SUNOCO LP, 10-Q filed on 11/6/2025
Quarterly Report
v3.25.3
Document And Entity Information - shares
9 Months Ended
Sep. 30, 2025
Oct. 31, 2025
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 30, 2025  
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 2025  
Document Fiscal Period Focus Q3  
Amendment Flag false  
Common Units [Member]    
Document Information [Line Items]    
Entity Partnership Units Outstanding   136,613,044
Common Class C [Member]    
Document Information [Line Items]    
Entity Partnership Units Outstanding   16,410,780
Common Class D units    
Document Information [Line Items]    
Entity Partnership Units Outstanding   51,517,198
v3.25.3
Consolidated Balance Sheets - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 3,239 $ 94
Accounts receivable, net 1,319 1,162
Inventories, net 1,143 1,068
Other current assets 112 141
Total current assets 5,813 2,465
Property, plant and equipment 9,384 8,914
Accumulated depreciation (1,669) (1,240)
Property, plant and equipment, net 7,715 7,674
Other assets:    
Operating lease right-of-use assets, net 560 477
Goodwill 1,477 1,477
Intangible assets, net 526 547
Other non-current assets 476 400
Investments in unconsolidated affiliates 1,278 1,335
Total assets 17,845 14,375
Current liabilities:    
Accounts payable 1,106 1,255
Accounts payable to affiliates 205 199
Accrued expenses and other current liabilities 522 457
Operating lease current liabilities 32 34
Current maturities of long-term debt 2 2
Total current liabilities 1,867 1,947
Operating lease non-current liabilities 563 479
Long-term debt, net 9,476 7,484
Deferred tax liabilities 170 157
Other non-current liabilities 150 158
Total liabilities 12,304 10,307
Commitments and contingencies (Note 13)
Series A Preferred Units 1,477 0
Common unitholders   4,066
Equity:    
Total equity 4,064 4,068
Accumulated other comprehensive income (loss) (2) 2
Total liabilities and equity 17,845 14,375
Related Party    
Current liabilities:    
Advances from affiliates $ 78 $ 82
Common Units [Member]    
Current liabilities:    
Limited Partners' Capital Account, Units Issued 136,604,563 136,228,535
Common unitholders $ 4,066 $ 4,066
Equity:    
Limited Partners' Capital Account, Units Outstanding 136,604,563 136,228,535
Class C Units [Member]    
Current liabilities:    
Limited Partners' Capital Account, Units Issued 16,410,780 16,410,780
Common unitholders $ 0 $ 0
Equity:    
Limited Partners' Capital Account, Units Outstanding 16,410,780 16,410,780
v3.25.3
Consolidated Balance Sheets (Parenthetical) - shares
Sep. 30, 2025
Dec. 31, 2024
Common Units [Member]    
Equity:    
Limited Partners' Capital Account, Units Issued 136,604,563 136,228,535
Limited Partners' Capital Account, Units Outstanding 136,604,563 136,228,535
Class C Units [Member]    
Equity:    
Limited Partners' Capital Account, Units Issued 16,410,780 16,410,780
Limited Partners' Capital Account, Units Outstanding 16,410,780 16,410,780
v3.25.3
Consolidated Statements of Operations - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Revenues [Abstract]        
Revenues $ 6,032 $ 5,751 $ 16,601 $ 17,424
COSTS AND EXPENSES:        
Cost of sales 5,386 5,327 14,733 15,951
Operating expenses 162 151 450 373
General and administrative 51 55 140 225
Lease expense 19 18 54 53
Loss on disposal of assets and impairment charges 3 (2) 4 52
Depreciation, amortization and accretion 159 95 469 216
Total cost of sales and operating expenses 5,780 5,644 15,850 16,870
OPERATING INCOME 252 107 751 554
Other Income and Expenses [Abstract]        
Interest expense, net (131) (116) (375) (274)
Equity in earnings of unconsolidated affiliates 40 31 103 35
Loss on extinguishment of debt (12) 0 (31) (2)
Other, net (1) (5) (2) (7)
INCOME BEFORE INCOME TAXES 148 17 446 904
Income tax expense 11 15 16 171
NET INCOME 137 2 430 733
Less: Net income attributable to noncontrolling interests 0 0 0 8
Less: Net income attributable to Series A Preferred Units 4 0 4 0
NET INCOME ATTRIBUTABLE TO COMMON UNITS AND IDRs $ 133 $ 2 $ 426 $ 725
Net income (loss) per common unit:        
Basic $ 0.64 $ (0.26) $ 2.19 $ 5.44
Diluted 0.64 (0.26) 2.18 5.40
Weighted average common units outstanding:        
CASH DISTRIBUTION PER COMMON UNIT $ 0.9202 $ 0.8756 $ 2.7266 $ 2.6268
Gain (Loss) on Disposition of Assets $ 0 $ 0 $ 0 $ 598
Common Units [Member]        
Weighted average common units outstanding:        
Basic 136,604,533 135,998,435 136,436,142 112,650,388
Diluted 137,346,932 136,844,312 137,135,374 113,466,864
Sales revenue        
Revenues [Abstract]        
Revenues $ 5,685 $ 5,424 $ 15,582 $ 16,673
Service revenue        
Revenues [Abstract]        
Revenues 316 298 929 654
Lease revenue        
Revenues [Abstract]        
Revenues $ 31 $ 29 $ 90 $ 97
v3.25.3
Statement of Comprehensive Income (Statement) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Statement of Comprehensive Income [Abstract]        
NET INCOME $ 137 $ 2 $ 430 $ 733
Other comprehensive income (loss), net of tax        
Foreign currency translation adjustment 0 2 3 1
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, after Tax 0 0 (1) (1)
Other Comprehensive Income (Loss), Net of Tax, Total 0 2 2 0
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest 137 4 432 733
Less: Net income attributable to noncontrolling interests 0 0 0 8
Less: Net income attributable to Series A Preferred Units 4 0 4 0
Comprehensive income $ 133 $ 4 $ 428 $ 725
v3.25.3
Consolidated Statement of Equity - USD ($)
$ in Millions
Total
Common Unitholders
Accumulated Other Comprehensive Income
Noncontrolling Interest
Accumulated other comprehensive income (loss) $ 0      
Common unitholders 978      
Partners' Capital Attributable to Noncontrolling Interest 0      
Beginning balance at Dec. 31, 2023 978      
Cash distributions to unitholders, including incentive distributions 91 $ 91 $ 0 $ 0
Non-cash unit-based compensation 4 4 0 0
Less: Net income attributable to noncontrolling interests 0      
NET INCOME 230      
Ending balance at Mar. 31, 2024 1,121      
Net income 230   0  
Beginning balance at Dec. 31, 2023 978      
Other comprehensive income, net of tax 0      
Less: Net income attributable to noncontrolling interests 8      
NET INCOME 733      
Ending balance at Sep. 30, 2024 4,180      
Net income 725      
Accumulated other comprehensive income (loss) 0      
Common unitholders 1,121      
Partners' Capital Attributable to Noncontrolling Interest 0      
Beginning balance at Mar. 31, 2024 1,121      
Cash distributions to unitholders, including incentive distributions 166 158 0 8
Non-cash unit-based compensation 4 4 0 0
Other comprehensive income, net of tax (2) 0 (2) 0
Units issued in acquisition 3,651 2,850 0 801
Partners' Capital Account, Redemptions (784) 17 0 (801)
Other 5 (3) 8 0
Less: Net income attributable to noncontrolling interests 8      
NET INCOME 501      
Ending balance at Jun. 30, 2024 4,330      
Net income 493   0  
Accumulated other comprehensive income (loss) 6      
Common unitholders 4,324      
Partners' Capital Attributable to Noncontrolling Interest 0      
Cash distributions to unitholders, including incentive distributions 157 157 0 0
Non-cash unit-based compensation 4 4 0 0
Other comprehensive income, net of tax 2 0 2 0
Other (1) 6 (7) $ 0
Less: Net income attributable to noncontrolling interests 0      
NET INCOME 2      
Ending balance at Sep. 30, 2024 4,180      
Net income 2   0  
Accumulated other comprehensive income (loss) 1      
Common unitholders 4,179      
Partners' Capital Attributable to Noncontrolling Interest 0      
Accumulated other comprehensive income (loss) 2      
Common unitholders 4,066      
Beginning balance at Dec. 31, 2024 4,068      
Cash distributions to unitholders, including incentive distributions 159 159 0  
Non-cash unit-based compensation 4 4 0  
Other comprehensive income, net of tax 1 0 1  
Units issued in acquisition 5 5 0  
Other 30 36 (6)  
Ending balance at Mar. 31, 2025 4,156      
Net income 207 207 0  
Beginning balance at Dec. 31, 2024 4,068      
Other comprehensive income, net of tax 2      
Less: Net income attributable to noncontrolling interests 0      
NET INCOME 430      
Ending balance at Sep. 30, 2025 4,064      
Net income 426      
Accumulated other comprehensive income (loss) (3)      
Common unitholders 4,159      
Beginning balance at Mar. 31, 2025 4,156      
Cash distributions to unitholders, including incentive distributions 163 163 0  
Non-cash unit-based compensation 5 5 0  
