Sunoco (SUN) 10-Q 8 Aug 24 2024 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2024	Aug. 02, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-35653
Entity Registrant Name	SUNOCO LP
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	30-0740483
Entity Address, Address Line One	8111 Westchester Drive
Entity Address, Address Line Two	Suite 400
Entity Address, City or Town	Dallas
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75225
City Area Code	214
Local Phone Number	981-0700
Title of 12(b) Security	Common Units Representing Limited Partner Interests
Trading Symbol	SUN
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001552275
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false
Common Units [Member]
Document Information [Line Items]
Entity Partnership Units Outstanding		135,997,962
Common Class C [Member]
Document Information [Line Items]
Entity Partnership Units Outstanding		16,410,780

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 226	$ 29
Accounts receivable, net	1,018	856
Inventories, net	1,040	889
Other current assets	127	133
Total current assets	2,444	1,927
Property and equipment	9,873	2,970
Accumulated depreciation	(1,027)	(1,134)
Property and equipment, net	8,846	1,836
Other assets:
Operating lease right-of-use assets, net	479	506
Goodwill	1,484	1,599
Intangible assets, net	716	544
Other non-current assets	372	290
Total assets	14,465	6,826
Current liabilities:
Accounts payable	1,104	828
Accrued expenses and other current liabilities	613	353
Operating lease current liabilities	32	22
Current maturities of long-term debt	76	0
Total current liabilities	1,939	1,373
Operating lease non-current liabilities	488	511
Long-term debt, net	7,304	3,580
Deferred tax liabilities	117	166
Other non-current liabilities	193	116
Total liabilities	10,135	5,848
Commitments and contingencies (Note 11)
Equity:
Total equity	4,330	978
Total liabilities and equity	14,465	6,826
Related Party
Current assets:
Accounts receivable, net	33	20
Current liabilities:
Accounts payable	114	170
Advances from affiliates	94	102
Common Units [Member]
Equity:
Total equity	4,330	978
Class C Units [Member]
Equity:
Total equity	$ 0	$ 0

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical)	Jun. 30, 2024 shares
Common Units [Member]
Equity:
Limited Partners' Capital Account, Units Outstanding	135,997,962
Class C Units [Member]
Equity:
Limited Partners' Capital Account, Units Issued	16,410,780

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues [Abstract]
Revenues	$ 6,174	$ 5,745	$ 11,673	$ 11,107
Costs and Expenses:
Cost of sales	5,609	5,431	10,624	10,418
Operating expenses	134	87	222	169
General and administrative	134	33	170	62
Lease expense	17	17	35	33
(Gain) loss on disposal of assets and impairment charges	52	(13)	54	(12)
Depreciation, amortization and accretion	78	49	121	97
Total cost of sales and operating expenses	6,024	5,604	11,226	10,767
Operating Income	150	141	447	340
Other Income and Expenses [Abstract]
Interest expense, net	(95)	(53)	(158)	(106)
Equity in earnings of unconsolidated affiliates	2	1	4	3
Gain on West Texas Sale	598	0	598	0
Loss on extinguishment of debt	(2)	0	(2)	0
Other, net	(3)	7	(2)	7
Income before Income Taxes	650	96	887	244
Income tax expense	149	9	156	16
Net Income	501	87	731	228
Less: Net income attributable to noncontrolling interests	8	0	8	0
Net Income Attributable to Partners	$ 493	$ 87	$ 723	$ 228
Net income (loss) per common unit:
Basic	$ 3.88	$ 0.79	$ 6.43	$ 2.21
Diluted	3.85	0.78	6.37	2.19
Weighted average common units outstanding:
Cash Distribution per Unit	$ 0.8756	$ 0.8420	$ 1.7512	$ 1.6840
Common Units [Member]
Weighted average common units outstanding:
Basic	117,271,408	84,060,866	100,848,078	84,059,797
Diluted	118,054,858	85,034,268	101,657,076	84,998,777
Sales revenue
Revenues [Abstract]
Revenues	$ 5,851	$ 5,643	$ 11,249	$ 10,915
Service revenue
Revenues [Abstract]
Revenues	293	65	356	118
Lease revenue
Revenues [Abstract]
Revenues	$ 30	$ 37	$ 68	$ 74

Statement of Comprehensive Inco

Statement of Comprehensive Income (Statement) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net Income	$ 501	$ 87	$ 731	$ 228
Other comprehensive loss, net of tax
Foreign currency translation adjustment	(1)	0	(1)	0
Actuarial loss related to pension and other postretirement benefit plans	(1)	0	(1)	0
Total other comprehensive loss	(2)	0	(2)	0
Comprehensive Income	$ 499	$ 87	$ 729	$ 228

Consolidated Statement of Equit

Consolidated Statement of Equity - USD ($) $ in Millions	Total	Common Unitholders	Accumulated Other Comprehensive Income	Noncontrolling Interest
Beginning balance at Dec. 31, 2022	$ 942	$ 942
Cash distributions to unitholders, including incentive distributions	88	88
Unit-based compensation	5	5
Net income	141	141
Ending balance at Mar. 31, 2023	1,000	1,000
Beginning balance at Dec. 31, 2022	942	942
Other comprehensive loss, net of tax	0
Net Income	228
Net income	228
Ending balance at Jun. 30, 2023	999	999
Beginning balance at Mar. 31, 2023	1,000	1,000
Cash distributions to unitholders, including incentive distributions	92	92
Unit-based compensation	4	4
Other comprehensive loss, net of tax	0
Net Income	87
Net income	87	87
Ending balance at Jun. 30, 2023	999	999
Beginning balance at Dec. 31, 2023	978	978	$ 0	$ 0
Cash distributions to unitholders, including incentive distributions	91	91	0	0
Unit-based compensation	4	4	0	0
Net Income	230	230	0	0
Ending balance at Mar. 31, 2024	1,121	1,121	0	0
Beginning balance at Dec. 31, 2023	978	978	0	0
Other comprehensive loss, net of tax	(2)
Net Income	731
Net income	723
Ending balance at Jun. 30, 2024	4,330	4,324	6	0
Beginning balance at Mar. 31, 2024	1,121	1,121	0	0
Cash distributions to unitholders, including incentive distributions	166	158	0	8
Unit-based compensation	4	4	0	0
Other comprehensive loss, net of tax	(2)	0	(2)	0
Partners' Capital Account, Acquisitions	3,651		0	801
Partners' Capital Account, Redemptions	(784)	17	0	(801)
Other	5	(3)	8	0
Net Income	501	493	0	8
Net income	493
Ending balance at Jun. 30, 2024	$ 4,330	$ 4,324	$ 6	$ 0

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024	Jun. 30, 2023
OPERATING ACTIVITIES:
Net Income	$ 501	$ 731	$ 228
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion	78	121	97
Amortization of deferred financing fees		6	4
(Gain) loss on disposal of assets and impairment charges	52	54	(12)
Loss on extinguishment of debt	2	2	0
Gain (Loss) on Disposition of Assets	(598)	(598)	0
Other non-cash, net		3	0
Non-cash unit-based compensation expense	4	8	9
Deferred income tax expense (benefit)		64	(5)
Inventory valuation adjustments	32	(98)	28
Equity in earnings of unconsolidated affiliates	(2)	(4)	(3)
Changes in operating assets and liabilities, net of acquisitions and divestitures:
Accounts receivable, net		(68)	347
Receivables from affiliates		(13)	4
Inventories, net		(53)	(138)
Other assets		61	14
Accounts payable		205	(156)
Accounts payable to affiliates		(56)	(40)
Accrued expenses and other current liabilities		65	33
Other non-current liabilities		(86)	(3)
Net cash provided by operating activities		216	417
INVESTING ACTIVITIES:
Capital expenditures		(111)	(87)
Cash paid for acquisition		(185)	(111)
NuStar acquisition, net of cash received		27	0
Distributions from unconsolidated affiliates in excess of cumulative earnings		4	5
Proceeds from West Texas Sale		990	0
Proceeds from disposal of property and equipment		2	21
Other		0	2
Net cash provided by (used in) investing activities		727	(170)
FINANCING ACTIVITIES:
Senior Notes borrowings		1,500	0
Senior Notes repayments		(405)	0
Credit Facility borrowings		1,241	1,555
Credit Facility repayments		(2,022)	(1,465)
Loan origination costs		(19)	0
Preferred units redemption		(784)	0
Cash distributions to unitholders, including incentive distributions		(249)	(180)
Cash distributions to noncontrolling interests		(8)	0
Net cash used in financing activities		(746)	(90)
Cash and cash equivalents, beginning of period		29	82
Cash and cash equivalents, end of period	226	226	239
Net increase in cash and cash equivalents		197	157
Supplemental disclosure of non-cash investing and financing activities:
Partners' Capital Account, Acquisitions	3,651
Lease assets obtained in exchange for new lease liabilities		$ 1	1
Common Unitholders
OPERATING ACTIVITIES:
Net Income	493
NuStar Acquisition | Common Unitholders
Supplemental disclosure of non-cash investing and financing activities:
Partners' Capital Account, Acquisitions	$ 2,850		$ 0

