Debt Obligations (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Schedule of Long-term Debt

	December 31, 2025		December 31, 2024
Credit Facility	$	—	$	203
5.750% senior notes due 2025	—		600
6.000% senior notes due 2026 (1)	500		500
3.875% CAD senior notes due 2026 (1)(2)	400		—
Parkland 3.875% CAD senior notes due 2026 (1)(3)	37		—
6.000% senior notes due 2027	600		600
5.625% senior notes due 2027	550		550
5.875% senior notes due 2027 (2)	499		—
Parkland 5.875% senior notes due 2027 (3)	1		—
5.875% senior notes due 2028	400		400
7.000% senior notes due 2028	500		500
6.000% CAD senior notes due 2028 (2)	277		—
Parkland 6.000% CAD senior notes due 2028 (3)	14		—
4.500% senior notes due 2029	800		800
7.000% senior notes due 2029	750		750
4.375% CAD senior notes due 2029 (2)	397		—
Parkland 4.375% CAD senior notes due 2029 (3)	40		—
4.500% senior notes due 2029 (2)	790		—
Parkland 4.500% senior notes due 2029 (3)	10		—
4.500% senior notes due 2030	800		800
6.375% senior notes due 2030	600		600
4.625% senior notes due 2030 (2)	798		—
Parkland 4.625% senior notes due 2030 (3)	2		—
5.625% senior notes due 2031	1,000		—
7.250% senior notes due 2032	750		750
6.625% senior notes due 2032 (2)	493		—
Parkland 6.625% senior notes due 2032 (3)	7		—
6.250% senior notes due 2033	1,000		—
5.875% senior notes due 2034	900		—
GoZone Bonds	322		322
Lease-related financing obligations and other subsidiary debt	233		132
Net unamortized premiums, discounts and fair value adjustments	2		16
Deferred debt issuance costs	(83)		(37)
Total debt	13,389		7,486
Less: current maturities	17		2
Total long-term debt, net	$	13,372	$	7,484

(1)As of December 31, 2025, $937 million aggregate principal amount of senior notes due before December 31, 2026 were classified as long-term as management has the intent and ability to refinance the borrowings on a long-term basis.

(2)These senior notes, totaling $3.65 billion as of December 31, 2025, were assumed and exchanged by the Partnership in connection with the closing of the Parkland Acquisition. For additional information, see “Parkland Senior Note Exchange” below.

(3)These senior notes, totaling $111 million as of December 31, 2025, represent the aggregate principal amounts not tendered in the private exchange offers and remain outstanding obligations of Parkland. For additional information, see “Parkland Senior Note Exchange” below.

Schedule of Maturities of Long-term Debt

At December 31, 2025, scheduled future debt maturities were as follows:

2026	$	954
2027	1,661
2028	1,202
2029	2,797
2030	2,206
Thereafter	4,650
Total	$	13,470

Schedule of Debt Conversions

The following table summarizes the GoZone Bonds outstanding as of December 31, 2025:

Series	Date Issued	Amount Outstanding		Interest Rate		Mandatory Purchase Date	Optional Redemption Date	Maturity Date
Series 2008	June 26, 2008	$	56	6.10	%	June 1, 2030	n/a	June 1, 2038
Series 2010	July 15, 2010	100		6.35	%	n/a	June 1, 2030	July 1, 2040
Series 2010A	October 7, 2010	43		6.35	%	n/a	June 1, 2030	October 1, 2040
Series 2010B	December 29, 2010	48		6.10	%	June 1, 2030	n/a	December 1, 2040
Series 2011	October 1, 2025	75		3.70	%	June 1, 2030	n/a	August 1, 2041