Other comprehensive income, net of tax 1 0 1  
Units issued in acquisition 13 13 0  
Other (1) (1) 0  
Ending balance at Jun. 30, 2025 4,097      
Net income 86 86 0  
Accumulated other comprehensive income (loss) (2)      
Common unitholders 4,099      
Cash distributions to unitholders, including incentive distributions 166 166 0  
Non-cash unit-based compensation 5 5 0  
Other comprehensive income, net of tax 0 0 0  
Other (5) (5) 0  
Less: Net income attributable to noncontrolling interests 0      
NET INCOME 137      
Ending balance at Sep. 30, 2025 4,064      
Net income 133 133 0  
Accumulated other comprehensive income (loss) $ (2)   $ (2)  
Common unitholders   $ 4,066    
v3.25.3
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
OPERATING ACTIVITIES:    
NET INCOME $ 430 $ 733
Reconciliation of net income to net cash provided by operating activities:    
Depreciation, amortization and accretion 469 216
Amortization of deferred financing fees 20 20
Loss on disposal of assets and impairment charges 4 52
Loss on extinguishment of debt 31 2
Gain (Loss) on Disposition of Assets 0 (598)
Other non-cash, net 28 4
Non-cash unit-based compensation expense 14 12
Deferred income tax expense (benefit) (2) 14
Inventory valuation adjustments (31) 99
Equity in earnings of unconsolidated affiliates (103) (35)
Distributions from unconsolidated affiliates 156 0
Adjustment to Reconcile Net Income to Cash Provided by (Used in) Operating Activity, Increase (Decrease) in Operating Capital (220) (65)
Net change in operating assets and liabilities, net of effects of acquisitions and divestitures    
Net cash provided by operating activities 800 426
INVESTING ACTIVITIES:    
Capital expenditures (418) (212)
Contributions to unconsolidated affiliates (57) 0
Distributions from unconsolidated affiliates in excess of cumulative earnings 59 6
Proceeds from Sales of Assets, Investing Activities 0 990
Other 11 7
Net cash (used in) provided by investing activities (594) 609
FINANCING ACTIVITIES:    
Senior notes borrowings 2,900 1,500
Repayments of Senior Debt 632 415
Senior notes repayments (75) 0
Credit Facility borrowings 2,081 1,870
Credit Facility repayments (2,284) (2,686)
Loan origination costs (36) (19)
Proceeds from Issuance of Preferred Limited Partners Units 1,473 0
Payments for Repurchase of Redeemable Preferred Stock 0 (784)
Cash distributions to unitholders, including incentive distributions (488) (406)
Cash distributions to noncontrolling interests 0 (8)
Net cash provided by (used in) financing activities 2,939 (948)
Cash and cash equivalents, beginning of period 94 29
Cash and cash equivalents, end of period 3,239 116
Net increase in cash and cash equivalents 3,145 87
NuStar Acquisition    
INVESTING ACTIVITIES:    
Cash paid for acquisitions 0 (27)
Other Acquisitions    
INVESTING ACTIVITIES:    
Cash paid for acquisitions $ (189) $ (209)
v3.25.3
Organization and Principles of Consolidation
9 Months Ended
Sep. 30, 2025
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,” “Sunoco,” “we,” “us” or “our” 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, which is owned by Energy Transfer. As of September 30, 2025, 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 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.
v3.25.3
Summary of Significant Accounting Policies
9 Months Ended
Sep. 30, 2025
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 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, 2024 filed with the SEC on February 14, 2025.
Significant Accounting Policies
As of September 30, 2025, there have been no changes in the Partnership's significant accounting policies from those described in our Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on February 14, 2025
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 $43 million and $33 million for the three months ended September 30, 2025 and 2024, respectively, and $107 million and $133 million for the nine months ended September 30, 2025 and 2024, respectively. Merchandise sales and cost of merchandise sales are reported net of sales tax in our consolidated statements of operations.
v3.25.3
Acquisitions, Divestitures and Other Transactions
9 Months Ended
Sep. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Mergers, Acquisitions and Dispositions Disclosures Acquisitions
Parkland Acquisition
On October 31, 2025, we completed the previously announced acquisition of Parkland whereby the Partnership acquired all the outstanding shares of Parkland, in exchange for SunocoCorp units that were contributed by SunocoCorp to the Partnership at the close of the acquisition. Under the terms of the agreement, Parkland shareholders received 0.295 SunocoCorp units and C$19.80 for each Parkland share. Parkland shareholders could elect, in the alternative, to receive C$44.00 per Parkland share in cash or 0.536 SunocoCorp units for each Parkland share, subject to proration to ensure that the aggregate consideration payable in connection with the transaction would not exceed C$19.80 in cash per Parkland share outstanding as of immediately before close and 0.295 SunocoCorp units per Parkland share outstanding as of immediately before close.
Parkland is a leading international fuel distributor, marketer and convenience retailer with operations in 26 countries across the Americas. Parkland’s functional currency is the Canadian dollar, and its consolidated structure includes subsidiaries with multiple other functional currencies.
Subsequent to the Parkland Acquisition, the Partnership's consolidated financial statements will reflect Parkland as a subsidiary. The Partnership has engaged a third-party specialist to assist in the initial purchase price allocation in accordance with FASB ASC Topic 805; however, as of the date of this Form 10-Q filing, the initial accounting for this business combination is incomplete due to the timing of the close of the acquisition and the complexity of the acquired business.
As part of the transaction, the Partnership repurposed and renamed an existing subsidiary as SunocoCorp. Prior to the Parkland Acquisition, SunocoCorp did not have any significant assets, liabilities or operations; in connection with the Parkland Acquisition, the Partnership deconsolidated SunocoCorp and SunocoCorp became a publicly traded entity classified as a corporation for U.S. federal income tax purposes. SunocoCorp's common units began trading on the New York Stock Exchange effective November 6, 2025. Subsequent to the Parkland Acquisition, SunocoCorp holds limited partnership units of Sunoco that are generally economically equivalent to Sunoco’s publicly traded common units on the basis of one Sunoco common unit for each outstanding SunocoCorp unit. For a period of two years following closing of the transaction, Sunoco will ensure that SunocoCorp unitholders receive distributions on a per unit basis that are equivalent to the per unit distributions to Sunoco unitholders.
As a result of the Parkland Acquisition, we recognized $12 million of merger-related expenses during the nine months ended September 30, 2025, which are included in general and administrative expenses in our consolidated statement of operations.
TanQuid Acquisition
In March 2025, the Partnership entered into an agreement to acquire TanQuid for approximately €500 million (approximately $587 million as of September 30, 2025), including approximately €300 million of assumed debt. TanQuid owns and operates 15 fuel terminals in Germany and one fuel terminal in Poland. The transaction is expected to close in the fourth quarter of 2025, subject to customary closing conditions, and will be funded using cash on hand and amounts available under the Partnership's Credit Facility.
Other Acquisitions
In the first quarter of 2025, we acquired fuel equipment, motor fuel inventory and supply agreements in two separate transactions for total consideration of approximately $17 million. Aggregate consideration included $12 million in cash and 91,776 newly issued Sunoco common units, which had an aggregate acquisition-date fair value of approximately $5 million.
In the second quarter of 2025, we acquired a total of 151 fuel distribution consignment sites in three separate transactions for total consideration of approximately $105 million, plus working capital. Aggregate consideration included $92 million in cash and 251,646 newly issued Sunoco common units which had an aggregate acquisition-date fair value of approximately $13 million.