Organization and Principles of

Organization and Principles of Consolidation	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Principles of Consolidation	Organization and Principles of Consolidation As used in this document, the terms “Partnership,” “we,” “us,” “our” or “SUN” should be understood to refer to Sunoco LP and its consolidated subsidiaries, unless the context clearly indicates otherwise. We are a Delaware master limited partnership. We are managed by our general partner, Sunoco GP LLC (our “General Partner”), which is owned by Energy Transfer LP (“Energy Transfer”). As of June 30, 2024, Energy Transfer owned 100% of the limited liability company interests in our General Partner, 28,463,967 of our common units and all of our incentive distribution rights (“IDRs”). The consolidated financial statements include Sunoco LP, a publicly traded Delaware limited partnership, and its wholly owned subsidiaries. In the opinion of the Partnership’s management, such financial information reflects all adjustments necessary for a fair presentation of the financial position and the results of operations for such interim periods in accordance with GAAP. All significant intercompany accounts and transactions have been eliminated in consolidation. The operations of certain pipelines and terminals in which we own an undivided interest are proportionately consolidated in the accompanying consolidated financial statements. Certain items have been reclassified for presentation purposes to conform to the accounting policies of the consolidated entity. These reclassifications had no material impact on operating income, net income and comprehensive income, the consolidated balance sheets or consolidated statements of cash flows.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Significant Accounting Policies [Text Block]	Summary of Significant Accounting Policies Interim Financial Statements The accompanying interim consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). Pursuant to Regulation S-X, certain information and disclosures normally included in the annual consolidated financial statements have been condensed or omitted. The interim consolidated financial statements and notes included herein should be read in conjunction with the consolidated financial statements and notes included in our Annual Report on Form 10-K for the year ended December 31, 2023 filed with the Securities and Exchange Commission (“SEC”) on February 16, 2024. Significant Accounting Policies The Partnership began implementing the significant accounting policies described below subsequent to the closing of the NuStar acquisition. Besides those described below, as of June 30, 2024, there have been no changes in the Partnership's significant accounting policies from those described in the Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on February 16, 2024. Restricted Cash As of June 30, 2024, we have restricted cash representing legally restricted funds that are unavailable for general use totaling $9 million which is included in “Other non-current assets” on the consolidated balance sheets. Defined Benefit Plans We estimate pension and other postretirement benefit obligations and costs based on actuarial valuations. The annual measurement date for our pension and other postretirement benefit plans is December 31. The actuarial valuations require the use of certain assumptions including discount rates, expected long-term rates of return on plan assets and expected rates of compensation increase. Changes in these assumptions are primarily influenced by factors outside our control. Foreign Currency Translation The functional currencies of our foreign subsidiaries are the local currencies of the countries in which the subsidiaries are located. The assets and liabilities of our foreign subsidiaries with local functional currencies are translated to U.S. dollars at period-end exchange rates, and income and expense items are translated to U.S. dollars at weighted-average exchange rates in effect during the period. These translation adjustments are included in accumulated other comprehensive income ("AOCI") in the equity section of the consolidated balance sheets. Upon the sale or liquidation of our investment in a foreign subsidiary, translation adjustments that have historically accumulated in AOCI related to that subsidiary are released from AOCI and reported as part of the gain or loss on sale. Gains and losses on foreign currency transactions are included in other income (expense), net in the consolidated statements of operations. Motor Fuel and Sales Taxes Certain motor fuel and sales taxes are collected from customers and remitted to governmental agencies either directly by the Partnership or through suppliers. The Partnership’s accounting policy for wholesale direct sales to dealers, distributors and commercial customers is to exclude the collected motor fuel tax from sales and cost of sales. For retail locations where the Partnership holds inventory, including commission agent locations, motor fuel sales and motor fuel cost of sales include motor fuel taxes. Such amounts were $41 million and $71 million for the three months ended June 30, 2024 and 2023, respectively, and $100 million and $136 million for the six months ended June 30, 2024 and 2023, respectively . Merchandise sales and cost of mer chandise sales are reported net of sales tax in our consolidated statements of operations and comprehensive income.

Acquisitions, Divestitures and

Acquisitions, Divestitures and Other Transactions	6 Months Ended
	Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Mergers, Acquisitions and Dispositions Disclosures	Acquisitions, Divestitures and Other Transactions Acquisitions NuStar On May 3, 2024, we completed the previously announced acquisition of NuStar Energy L.P. (“NuStar”). Under the terms of the agreement, NuStar common unitholders received 0.400 SUN common units for each NuStar common unit. In connection with the acquisition, we issued approximately 51.5 million common units, which had a fair value of approximately $2.85 billion, assumed debt totaling approximately $3.5 billion including approximately $56 million of lease related financing obligations and assumed preferred units with a fair value of approximately $800 million. NuStar has approximately 9,500 miles of pipeline and 63 terminal and storage facilities that store and distribute crude oil, refined products, renewable fuels, ammonia and specialty liquids. The acquisition was recorded using the acquisition method of accounting which requires, among other things, that assets and liabilities assumed be recognized on the balance sheet at their estimated fair values as of the date of acquisition, with any excess purchase price over the fair value of net assets acquired recorded to goodwill. Management, with the assistance of a third party valuation specialist, determined the preliminary fair value of assets and liabilities as of the date of the acquisition. Determining the fair value involves the use of management's judgements as well as the use of significant estimates and assumptions. The following table summarizes the preliminary allocation of the purchase price among assets acquired and liabilities assumed: As of Total current assets $ 186 Property and equipment 6,958 Operating lease right-of-use assets, net 136 Goodwill (1) 16 Intangible assets, net (2) 195 Other non-current assets 127 Total assets 7,618 Total current liabilities 245 Long-term debt, less current maturities (3) 3,500 Operating lease non-current liabilities 136 Deferred tax liabilities 4 Other non-current liabilities 82 Total liabilities 3,967 Preferred units (3) 801 Total consideration 2,850 Cash acquired 27 Total cash consideration, net of cash acquired $ 2,823 (1) Goodwill primarily represents expected commercial and operational synergies and is subject to change based on final purchase price allocations. None of the goodwill recorded as a result of this transaction is deductible for tax purposes. Goodwill of $16 million relates to the Fuel Distribution segment. (2) Intangible assets, net comprised $151 million of favorable contracts, with a remaining weighted average life of approximately 7 years, and $44 million of customer relationships, with a remaining weighted average life of approximately 15 years. (3) Subsequent to the closing of the NuStar acquisition, the Partnership redeemed all outstanding NuStar preferred units, totaling $784 million, redeemed NuStar's subordinated notes totaling $403 million and repaid and terminated the NuStar credit facility totaling $455 million. Subsequent to the NuStar acquisition, the Partnership purchased a property previously leased by NuStar and cancelled the lease, resulting in an impairment of $50 million based on the value of comparable real property. Pro Forma Results of Operations The following unaudited pro forma consolidated results of operations for the three and six months ended June 30, 2024 and 2023 are presented as if the NuStar acquisition had been completed on January 1, 2023. Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Revenues $ 6,306 $ 6,122 $ 12,195 $ 11,877 Net income 411 108 659 249 Net income attributable to partners 365 96 564 204 Basic net income per Common Unit $ 2.71 $ 0.71 $ 4.17 $ 1.50 Diluted net income per Common Unit $ 2.70 $ 0.70 $ 4.15 $ 1.49 The pro forma consolidated results of operations include adjustments to: • include the results of NuStar for all periods presented; • include the incremental expenses associated with the fair value adjustments recorded as a result of applying the acquisition method of accounting; • include incremental interest expense related to financing the transactions; • adjust for one-time expenses; and • adjust for relative changes in ownership resulting from the acquisition. The pro forma information is not necessarily indicative of the results of operations that would have occurred had the NuStar acquisition been made at the beginning of the periods presented or the future results of the combined operations. NuStar's revenue and net income since the acquisition date to June 30, 2024 included in our consolidated statement of operations were $269.4 million and $14.5 million, respectively. Expenses related to the NuStar Acquisition As a result of the acquisition, we recognized $83 million of merger-related costs during the six months ended June 30, 2024. Zenith European Terminals On March 13, 2024, we completed the previously announced acquisition of liquid fuels terminals in Amsterdam, Netherlands and Bantry Bay, Ireland from Zenith Energy for €170 million ($185 million), including working capital. The acquisition was recorded using the acquisition method of accounting which requires, among other things, that assets and liabilities assumed be recognized on the balance sheet at their estimated fair values as of the date of acquisition. Management, with the assistance of a third party valuation specialist, determined the preliminary fair value of assets and liabilities as of the date of the acquisition. Determining the fair value involves the use of management's judgements as well as the use of significant estimates and assumptions. The following table summarizes the allocation of the purchase price among assets acquired and liabilities assumed: As of Other current assets $ 6 Property and equipment 204 Goodwill 7 Other non-current assets 36 Current liabilities (14) Deferred tax liabilities (11) Other non-current liabilities (43) Net assets 185 Cash acquired — Total cash consideration, net of cash acquired $ 185 Divestiture West Texas Sale On April 16, 2024, we completed the previously announced sale of 204 convenience stores located in West Texas, New Mexico and Oklahoma to 7-Eleven, Inc. for approximately $1.0 billion, including customary adjustments for fuel and merchandise inventory. As part of the sale, SUN also amended its existing take-or-pay fuel supply agreement with 7-Eleven, Inc. to incorporate additional fuel gross profit. Upon the completion of the sale, the Partnership recorded a $598 million gain ($461 million, net of current tax expense of $199 million and deferred tax benefit of $62 million). Other Transactions Permian Joint Venture On July 16, 2024, SUN and Energy Transfer announced the formation of a joint venture combining their respective crude oil and produced water gathering assets in the Permian Basin. Pursuant to the Contribution Agreement by and among Sunoco LP, SUN Pipeline Holdings LLC, NuStar Permian Transportation and Storage LLC, NuStar Permian Crude Logistics LLC, NuStar Permian Holdings LLC, NuStar Logistics, L.P., ET-S Permian Holdings Company LP, ET-S Permian Pipeline Company LLC, ET-S Permian Marketing Company LLC, Energy Transfer LP, and Energy Transfer Crude Marketing, LLC dated July 14, 2024 in a cashless transaction, SUN contributed all of its Permian crude oil gathering assets and operations to the joint venture. Additionally, Energy Transfer contributed its Permian crude oil and produced water gathering assets and operations to the joint venture. Energy Transfer’s long-haul crude pipeline network that provides transportation of crude oil out of the Permian Basin to Nederland, Houston, and Cushing is excluded from the joint venture. The joint venture operates more than 5,000 miles of crude oil and water gathering pipelines with crude oil storage capacity in excess of 11 million barrels. SUN holds a 32.5% interest with Energy Transfer holding the remaining 67.5% interest in the joint venture. The formation of the joint venture was effective on July 1, 2024.

Accounts Receivable, net

Accounts Receivable, net	6 Months Ended
	Jun. 30, 2024
Accounts Receivable, after Allowance for Credit Loss [Abstract]
Accounts Receivable, net	Accounts Receivable, net Accounts receivable, net, consisted of the following: June 30, December 31, Accounts receivable, trade $ 740 $ 703 Credit card receivables 140 107 Other receivables 139 47 Allowance for expected credit losses (1) (1) Accounts receivable, net $ 1,018 $ 856

Inventories, net

Inventories, net	6 Months Ended
	Jun. 30, 2024
Inventory Disclosure [Abstract]
Inventories, net	Inventories, net Fuel inventories are stated at the lower of cost or market using the last-in, first-out (“LIFO”) method. As of June 30, 2024 and December 31, 2023, the Partnership’s fuel inventory balance included lower of cost or market reserves of $132 million and $230 million, respectively. For the three and six months ended June 30, 2024 and 2023, the Partnership’s consolidated statements of operations and comprehensive income did not include any material amounts of income from the liquidation of LIFO fuel inventory. For the three months ended June 30, 2024 and 2023, the Partnership's cost of sales included unfavorable inventory valuation adjustments of $32 million and $57 million, respectively, which decreased net income. For the six months ended June 30, 2024, the Partnership's cost of sales included favorable inventory valuation adjustments of $98 million which increased net income; and for the six months ended June 30, 2023, the Partnership's cost of sales included unfavorable inventory adjustments of $28 million which decreased net income. Inventories, net, consisted of the following: June 30, December 31, Fuel $ 1,025 $ 876 Other 15 13 Inventories, net $ 1,040 $ 889

