Debt (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of Debt

Debt consisted of the following (in millions):

	December 31, 2023		December 31, 2022
SHORT-TERM DEBT
Commercial paper notes, bearing a weighted-average interest rate of 5.8% (1)	$	433	$	—
Senior notes:
2.85% senior notes due January 2023	—		400
3.85% senior notes due October 2023	—		700
Other	13		59
Total short-term debt	446		1,159
LONG-TERM DEBT
Senior notes:
3.60% senior notes due November 2024 (2)	750		750
4.65% senior notes due October 2025	1,000		1,000
4.50% senior notes due December 2026	750		750
3.55% senior notes due December 2029	1,000		1,000
3.80% senior notes due September 2030	750		750
6.70% senior notes due May 2036	250		250
6.65% senior notes due January 2037	600		600
5.15% senior notes due June 2042	499		499
4.30% senior notes due January 2043	348		348
4.70% senior notes due June 2044	687		687
4.90% senior notes due February 2045	649		649
Unamortized discounts and debt issuance costs	(41)		(46)
Senior notes, net of unamortized discounts and debt issuance costs	7,242		7,237
Other long-term debt:
Other	63		50
Total long-term debt	7,305		7,287
Total debt (3)	$	7,751	$	8,446

(1)We classified these commercial paper notes as short-term as of December 31, 2023, as these notes were primarily designated as working capital borrowings, were required to be repaid within one year and were primarily for hedged NGL and crude oil inventory and NYMEX and ICE margin deposits.

(2)As of December 31, 2023, we classified our 3.60%, $750 million senior notes due November 2024 as long-term based on our ability and intent to refinance these notes on a long-term basis.

(3)Our fixed-rate senior notes had a face value of approximately $7.3 billion and $8.4 billion at December 31, 2023 and 2022, respectively. We estimated the aggregate fair value of these notes to be approximately $6.9 billion and $7.6 billion at December 31, 2023 and 2022, respectively. Our fixed-rate senior notes are traded among institutions, and these trades are routinely published by a reporting service. Our determination of fair value is based on reported trading activity near the end of the reporting period. We estimate that the carrying value of outstanding borrowings under our commercial paper program approximates fair value as interest rates reflect current market rates. The fair value estimates for our senior notes and commercial paper program are based upon observable market data and are classified in Level 2 of the fair value hierarchy.

Schedule of Senior Unsecured Notes

During the three years ended December 31, 2023, we repaid the following senior unsecured notes in full (in millions):

Year	Description	Repayment Date
2023	$700 million 3.85% Senior Notes due October 2023	October 2023	(1)
2023	$400 million 2.85% Senior Notes due January 2023	January 2023	(1)
2022	$750 million 3.65% Senior Notes due June 2022	March 2022	(1)

(1)We repaid these senior notes with cash on hand and borrowings under our commercial paper program.

Schedule of Aggregate Maturities of Long-term Debt

The following table presents the aggregate contractually scheduled maturities of such senior notes for the next five years and thereafter. The amounts presented exclude unamortized discounts and debt issuance costs.

Calendar Year	Payment (in millions)
2024	$	750
2025	$	1,000
2026	$	750
2027	$	—
2028	$	—
Thereafter	$	4,783