v3.25.4
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
CURRENT ASSETS    
Cash and cash equivalents $ 328 $ 348
Trade accounts receivable and other receivables, net 3,598 3,679
Inventory 211 261
Current assets of discontinued operations (Note 3) 479 415
Other current assets 117 99
Total current assets 4,733 4,802
PROPERTY AND EQUIPMENT 22,536 18,528
Accumulated depreciation (5,676) (5,082)
Property and equipment, net 16,860 13,446
OTHER ASSETS    
Investments in unconsolidated entities 2,846 2,811
Intangible assets, net 1,754 1,677
Linefill 900 904
Long-term operating lease right-of-use assets, net 198 189
Long-term inventory 214 242
Long-term assets of discontinued operations (Note 3) 2,557 2,349
Other long-term assets, net 107 142
Total assets 30,169 26,562
CURRENT LIABILITIES    
Trade accounts payable 3,457 3,647
Short-term debt 563 407
Current liabilities of discontinued operations (Note 3) 382 350
Other current liabilities 529 546
Total current liabilities 4,931 4,950
LONG-TERM LIABILITIES    
Senior notes, net 9,118 7,141
Other long-term debt, net 1,578 70
Long-term operating lease liabilities 202 192
Long-term liabilities of discontinued operations (Note 3) 606 576
Other long-term liabilities and deferred credits 654 537
Total long-term liabilities 12,158 8,516
COMMITMENTS AND CONTINGENCIES (NOTE 19)
PARTNERS’ CAPITAL    
Total partners’ capital excluding noncontrolling interests 9,836 9,813
Noncontrolling interests 3,244 3,283
Total partners’ capital 13,080 13,096
Total liabilities and partners’ capital 30,169 26,562
Series A Preferred Units    
PARTNERS’ CAPITAL    
Partners' capital 1,248 1,514
Series B Preferred Units    
PARTNERS’ CAPITAL    
Partners' capital 787 787
Common Units    
PARTNERS’ CAPITAL    
Partners' capital $ 7,801 $ 7,512