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	6 Months Ended
	Jun. 30, 2024
Accrued Expenses And Other Current Liabilities [Abstract]
Accrued Expenses and Other Current Liabilities	Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following: June 30, December 31, Wage and other employee-related accrued expenses $ 38 $ 38 Accrued tax expense 326 182 Accrued insurance expense 30 30 Accrued interest expense 82 41 Dealer deposits 23 23 Accrued environmental expense 10 6 Deferred revenue 32 — Other 72 33 Total $ 613 $ 353

Debt Obligations

Debt Obligations	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Long-Term Debt	Debt Obligations Total long-term debt, net consisted of the following: June 30, December 31, Credit Facility $ 85 $ 411 5.750% Senior Notes due 2025 (1) 600 — 6.000% Senior Notes due 2026 (1) 500 — 6.000% Senior Notes due 2027 600 600 5.625% Senior Notes due 2027 (1) 550 — 5.875% Senior Notes due 2028 400 400 7.000% Senior Notes due 2028 500 500 4.500% Senior Notes due 2029 800 800 7.000% Senior Notes due 2029 750 — 4.500% Senior Notes due 2030 800 800 6.375% Senor Notes due 2030 (1) 600 — 7.250% Senior Notes due 2032 750 — GoZone Bonds (1) 322 — Lease-related financing obligations 150 94 Net unamortized premiums, discounts and fair value adjustments 14 — Deferred debt issuance costs (41) (25) Total debt 7,380 3,580 Less: current maturities 76 — Total long-term debt, net $ 7,304 $ 3,580 (1) These notes, totaling $2.57 billion aggregate principal amount, were assumed by the Partnership in connection with the closing of the NuStar acquisition in May 2024. Recent Transactions April 2024 Notes Offering On April 30, 2024, the Partnership issued $750 million of 7.000% Senior Notes due 2029 and $750 million of 7.250% Senior Notes due 2032 in a private offering. The Partnership used the net proceeds from the offering to (i) repay certain outstanding indebtedness of NuStar, in connection with the merger between the Partnership and NuStar, (ii) fund the redemption of NuStar's preferred units in connection with the merger and (iii) pay offering fees and expenses. NuStar Acquisition During the second quarter of 2024, subsequent to the closing of the NuStar acquisition, the Partnership redeemed NuStar's subordinated notes totaling $403 million and repaid and terminated NuStar's credit facility totaling $455 million. NuStar Logistics Senior Notes. NuStar Logistics, L.P., a wholly owned subsidiary acquired in the NuStar acquisition, (NuStar Logistics”) is the issuer of $2.25 billion of senior notes, including 5.750% Senior Notes due 2025, 6.000% Senior Notes due 2026, 5.625% Senior Notes due 2027 and 6.375% Senior Notes due 2030 (collectively, the “NuStar Logistics Senior Notes”). Subsequent to the closing of the NuStar acquisition, the indentures related to the Partnership’s senior notes and the indentures related to NuStar Logistics’ senior notes were amended to add certain subsidiaries as guarantors. Consequently, Sunoco LP and NuStar Logistics are each a guarantor of the other’s senior notes, along with other subsidiary guarantors of each. The NuStar Logistics Senior Notes do not have sinking fund requirements. These notes rank equally with existing senior unsecured indebtedness and senior to existing subordinated indebtedness of NuStar Logistics and contain restrictions on NuStar Logistics’ ability to incur secured indebtedness unless the same security is also provided for the benefit of holders of the NuStar Logistics Senior Notes. In addition, the NuStar Logistics Senior Notes limit the ability of NuStar Logistics and its subsidiaries to, among other things, incur indebtedness secured by certain liens, engage in certain sale-leaseback transactions and engage in certain consolidations, mergers or asset sales. At the option of NuStar Logistics, the NuStar Logistics Senior Notes may be redeemed in whole or in part at any time at a redemption price, plus accrued and unpaid interest to the redemption date. If we undergo a change of control that is followed by a ratings decline that occurs within 60 days of the change of control, each holder of the applicable senior notes may require us to repurchase all or a portion of its notes at a price equal to 101% of the principal amount of the notes repurchased, plus any accrued and unpaid interest to the date of repurchase. Gulf Opportunity Zone Revenue Bonds. NuStar Logistics’ obligations also include revenue bonds issued by the Parish of St. James, Louisiana pursuant to the Gulf Opportunity Zone Act of 2005 (the “GoZone Bonds”). As reflected in the table below, the holders of the Series 2008, Series 2010B and Series 2011 GoZone Bonds are required to tender their bonds at the applicable mandatory purchase date in exchange for 100% of the principal plus accrued and unpaid interest, after which these bonds are expected to be remarketed with a new interest rate established. Each of the Series 2010 and Series 2010A GoZone Bonds is subject to redemption on or after June 1, 2030 by the Parish of St. James, at our option, in whole or in part, at a redemption price of 100% of the principal amount to be redeemed plus accrued and unpaid interest. Interest on the GoZone Bonds is payable semi-annually on June 1 and December 1 of each year. The following table summarizes the GoZone Bonds outstanding as of June 30, 2024: Series Date Issued Amount Outstanding Interest Rate Mandatory Purchase Date Optional Redemption Date Maturity Date Series 2008 June 26, 2008 $ 56 6.10 % June 1, 2030 n/a June 1, 2038 Series 2010 July 15, 2010 100 6.35 % n/a June 1, 2030 July 1, 2040 Series 2010A October 7, 2010 43 6.35 % n/a June 1, 2030 October 1, 2040 Series 2010B December 29, 2010 48 6.10 % June 1, 2030 n/a December 1, 2040 Series 2011 August 9, 2011 75 5.85 % June 1, 2025 n/a August 1, 2041 NuStar Logistics’ agreements with the Parish of St. James related to the GoZone Bonds contain: (i) customary restrictive covenants that limit the ability of NuStar Logistics and its subsidiaries to, among other things, create liens, enter into certain sale leaseback transactions, and engage in certain consolidations, mergers or asset sales; and (ii) a repurchase provision which provides that if we undergo a change of control that is followed by a ratings decline that occurs within 60 days of the change of control, then each holder may require the trustee, with funds provided by NuStar Logistics, to repurchase all or a portion of that holder’s GoZone Bonds at a price equal to 101% of the aggregate principal amount repurchased, plus any accrued and unpaid interest. Credit Facilities The Partnership's $1.50 billion revolving credit facility (the “Credit Facility”) matures in May 2029 (as amended in May 2024), which date may be extended in accordance with the terms of the Credit Facility. The Credit Facility can be increased from time to time upon our written request, subject to certain conditions, up to an additional $500 million. As of June 30, 2024, the balance on the Credit Facility was $85 million, and $15 million standby letters of credit were outstanding. The unused availability on the Credit Facility at June 30, 2024 was $1.40 billion. The weighted average interest rate on the total amount outstanding at June 30, 2024 was 7.43%. The Partnership was in compliance with all financial covenants at June 30, 2024. Upon the closing of the NuStar acquisition, the commitments under NuStar’s receivables financing agreement were reduced to zero during a suspension period, for which the period end has not been determined. As of June 30, 2024, this facility had no outstanding borrowings. Fair Value of Debt The aggregate estimated fair value and carrying amount of our consolidated debt obligations as of June 30, 2024 were $7.35 billion and $7.38 billion, respectively. As of December 31, 2023, the aggregate fair value and carrying amount of our consolidated debt obligations were $3.50 billion and $3.58 billion, respectively. The fair value of our consolidated debt obligations is a Level 2 valuation based on the respective debt obligations' observable inputs for similar liabilities.

Other Noncurrent Liabilities (N

Other Noncurrent Liabilities (Notes)	6 Months Ended
	Jun. 30, 2024
Other Liabilities Disclosure [Abstract]
Other Liabilities Disclosure [Text Block]	Other Non-Current Liabilities Other non-current liabilities consisted of the following: June 30, December 31, Asset retirement obligations $ 94 $ 84 Accrued environmental expense, long-term 16 12 Other 83 20 Total $ 193 $ 116

Related-Party Transactions

Related-Party Transactions	6 Months Ended
	Jun. 30, 2024
Related Party Transactions [Abstract]
Related-Party Transactions	Related Party Transactions We are party to fee-based commercial agreements with various affiliates of Energy Transfer for pipeline, terminalling and storage services. We also have agreements with subsidiaries of Energy Transfer for the purchase and sale of fuel. Our investments in the J.C. Nolan joint venture entities were $124 million and $124 million as of June 30, 2024 and December 31, 2023, respectively. In addition, we recorded equity in earnings from the J.C. Nolan joint venture of $2 million and $1 million for the three months ended June 30, 2024 and 2023, respectively, and $4 million and $3 million for the six months ended six months ended June 30, 2024 and 2023, respectively. Summary of Transactions Related party transactions for the three months ended June 30, 2024 and 2023 were as follows: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Motor fuel sales to affiliates $ — $ 15 $ 4 $ 28 Bulk fuel purchases from affiliates 373 471 770 882 Significant affiliate balances included on the consolidated balance sheets were as follows: • Accounts receivable from affiliates were $33 million and $20 million as of June 30, 2024 and December 31, 2023, respectively, which were primarily related to motor fuel sales to affiliates. • Accounts payable to affiliates were $114 million and $170 million as of June 30, 2024 and December 31, 2023, respectively, which were attributable to operational expenses and bulk fuel purchases. • Advances from affiliates were $94 million and $102 million as of June 30, 2024 and December 31, 2023, respectively, which were related to treasury services agreements with Energy Transfer.

