Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 458	$ 1,188
Restricted cash	31	28
Trade accounts receivable — net	2,229	1,982
Inventories	965	970
Commodity and other derivative contractual assets	2,950	2,587
Margin deposits related to commodity contracts	728	406
Margin deposits posted under affiliate financing agreement	445	435
Prepaid expense and other current assets	678	523
Total current assets	8,484	8,119
Restricted cash	6	6
Investments	4,752	4,512
Property, plant and equipment — net	17,736	18,173
Goodwill	2,810	2,807
Identifiable intangible assets — net	2,252	2,213
Commodity and other derivative contractual assets	593	740
Accumulated deferred income taxes	9	9
Other noncurrent assets	1,504	1,191
Total assets	38,146	37,770
Current liabilities:
Short-term borrowings	861	0
Accounts receivable financing	1,125	750
Long-term debt due currently	230	880
Forward repurchase obligation due currently	682	703
Trade accounts payable	1,276	1,510
Commodity and other derivative contractual liabilities	4,086	3,351
Margin deposits related to commodity contracts	3	49
Accrued taxes other than income	143	209
Accrued interest	188	193
Asset retirement obligations	146	142
Other current liabilities	694	645
Total current liabilities	9,434	8,432
Margin deposits financing with affiliate	445	435
Long-term debt, less amounts due currently	15,540	15,418
Forward repurchase obligation, less amounts due currently	613	632
Commodity and other derivative contractual liabilities	1,430	1,367
Accumulated deferred income taxes	569	697
Asset retirement obligations	3,953	3,936
Other noncurrent liabilities and deferred credits	1,326	1,270
Total liabilities	33,310	32,187
Commitments and Contingencies
Total equity:
Preferred stock (100,000,000 shares authorized, $1,000 liquidation preference per share, 2,476,066 shares outstanding at June 30, 2025 and December 31, 2024, respectively)	2,476	2,476
Common stock (par value $0.01 per share, 1,800,000,000 shares authorized, 339,121,861 and 339,754,307 shares outstanding at June 30, 2025 and December 31, 2024, respectively)	5	5
Treasury stock, at cost (213,257,045 and 208,998,299 shares at June 30, 2025 and December 31, 2024, respectively)	(6,485)	(5,912)
Additional paid-in-capital	9,450	9,435
Accumulated deficit	(642)	(454)
Accumulated other comprehensive income	19	20
Stockholders' equity	4,823	5,570
Noncontrolling interest in subsidiary	13	13
Total equity	4,836	5,583
Total liabilities and equity	$ 38,146	$ 37,770