Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 602	$ 1,188
Restricted cash	30	28
Trade accounts receivable — net	2,327	1,982
Inventories	970	970
Commodity and other derivative contractual assets	2,634	2,587
Margin deposits related to commodity contracts	721	406
Margin deposits posted under affiliate financing agreement	450	435
Prepaid expense and other current assets	647	523
Total current assets	8,381	8,119
Restricted cash	6	6
Investments	5,008	4,512
Property, plant and equipment — net	17,725	18,173
Goodwill	2,810	2,807
Identifiable intangible assets — net	2,097	2,213
Commodity and other derivative contractual assets	604	740
Accumulated deferred income taxes	9	9
Other noncurrent assets	1,380	1,191
Total assets	38,020	37,770
Current liabilities:
Accounts receivable financing	1,225	750
Long-term debt due currently	231	880
Forward repurchase obligation due currently	701	703
Trade accounts payable	1,362	1,510
Commodity and other derivative contractual liabilities	3,610	3,351
Margin deposits related to commodity contracts	3	49
Accrued taxes other than income	180	209
Accrued interest	225	193
Asset retirement obligations	202	142
Other current liabilities	687	645
Total current liabilities	8,426	8,432
Margin deposits financing with affiliate	450	435
Long-term debt, less amounts due currently	15,757	15,418
Forward repurchase obligation, less amounts due currently	613	632
Commodity and other derivative contractual liabilities	1,388	1,367
Accumulated deferred income taxes	765	697
Asset retirement obligations	3,944	3,936
Other noncurrent liabilities and deferred credits	1,454	1,270
Total liabilities	32,797	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 both September 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, 338,679,644 and 339,754,307 shares outstanding at September 30, 2025 and December 31, 2024, respectively)	5	5
Treasury stock, at cost (214,210,252 and 208,998,299 shares at September 30, 2025 and December 31, 2024, respectively)	(6,675)	(5,912)
Additional paid-in-capital	9,491	9,435
Accumulated deficit	(107)	(454)
Accumulated other comprehensive income	20	20
Stockholders' equity	5,210	5,570
Noncontrolling interest in subsidiary	13	13
Total equity	5,223	5,583
Total liabilities and equity	$ 38,020	$ 37,770