Revenue (Notes)

Revenue (Notes)	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Revenue from Contract with Customer [Text Block]	Revenue Disaggregation of Revenue Subsequent to our acquisition of NuStar, the Partnership's consolidated financial statements reflect three reportable segments: Fuel Distribution, Pipeline Systems and Terminals. Revenues from our Fuel Distribution segment are derived from the sale of fuel, non-fuel and lease income. Fuel sales consist primarily of the sale of motor fuel under supply agreements with third-party customers and affiliates. Fuel supply contracts with our customers generally provide that we distribute motor fuel at a price based on a formula which includes published rates, volume-based profit margin and other terms specific to the agreement. The customer is invoiced the agreed-upon price with most payment terms ranging less than 30 days. If the consideration promised in a contract includes a variable amount, the Partnership estimates the variable consideration amount and factors in such estimate to determine the transaction price under the expected value method. Revenue is recognized under the motor fuel contracts at the point in time the customer takes control of the fuel. At the time control is transferred to the customer the sale is considered final, because the agreements do not grant customers the right to return motor fuel. To determine when control transfers to the customer, the shipping terms of the contract are assessed as a primary indicator of the transfer of control. For FOB shipping point terms, revenue is recognized at the time of shipment. The performance obligation with respect to the sale of goods is satisfied at the time of shipment since the customer gains control at this time under the terms. Shipping and/or handling costs that occur before the customer obtains control of the goods are deemed to be fulfillment activities and are accounted for as fulfillment costs. Once the goods are shipped, the Partnership is precluded from redirecting the shipment to another customer and revenue is recognized. Non-fuel revenue includes merchandise revenue that comprises the in-store merchandise and food service sales at company-operated retail stores and other revenue such as credit card processing, car washes, lottery and other services. Lease revenue is derived from leasing arrangements for which we are the lessor and recognized ratably over the term of the underlying lease. Revenues from our Pipeline Systems segment are derived from interstate and intrastate pipeline transportation of refined products, crude oil and anhydrous ammonia and the applicable pipeline tariff on a per barrel basis for crude oil or refined products and on a per ton basis for ammonia. Revenues from our Terminals segment include fees for tank storage agreements, under which a customer agrees to pay for a certain amount of storage in a tank over a period of time (storage terminal revenues) and throughput agreements, under which a customer pays a fee per barrel for volumes moving through our terminals (throughput terminal revenues). Our terminals also provide blending, additive injections, handling and filtering services for which we charge additional fees. The following table depicts the disaggregation of revenue within each segment: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Fuel Distribution Fuel $ 5,797 $ 5,595 $ 11,151 $ 10,820 Non-fuel 81 73 146 137 Lease income 30 37 68 74 Pipeline Systems Throughput 138 — 138 — Other 39 — 39 — Terminals Throughput 20 15 36 27 Other 69 25 95 49 Total revenues $ 6,174 $ 5,745 $ 11,673 $ 11,107 Contract Balances with Customers The balances of the Partnership’s contract assets and contract liabilities as of June 30, 2024 and December 31, 2023 were as follows: June 30, December 31, 2023 Contract assets $ 273 $ 256 Accounts receivable from contracts with customers 879 809 Contract liabilities 81 — The following table summarizes the consolidated activity of our contract liabilities: Contract Liabilities Balance, December 31, 2023 $ — NuStar acquisition 78 Zenith European terminals acquisition 3 Additions 19 Revenue recognized (19) Balance, June 30, 2024 $ 81 Remaining Performance Obligations The following table presents our estimated revenues from contracts with customers for remaining performance obligations that have not yet been recognized, representing our contractually committed revenue as of June 30, 2024. Remaining Performance Obligations 2024 (remaining) $ 207 2025 299 2026 232 2027 159 2028 123 Thereafter 268 Total $ 1,288 Our contractually committed revenue, for purposes of the tabular presentation above, is generally limited to customer contracts that have fixed pricing and fixed volume terms and conditions, including contracts with payment obligations for minimum volume commitments. Costs to Obtain or Fulfill a Contract The Partnership recognized amortization on capitalized costs incurred to obtain contracts of $9 million and $7 million for the three months ended June 30, 2024 and 2023, respectively, and $17 million and $13 million for the six months ended June 30, 2024 and 2023, respectively.

Commitments And Contingencies

Commitments And Contingencies	6 Months Ended
	Jun. 30, 2024
Leases [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation From time to time, the Partnership is involved in various legal proceedings and claims arising out of our operations in the normal course of business. Such proceedings are subject to the uncertainties inherent in any litigation, and we regularly assess the need for accounting recognition or disclosure of any related contingencies. We maintain liability insurance with insurers with coverage and deductibles management believes are reasonable and prudent. However, there can be no assurance that the levels of insurance protection currently in effect will continue to be available at reasonable prices or that such levels will be adequate to protect us from material expenses related to product liability, personal injury or property damage in the future. Based on currently available information, we believe it is unlikely that the outcome of known matters would have a material adverse impact on our financial condition, results of operations or cash flows. New York Motor Fuel Excise Tax Audits Sunoco LLC and Sunoco Retail LLC are currently under motor fuel excise tax audits in the state of New York for the periods of March 2017 through May 2020. These audits are currently ongoing and no assessments have been made. We cannot predict the outcome of these audits; however, to the extent material assessments may be issued, we would expect to use all appropriate administrative and legal measures to defend our positions.

Income Tax Expense

Income Tax Expense	6 Months Ended
	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Tax Expense	Income Tax Expense As a partnership, we are generally not subject to federal income tax and most state income taxes. However, the Partnership conducts certain activities through corporate subsidiaries which are subject to federal and state income taxes. Our effective tax rate differs from the statutory rate primarily due to Partnership earnings that are not subject to U.S. federal and most state income taxes at the Partnership level. A reconciliation of income tax expense from continuing operations at the U.S. federal statutory rate of 21% to net income tax expense is as follows: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Income tax expense at United States statutory rate $ 136 $ 20 $ 186 $ 51 Increase (reduction) in income taxes resulting from: Partnership earnings not subject to tax (15) (13) (60) (39) State and local tax, net of federal expense 29 2 30 4 Other (1) — — — Net income tax expense $ 149 $ 9 $ 156 $ 16

Equity

Equity	6 Months Ended
	Jun. 30, 2024
Partners' Capital [Abstract]
Partners' Capital	Equity As of June 30, 2024, Energy Transfer and its subsidiaries owned 28,463,967 of our common units and the public owned 107,533,995 of our common units. As of June 30, 2024, our wholly owned subsidiaries owned all of the 16,410,780 Class C units representing limited partner interests in the Partnership. Common Units The change in our outstanding common units for the six months ended June 30, 2024 was as follows: Number of Units Number of common units at December 31, 2023 84,408,014 Phantom unit vesting 46,848 NuStar acquisition 51,543,100 Number of common units at June 30, 2024 135,997,962 Cash Distributions Our partnership agreement sets forth the calculation used to determine the amount and priority of cash distributions that the common unitholders receive. Cash distributions paid or declared during 2024 were as follows: Limited Partners Payment Date Per Unit Distribution Total Cash Distribution Distribution to IDR Holders February 20, 2024 $ 0.8420 $ 71 $ 19 May 20, 2024 0.8756 119 36 August 19, 2024 0.8756 119 36 Accumulated Other Comprehensive Income The following table presents the components of AOCI, net of tax: June 30, December 31, Foreign currency translation adjustment $ (1) $ — Actuarial gains related to pensions and other postretirement benefits 7 — Total accumulated other comprehensive income included in partners’ capital, net of tax $ 6 $ —

Segment Reporting

Segment Reporting	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Segment Reporting Disclosure [Text Block]	Segment Reporting Change in Segments Subsequent to the acquisition of NuStar, management reevaluated the Partnership’s internal reporting, which resulted in changes to the Partnership’s reportable segments. The Partnership’s consolidated financial information now includes three reportable segments: Fuel Distribution, Pipeline Systems and Terminals. The Partnership previously reported reportable segments for Fuel Distribution and Marketing and All Other. The operations within those prior reportable segments have now been reallocated among the new reportable segments, and prior periods have been adjusted accordingly to reflect the current segment presentation. In addition, certain operations within NuStar’s prior standalone reporting have been reallocated based on the post-acquisition internal reporting and management structure; therefore, segment operating results reported herein are not comparable to those previously reported by NuStar in its standalone pre-acquisition financial statements. Description of Segments Fuel Distribution. Our Fuel Distribution segment supplies motor fuel to independently-operated dealer stations, distributors, commission agents and other consumers. Also included in our Fuel Distribution segment is lease income from properties that we lease or sublease, as well as the Partnership’s credit card services, franchise royalties and retail operations in Hawaii and New Jersey. Pipeline Systems. Our Pipeline Systems segment includes the operations of our refined products, crude oil and anhydrous ammonia pipelines, as well as other assets that are operated and managed on an integrated basis with our pipeline systems, including certain terminal and storage assets. Terminals . Our Terminals segment is composed of our facilities (other than those integrated into the Pipeline Systems segment) that provide storage, handling and other services on a fee basis for refined products, crude oil, specialty chemicals, renewable fuels and other liquids. The segment also includes the operations of our transmix processing facilities. Segment Operating Results We report Adjusted EBITDA by segment as a measure of segment performance. We define Adjusted EBITDA as earnings before net interest expense, income taxes, depreciation, amortization and accretion expense, non-cash unit-based compensation expense, gains and losses on disposal of assets, non-cash impairment charges, losses on extinguishment of debt, unrealized gains and losses on commodity derivatives, inventory valuation adjustments, and certain other operating expenses reflected in net income that we do not believe are indicative of ongoing core operations. Inventory valuation adjustments that are excluded from the calculation of Adjusted EBITDA represent changes in lower of cost or market reserves on the Partnership's inventory. These amounts are unrealized valuation adjustments applied to fuel volumes remaining in inventory at the end of the period. The following tables present financial information by segment for the three and six months ended June 30, 2024 and 2023: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Revenues: Fuel Distribution $ 5,908 $ 5,705 $ 11,365 $ 11,031 Pipeline Systems 177 — 177 — Terminals 89 40 131 76 Total $ 6,174 $ 5,745 $ 11,673 $ 11,107 Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Segment Adjusted EBITDA: Fuel Distribution $ 245 $ 226 $ 463 $ 422 Pipeline Systems 53 3 53 7 Terminals 22 21 46 42 Total $ 320 $ 250 $ 562 $ 471 Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Reconciliation of net income to Adjusted EBITDA: Net income $ 501 $ 87 $ 731 $ 228 Depreciation, amortization and accretion 78 49 121 97 Interest expense, net 95 53 158 106 Non-cash unit-based compensation expense 4 4 8 9 Loss (gain) on disposal of assets and impairment charges 52 (13) 54 (12) Loss on extinguishment of debt 2 — 2 — Unrealized (gains) losses on commodity derivatives (6) 1 7 (10) Inventory valuation adjustments 32 57 (98) 28 Equity in earnings of unconsolidated affiliates (2) (1) (4) (3) Adjusted EBITDA related to unconsolidated affiliates 3 3 6 6 Gain on West Texas Sale (598) — (598) — Other non-cash adjustments 10 1 19 6 Income tax expense 149 9 156 16 Adjusted EBITDA (consolidated) $ 320 $ 250 $ 562 $ 471 June 30, December 31, 2023 Assets: Fuel Distribution $ 6,319 $ 6,343 Pipeline Systems 6,438 49 Terminals 1,357 398 Total segment assets 14,114 6,790 Other partnership assets 351 36 Total assets $ 14,465 $ 6,826

Net Income per Common Unit

Net Income per Common Unit	6 Months Ended
	Jun. 30, 2024
Net Income Per Unit [Abstract]
Net Income per Unit	Net Income per Common Unit A reconciliation of the numerators and denominators of the basic and diluted net income per common unit computations is as follows: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Net income $ 501 $ 87 $ 731 $ 228 Less: Net income attributable to noncontrolling interests 8 — 8 — Incentive distribution rights 36 20 72 39 Distributions on unvested phantom unit awards 2 1 3 3 Common unitholders ’ interest in net income $ 455 $ 66 $ 648 $ 186 Weighted average common units outstanding: Basic 117,271,408 84,060,866 100,848,078 84,059,797 Dilutive effect of unvested phantom unit awards 783,450 973,402 808,998 938,980 Diluted 118,054,858 85,034,268 101,657,076 84,998,777 Net income per common unit: Basic $ 3.88 $ 0.79 $ 6.43 $ 2.21 Diluted $ 3.85 $ 0.78 $ 6.37 $ 2.19

