Leases (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Schedule of Leases, Balance Sheet Location

The following table shows the classification and location of our right-of-use assets and lease liabilities on our Consolidated Balance Sheets (in millions):

		December 31,
	Consolidated Balance Sheets Location	2025		2024
Right-of-use assets—Operating	Operating lease assets	$	2,700	$	2,684
Right-of-use assets—Financing	Property, plant and equipment, net of accumulated depreciation	861		478
Total right-of-use assets		$	3,561	$	3,162
Current operating lease liabilities	Current operating lease liabilities	$	539	$	592
Current finance lease liabilities	Other current liabilities	88		44
Non-current operating lease liabilities	Operating lease liabilities	2,163		2,090
Non-current finance lease liabilities	Other non-current liabilities	843		486
Total lease liabilities		$	3,633	$	3,212

Schedule of Lease Cost, Income Statement Location

The following table shows the classification and location of our lease costs on our Consolidated Statements of Operations (in millions):

	Consolidated Statements of Operations Location	Year Ended December 31,
		2025		2024		2023
Operating lease cost (a)	Operating costs and expenses (1)	$	796	$	839	$	783
Finance lease cost:
Amortization of right-of-use assets	Depreciation, amortization and accretion expense	90		53		50
Interest on lease liabilities	Interest expense, net of capitalized interest	52		35		35
Total lease cost		$	938	$	927	$	868
(a) Included in operating lease cost:
Short-term lease costs		$	5	$	16	$	33
Variable lease costs		23		14		17

(1)Presented in the appropriate line item within operating costs and expenses, consistent with the nature of our use of the asset under lease.

Schedule of Maturity of Lease Liabilities

Future annual minimum lease payments for operating and finance leases as of December 31, 2025 are as follows (in millions): 

Years Ending December 31,	Operating Leases		Finance Leases
2026	$	670	$	142
2027	586		143
2028	404		146
2029	315		146
2030	300		146
Thereafter	1,027		500
Total lease payments (1)	3,302		1,223
Less: Interest	(600)		(292)
Present value of lease liabilities	$	2,702	$	931

(1)Does not include approximately $4.3 billion of legally binding minimum payments for leases executed as of December 31, 2025 that will commence in future periods, consisting primarily of vessel charters, with fixed minimum lease terms of up to 15 years.

Lease, Other Quantitative Information

The following table shows the weighted-average remaining lease term and the weighted-average discount rate for our operating leases and finance leases:

	December 31, 2025		December 31, 2024
	Operating Leases	Finance Leases	Operating Leases	Finance Leases
Weighted-average remaining lease term (in years)	7.4	8.5	7.0	8.8
Weighted-average discount rate (1)	5.2%	6.6%	5.0%	7.4%

(1)The weighted average discount rate is impacted by certain finance leases that commenced prior to the adoption of the current leasing standard under GAAP. In accordance with previous accounting guidance, the implied rate is based on the fair value of the underlying assets.

The following table includes other quantitative information for our operating and finance leases (in millions):

	Year Ended December 31,
	2025		2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	764	$	803	$	720
Operating cash flows from finance leases	52		35		35
Financing cash flows from finance leases	73		35		28
Right-of-use assets obtained in exchange for operating lease liabilities (1)	639		713		646
Right-of-use assets obtained in exchange for finance lease liabilities (2)	472		61		8

(1)Net of $33 million reclassified from operating leases to finance leases during the year ended December 31, 2024, as a result of modifications of the underlying tug vessel leases.

(2)Net of $15 million reclassified from finance leases to operating leases during the year ended December 31, 2024, as a result of modifications of the underlying tug vessel leases.

Schedule of Sublease Income

The following table shows the sublease income recognized in other revenues on our Consolidated Statements of Operations (in millions):

	Year Ended December 31,
	2025		2024		2023
Fixed income	$	90	$	283	$	446
Variable income	55		39		57
Total sublease income	$	145	$	322	$	503