In the third quarter of 2025, we acquired approximately 70 fuel distribution consignment sites and 100 supply agreements in five separate transactions for total cash consideration of approximately $85 million, plus working capital.
These transactions were accounted for as asset acquisitions, and the purchase price was primarily allocated to inventories, property, plant and equipment and other non-current assets.
v3.25.3
Cash and Cash Equivalents
9 Months Ended
Sep. 30, 2025
Cash and Cash Equivalents [Abstract]  
Cash and Cash Equivalents Disclosure Cash and Cash Equivalents
Cash and cash equivalents include cash on hand, demand deposits and short-term investments with original maturities of three months or less.
The net change in operating assets and liabilities, net of effects of acquisitions and divestitures, included in cash flows from operating activities is comprised as follows:
Nine Months Ended September 30,
20252024
Accounts receivable, net$(157)$
Accounts receivable from affiliates— 20 
Inventories, net(44)(100)
Other assets(18)19 
Accounts payable(149)31 
Accounts payable to affiliates52 
Accrued expenses and other current liabilities65 (8)
Other non-current liabilities80 (88)
$(220)$(65)
Non-cash investing and financing activities were as follows:
Nine Months Ended September 30,
20252024
Units issued in connection with NuStar Acquisition$— $2,850 
Contribution of assets to ET-S Permian— 1,246 
Units issued in connection with acquisitions18 — 
Lease assets obtained in exchange for new lease liabilities93 
v3.25.3
Accounts Receivable, net
9 Months Ended
Sep. 30, 2025
Accounts Receivable, after Allowance for Credit Loss [Abstract]  
Accounts Receivable, net Accounts Receivable, net
Accounts receivable, net, consisted of the following:
September 30,
2025
December 31,
2024
Accounts receivable, trade$1,214 $1,058 
Credit card receivables35 28 
Other receivables73 78 
Allowance for expected credit losses(3)(2)
Accounts receivable, net$1,319 $1,162 
v3.25.3
Inventories, net
9 Months Ended
Sep. 30, 2025
Inventory Disclosure [Abstract]  
Inventories, net Inventories, net 
Fuel inventories are stated at the lower of cost or market using the LIFO method. As of September 30, 2025 and December 31, 2024, the Partnership’s fuel inventory balance included lower of cost or market reserves of $285 million and $316 million, respectively. For the three and nine months ended September 30, 2025 and 2024, the Partnership’s consolidated statements of operations did not include any material amounts of income from the liquidation of LIFO fuel inventory. For the three months ended September 30, 2025, the Partnership's cost of sales included favorable inventory valuation adjustments of $10 million, which increased net income; and for the three months ended September 30, 2024, the Partnership's cost of sales included unfavorable inventory valuation adjustments of $197 million, which decreased net income. For the nine months ended September 30, 2025, the Partnership's cost of sales included favorable inventory valuation adjustments of $31 million, which increased net income; and for the nine months ended September 30, 2024 the Partnership's cost of sales included unfavorable inventory valuation adjustments of $99 million, which decreased net income.
Inventories, net, consisted of the following:
September 30,
2025
December 31,
2024
Fuel$1,126 $1,054 
Other17 14 
Inventories, net$1,143 $1,068 
v3.25.3
Investment in Unconsolidated Affiliates
9 Months Ended
Sep. 30, 2025
Equity Method Investments and Joint Ventures [Abstract]  
Investments in and Advances to Affiliates, Schedule of Investments Investments in Unconsolidated Affiliates
The carrying value of our investment in J.C. Nolan was $121 million and $123 million as of September 30, 2025 and December 31, 2024, respectively. For the three months ended September 30, 2025 and 2024, we recorded equity in earnings from J.C. Nolan of $2 million and $1 million, respectively. For the nine months ended September 30, 2025 and 2024, we recorded equity in earnings from J.C. Nolan of $5 million.
The carrying value of our investment in ET-S Permian, which was formed in July 2024, was $1.16 billion and $1.21 billion as of September 30, 2025 and December 31, 2024, respectively. We recorded equity in earnings from ET-S Permian of $38 million for the three months ended September 30, 2025 and $98 million for the nine months ended September 30, 2025. We recorded equity in earnings from ET-S Permian of $30 million for the three and nine months ended September 30, 2024.
The following tables present selected balance sheet and income statement data for ET-S Permian:
September 30,
2025
December 31,
2024
Current assets
$4,629 $273 
Property, plant and equipment, net3,341 3,302 
Other assets316 311 
Total assets$8,286 $3,886 
Current liabilities$4,691 $106 
Non-current liabilities33 50 
Equity3,562 3,730 
Total liabilities and equity$8,286 $3,886 
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Revenues (1)
$5,735 $3,701 $14,827 $3,701 
Operating income119 91 308 91 
Net income118 90 303 90 
(1) Includes transactions with affiliates for the three and nine months ended September 30, 2025 of $5.65 billion and $14.55 billion, respectively,
v3.25.3
Accrued Expenses and Other Current Liabilities
9 Months Ended
Sep. 30, 2025
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:
September 30,
2025
December 31,
2024
Wage and other employee-related accrued expenses$57 $64 
Accrued tax expense128 152 
Accrued insurance expense32 39 
Accrued interest expense160 82 
Dealer deposits22 24 
Accrued environmental expense
Contract liabilities16 17 
Other99 72 
Total$522 $457 
v3.25.3
Debt Obligations
9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Long-Term Debt Debt Obligations
Our debt obligations consisted of the following:
September 30,
2025
December 31,
2024
Credit Facility$— $203 
5.750% senior notes due 2025
— 600 
6.000% senior notes due 2026 (1)
500 500 
6.000% senior notes due 2027
600 600 
5.625% senior notes due 2027
550 550 
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
750 750 
4.500% senior notes due 2030
800 800 
6.375% senior notes due 2030
600 600 
5.625% senior notes due 2031
1,000 — 
7.250% senior notes due 2032
750 750 
6.250% senior notes due 2033
1,000 — 
5.875% senior notes due 2034
900 — 
GoZone Bonds247 322 
Lease-related financing obligations131 132 
Net unamortized premiums, discounts and fair value adjustments17 16 
Deferred debt issuance costs(67)(37)
Total debt9,478 7,486 
Less: current maturities
Total long-term debt, net$9,476 $7,484 
(1)    As of September 30, 2025, $500 million aggregate principal amount of 6.000% senior notes due before September 30, 2026 were classified as long-term as management has the intent and ability to refinance the borrowings on a long-term basis.
Recent Transactions
March 2025 Senior Notes Offering and Redemption
In March 2025, the Partnership issued $1.00 billion aggregate principal amount of 6.250% senior notes due 2033 in a private offering. These notes will mature on July 1, 2033 and interest is payable semi-annually on January 1 and July 1 of each year. The Partnership used the net proceeds from the private offering to repay its $600 million aggregate principal amount of 5.750% senior notes due 2025 and to repay a portion of the outstanding borrowings under its Credit Facility.
September 2025 Senior Notes Offering
In September 2025, the Partnership issued $1.00 billion aggregate principal amount of 5.625% senior notes due 2031 and $900 million aggregate principal amount of 5.875% senior notes due 2034 in a private offering. These notes will mature on March 15, 2031 and March 15, 2034, respectively, and interest is payable semi-annually on March 15 and September 15 of each year, commencing on March 15, 2026. The Partnership used the net proceeds from this private offering (i) on the closing date of the Parkland Acquisition to fund a portion of the cash consideration for the Parkland Acquisition and related transaction costs, with the remaining proceeds used for general corporate purposes, and (ii) prior to the closing date of the Parkland Acquisition, to temporarily reduce the borrowings outstanding under the Partnership's Credit Facility and to pay interest and fees in connection therewith.
The 5.625% senior notes due 2031 and 5.875% senior notes due 2034 were originally subject to a special mandatory redemption requirement, which was eliminated upon closing of the Parkland Acquisition.
Parkland Senior Note Exchange
In October 2025, in connection with the Parkland Acquisition, the Partnership commenced a private offering to exchange C$1.60 billion Canadian dollar denominated notes (collectively, the “PKI CAD Notes”) and $2.60 billion U.S. dollar denominated notes (collectively, the “PKI USD Notes”). The exchange offer closed on November 4, 2025 with approximately C$1.47 billion of the PKI CAD Notes and approximately $2.58 billion of the PKI USD Notes being validly tendered and not validly withdrawn.