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net income	$ 493	$ 87	$ 141	$ 723	$ 228

Insider Trading Arrangements

Insider Trading Arrangements	6 Months Ended
	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Organization and Principles o_2

Organization and Principles of Consolidation Organization and Principles of Consolidation (Policies)	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Consolidation, Policy	The consolidated financial statements include Sunoco LP, a publicly traded Delaware limited partnership, and its wholly owned subsidiaries. In the opinion of the Partnership’s management, such financial information reflects all adjustments necessary for a fair presentation of the financial position and the results of operations for such interim periods in accordance with GAAP. All significant intercompany accounts and transactions have been eliminated in consolidation. The operations of certain pipelines and terminals in which we own an undivided interest are proportionately consolidated in the accompanying consolidated financial statements. Certain items have been reclassified for presentation purposes to conform to the accounting policies of the consolidated entity. These reclassifications had no material impact on operating income, net income and comprehensive income, the consolidated balance sheets or consolidated statements of cash flows.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Interim Financial Statements The accompanying interim consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). Pursuant to Regulation S-X, certain information and disclosures normally included in the annual consolidated financial statements have been condensed or omitted. The interim consolidated financial statements and notes included herein should be read in conjunction with the consolidated financial statements and notes included in our Annual Report on Form 10-K for the year ended December 31, 2023 filed with the Securities and Exchange Commission (“SEC”) on February 16, 2024.
Recently Issued Accounting Pronouncements	Significant Accounting Policies The Partnership began implementing the significant accounting policies described below subsequent to the closing of the NuStar acquisition. Besides those described below, as of June 30, 2024, there have been no changes in the Partnership's significant accounting policies from those described in the Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on February 16, 2024. Restricted Cash As of June 30, 2024, we have restricted cash representing legally restricted funds that are unavailable for general use totaling $9 million which is included in “Other non-current assets” on the consolidated balance sheets. Defined Benefit Plans We estimate pension and other postretirement benefit obligations and costs based on actuarial valuations. The annual measurement date for our pension and other postretirement benefit plans is December 31. The actuarial valuations require the use of certain assumptions including discount rates, expected long-term rates of return on plan assets and expected rates of compensation increase. Changes in these assumptions are primarily influenced by factors outside our control. Foreign Currency Translation The functional currencies of our foreign subsidiaries are the local currencies of the countries in which the subsidiaries are located. The assets and liabilities of our foreign subsidiaries with local functional currencies are translated to U.S. dollars at period-end exchange rates, and income and expense items are translated to U.S. dollars at weighted-average exchange rates in effect during the period. These translation adjustments are included in accumulated other comprehensive income ("AOCI") in the equity section of the consolidated balance sheets. Upon the sale or liquidation of our investment in a foreign subsidiary, translation adjustments that have historically accumulated in AOCI related to that subsidiary are released from AOCI and reported as part of the gain or loss on sale. Gains and losses on foreign currency transactions are included in other income (expense), net in the consolidated statements of operations.
Motor Fuel and Sales Taxes	Motor Fuel and Sales Taxes Certain motor fuel and sales taxes are collected from customers and remitted to governmental agencies either directly by the Partnership or through suppliers. The Partnership’s accounting policy for wholesale direct sales to dealers, distributors and commercial customers is to exclude the collected motor fuel tax from sales and cost of sales. For retail locations where the Partnership holds inventory, including commission agent locations, motor fuel sales and motor fuel cost of sales include motor fuel taxes. Such amounts were $41 million and $71 million for the three months ended June 30, 2024 and 2023, respectively, and $100 million and $136 million for the six months ended June 30, 2024 and 2023, respectively . Merchandise sales and cost of mer chandise sales are reported net of sales tax in our consolidated statements of operations and comprehensive income.

Inventory (Policies)

Inventory (Policies)	6 Months Ended
	Jun. 30, 2024
Inventory Disclosure [Abstract]
Inventory, Policy	Fuel inventories are stated at the lower of cost or market using the last-in, first-out (“LIFO”) method. As of June 30, 2024 and December 31, 2023, the Partnership’s fuel inventory balance included lower of cost or market reserves of $132 million and $230 million, respectively. For the three and six months ended June 30, 2024 and 2023, the Partnership’s consolidated statements of operations and comprehensive income did not include any material amounts of income from the liquidation of LIFO fuel inventory. For the three months ended June 30, 2024 and 2023, the Partnership's cost of sales included unfavorable inventory valuation adjustments of $32 million and $57 million, respectively, which decreased net income. For the six months ended June 30, 2024, the Partnership's cost of sales included favorable inventory valuation adjustments of $98 million which increased net income; and for the six months ended June 30, 2023, the Partnership's cost of sales included unfavorable inventory adjustments of $28 million which decreased net income.

Revenue from Contract with Cust

Revenue from Contract with Customer (Policies)	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Revenue	Disaggregation of Revenue Subsequent to our acquisition of NuStar, the Partnership's consolidated financial statements reflect three reportable segments: Fuel Distribution, Pipeline Systems and Terminals. Revenues from our Fuel Distribution segment are derived from the sale of fuel, non-fuel and lease income. Fuel sales consist primarily of the sale of motor fuel under supply agreements with third-party customers and affiliates. Fuel supply contracts with our customers generally provide that we distribute motor fuel at a price based on a formula which includes published rates, volume-based profit margin and other terms specific to the agreement. The customer is invoiced the agreed-upon price with most payment terms ranging less than 30 days. If the consideration promised in a contract includes a variable amount, the Partnership estimates the variable consideration amount and factors in such estimate to determine the transaction price under the expected value method. Revenue is recognized under the motor fuel contracts at the point in time the customer takes control of the fuel. At the time control is transferred to the customer the sale is considered final, because the agreements do not grant customers the right to return motor fuel. To determine when control transfers to the customer, the shipping terms of the contract are assessed as a primary indicator of the transfer of control. For FOB shipping point terms, revenue is recognized at the time of shipment. The performance obligation with respect to the sale of goods is satisfied at the time of shipment since the customer gains control at this time under the terms. Shipping and/or handling costs that occur before the customer obtains control of the goods are deemed to be fulfillment activities and are accounted for as fulfillment costs. Once the goods are shipped, the Partnership is precluded from redirecting the shipment to another customer and revenue is recognized. Non-fuel revenue includes merchandise revenue that comprises the in-store merchandise and food service sales at company-operated retail stores and other revenue such as credit card processing, car washes, lottery and other services. Lease revenue is derived from leasing arrangements for which we are the lessor and recognized ratably over the term of the underlying lease. Revenues from our Pipeline Systems segment are derived from interstate and intrastate pipeline transportation of refined products, crude oil and anhydrous ammonia and the applicable pipeline tariff on a per barrel basis for crude oil or refined products and on a per ton basis for ammonia. Revenues from our Terminals segment include fees for tank storage agreements, under which a customer agrees to pay for a certain amount of storage in a tank over a period of time (storage terminal revenues) and throughput agreements, under which a customer pays a fee per barrel for volumes moving through our terminals (throughput terminal revenues). Our terminals also provide blending, additive injections, handling and filtering services for which we charge additional fees. Costs to Obtain or Fulfill a Contract The Partnership recognized amortization on capitalized costs incurred to obtain contracts of $9 million and $7 million for the three months ended June 30, 2024 and 2023, respectively, and $17 million and $13 million for the six months ended June 30, 2024 and 2023, respectively.

Acquisitions, Divestitures an_2

Acquisitions, Divestitures and Other Transactions (Tables)	6 Months Ended
	Jun. 30, 2024
Zenith European Terminals acquisition
Business Acquisition [Line Items]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	Zenith European Terminals On March 13, 2024, we completed the previously announced acquisition of liquid fuels terminals in Amsterdam, Netherlands and Bantry Bay, Ireland from Zenith Energy for €170 million ($185 million), including working capital. The acquisition was recorded using the acquisition method of accounting which requires, among other things, that assets and liabilities assumed be recognized on the balance sheet at their estimated fair values as of the date of acquisition. Management, with the assistance of a third party valuation specialist, determined the preliminary fair value of assets and liabilities as of the date of the acquisition. Determining the fair value involves the use of management's judgements as well as the use of significant estimates and assumptions. The following table summarizes the allocation of the purchase price among assets acquired and liabilities assumed: As of Other current assets $ 6 Property and equipment 204 Goodwill 7 Other non-current assets 36 Current liabilities (14) Deferred tax liabilities (11) Other non-current liabilities (43) Net assets 185 Cash acquired — Total cash consideration, net of cash acquired $ 185
NuStar Acquisition
Business Acquisition [Line Items]
Business Acquisition, Pro Forma Information	Pro Forma Results of Operations The following unaudited pro forma consolidated results of operations for the three and six months ended June 30, 2024 and 2023 are presented as if the NuStar acquisition had been completed on January 1, 2023. Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Revenues $ 6,306 $ 6,122 $ 12,195 $ 11,877 Net income 411 108 659 249 Net income attributable to partners 365 96 564 204 Basic net income per Common Unit $ 2.71 $ 0.71 $ 4.17 $ 1.50 Diluted net income per Common Unit $ 2.70 $ 0.70 $ 4.15 $ 1.49 The pro forma consolidated results of operations include adjustments to: • include the results of NuStar for all periods presented; • include the incremental expenses associated with the fair value adjustments recorded as a result of applying the acquisition method of accounting; • include incremental interest expense related to financing the transactions; • adjust for one-time expenses; and • adjust for relative changes in ownership resulting from the acquisition.
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The acquisition was recorded using the acquisition method of accounting which requires, among other things, that assets and liabilities assumed be recognized on the balance sheet at their estimated fair values as of the date of acquisition, with any excess purchase price over the fair value of net assets acquired recorded to goodwill. Management, with the assistance of a third party valuation specialist, determined the preliminary fair value of assets and liabilities as of the date of the acquisition. Determining the fair value involves the use of management's judgements as well as the use of significant estimates and assumptions. The following table summarizes the preliminary allocation of the purchase price among assets acquired and liabilities assumed: As of Total current assets $ 186 Property and equipment 6,958 Operating lease right-of-use assets, net 136 Goodwill (1) 16 Intangible assets, net (2) 195 Other non-current assets 127 Total assets 7,618 Total current liabilities 245 Long-term debt, less current maturities (3) 3,500 Operating lease non-current liabilities 136 Deferred tax liabilities 4 Other non-current liabilities 82 Total liabilities 3,967 Preferred units (3) 801 Total consideration 2,850 Cash acquired 27 Total cash consideration, net of cash acquired $ 2,823 (1) Goodwill primarily represents expected commercial and operational synergies and is subject to change based on final purchase price allocations. None of the goodwill recorded as a result of this transaction is deductible for tax purposes. Goodwill of $16 million relates to the Fuel Distribution segment. (2) Intangible assets, net comprised $151 million of favorable contracts, with a remaining weighted average life of approximately 7 years, and $44 million of customer relationships, with a remaining weighted average life of approximately 15 years. (3) Subsequent to the closing of the NuStar acquisition, the Partnership redeemed all outstanding NuStar preferred units, totaling $784 million, redeemed NuStar's subordinated notes totaling $403 million and repaid and terminated the NuStar credit facility totaling $455 million.

