Debt (Tables)

6 Months Ended

Jun. 30, 2026

We had outstanding borrowings, letters of credit issued, and availability under our credit facilities as follows (in millions):


				June 30, 2026
	Facility Amount		Maturity Date	Outstanding Borrowings		Letters of Credit Issued (a)		Availability
Committed facilities:
Valero Revolver	$	4,000	October 2030	$	—	$	2	$	3,998
Accounts receivable sales facility (b)	1,300		July 2026	—		n/a		1,300
Committed facilities of VIEs (c):
DGD Revolver (d)	400		February 2029	—		143		257
DGD Loan Agreement (e)	100		June 2029	—		n/a		100
IEnova Revolver (f)	1,000		February 2028	2		n/a		998
Uncommitted facilities:
Letter of credit facilities	n/a		n/a	n/a		6		n/a
Uncommitted facility of VIE (c):
DGD letter of credit facility	n/a		n/a	n/a		129		n/a

________________________

(a)Letters of credit issued as of June 30, 2026 expire at various times in 2026 through 2029.

(b)In July 2026, we extended the maturity date of this facility to June 2027.

(c)Creditors of the VIEs do not have recourse against us.

(d)In February 2026, DGD amended this unsecured revolving credit facility with a syndicate of financial institutions (the DGD Revolver) to (i) extend the maturity date to February 2029 and (ii) modify the reference interest rates from an adjusted term SOFR, a Secured Overnight Financing Rate (SOFR), to the term SOFR, and from an adjusted daily simple SOFR to the daily simple SOFR.

(e)In February 2026, DGD amended its unsecured revolving loan agreement with its members (the DGD Loan Agreement) to extend the maturity date to June 2029. The amounts shown for the DGD Loan Agreement represent the facility amount available from, and borrowings outstanding to, the noncontrolling member as any transactions between DGD and us under this facility are eliminated in consolidation.

(f)Central Mexico Terminals (defined in Note 7) has an unsecured revolving credit facility (the IEnova Revolver) with IEnova (defined in Note 7). The variable interest rate on the IEnova Revolver was 7.542 percent and 7.835 percent as of June 30, 2026 and December 31, 2025, respectively.

Activity under our credit facilities was as follows (in millions):


	Six Months Ended June 30,
	2026		2025
Borrowings:
Accounts receivable sales facility	$	1,850	$	4,100
DGD Revolver	400		300
DGD Loan Agreement	50		—

Repayments:
Accounts receivable sales facility	(1,850)		(4,100)
DGD Revolver	(400)		(200)
DGD Loan Agreement	(50)		—
IEnova Revolver	(21)		(21)

Schedule of Interest and Debt Expense, Net of Capitalized Interest

“Interest and debt expense, net of capitalized interest” was as follows (in millions):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Interest and debt expense	$	152	$	146	$	298	$	288
Less: Capitalized interest	7		5		13		10
Interest and debt expense, net of capitalized interest	$	145	$	141	$	285	$	278