GoZone Bonds
NuStar Logistics' obligations 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 and Series 2010B 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 may 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 September 30, 2025:
SeriesDate IssuedAmount OutstandingInterest RateMandatory Purchase DateOptional Redemption DateMaturity Date
Series 2008June 26, 2008$56 6.10 %June 1, 2030n/aJune 1, 2038
Series 2010July 15, 2010100 6.35 %n/aJune 1, 2030July 1, 2040
Series 2010AOctober 7, 201043 6.35 %n/aJune 1, 2030October 1, 2040
Series 2010BDecember 29, 201048 6.10 %June 1, 2030n/aDecember 1, 2040
The Partnership recently completed the remarketing of $75 million principal amount of Series 2011 GoZone Bonds, which were previously repurchased on the mandatory purchase date of June 1, 2025 but were not remarketed at that time. The remarketed bonds were issued on October 1, 2025 and have a 3.70% interest rate, a mandatory purchase date of June 1, 2030, and a maturity of 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. The Partnership and certain of its subsidiaries are guarantors to the agreements related to the GoZone Bonds.
Credit Facilities
The Partnership's Credit Facility, which previously was $1.50 billion and increased to approximately $2.46 billion upon closing of the Parkland Acquisition, matures on June 17, 2030, 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 aggregate amount of $3.50 billion. As of September 30, 2025, we had no outstanding borrowings on the Credit Facility and $47 million in standby letters of credit were outstanding. The unused availability on the Credit Facility as of September 30, 2025 was $1.45 billion. The weighted average interest rate on the total amount outstanding as of September 30, 2025 was 6.42%. The Partnership was in compliance with all financial covenants as of September 30, 2025.
On May 16, 2025, the Credit Facility was amended, effective as of the Parkland Acquisition closing date, to, among other things, (i) increase the letter of credit sublimit from $100 million to $250 million, (ii) exclude Parkland and its subsidiaries from any requirement to provide a guarantee of the Obligations (as defined in the credit agreement) to the extent (x) such guarantee would not be permitted under any existing indebtedness of Parkland and its subsidiaries that remains outstanding after the Parkland Acquisition closing date or (y) such guarantee, if provided by a domestic subsidiary that is a direct or indirect subsidiary of a foreign subsidiary, could reasonably be expected to have material adverse tax consequences and (iii) permit the Partnership or any of its subsidiaries to incur (x) Parkland Acquisition bridge debt in an aggregate principal amount not to exceed $2.65 billion and (y) Parkland backstop bridge debt in an aggregate principal amount not to exceed $3.40 billion less reductions to such maximum amount as set forth in the credit agreement.
On June 17, 2025, the Credit Facility was amended to, among other things, (i) extend the maturity date of the revolving credit facility from May 3, 2029 to June 17, 2030, (ii) increase the aggregate principal amount of the revolving loan commitments from $1.50 billion to approximately $2.46 billion, upon closing of the Parkland Acquisition, (iii) increase the swingline sublimit on and
after the Parkland Acquisition closing from $100 million to $500 million, of which $250 million will be dedicated to swingline borrowings in Canadian Dollars and $250 million will be dedicated to swingline borrowings in U.S. Dollars, and (iv) add the ability to borrow revolving loans in Canadian Dollars.
On August 8, 2025, the Credit Facility was amended to, among other things, provide for up to $2.00 billion of cash that has been reserved by the Partnership to fund a portion of the cash consideration for the Parkland Acquisition to be netted in calculating the Net Leverage Ratio (as defined in the credit agreement) for purposes of the financial maintenance covenant.
On October 3, 2025, the Credit Facility was amended to, among other things, (i) amend the maturity limitations on the incurrence of additional unsecured indebtedness by the Partnership and its subsidiaries to permit both (a) the new notes to be issued by the Partnership in connection with the previously announced private exchange offers (the “Exchange Offers”) and (b) the guaranty by the Partnership of any senior notes of Parkland that remain outstanding after giving effect to the settlement of the Exchange Offers and (ii) exclude any domestic subsidiaries that are “foreign subsidiary holding companies” or subsidiaries of “controlled foreign corporations” from an obligation to provide a guaranty under the Credit Facility.
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 September 30, 2025, 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 September 30, 2025 were $9.60 billion and $9.48 billion, respectively. As of December 31, 2024, the aggregate fair value and carrying amount of our consolidated debt obligations were $7.45 billion and $7.49 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.
v3.25.3
Other Noncurrent Liabilities (Notes)
9 Months Ended
Sep. 30, 2025
Other Liabilities Disclosure [Abstract]  
Other Liabilities Disclosure [Text Block] Other Non-Current Liabilities
Other non-current liabilities consisted of the following:
September 30,
2025
December 31,
2024
Asset retirement obligations$88 $84 
Accrued environmental expense, long-term18 21 
Other44 53 
Total$150 $158 
v3.25.3
Related-Party Transactions
9 Months Ended
Sep. 30, 2025
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. Additionally, under our partnership agreement, our General Partner does not receive a management fee or other compensation for its role as our general partner. However, our General Partner is reimbursed for all expenses incurred on our behalf. These expenses include shared service fees, as well as all other expenses necessary or appropriate to the conduct of our business that are allocable to us, as provided for in our partnership agreement. There is no cap on the amount that may be paid or reimbursed to our General Partner.
Summary of Transactions
Related party transactions for the three and nine months ended September 30, 2025 and 2024 were as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Motor fuel sales to affiliates$$$15 $20 
Bulk fuel purchases from affiliates290 342 907 1,112 
Expense reimbursement11 32 26 
Significant affiliate balances included on the consolidated balance sheets were as follows:
Accounts payable to affiliates were $205 million and $199 million as of September 30, 2025 and December 31, 2024, respectively, which were attributable to operational expenses and bulk fuel purchases.
Advances from affiliates were $78 million and $82 million as of September 30, 2025 and December 31, 2024, respectively, which were related to treasury services agreements with Energy Transfer.
v3.25.3
Revenue (Notes)
9 Months Ended
Sep. 30, 2025
Revenue from Contract with Customer [Abstract]  
Revenue from Contract with Customer [Text Block] Revenue
Disaggregation of Revenue
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 free on board 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 the leasing or subleasing of real estate used in the retail distribution of motor fuels.
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. Additionally, we lease certain of our storage tanks in exchange for a fixed fee, subject to an annual consumer price index adjustment. We recognized lease revenues from these leases of $11 million and $35 million for the three and nine months ended September 30, 2025, respectively, which are included in “Service revenue” in our consolidated statement of operations.
The following table depicts the disaggregation of revenue:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Fuel$5,638 $5,365 $15,436 $16,516 
Non-fuel73 79 215 225 
Lease income31 29 90 97 
Pipeline throughput165 134 486 272 
Terminal throughput29 38 87 74 
Other96 106 287 240 
Total revenues$6,032 $5,751 $16,601 $17,424 
Contract Balances with Customers
The balances of the Partnership’s contract assets and contract liabilities as of September 30, 2025 and December 31, 2024 were as follows:
September 30, 2025December 31, 2024
Contract assets$344 $288 
Accounts receivable from contracts with customers1,246 1,084 
Contract liabilities37 39 
The following tables summarize the consolidated activity of our contract liabilities:
Contract Liabilities
Balance, December 31, 2024$39 
Additions17 
Revenue recognized(19)
Balance, September 30, 2025$37 
Contract Liabilities
Balance, December 31, 2023$— 
NuStar Acquisition78 
Zenith European terminals acquisition
ET-S Permian formation(29)
Additions25 
Revenue recognized(33)
Balance, September 30, 2024$44 
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 September 30, 2025.
Remaining Performance Obligations
2025(remaining)$103 
2026321 
2027200 
2028154 
2029108 
Thereafter275 
Total$1,161 
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 for the three months ended September 30, 2025 and 2024, and $28 million and $26 million for the nine months ended September 30, 2025 and 2024, respectively.
v3.25.3
Commitments And Contingencies
9 Months Ended
Sep. 30, 2025
Commitments and Contingencies Disclosure [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 Audit
New York State issued a motor fuel excise tax assessment to Sunoco LLC, a wholly owned subsidiary of the Partnership, in the amount of approximately $20 million, exclusive of penalties and interest, for the periods of March 2017 through May 2020.