Accounts Receivable, net (Table

Accounts Receivable, net (Tables)	6 Months Ended
	Jun. 30, 2024
Accounts Receivable, after Allowance for Credit Loss [Abstract]
Schedule of Accounts Receivable	Accounts receivable, net, consisted of the following: June 30, December 31, Accounts receivable, trade $ 740 $ 703 Credit card receivables 140 107 Other receivables 139 47 Allowance for expected credit losses (1) (1) Accounts receivable, net $ 1,018 $ 856

Inventories, net (Tables)

Inventories, net (Tables)	6 Months Ended
	Jun. 30, 2024
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories, net, consisted of the following: June 30, December 31, Fuel $ 1,025 $ 876 Other 15 13 Inventories, net $ 1,040 $ 889

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	6 Months Ended
	Jun. 30, 2024
Accrued Expenses And Other Current Liabilities [Abstract]
Schedule of Accrued Liabilities	Accrued expenses and other current liabilities consisted of the following: June 30, December 31, Wage and other employee-related accrued expenses $ 38 $ 38 Accrued tax expense 326 182 Accrued insurance expense 30 30 Accrued interest expense 82 41 Dealer deposits 23 23 Accrued environmental expense 10 6 Deferred revenue 32 — Other 72 33 Total $ 613 $ 353

Debt Obligations (Tables)

Debt Obligations (Tables)	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Schedule of Long-term Debt	Total long-term debt, net consisted of the following: June 30, December 31, Credit Facility $ 85 $ 411 5.750% Senior Notes due 2025 (1) 600 — 6.000% Senior Notes due 2026 (1) 500 — 6.000% Senior Notes due 2027 600 600 5.625% Senior Notes due 2027 (1) 550 — 5.875% Senior Notes due 2028 400 400 7.000% Senior Notes due 2028 500 500 4.500% Senior Notes due 2029 800 800 7.000% Senior Notes due 2029 750 — 4.500% Senior Notes due 2030 800 800 6.375% Senor Notes due 2030 (1) 600 — 7.250% Senior Notes due 2032 750 — GoZone Bonds (1) 322 — Lease-related financing obligations 150 94 Net unamortized premiums, discounts and fair value adjustments 14 — Deferred debt issuance costs (41) (25) Total debt 7,380 3,580 Less: current maturities 76 — Total long-term debt, net $ 7,304 $ 3,580 (1) These notes, totaling $2.57 billion aggregate principal amount, were assumed by the Partnership in connection with the closing of the NuStar acquisition in May 2024.
Schedule of Debt Conversions	The following table summarizes the GoZone Bonds outstanding as of June 30, 2024: Series Date Issued Amount Outstanding Interest Rate Mandatory Purchase Date Optional Redemption Date Maturity Date Series 2008 June 26, 2008 $ 56 6.10 % June 1, 2030 n/a June 1, 2038 Series 2010 July 15, 2010 100 6.35 % n/a June 1, 2030 July 1, 2040 Series 2010A October 7, 2010 43 6.35 % n/a June 1, 2030 October 1, 2040 Series 2010B December 29, 2010 48 6.10 % June 1, 2030 n/a December 1, 2040 Series 2011 August 9, 2011 75 5.85 % June 1, 2025 n/a August 1, 2041

Other Noncurrent Liabilities (T

Other Noncurrent Liabilities (Tables)	6 Months Ended
	Jun. 30, 2024
Other Liabilities Disclosure [Abstract]
Other Noncurrent Liabilities [Table Text Block]	Other non-current liabilities consisted of the following: June 30, December 31, Asset retirement obligations $ 94 $ 84 Accrued environmental expense, long-term 16 12 Other 83 20 Total $ 193 $ 116

Related-Party Transactions (Tab

Related-Party Transactions (Tables)	6 Months Ended
	Jun. 30, 2024
Related Party Transactions [Abstract]
Schedule of Related Party Transactions [Table Text Block]	Related party transactions for the three months ended June 30, 2024 and 2023 were as follows: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Motor fuel sales to affiliates $ — $ 15 $ 4 $ 28 Bulk fuel purchases from affiliates 373 471 770 882

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue [Table Text Block]	The following table depicts the disaggregation of revenue within each segment: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Fuel Distribution Fuel $ 5,797 $ 5,595 $ 11,151 $ 10,820 Non-fuel 81 73 146 137 Lease income 30 37 68 74 Pipeline Systems Throughput 138 — 138 — Other 39 — 39 — Terminals Throughput 20 15 36 27 Other 69 25 95 49 Total revenues $ 6,174 $ 5,745 $ 11,673 $ 11,107
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block]	The balances of the Partnership’s contract assets and contract liabilities as of June 30, 2024 and December 31, 2023 were as follows: June 30, December 31, 2023 Contract assets $ 273 $ 256 Accounts receivable from contracts with customers 879 809 Contract liabilities 81 — The following table summarizes the consolidated activity of our contract liabilities: Contract Liabilities Balance, December 31, 2023 $ — NuStar acquisition 78 Zenith European terminals acquisition 3 Additions 19 Revenue recognized (19) Balance, June 30, 2024 $ 81
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction	Remaining Performance Obligations The following table presents our estimated revenues from contracts with customers for remaining performance obligations that have not yet been recognized, representing our contractually committed revenue as of June 30, 2024. Remaining Performance Obligations 2024 (remaining) $ 207 2025 299 2026 232 2027 159 2028 123 Thereafter 268 Total $ 1,288 Our contractually committed revenue, for purposes of the tabular presentation above, is generally limited to customer contracts that have fixed pricing and fixed volume terms and conditions, including contracts with payment obligations for minimum volume commitments.

Income Tax Expense (Tables)

Income Tax Expense (Tables)	6 Months Ended
	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Schedule of Effective Income Tax Rate Reconciliation	A reconciliation of income tax expense from continuing operations at the U.S. federal statutory rate of 21% to net income tax expense is as follows: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Income tax expense at United States statutory rate $ 136 $ 20 $ 186 $ 51 Increase (reduction) in income taxes resulting from: Partnership earnings not subject to tax (15) (13) (60) (39) State and local tax, net of federal expense 29 2 30 4 Other (1) — — — Net income tax expense $ 149 $ 9 $ 156 $ 16

Equity (Tables)

Equity (Tables)	6 Months Ended
	Jun. 30, 2024
Partners' Capital [Abstract]
Schedule of Common Units	The change in our outstanding common units for the six months ended June 30, 2024 was as follows: Number of Units Number of common units at December 31, 2023 84,408,014 Phantom unit vesting 46,848 NuStar acquisition 51,543,100 Number of common units at June 30, 2024 135,997,962
Distributions Made to Limited Partner, by Distribution	Cash distributions paid or declared during 2024 were as follows: Limited Partners Payment Date Per Unit Distribution Total Cash Distribution Distribution to IDR Holders February 20, 2024 $ 0.8420 $ 71 $ 19 May 20, 2024 0.8756 119 36 August 19, 2024 0.8756 119 36
Schedule of Accumulated Other Comprehensive Income (Loss)	The following table presents the components of AOCI, net of tax: June 30, December 31, Foreign currency translation adjustment $ (1) $ — Actuarial gains related to pensions and other postretirement benefits 7 — Total accumulated other comprehensive income included in partners’ capital, net of tax $ 6 $ —

Segment Reporting (Tables)

Segment Reporting (Tables)	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment [Table Text Block]	The following tables present financial information by segment for the three and six months ended June 30, 2024 and 2023: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Revenues: Fuel Distribution $ 5,908 $ 5,705 $ 11,365 $ 11,031 Pipeline Systems 177 — 177 — Terminals 89 40 131 76 Total $ 6,174 $ 5,745 $ 11,673 $ 11,107 Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Segment Adjusted EBITDA: Fuel Distribution $ 245 $ 226 $ 463 $ 422 Pipeline Systems 53 3 53 7 Terminals 22 21 46 42 Total $ 320 $ 250 $ 562 $ 471 Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Reconciliation of net income to Adjusted EBITDA: Net income $ 501 $ 87 $ 731 $ 228 Depreciation, amortization and accretion 78 49 121 97 Interest expense, net 95 53 158 106 Non-cash unit-based compensation expense 4 4 8 9 Loss (gain) on disposal of assets and impairment charges 52 (13) 54 (12) Loss on extinguishment of debt 2 — 2 — Unrealized (gains) losses on commodity derivatives (6) 1 7 (10) Inventory valuation adjustments 32 57 (98) 28 Equity in earnings of unconsolidated affiliates (2) (1) (4) (3) Adjusted EBITDA related to unconsolidated affiliates 3 3 6 6 Gain on West Texas Sale (598) — (598) — Other non-cash adjustments 10 1 19 6 Income tax expense 149 9 156 16 Adjusted EBITDA (consolidated) $ 320 $ 250 $ 562 $ 471 June 30, December 31, 2023 Assets: Fuel Distribution $ 6,319 $ 6,343 Pipeline Systems 6,438 49 Terminals 1,357 398 Total segment assets 14,114 6,790 Other partnership assets 351 36 Total assets $ 14,465 $ 6,826

Net Income per Common Unit (Tab

Net Income per Common Unit (Tables)	6 Months Ended
	Jun. 30, 2024
Net Income Per Unit [Abstract]
Schedule of Net Income per Unit, Basic and Diluted	A reconciliation of the numerators and denominators of the basic and diluted net income per common unit computations is as follows: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Net income $ 501 $ 87 $ 731 $ 228 Less: Net income attributable to noncontrolling interests 8 — 8 — Incentive distribution rights 36 20 72 39 Distributions on unvested phantom unit awards 2 1 3 3 Common unitholders ’ interest in net income $ 455 $ 66 $ 648 $ 186 Weighted average common units outstanding: Basic 117,271,408 84,060,866 100,848,078 84,059,797 Dilutive effect of unvested phantom unit awards 783,450 973,402 808,998 938,980 Diluted 118,054,858 85,034,268 101,657,076 84,998,777 Net income per common unit: Basic $ 3.88 $ 0.79 $ 6.43 $ 2.21 Diluted $ 3.85 $ 0.78 $ 6.37 $ 2.19

Organization and Principles o_3

Organization and Principles of Consolidation - Additional Information (Details) - Common Units [Member] - shares	Jun. 30, 2024	Dec. 31, 2023
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Limited Partners' Capital Account, Units Outstanding	135,997,962	84,408,014
Energy Transfer
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Limited Partners' Capital Account, Units Outstanding	28,463,967

