Commitments and Contingent Liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies [Abstract]

Summary of Contractual Obligations

The following table summarizes our various contractual obligations at December 31, 2023.  A description of each type of contractual obligation follows:

	Payment or Settlement due by Period
Contractual Obligations	Total		2024		2025		2026		2027		2028		Thereafter
Scheduled maturities of debt obligations	$	29,021	$	1,300	$	1,150	$	1,625	$	575	$	1,000	$	23,371
Estimated cash interest payments	$	26,940	$	1,300	$	1,256	$	1,187	$	1,160	$	1,149	$	20,888
Operating lease obligations	$	482	$	86	$	74	$	44	$	29	$	27	$	222
Purchase obligations:
Product purchase commitments:
Estimated payment obligations:
Natural gas	$	76	$	61	$	15	$	–	$	–	$	–	$	–
NGLs	$	2,909	$	667	$	682	$	391	$	383	$	353	$	433
Crude oil	$	8,922	$	1,842	$	1,838	$	1,539	$	1,442	$	1,156	$	1,105
Petrochemicals and refined products	$	–	$	–	$	–	$	–	$	–	$	–	$	–
Other	$	17	$	6	$	4	$	2	$	2	$	2	$	1
Service payment commitments	$	408	$	47	$	37	$	26	$	26	$	25	$	247
Capital expenditure commitments	$	48	$	48	$	–	$	–	$	–	$	–	$	–

Operating Leases

The following table presents information regarding operating leases where we are the lessee at December 31, 2023:

Asset Category	ROU Asset Carrying Value (1)		Lease Liability Carrying Value (2)		Weighted- Average Remaining Term	Weighted- Average Discount Rate (3)
Storage and pipeline facilities	$	188	$	187	9 years		4.2	%
Transportation equipment		25		25	4 years		4.7	%
Office and warehouse space		151		186	13 years		3.0	%
Total	$	364	$	398

(1)	ROU asset amounts are a component of “Other assets” on our Consolidated Balance Sheet.
(2)	At December 31, 2023, lease liabilities of $75 million and $323 million were included within “Other current liabilities” and “Other long-term liabilities,” respectively.
(3)	The discount rate for each category of assets represents the weighted average incremental borrowing rate adjusted for collateralization (if the implicit rate is not determinable).  In general, the discount rates are based on either (i) information available at the lease commencement date or (ii) January 1, 2019 for leases existing at the adoption date for ASC 842.

Consolidated Lease Expense

The following table disaggregates our total operating lease expense for the years indicated:

	For the Year Ended December,
	2023		2022		2021
Long-term operating leases:
Fixed lease expense:
Non-cash lease expense (amortization of ROU assets)	$	72	$	59	$	41
Related accretion expense on lease liability balances		14		12		12
Total fixed lease expense		86		71		53
Variable lease expense		13		6		1
Total long-term operating lease expense		99		77		54
Short-term operating leases		111		91		54
Total operating lease expense	$	210	$	168	$	108

Schedule of Other Liabilities

The following table summarizes the components of “Other long-term liabilities” as presented on our Consolidated Balance Sheets at the dates indicated:

	December 31,
	2023		2022
Noncurrent portion of AROs (see Note 4)	$	221	$	214
Deferred revenues – non-current portion (see Note 9)		326		320
Lease liability – non-current portion		323		341
Derivative liabilities		106		58
Other		8		8
Total	$	984	$	941