Debt (Tables) |
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| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Debt | Debt consisted of the following (in millions):
(1)We classified these commercial paper notes as short-term as of December 31, 2025 and 2024, as these notes were primarily designated as working capital borrowings, were required to be repaid within one year and were primarily for hedged NGL and crude oil inventory and NYMEX and ICE margin deposits. (2)As of December 31, 2024, we classified our $1.0 billion, 4.65% senior notes due October 2025 as long-term based on our ability and intent to refinance the notes on a long-term basis at that time. We redeemed these senior notes on October 3, 2025. (3)As of December 31, 2025, we classified our $750 million, 4.50% senior notes due December 2026 as long-term based on our ability and intent to refinance the notes on a long-term basis. (4)As of December 31, 2025, we classified a portion of our commercial paper notes as long-term based on our ability and intent to refinance such amounts on a long-term basis. (5)Our fixed-rate senior notes had a face value of approximately $9.2 billion and $7.2 billion as of December 31, 2025 and 2024, respectively. We estimated the aggregate fair value of these notes as of December 31, 2025 and 2024 to be approximately $9.0 billion and $6.7 billion, respectively. Our fixed-rate senior notes are traded among institutions, and these trades are routinely published by a reporting service. Our determination of fair value is based on reported trading activity near the end of the reporting period. We estimate that the carrying value of outstanding borrowings under our commercial paper program and our term loan approximate fair value as interest rates reflect current market rates. The fair value estimates for our senior notes, commercial paper program and our term loan are based upon observable market data and are classified in Level 2 of the fair value hierarchy.
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| Schedule of Senior Unsecured Notes | The table below summarizes our issuances of senior unsecured notes during the three years ended December 31, 2025 (face value in millions):
(1)Additional issuance of our 4.70% senior notes due 2031 that were issued on September 8, 2025, and trade interchangeably with such notes. (2)Additional issuance of our 5.60% senior notes due 2036 that were issued on September 8, 2025, and trade interchangeably with such notes. Senior Notes Repayments. During the three years ended December 31, 2025, we repaid the following senior unsecured notes in full:
(1)We repaid these senior notes with a combination of proceeds from our senior notes issued in September 2025, cash on hand and borrowings under our commercial paper program. (2)We repaid these senior notes with a combination of proceeds from our senior notes issued in June 2024, cash on hand and borrowings under our commercial paper program.
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| Schedule of Aggregate Maturities of Long-term Debt | The following table presents the aggregate contractually scheduled maturities of such senior notes for the next five years and thereafter. The amounts presented exclude unamortized discounts and debt issuance costs.
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