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Accounting Policies [Abstract]
Motor fuel and sales taxes	$ 41	$ 71	$ 100	$ 136
Restricted Cash	$ 9		$ 9

Acquisitions, Divestitures an_3

Acquisitions, Divestitures and Other Transactions (Details) $ / shares in Units, € in Millions, shares in Millions, $ in Millions						2 Months Ended	3 Months Ended		6 Months Ended
		May 03, 2024 USD ($) conversionRatioOfUnitsInAcquisition terminals milesOfPipeline shares	Apr. 16, 2024 USD ($) numberOfConvenienceStores	Mar. 13, 2024 USD ($)	Mar. 13, 2024 EUR (€)	Jun. 30, 2024 USD ($)	Jun. 30, 2024 USD ($) $ / shares	Jun. 30, 2023 USD ($) $ / shares	Jun. 30, 2024 USD ($) $ / shares Rate	Jun. 30, 2023 USD ($) $ / shares	Dec. 31, 2023 USD ($)
Asset Acquisition [Line Items]
Operating lease right-of-use assets, net						$ 479	$ 479		$ 479		$ 506
Proceeds from (Repurchase of) Redeemable Preferred Stock						784
Payments for Merger Related Costs									83
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual						269.4
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual						14.5
Repayments of Senior Debt						403
Credit Facility repayments						$ 455			2,022	$ 1,465
Gain on West Texas Sale							598	$ 0	598	0
Income tax expense							149	9	156	16
7-Eleven
Asset Acquisition [Line Items]
Total cash consideration, net of cash acquired			$ 1,000
Number of Units in Real Estate Property | numberOfConvenienceStores			204
Income tax expense									199
Deferred Federal Income Tax Expense (Benefit)									62
7-Eleven | Net of current tax expense
Asset Acquisition [Line Items]
Gain on West Texas Sale									461
liquid fuels terminals in Amsterdam, Netherlands and Bantry Bay
Asset Acquisition [Line Items]
Other current assets				$ 6
Property and equipment				204
Deferred tax liabilities				(11)
Current liabilities				(14)
Net assets				185
Cash acquired				0
Other non-current liabilities				(43)
Goodwill, Acquired During Period				7
Other non-current assets				36
Nustar
Asset Acquisition [Line Items]
Long-term debt, less current maturities (3)		$ 3,500
Business Acquisition, Equity Interest Issued or Issuable, Conversion Ratio of Shares | conversionRatioOfUnitsInAcquisition		0.4
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares		51.5
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned		$ 2,850
Proceeds from (Repurchase of) Redeemable Preferred Stock		$ 800
Nustar | Miles of pipeline
Asset Acquisition [Line Items]
Number of Units in Real Estate Property | milesOfPipeline		9,500
Nustar | Terminal and storage facilities
Asset Acquisition [Line Items]
Number of Units in Real Estate Property | terminals		63
NuStar Acquisition
Asset Acquisition [Line Items]
Property and equipment		$ 6,958
Operating lease right-of-use assets, net		136
Intangible assets, net (2)	[1]	195
Deferred tax liabilities		(4)
Current liabilities		(245)
Net assets		2,850
Cash acquired		27
Other non-current liabilities		(82)
Total liabilities		3,967
Preferred units (3)	[2]	801
Goodwill, Acquired During Period	[3]	16
Other non-current assets		127
Total assets		7,618
Total cash consideration, net of cash acquired		2,823
Long-term debt, less current maturities (3)	[3]	3,500
Operating lease non-current liabilities		136
Revenues							6,306	6,122	12,195	11,877
Net income							411	108	659	249
Net income attributable to partners							$ 365	$ 96	$ 564	$ 204
Basic net income per Common Unit | $ / shares							$ 2.71	$ 0.71	$ 4.17	$ 1.50
Diluted net income per Common Unit | $ / shares							$ 2.70	$ 0.70	$ 4.15	$ 1.49
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets		186
Lease-related financing obligations		56
Finite-Lived Customer Relationships, Gross		44
Impairment of Real Estate									$ 50
Finite-Lived Contractual Rights, Gross		$ 151
Business Acquisition, Pro Forma Information									Pro Forma Results of Operations The following unaudited pro forma consolidated results of operations for the three and six months ended June 30, 2024 and 2023 are presented as if the NuStar acquisition had been completed on January 1, 2023. Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Revenues $ 6,306 $ 6,122 $ 12,195 $ 11,877 Net income 411 108 659 249 Net income attributable to partners 365 96 564 204 Basic net income per Common Unit $ 2.71 $ 0.71 $ 4.17 $ 1.50 Diluted net income per Common Unit $ 2.70 $ 0.70 $ 4.15 $ 1.49 The pro forma consolidated results of operations include adjustments to: • include the results of NuStar for all periods presented; • include the incremental expenses associated with the fair value adjustments recorded as a result of applying the acquisition method of accounting; • include incremental interest expense related to financing the transactions; • adjust for one-time expenses; and • adjust for relative changes in ownership resulting from the acquisition.
NuStar Acquisition | Customer Relationships
Asset Acquisition [Line Items]
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life		15 years
NuStar Acquisition | Contractual Rights
Asset Acquisition [Line Items]
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life		7 years
Permian Joint Vennture
Asset Acquisition [Line Items]
Business Combination, Reason for Business Combination									The joint venture operates more than 5,000 miles of crude oil and water gathering pipelines with crude oil storage capacity in excess of 11 million barrels.
Permian Joint Vennture | Sunoco LP
Asset Acquisition [Line Items]
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | Rate									32.50%
Permian Joint Vennture | Energy Transfer
Asset Acquisition [Line Items]
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | Rate									67.50%
Zenith European Terminals acquisition
Asset Acquisition [Line Items]
Total cash consideration, net of cash acquired				$ 185	€ 170
[1] Intangible assets, net comprised $151 million of favorable contracts, with a remaining weighted average life of approximately 7 years, and $44 million of customer relationships, with a remaining weighted average life of approximately 15 years. Subsequent to the closing of the NuStar acquisition, the Partnership redeemed all outstanding NuStar preferred units, totaling $784 million, redeemed NuStar's subordinated notes totaling $403 million and repaid and terminated the NuStar credit facility totaling $455 million. Goodwill primarily represents expected commercial and operational synergies and is subject to change based on final purchase price allocations. None of the goodwill recorded as a result of this transaction is deductible for tax purposes. Goodwill of $16 million relates to the Fuel Distribution segment.

Accounts Receivable, net (Detai

Accounts Receivable, net (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for expected credit losses	$ (1)	$ (1)
Accounts receivable, net	1,018	856
Trade Accounts Receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, gross, current	740	703
Credit Card Receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, gross, current	140	107
Other Receivables [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, gross, current	$ 139	$ 47

Inventories, net - Additional I

Inventories, net - Additional Information (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Inventory Adjustments	$ 132	$ 230

Inventories, net (Details)

Inventories, net (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Inventory Disclosure [Abstract]
Fuel	$ 1,025		$ 1,025		$ 876
Other	15		15		13
Inventories, net	1,040		1,040		889
Inventory Adjustments	132		132		$ 230
Inventory valuation adjustments	$ (32)	$ (57)	$ 98	$ (28)

Accrued Expenses and Other Cu_3

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Accrued Expenses And Other Current Liabilities [Abstract]
Wage and other employee-related accrued expenses	$ 38	$ 38
Accrued tax expense	326	182
Accrued insurance expense	30	30
Accrued interest expense	82	41
Dealer deposits	23	23
Accrued environmental expense	10	6
Deferred revenue	32	0
Other	72	33
Total	$ 613	$ 353

Debt Obligations (Details)

Debt Obligations (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024	Jun. 30, 2024	May 03, 2024	Apr. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Lease-related financing obligations	$ 150,000					$ 94,000
Debt Instrument, Unamortized Discount (Premium), Net	14,000					0
Total debt	7,380,000					3,580,000
Current maturities of long-term debt	76,000					0
Debt Issuance Costs, Net	(41,000)					(25,000)
Total long-term debt, net	7,304,000					3,580,000
Long-term Debt, Fair Value	7,350,000					3,500,000
Long-term Debt						3,580,000
Nustar
Debt Instrument [Line Items]
Senior Notes				$ 2,570,000
6.00% Senior Notes due 2027
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage		6%
Senior Notes	600,000					600,000
5.875% Senior Notes due 2028
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage		5.875%
Senior Notes	400,000					400,000
4.5% Senior Notes due 2029
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage		4.50%
Senior Notes	800,000					800,000
4.5% Senior Notes due 2030
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage		4.50%
Senior Notes	800,000					800,000
7.00% Senior Notes due 2028
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage		7%
Senior Notes	500,000					500,000
7.0% Senior Notes due 2029
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage					7%
Senior Notes					$ 750,000
7.25% Senior Notes due 2032
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage		7.25%			7.25%
Senior Notes	750,000				$ 750,000	0
Due April 2027 | Revolving Credit Agreement [Member]
Debt Instrument [Line Items]
Credit Facility	85,000					411,000
Due May 2029 | Revolving Credit Agreement [Member]
Debt Instrument [Line Items]
Credit Facility	85,000
Line of Credit Facility, Current Borrowing Capacity	1,500,000
5.75% Senior Notes due 2025
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage		5.75%
Senior Notes	600,000					0
6.00% Senior Notes due 2026
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage		6%
Senior Notes	500,000					0
5.625% Senior Notes due 2027
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage		5.625%	5.625%
Senior Notes	550,000					0
7.00% Senior Notes due 2029
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage		7%
Senior Notes	750,000					0
6.375% Senior Notes due 2030
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage		6.375%
Senior Notes	600,000					0
GoZone Bonds
Debt Instrument [Line Items]
Senior Notes	$ 322,000					$ 0
Debt Instrument, Redemption Price, Percentage	101%
5.70% Senior Notes due 2025
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage			5.75%
6.00% Senior Notes dur 2026
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage			6%
5.375% Senior Notes due 2030
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage			6.375%
5.75% Senior Notes due 2025, 6.00% Senor Notes due 2026, 5.625% Senior Notes due 2027, and 6.375% Senior Notes due 2030 | Nustar
Debt Instrument [Line Items]
Senior Notes	$ 2,250,000
Series 2008
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage			6.10%
Senior Notes	$ 56,000
Debt Instrument, Maturity Date	Jun. 01, 2038
Debt Instrument, Issuance Date	Jun. 26, 2008
Series 2010
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage			6.35%
Senior Notes	$ 100,000
Debt Instrument, Maturity Date	Jul. 01, 2040
Debt Instrument, Issuance Date	Jul. 15, 2010
Series 2010A
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage			6.35%
Senior Notes	$ 43,000
Debt Instrument, Maturity Date	Oct. 01, 2040
Debt Instrument, Issuance Date	Oct. 07, 2010
Series 2010B
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage			6.10%
Senior Notes	$ 48,000
Debt Instrument, Maturity Date	Dec. 01, 2040
Debt Instrument, Issuance Date	Dec. 29, 2010
Series 2011
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage			5.85%
Senior Notes	$ 75,000
Debt Instrument, Maturity Date	Aug. 01, 2041
Debt Instrument, Issuance Date	Aug. 09, 2011

