities (1)		–	*		–		–
Total fixed finance lease expense (1)		–	*		–		–
Variable lease expense		17			13		6
Total long-term lease expense		129			99		77
Short-term leases		121			111		91
Total lease expense	$	250		$	210	$	168

(1)	For the year ended December 31, 2024, total fixed finance lease expense, which include amortization of finance lease ROU assets and interest on finance lease liabilities, was less than $1 million.
*	Amount is negligible.

Schedule of Other Liabilities

The following table summarizes the components of “Other long-term liabilities” as presented on our Consolidated Balance Sheets at the dates indicated:

	December 31,
	2024		2023
Noncurrent portion of AROs (see Note 4)	$	259	$	221
Deferred revenues – non-current portion (see Note 9)		284		326
Operating lease liability – non-current portion		366		323
Derivative liabilities		24		106
Other		17		8
Total	$	950	$	984