Sunoco LLC intends to pursue all available avenues of appeal and contest the full amount of the assessment. Sunoco LLC cannot predict the outcome of this matter at this time
v3.25.3
Preferred Units
9 Months Ended
Sep. 30, 2025
Equity [Abstract]  
Preferred Stock Preferred Units
September 2025 Series A Preferred Units Offering
In September 2025, the Partnership closed a private offering of 1.5 million of its 7.875% Series A Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Units (the “Series A Preferred Units”) at an offering price of $1,000 per unit. The Partnership received net proceeds of approximately $1.47 billion from the sale of the Series A Preferred Units after deducting the initial purchasers' discount and other estimated offering expenses. The Partnership used the net proceeds from this private offering (i) on the closing date of the Parkland Acquisition to fund a portion of the cash consideration for the Parkland Acquisition, and (ii) prior to the closing date of the Parkland Acquisition, to temporarily reduce the borrowings outstanding under the Partnership's Credit Facility and to pay interest and fees in connection therewith.
Distributions on the Series A Preferred Units will be cumulative from the date of original issuance and will be payable semi-annually in arrears commencing on March 18, 2026, when, as, and if declared by our general partner out of legally available funds for such purpose. An initial distribution on the Series A Preferred Units will be paid on March 18, 2026 in an amount equal to approximately $39.38 per Series A Preferred Unit.
The Series A Preferred Units were originally subject to a special mandatory redemption, which was eliminated upon closing of the Parkland Acquisition. Prior to the closing, the special mandatory redemption was contingent on conditions that were not entirely within the control of the Partnership; therefore, the Series A Preferred Units were reflected as temporary equity on the Partnership’s consolidated balance sheet as of September 30, 2025.
Subsequent to the closing of the Parkland Acquisition, the Series A Preferred Units will be reflected as equity on the Partnership's consolidated balance sheet.
v3.25.3
Equity
9 Months Ended
Sep. 30, 2025
Partners' Capital [Abstract]  
Partners' Capital Equity
As of September 30, 2025, Energy Transfer and its subsidiaries owned 28,463,967 of our common units and the public owned 108,140,596 of our common units. As of September 30, 2025, our wholly owned subsidiaries owned all of the 16,410,780 Class C units representing limited partner interests in the Partnership.
Sunoco Common Units
The change in our outstanding common units for the nine months ended September 30, 2025 was as follows: 
Number of Units
Number of common units at December 31, 2024
136,228,535 
Phantom unit vesting32,606 
Units issued in acquisitions343,422 
Number of common units at September 30, 2025
136,604,563 
Cash Distributions on Sunoco Common Units
Our partnership agreement sets forth the calculation used to determine the amount and priority of cash distributions that the common unitholders receive.
Cash distributions declared and/or paid with respect to Sunoco common units subsequent to December 31, 2024 were as follows:
Limited Partners
Period EndedRecord DatePayment DatePer Unit DistributionTotal Cash DistributionDistribution to IDR Holders
December 31, 2024February 7, 2025February 19, 2025$0.8865 $121 $37 
March 31, 2025May 9, 2025May 20, 20250.8976 122 39 
June 30, 2025August 8, 2025August 19, 20250.9088 124 41 
September 30, 2025October 30, 2025November 19, 20250.9202 126 42 
Accumulated Other Comprehensive Income
The following table presents the components of AOCI, net of tax:
September 30,
2025
December 31,
2024
Foreign currency translation adjustment$(4)$(1)
Actuarial gains related to pensions and other postretirement benefits
Total AOCI included in partners’ capital, net of tax$(2)$
v3.25.3
Segment Reporting
9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Segment Reporting Disclosure [Text Block] Segment Reporting
Description of Segments
Our consolidated financial statements reflect three reportable segments: Fuel Distribution, Pipeline Systems and Terminals.
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. As of September 30, 2025, our Pipeline Systems segment included an integrated pipeline and terminal network comprised of approximately 6,000 miles of refined product pipeline (including the pipeline of J.C. Nolan), approximately 6,000 miles of crude oil pipeline (including the pipeline of ET-S Permian), approximately 2,000 miles of ammonia pipeline and 67 terminals.
Terminals. As of September 30, 2025, our Terminals segment was composed of four transmix processing facilities and 56 refined product terminals (two in Europe, six in Hawaii and 48 in the continental United States).
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 nine months ended September 30, 2025 and 2024:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Revenues:
Fuel Distribution
Revenues from external customers$5,742 $5,473 $15,741 $16,838 
Intersegment revenues10 30 30 
5,750 5,483 15,771 16,868 
Pipeline Systems
Revenues from external customers185 164 539 341 
Intersegment revenues14 — 16 — 
199 164 555 341 
Terminals
Revenues from external customers105 114 321 245 
Intersegment revenues250 248 716 758 
355 362 1,037 1,003 
Eliminations(272)(258)(762)(788)
Total$6,032 $5,751 $16,601 $17,424 
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Cost of sales:
Fuel Distribution$5,421 $5,319 $14,819 $15,983 
Pipeline Systems10 
Terminals227 261 667 747 
Eliminations(272)(258)(762)(788)
Total$5,386 $5,327 $14,733 $15,951 
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Operating and lease expenses, excluding non-cash unit-based compensation:
Fuel Distribution$83 $83 $229 $239 
Pipeline Systems52 45 141 84 
Terminals45 41 130 100 
Total$180 $169 $500 $423 
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
General and administrative expenses, excluding non-cash unit-based compensation:
Fuel Distribution$27 $15 $73 $58 
Pipeline Systems13 26 33 112 
Terminals10 24 46 
Total$47 $51 $130 $216 
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Other(1):
Fuel Distribution$(13)$(187)$(8)$(128)
Pipeline Systems(58)(48)(159)(53)
Terminals(17)(3)
Total$(70)$(252)$(163)$(184)
(1)    Other includes Adjusted EBITDA from unconsolidated affiliates, unrealized gains and losses on commodity derivatives, inventory valuation adjustments and other less significant items, as applicable.
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Segment Adjusted EBITDA:
Fuel Distribution$232 $253 $658 $716 
Pipeline Systems182 136 531 189 
Terminals75 67 212 113 
Total$489 $456 $1,401 $1,018 
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Reconciliation of net income to Adjusted EBITDA:
Net income$137 $$430 $733 
Depreciation, amortization and accretion159 95 469 216 
Interest expense, net131 116 375 274 
Non-cash unit-based compensation expense14 12 
(Gain) loss on disposal of assets and impairment charges(2)52 
Loss on extinguishment of debt12 — 31 
Unrealized losses on commodity derivatives15 
Inventory valuation adjustments(10)197 (31)99 
Equity in earnings of unconsolidated affiliates(40)(31)(103)(35)
Adjusted EBITDA related to unconsolidated affiliates58 47 159 53 
Gain on West Texas Sale— — — (598)
Other non-cash adjustments12 30 31 
Income tax expense11 15 16 171 
Adjusted EBITDA (consolidated)$489 $456 $1,401 $1,018 
September 30,
2025
December 31, 2024
Assets:
Fuel Distribution$6,273 $6,047 
Pipeline Systems5,990 6,213 
Terminals2,267 1,944 
Total segment assets14,530 14,204 
Other partnership assets3,315 171 
Total assets$17,845 $14,375 
v3.25.3
Net Income per Common Unit
9 Months Ended
Sep. 30, 2025
Net Income Per Unit [Abstract]  
Net Income per Unit Net Income (Loss) per Common Unit
A reconciliation of the numerators and denominators of the basic and diluted net income (loss) per common unit computations is as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
(in millions, except units and per unit amounts)
Net income$137 $$430 $733 
Less:
Net income attributable to noncontrolling interests— — — 
Incentive distribution rights
43 36 122 108 
Distributions on unvested phantom unit awards
Net income attributable to Series A Preferred Units— — 
Common unitholders interest in net income (loss)
$88 $(35)$299 $613 
Weighted average common units outstanding:
Basic
136,604,533 135,998,435 136,436,142 112,650,388 
Dilutive effect of unvested phantom unit awards(1)
742,399 845,877 699,232 816,476 
Diluted
137,346,932 136,844,312 137,135,374 113,466,864 
Net income (loss) per common unit:
Basic
$0.64 $(0.26)$2.19 $5.44 
Diluted
$0.64 $(0.26)$2.18 $5.40 
(1)Dilutive effects are excluded from the calculation of diluted net income (loss) per common unit for periods where the impacts would have been antidilutive.