Debt Obligations (Revolving Cre

Debt Obligations (Revolving Credit Agreement) (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Revolving Credit Agreement [Member] | Due April 2027
Debt Instrument [Line Items]
Revolving credit facility	$ 85	$ 411
Revolving Credit Agreement [Member] | Due May 2029
Debt Instrument [Line Items]
Revolving credit facility	85
Letters of Credit Outstanding, Amount	15
Debt Instrument, Unused Borrowing Capacity, Amount	$ 1,400
Debt, Weighted Average Interest Rate	7.43%
Line of Credit Facility, Current Borrowing Capacity	$ 1,500
Revolving Credit Agreement [Member] | Due May 2029 | Accordian feature
Debt Instrument [Line Items]
Line of Credit Facility, Current Borrowing Capacity	500
NuStar Credit Facility
Debt Instrument [Line Items]
Revolving credit facility	$ 0

Debt Obligations (Fair Value Me

Debt Obligations (Fair Value Measurements) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Fair Value Measurements [Abstract]
Long-term Debt, Fair Value	$ 7,350,000	$ 3,500,000

Other Noncurrent Liabilities (D

Other Noncurrent Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Other Liabilities Disclosure [Abstract]
Asset retirement obligations	$ 94	$ 84
Accrued environmental expense, long-term	16	12
Other	83	20
Other non-current liabilities	$ 193	$ 116

Related-Party Transactions (Det

Related-Party Transactions (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Related Party Transaction [Line Items]
Equity in earnings of unconsolidated affiliates	$ 2	$ 1	$ 4	$ 3
Revenues	6,174	5,745	11,673	11,107
Accounts payable	1,104		1,104		$ 828
Accounts receivable, net	1,018		1,018		856
Related Party
Related Party Transaction [Line Items]
Accounts payable	114		114		170
Accounts receivable, net	33		33		20
J.C. Nolan Joint Venture
Related Party Transaction [Line Items]
Investments in unconsolidated affiliates	124		124		$ 124
Equity in earnings of unconsolidated affiliates	2	1	4	3
Wholesale motor fuel sales to affiliates [Member] | Related Party
Related Party Transaction [Line Items]
Revenues	0	15	4	28
Wholesale Motor Fuel [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Purchases from Related Party	$ 373	$ 471	$ 770	$ 882

Revenue (Disaggregation of Reve

Revenue (Disaggregation of Revenue) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Revenues	$ 6,174	$ 5,745	$ 11,673	$ 11,107
Fuel Distribution
Disaggregation of Revenue [Line Items]
Revenues	5,908	5,705	11,365	11,031
Fuel Distribution | Lease Income [Member]
Disaggregation of Revenue [Line Items]
Revenues	30	37	68	74
Fuel Distribution | Fuel
Disaggregation of Revenue [Line Items]
Revenues	5,797	5,595	11,151	10,820
Fuel Distribution | Non-Fuel
Disaggregation of Revenue [Line Items]
Revenues	81	73	146	137
Pipeline Systems
Disaggregation of Revenue [Line Items]
Revenues	177	0	177	0
Pipeline Systems | Throughput
Disaggregation of Revenue [Line Items]
Revenues	138	0	138	0
Pipeline Systems | Other
Disaggregation of Revenue [Line Items]
Revenues	39	0	39	0
Terminals
Disaggregation of Revenue [Line Items]
Revenues	89	40	131	76
Terminals | Throughput
Disaggregation of Revenue [Line Items]
Revenues	20	15	36	27
Other | Throughput
Disaggregation of Revenue [Line Items]
Revenues	$ 69	$ 25	$ 95	$ 49

Revenue (Contract Balances with

Revenue (Contract Balances with Customer) (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Capitalized Contract Cost [Line Items]
Accounts receivable from contracts with customers	$ 879	$ 809
Contract liabilities	81	0
Additions	19
Revenue recognized	(19)
Contract assets	273	$ 256
NuStar Acquisition
Capitalized Contract Cost [Line Items]
Additions	78
Zenith European Terminals acquisition
Capitalized Contract Cost [Line Items]
Additions	$ 3

Revenue - Remaining Performance

Revenue - Remaining Performance Obligation (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 1,288		$ 1,288
Capitalized Contract Cost, Amortization	9	$ 7	17	$ 13
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 207		$ 207
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Year	2024		2024
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	6 months		6 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 299		$ 299
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Year	2025		2025
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year 6 months		1 year 6 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 232		$ 232
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Year	2026		2026
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	2 years 6 months		2 years 6 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 159		$ 159
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Year	2027		2027
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	3 years 6 months		3 years 6 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 123		$ 123
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Year	2028		2028
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	4 years 6 months		4 years 6 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 268		$ 268
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	5 years 6 months		5 years 6 months

Income Tax Expense (Details)

Income Tax Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income tax expense at United States statutory rate	$ 136	$ 20	$ 186	$ 51
Partnership earnings not subject to tax	(15)	(13)	(60)	(39)
State and local tax, net of federal expense	29	2	30	4
Other	(1)	0	0	0
Net income tax expense	$ 149	$ 9	$ 156	$ 16
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent			21%

Equity (Details)

Equity (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Schedule of Partners' Capital [Line Items]
Foreign currency translation adjustment	$ (1)	$ 0
Actuarial gains related to pensions and other postretirement benefits	7	0
Total accumulated other comprehensive income included in partners’ capital, net of tax	$ 6	$ 0
Common Units
Schedule of Partners' Capital [Line Items]
Limited Partners' Capital Account, Units Outstanding	107,533,995
Common Units [Member]
Schedule of Partners' Capital [Line Items]
Limited Partners' Capital Account, Units Outstanding	135,997,962	84,408,014
Class C Units [Member]
Schedule of Partners' Capital [Line Items]
Limited Partners' Capital Account, Units Outstanding		16,410,780
Subsidiaries [Member] | Class C Units [Member]
Schedule of Partners' Capital [Line Items]
Limited Partners' Capital Account, Units Outstanding	16,410,780
Energy Transfer | Common Units [Member]
Schedule of Partners' Capital [Line Items]
Limited Partners' Capital Account, Units Outstanding	28,463,967

Equity (Schedule of Common Unit

Equity (Schedule of Common Units) (Details) - Common Units [Member]	6 Months Ended
	Jun. 30, 2024 shares
Class of Stock [Line Items]
Number of common units at December 31, 2023	84,408,014
Phantom unit vesting	46,848
Partners' Capital Account, Units, Acquisitions	51,543,100
Number of common units at June 30, 2024	135,997,962

Equity (Cash Distributions) (De

Equity (Cash Distributions) (Details) - USD ($) $ / shares in Units, $ in Millions				6 Months Ended
	Aug. 19, 2024	May 20, 2024	Feb. 20, 2024	Jun. 30, 2024	Jun. 30, 2023
Distribution Made To Managing Member Or General Partner [Line Items]
Per Unit Distribution (in dollars per unit)		$ 0.8756	$ 0.8420
Total Cash Distribution		$ 119	$ 71	$ 249	$ 180
General Partner
Distribution Made To Managing Member Or General Partner [Line Items]
Total Cash Distribution		$ 36	$ 19
Subsequent Event [Member]
Distribution Made To Managing Member Or General Partner [Line Items]
Per Unit Distribution (in dollars per unit)	$ 0.8756
Total Cash Distribution	$ 119
Subsequent Event [Member] | General Partner
Distribution Made To Managing Member Or General Partner [Line Items]
Total Cash Distribution	$ 36

Segment Reporting - Additional

Segment Reporting - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting [Abstract]
Unrealized Gain (Loss) on Derivatives and Commodity Contracts	$ (6)	$ 1	$ 7	$ (10)
Loss on extinguishment of debt	2	0	2	0
Gain (Loss) on Disposition of Assets	(598)	0	(598)	0
Other non-cash adjustments	10	1	19	6
Adjusted EBITDA	320	250	562	471
Income tax expense	$ 149	$ 9	$ 156	$ 16

Segment Reporting (Details)

Segment Reporting (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Segment Reporting Information [Line Items]
Revenues	$ 6,174		$ 5,745	$ 11,673	$ 11,107
Interest Expense, Operating and Nonoperating	95		53	158	106
Depreciation, amortization and accretion	78		49	121	97
Non-cash unit-based compensation expense	4		4	8	9
Gain on West Texas Sale	598		0	598	0
Loss on extinguishment of debt	(2)		0	(2)	0
Equity in earnings of unconsolidated affiliates	(2)		(1)	(4)	(3)
Adjusted EBITDA related to unconsolidated affiliates	3		3	6	6
Income tax expense	149		9	156	16
Adjusted EBITDA	320		250	562	471
Assets	14,465			14,465		$ 6,826
Net Income	501	$ 230	87	731	228
Goodwill	1,484			1,484		1,599
Fuel Distribution
Segment Reporting Information [Line Items]
Revenues	5,908		5,705	11,365	11,031
Adjusted EBITDA	245		226	463	422
Assets	6,319			6,319		6,343
Pipeline Systems
Segment Reporting Information [Line Items]
Revenues	177		0	177	0
Adjusted EBITDA	53		3	53	7
Assets	6,438			6,438		49
Terminals
Segment Reporting Information [Line Items]
Revenues	89		40	131	76
Adjusted EBITDA	22		$ 21	46	$ 42
Assets	1,357			1,357		398
Total Segment Assets
Segment Reporting Information [Line Items]
Assets	14,114			14,114		6,790
Other partnership assets
Segment Reporting Information [Line Items]
Assets	$ 351			$ 351		$ 36

Net Income per Common Unit (Det

Net Income per Common Unit (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share Basic [Line Items]
Net Income	$ 501	$ 230	$ 87	$ 731	$ 228
Less: Net income attributable to noncontrolling interests	8		0	8	0
Incentive distribution rights	36		20	72	39
Distributions on unvested phantom unit awards	$ 2		$ 1	$ 3	$ 3
Net income per common unit:
Basic	$ 3.88		$ 0.79	$ 6.43	$ 2.21
Diluted	$ 3.85		$ 0.78	$ 6.37	$ 2.19
Common Units [Member]
Earnings Per Share Basic [Line Items]
Common unitholders’ interest in net income	$ 455		$ 66	$ 648	$ 186
Weighted average common units outstanding:
Basic	117,271,408		84,060,866	100,848,078	84,059,797
Dilutive effect of unvested phantom unit awards	783,450		973,402	808,998	938,980
Diluted	118,054,858		85,034,268	101,657,076	84,998,777