Commitments and Contingent Liabilities (Tables)

6 Months Ended

Jun. 30, 2025

Commitments and Contingencies Disclosure [Abstract]

Schedule of Operating and Finance Leases

The following table presents information regarding operating and finance leases where we are the lessee at June 30, 2025:

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	$	193	$	191	8 years	4.5%
Transportation equipment	37		38		3 years	4.8%
Office and warehouse space	165		199		11 years	3.3%
Total operating leases	395		428
Finance leases
Transportation equipment	18		18		4 years	4.8%
Total finance leases	18		18
Total leases	$	413	$	446

(1)ROU asset amounts are a component of “Other assets” on our Unaudited Condensed Consolidated Balance Sheet.

(2)At June 30, 2025, operating lease liabilities of $99 million and $329 million were included within “Other current liabilities” and “Other long-term liabilities,” respectively. Additionally at June 30, 2025, finance lease liabilities of $3 million and $15 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 of either (i) the implicit rate applicable to the underlying leases (where determinable) or (ii) our incremental borrowing rate adjusted for collateralization (if the implicit rate is not determinable). In general, the discount rates are based on either information available at the lease commencement date or January 1, 2019 for leases existing at the adoption date for ASC 842, Leases.

Schedule of Consolidated Lease Expense

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

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2025		2024		2025		2024
Long-term leases:
Fixed operating lease expense:
Non-cash lease expense (amortization of ROU assets)	$	27	$	23	$	55	$	43
Related accretion expense on lease liability balances	5		4		9		8
Total fixed operating lease expense	32		27		64		51
Fixed finance lease expense:
Amortization of ROU assets	1		–		1		–
Interest on finance lease liabilities	1		–		1		–
Total fixed finance lease expense	2		–		2		–
Variable lease expense	4		4		9		8
Total long-term lease expense	38		31		75		59
Short-term leases	38		30		73		59
Total lease expense	$	76	$	61	$	148	$	118