For certain periods reflected above, distributions paid for the period exceeded net income attributable to partners. Accordingly, the distributions paid to our General Partner, including incentive distributions, further exceeded net income, and as a result, a net loss was allocated to the common unitholders for the period.
v3.25.3
Insider Trading Arrangements
9 Months Ended
Sep. 30, 2025
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
v3.25.3
Organization and Principles of Consolidation Organization and Principles of Consolidation (Policies)
9 Months Ended
Sep. 30, 2025
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.
v3.25.3
Summary of Significant Accounting Policies (Policies)
9 Months Ended
Sep. 30, 2025
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 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, 2024 filed with the SEC on February 14, 2025.
Recently Issued Accounting Pronouncements
Significant Accounting Policies
As of September 30, 2025, there have been no changes in the Partnership's significant accounting policies from those described in our Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on February 14, 2025
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 $43 million and $33 million for the three months ended September 30, 2025 and 2024, respectively, and $107 million and $133 million for the nine months ended September 30, 2025 and 2024, respectively. Merchandise sales and cost of merchandise sales are reported net of sales tax in our consolidated statements of operations.
v3.25.3
Inventory (Policies)
9 Months Ended
Sep. 30, 2025
Inventory Disclosure [Abstract]  
Inventory, Policy Fuel inventories are stated at the lower of cost or market using the LIFO method. As of September 30, 2025 and December 31, 2024, the Partnership’s fuel inventory balance included lower of cost or market reserves of $285 million and $316 million, respectively. For the three and nine months ended September 30, 2025 and 2024, the Partnership’s consolidated statements of operations did not include any material amounts of income from the liquidation of LIFO fuel inventory. For the three months ended September 30, 2025, the Partnership's cost of sales included favorable inventory valuation adjustments of $10 million, which increased net income; and for the three months ended September 30, 2024, the Partnership's cost of sales included unfavorable inventory valuation adjustments of $197 million, which decreased net income. For the nine months ended September 30, 2025, the Partnership's cost of sales included favorable inventory valuation adjustments of $31 million, which increased net income; and for the nine months ended September 30, 2024 the Partnership's cost of sales included unfavorable inventory valuation adjustments of $99 million, which decreased net income.
v3.25.3
Revenue from Contract with Customer (Policies)
9 Months Ended
Sep. 30, 2025
Revenue from Contract with Customer [Abstract]  
Revenue
Disaggregation of Revenue
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 free on board 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 the leasing or subleasing of real estate used in the retail distribution of motor fuels.
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. Additionally, we lease certain of our storage tanks in exchange for a fixed fee, subject to an annual consumer price index adjustment. We recognized lease revenues from these leases of $11 million and $35 million for the three and nine months ended September 30, 2025, respectively, which are included in “Service revenue” in our consolidated statement of operations.
Costs to Obtain or Fulfill a Contract
The Partnership recognized amortization on capitalized costs incurred to obtain contracts of $9 million for the three months ended September 30, 2025 and 2024, and $28 million and $26 million for the nine months ended September 30, 2025 and 2024, respectively.
v3.25.3
Cash and Cash Equivalents (Tables)
9 Months Ended
Sep. 30, 2025
Cash and Cash Equivalents [Abstract]  
Cash Flow, Operating Capital
The net change in operating assets and liabilities, net of effects of acquisitions and divestitures, included in cash flows from operating activities is comprised as follows:
Nine Months Ended September 30,
20252024
Accounts receivable, net$(157)$
Accounts receivable from affiliates— 20 
Inventories, net(44)(100)
Other assets(18)19 
Accounts payable(149)31 
Accounts payable to affiliates52 
Accrued expenses and other current liabilities65 (8)
Other non-current liabilities80 (88)
$(220)$(65)
Schedule of Cash Flow, Supplemental Disclosures
Non-cash investing and financing activities were as follows:
Nine Months Ended September 30,
20252024
Units issued in connection with NuStar Acquisition$— $2,850 
Contribution of assets to ET-S Permian— 1,246 
Units issued in connection with acquisitions18 — 
Lease assets obtained in exchange for new lease liabilities93 
v3.25.3
Accounts Receivable, net (Tables)
9 Months Ended
Sep. 30, 2025
Accounts Receivable, after Allowance for Credit Loss [Abstract]  
Schedule of Accounts Receivable
Accounts receivable, net, consisted of the following:
September 30,
2025
December 31,
2024
Accounts receivable, trade$1,214 $1,058 
Credit card receivables35 28 
Other receivables73 78 
Allowance for expected credit losses(3)(2)
Accounts receivable, net$1,319 $1,162 
v3.25.3
Inventories, net (Tables)
9 Months Ended
Sep. 30, 2025
Inventory Disclosure [Abstract]  
Schedule of Inventories
Inventories, net, consisted of the following:
September 30,
2025
December 31,
2024
Fuel$1,126 $1,054 
Other17 14 
Inventories, net$1,143 $1,068 
v3.25.3
Investment in Unconsolidated Affiliates (Tables)
9 Months Ended
Sep. 30, 2025
Equity Method Investments and Joint Ventures [Abstract]  
Schedule of Investments in and Advances to Affiliates, Schedule of Investments
The following tables present selected balance sheet and income statement data for ET-S Permian:
September 30,
2025
December 31,
2024
Current assets
$4,629 $273 
Property, plant and equipment, net3,341 3,302 
Other assets316 311 
Total assets$8,286 $3,886 
Current liabilities$4,691 $106 
Non-current liabilities33 50 
Equity3,562 3,730 
Total liabilities and equity$8,286 $3,886 
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Revenues (1)
$5,735 $3,701 $14,827 $3,701 
Operating income119 91 308 91 
Net income118 90 303 90 
(1) Includes transactions with affiliates for the three and nine months ended September 30, 2025 of $5.65 billion and $14.55 billion, respectively, and $3.60 billion for the three and nine months ended September 30, 2024.
v3.25.3
Accrued Expenses and Other Current Liabilities (Tables)
9 Months Ended
Sep. 30, 2025
Accrued Expenses And Other Current Liabilities [Abstract]  
Schedule of Accrued Liabilities
Accrued expenses and other current liabilities consisted of the following:
September 30,
2025
December 31,
2024
Wage and other employee-related accrued expenses$57 $64 
Accrued tax expense128 152 
Accrued insurance expense32 39 
Accrued interest expense160 82 
Dealer deposits22 24 
Accrued environmental expense
Contract liabilities16 17 
Other99 72 
Total$522 $457 
v3.25.3
Debt Obligations (Tables)
9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Long-term Debt
Our debt obligations consisted of the following:
September 30,
2025
December 31,
2024
Credit Facility$— $203 
5.750% senior notes due 2025
— 600 
6.000% senior notes due 2026 (1)
500 500 
6.000% senior notes due 2027
600 600 
5.625% senior notes due 2027
550 550 
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
750 750 
4.500% senior notes due 2030
800 800 
6.375% senior notes due 2030
600 600 
5.625% senior notes due 2031
1,000 — 
7.250% senior notes due 2032
750 750 
6.250% senior notes due 2033
1,000 — 
5.875% senior notes due 2034
900 — 
GoZone Bonds247 322 
Lease-related financing obligations131 132 
Net unamortized premiums, discounts and fair value adjustments17 16 
Deferred debt issuance costs(67)(37)
Total debt9,478 7,486 
Less: current maturities
Total long-term debt, net$9,476 $7,484 
(1)    As of September 30, 2025, $500 million aggregate principal amount of 6.000% senior notes due before September 30, 2026 were classified as long-term as management has the intent and ability to refinance the borrowings on a long-term basis.
