v3.25.4
Segment Information - Segment Financial Data (Details) - USD ($)
$ in Millions
3 Months Ended 12 Months Ended
Dec. 31, 2025
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenues:                      
Revenues $ 10,565 $ 11,578 $ 10,642 $ 11,477 $ 12,035 $ 12,456 $ 12,757 $ 11,639 $ 44,262 $ 48,889 $ 47,336
Significant segment expenses:                      
Purchases and related costs                 (40,433) (45,162) (43,937)
Field operating costs                 (1,154) (1,471) (1,085)
Segment general and administrative expenses                 (342) (328) (299)
Total significant segment expenses                 (41,929) (46,961) (45,321)
Equity earnings in unconsolidated entities                 382 452 369
Other segment items:                      
Total other segment items                 (405) (125) (251)
Segment Adjusted EBITDA                 2,310 2,255 2,133
Investment and acquisition capital expenditures                 3,321 554 765
Maintenance capital expenditures                 156 187 151
Investments in unconsolidated entities 2,846       2,811       2,846 2,811 2,820
Sales                      
Revenues:                      
Revenues                 42,501 47,199 45,745
Services revenues                      
Revenues:                      
Revenues                 1,761 1,690 1,591
Operating Segments                      
Revenues:                      
Revenues                 44,282 48,907 47,360
Operating Segments | Crude Oil                      
Revenues:                      
Revenues                 44,131 48,720 47,174
Significant segment expenses:                      
Purchases and related costs                 (40,323) (45,033) (43,805)
Field operating costs                 (1,127) (1,440) (1,053)
Segment general and administrative expenses                 (314) (298) (271)
Total significant segment expenses                 (41,764) (46,771) (45,129)
Equity earnings in unconsolidated entities                 382 452 369
Other segment items:                      
Depreciation and amortization of unconsolidated entities                 84 84 87
Derivative activities and inventory valuation adjustments                 (23) 5 17
Long-term inventory costing adjustments                 45 1 22
Deficiencies under minimum volume commitments, net                 (38) (31) 12
Equity-indexed compensation expense                 37 36 35
Foreign currency revaluation                 12 (22) 19
Transaction-related expenses                 17   1
Segment amounts attributable to noncontrolling interests                 (539) (543) (454)
Total other segment items                 (405) (125) (251)
Segment Adjusted EBITDA                 2,344 2,276 2,163
Investment and acquisition capital expenditures                 3,321 554 765
Maintenance capital expenditures                 153 183 145
Investments in unconsolidated entities 2,846       2,811       2,846 2,811 2,820
Operating Segments | Crude Oil | Line 901 Incident                      
Other segment items:                      
Line 901 incident                   345 10
Operating Segments | Crude Oil | Sales                      
Revenues:                      
Revenues                 42,373 47,034 45,587
Operating Segments | Crude Oil | Services revenues                      
Revenues:                      
Revenues                 1,758 1,686 1,587
Operating Segments | NGL                      
Revenues:                      
Revenues                 151 187 186
Significant segment expenses:                      
Purchases and related costs                 (130) (147) (156)
Field operating costs                 (27) (31) (32)
Segment general and administrative expenses                 (28) (30) (28)
Total significant segment expenses                 (185) (208) (216)
Equity earnings in unconsolidated entities                 0 0 0
Other segment items:                      
Depreciation and amortization of unconsolidated entities                 0 0 0
Derivative activities and inventory valuation adjustments                 0 0 0
Long-term inventory costing adjustments                 0 0 0
Deficiencies under minimum volume commitments, net                 0 0 0
Equity-indexed compensation expense                 0 0 0
Foreign currency revaluation                 0 0 0
Transaction-related expenses                 0   0
Segment amounts attributable to noncontrolling interests                 0 0 0
Total other segment items                 0 0 0
Segment Adjusted EBITDA                 (34) (21) (30)
Investment and acquisition capital expenditures                 0 0 0
Maintenance capital expenditures                 3 4 6
Investments in unconsolidated entities $ 0       $ 0       0 0 0
Operating Segments | NGL | Line 901 Incident                      
Other segment items:                      
Line 901 incident                   0 0
Operating Segments | NGL | Sales                      
Revenues:                      
Revenues                 145 181 180
Operating Segments | NGL | Services revenues                      
Revenues:                      
Revenues                 6 6 6
Intersegment revenues elimination                      
Revenues:                      
Revenues                 (20) (18) (24)
Significant segment expenses:                      
Purchases and related costs                 20 18 24
Field operating costs                 0 0 0
Segment general and administrative expenses                 0 0 0
Total significant segment expenses                 20 18 24
Intersegment revenues elimination | Sales                      
Revenues:                      
Revenues                 (17) (16) (22)
Intersegment revenues elimination | Services revenues                      
Revenues:                      
Revenues                 $ (3) $ (2) $ (2)