Schedule of Debt Conversions
The following table summarizes the GoZone Bonds outstanding as of September 30, 2025:
SeriesDate IssuedAmount OutstandingInterest RateMandatory Purchase DateOptional Redemption DateMaturity Date
Series 2008June 26, 2008$56 6.10 %June 1, 2030n/aJune 1, 2038
Series 2010July 15, 2010100 6.35 %n/aJune 1, 2030July 1, 2040
Series 2010AOctober 7, 201043 6.35 %n/aJune 1, 2030October 1, 2040
Series 2010BDecember 29, 201048 6.10 %June 1, 2030n/aDecember 1, 2040
v3.25.3
Other Noncurrent Liabilities (Tables)
9 Months Ended
Sep. 30, 2025
Other Liabilities Disclosure [Abstract]  
Other Noncurrent Liabilities [Table Text Block]
Other non-current liabilities consisted of the following:
September 30,
2025
December 31,
2024
Asset retirement obligations$88 $84 
Accrued environmental expense, long-term18 21 
Other44 53 
Total$150 $158 
v3.25.3
Related-Party Transactions (Tables)
9 Months Ended
Sep. 30, 2025
Related Party Transactions [Abstract]  
Schedule of Related Party Transactions [Table Text Block]
Related party transactions for the three and nine months ended September 30, 2025 and 2024 were as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Motor fuel sales to affiliates$$$15 $20 
Bulk fuel purchases from affiliates290 342 907 1,112 
Expense reimbursement11 32 26 
v3.25.3
Revenue (Tables)
9 Months Ended
Sep. 30, 2025
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue [Table Text Block]
The following table depicts the disaggregation of revenue:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Fuel$5,638 $5,365 $15,436 $16,516 
Non-fuel73 79 215 225 
Lease income31 29 90 97 
Pipeline throughput165 134 486 272 
Terminal throughput29 38 87 74 
Other96 106 287 240 
Total revenues$6,032 $5,751 $16,601 $17,424 
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 September 30, 2025 and December 31, 2024 were as follows:
September 30, 2025December 31, 2024
Contract assets$344 $288 
Accounts receivable from contracts with customers1,246 1,084 
Contract liabilities37 39 
The following tables summarize the consolidated activity of our contract liabilities:
Contract Liabilities
Balance, December 31, 2024$39 
Additions17 
Revenue recognized(19)
Balance, September 30, 2025$37 
Contract Liabilities
Balance, December 31, 2023$— 
NuStar Acquisition78 
Zenith European terminals acquisition
ET-S Permian formation(29)
Additions25 
Revenue recognized(33)
Balance, September 30, 2024$44 
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 September 30, 2025.
Remaining Performance Obligations
2025(remaining)$103 
2026321 
2027200 
2028154 
2029108 
Thereafter275 
Total$1,161 
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.
v3.25.3
Equity (Tables)
9 Months Ended
Sep. 30, 2025
Partners' Capital [Abstract]  
Schedule of Common Units
The change in our outstanding common units for the nine months ended September 30, 2025 was as follows: 
Number of Units
Number of common units at December 31, 2024
136,228,535 
Phantom unit vesting32,606 
Units issued in acquisitions343,422 
Number of common units at September 30, 2025
136,604,563 
Distributions Made to Limited Partner, by Distribution
Cash distributions declared and/or paid with respect to Sunoco common units subsequent to December 31, 2024 were as follows:
Limited Partners
Period EndedRecord DatePayment DatePer Unit DistributionTotal Cash DistributionDistribution to IDR Holders
December 31, 2024February 7, 2025February 19, 2025$0.8865 $121 $37 
March 31, 2025May 9, 2025May 20, 20250.8976 122 39 
June 30, 2025August 8, 2025August 19, 20250.9088 124 41 
September 30, 2025October 30, 2025November 19, 20250.9202 126 42 
Schedule of Accumulated Other Comprehensive Income (Loss)
The following table presents the components of AOCI, net of tax:
September 30,
2025
December 31,
2024
Foreign currency translation adjustment$(4)$(1)
Actuarial gains related to pensions and other postretirement benefits
Total AOCI included in partners’ capital, net of tax$(2)$
v3.25.3
Segment Reporting (Tables)
9 Months Ended
Sep. 30, 2025
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 nine months ended September 30, 2025 and 2024:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Revenues:
Fuel Distribution
Revenues from external customers$5,742 $5,473 $15,741 $16,838 
Intersegment revenues10 30 30 
5,750 5,483 15,771 16,868 
Pipeline Systems
Revenues from external customers185 164 539 341 
Intersegment revenues14 — 16 — 
199 164 555 341 
Terminals
Revenues from external customers105 114 321 245 
Intersegment revenues250 248 716 758 
355 362 1,037 1,003 
Eliminations(272)(258)(762)(788)
Total$6,032 $5,751 $16,601 $17,424 
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Cost of sales:
Fuel Distribution$5,421 $5,319 $14,819 $15,983 
Pipeline Systems10 
Terminals227 261 667 747 
Eliminations(272)(258)(762)(788)
Total$5,386 $5,327 $14,733 $15,951 
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Operating and lease expenses, excluding non-cash unit-based compensation:
Fuel Distribution$83 $83 $229 $239 
Pipeline Systems52 45 141 84 
Terminals45 41 130 100 
Total$180 $169 $500 $423 
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
General and administrative expenses, excluding non-cash unit-based compensation:
Fuel Distribution$27 $15 $73 $58 
Pipeline Systems13 26 33 112 
Terminals10 24 46 
Total$47 $51 $130 $216 
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Other(1):
Fuel Distribution$(13)$(187)$(8)$(128)
Pipeline Systems(58)(48)(159)(53)
Terminals(17)(3)
Total$(70)$(252)$(163)$(184)
(1)    Other includes Adjusted EBITDA from unconsolidated affiliates, unrealized gains and losses on commodity derivatives, inventory valuation adjustments and other less significant items, as applicable.
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Segment Adjusted EBITDA:
Fuel Distribution$232 $253 $658 $716 
Pipeline Systems182 136 531 189 
Terminals75 67 212 113 
Total$489 $456 $1,401 $1,018 
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Reconciliation of net income to Adjusted EBITDA:
Net income$137 $$430 $733 
Depreciation, amortization and accretion159 95 469 216 
Interest expense, net131 116 375 274 
Non-cash unit-based compensation expense14 12 
(Gain) loss on disposal of assets and impairment charges(2)52 
Loss on extinguishment of debt12 — 31 
Unrealized losses on commodity derivatives15 
Inventory valuation adjustments(10)197 (31)99 
Equity in earnings of unconsolidated affiliates(40)(31)(103)(35)
Adjusted EBITDA related to unconsolidated affiliates58 47 159 53 
Gain on West Texas Sale— — — (598)
Other non-cash adjustments12 30 31 
Income tax expense11 15 16 171 
Adjusted EBITDA (consolidated)$489 $456 $1,401 $1,018 
September 30,
2025
December 31, 2024
Assets:
Fuel Distribution$6,273 $6,047 
Pipeline Systems5,990 6,213 
Terminals2,267 1,944 
Total segment assets14,530 14,204 
Other partnership assets3,315 171 
Total assets$17,845 $14,375 
v3.25.3
Net Income per Common Unit (Tables)
9 Months Ended
Sep. 30, 2025
Net Income Per Unit [Abstract]  
Schedule of Net Income per Unit, Basic and Diluted
A reconciliation of the numerators and denominators of the basic and diluted net income (loss) per common unit computations is as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
(in millions, except units and per unit amounts)
Net income$137 $$430 $733 
Less:
Net income attributable to noncontrolling interests— — — 
Incentive distribution rights
43 36 122 108 
Distributions on unvested phantom unit awards
Net income attributable to Series A Preferred Units— — 
Common unitholders interest in net income (loss)
$88 $(35)$299 $613 
Weighted average common units outstanding:
Basic
136,604,533 135,998,435 136,436,142 112,650,388 
Dilutive effect of unvested phantom unit awards(1)
742,399 845,877 699,232 816,476 
Diluted
137,346,932 136,844,312 137,135,374 113,466,864 
Net income (loss) per common unit:
Basic
$0.64 $(0.26)$2.19 $5.44 
Diluted
$0.64 $(0.26)$2.18 $5.40 
(1)Dilutive effects are excluded from the calculation of diluted net income (loss) per common unit for periods where the impacts would have been antidilutive.
v3.25.3
Organization and Principles of Consolidation - Additional Information (Details) - shares
9 Months Ended
Sep. 30, 2025
Dec. 31, 2024
Energy Transfer    
Organization Consolidation And Presentation Of Financial Statements [Line Items]    
Subsidiary of Limited Liability Company or Limited Partnership, Managing Member or General Partner Energy Transfer owned 100% of the limited liability company interests in our General Partner  
Common Units [Member]    
Organization Consolidation And Presentation Of Financial Statements [Line Items]    
Limited Partners' Capital Account, Units Outstanding 136,604,563 136,228,535
Energy Transfer | Common Units [Member]    
Organization Consolidation And Presentation Of Financial Statements [Line Items]    
Limited Partners' Capital Account, Units Outstanding 28,463,967  
v3.25.3
Summary of Significant Accounting Policies - Additional Information (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Product Information [Line Items]        
Revenues $ 6,032 $ 5,751 $ 16,601 $ 17,424
Motor fuel sales and sales include motor fuel taxes        
Product Information [Line Items]        
Revenues $ 43 $ 33 $ 107 $ 133
v3.25.3
Acquisitions, Divestitures and Other Transactions (Details)
€ in Millions, $ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2025
USD ($)
agreement
site
Jun. 30, 2025
USD ($)
shares
Mar. 31, 2025
USD ($)
shares
Jun. 30, 2024
USD ($)
Sep. 30, 2025
USD ($)
Sep. 30, 2025
EUR (€)
Oct. 31, 2025
conversionRatioOfUnitsInAcquisition
$ / shares
Asset Acquisition [Line Items]              
Units issued in acquisition   $ 13 $ 5 $ 3,651      
Fuel distribution sites acquired 70            
Number of supply agreements | agreement 100            
Number of transactions in business combination | site 5            
Common Unitholders              
Asset Acquisition [Line Items]              
Units issued in acquisition   13 5 $ 2,850      
Business Combination, Consideration Transferred, Equity Interest     5        
TanQuid              
Asset Acquisition [Line Items]              
Business Combination, Reason for Business Combination         TanQuid owns and operates 15 fuel terminals in Germany and one fuel terminal in Poland. TanQuid owns and operates 15 fuel terminals in Germany and one fuel terminal in Poland.  
Business Combination, Consideration Transferred         $ 587 € 500  
Business Combination, Recognized Liability Assumed, Long-Term Debt, Noncurrent $ 300       $ 300    
TanQuid | GERMANY              
Asset Acquisition [Line Items]              
Number of fuel terminals         15 15  
TanQuid | POLAND              
Asset Acquisition [Line Items]              
Number of fuel terminals         one one  
Acquisition of fuel equipment, motor fuel inventory and supply agreements              
Asset Acquisition [Line Items]              
Business Combination, Consideration Transferred     17        
Payments to Acquire Businesses, Gross     $ 12        
Business Combination, Consideration Transferred, Equity Interest, Share Issued, Number of Shares | shares     91,776        
Parkland              
Asset Acquisition [Line Items]              
Payments for Merger Related Costs         $ 12    
151 fuel distribution consignment site              
Asset Acquisition [Line Items]              
Business Combination, Consideration Transferred   105          
Payments to Acquire Businesses, Gross   $ 92          
Business Combination, Consideration Transferred, Equity Interest, Share Issued, Number of Shares | shares   251,646          
Fuel distribution sites acquired   151          
151 fuel distribution consignment site | Common Unitholders              
Asset Acquisition [Line Items]              
Units issued in acquisition   $ 13          
Parkland Acquisition | Subsequent Event [Member] | C$19.80 per Parkland Share              
Asset Acquisition [Line Items]              
Business Acquisition, Equity Interest Issued or Issuable, Conversion Ratio of Shares | conversionRatioOfUnitsInAcquisition             0.295
Parkland Acquisition | Subsequent Event [Member] | Alternative Parkland exchange amount              
Asset Acquisition [Line Items]              
Business Acquisition, Equity Interest Issued or Issuable, Conversion Ratio of Shares | conversionRatioOfUnitsInAcquisition             0.536
Parkland Acquisition | Proposed Parkland exchange amounts | Subsequent Event [Member]              
Asset Acquisition [Line Items]              
Business Combination, Price Per Share | $ / shares             $ 19.80
Business Acquisition, Equity Interest Issued or Issuable, Conversion Ratio of Shares | conversionRatioOfUnitsInAcquisition             0.295
Parkland Acquisition | Alternative Parkland exchange amount | Subsequent Event [Member]              
Asset Acquisition [Line Items]              
Business Combination, Price Per Share | $ / shares             $ 44.00
Parkland Acquisition | C$19.80 limit per Parkland share | Subsequent Event [Member]              
Asset Acquisition [Line Items]              
Business Combination, Price Per Share | $ / shares             $ 19.80
70 fuel distribution consignment site and 100 supply agreements              
Asset Acquisition [Line Items]              
Business Combination, Consideration Transferred $ 85            
v3.25.3
Cash and Cash Equivalents (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Cash and Cash Equivalents [Line Items]          
Accounts receivable, net       $ (157) $ 9
Accounts receivable from affiliates       0 20
Inventories, net       (44) (100)
Other assets       (18) 19
Accounts payable       (149) 31
Accounts payable to affiliates       3 52
Accrued expenses and other current liabilities       65 (8)
Other non-current liabilities       80 (88)
Adjustment to Reconcile Net Income to Cash Provided by (Used in) Operating Activity, Increase (Decrease) in Operating Capital       (220) (65)
Units issued in acquisition $ 13 $ 5 $ 3,651    
Lease assets obtained in exchange for new lease liabilities       93 3
NuStar Acquisition          
Cash and Cash Equivalents [Line Items]          
Units issued in acquisition       0 2,850
Other acquisition          
Cash and Cash Equivalents [Line Items]          
Units issued in acquisition       18 0
ET-S Permian joint venture          
Cash and Cash Equivalents [Line Items]          
Contribution of Property       $ 0 $ 1,246
v3.25.3
Accounts Receivable, net (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Allowance for expected credit losses $ (3) $ (2)
Accounts receivable, net 1,319 1,162
Trade Accounts Receivable [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Accounts receivable, gross, current 1,214 1,058
Credit Card Receivable [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Accounts receivable, gross, current 35 28
Other Receivables [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Accounts receivable, gross, current $ 73 $ 78
v3.25.3
Inventories, net - Additional Information (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Inventory Disclosure [Abstract]    
Inventory Adjustments $ 285 $ 316
v3.25.3
Inventories, net (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Inventory Disclosure [Abstract]          
Fuel $ 1,126   $ 1,126   $ 1,054
Other 17   17   14
Inventories, net 1,143   1,143   1,068
Inventory Adjustments 285   285   $ 316
Inventory valuation adjustments $ (10) $ 197 $ (31) $ 99  
v3.25.3
Investment in Unconsolidated Affiliates (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Schedule of Equity Method Investments [Line Items]          
Investments in unconsolidated affiliates $ 1,278   $ 1,278   $ 1,335
Equity in earnings of unconsolidated affiliates 40 $ 31 103 $ 35  
ET-S Permian joint venture          
Schedule of Equity Method Investments [Line Items]          
Investments in unconsolidated affiliates 1,160   1,160   1,210
Equity in earnings of unconsolidated affiliates 38   98 $ 30  
J.C. Nolan Joint Venture          
Schedule of Equity Method Investments [Line Items]          
Investments in unconsolidated affiliates 121   121   $ 123
Equity in earnings of unconsolidated affiliates $ 2 $ 1 $ 5    
v3.25.3
Schedule of Investment in Unconsolidated Affiliates (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Schedule of Equity Method Investments [Line Items]              
Assets, Current $ 5,813       $ 5,813   $ 2,465
Property, Plant and Equipment, Net 7,715       7,715   7,674
Other non-current assets 476       476   400
Assets 17,845       17,845   14,375
Liabilities, Current 1,867       1,867   1,947
Liabilities and Equity 17,845       17,845   14,375
Other non-current liabilities 150       150   158
Revenues 6,032 $ 5,751     16,601 $ 17,424  
Operating Income (Loss) 252 107     751 554  
NET INCOME 137 2 $ 501 $ 230 430 733  
ET-S Permian joint venture              
Schedule of Equity Method Investments [Line Items]              
Assets, Current 4,629       4,629   273
Property, Plant and Equipment, Net 3,341       3,341   3,302
Other non-current assets 316       316   311
Assets 8,286       8,286   3,886
Liabilities, Current 4,691       4,691   106
Liabilities and Equity 8,286       8,286   3,886
Other non-current liabilities 33       33   50
Equity, Including Portion Attributable to Noncontrolling Interest 3,562       3,562   $ 3,730
Revenues [1] 5,735 3,701     14,827 3,701  
Operating Income (Loss) 119 91     308 91  
NET INCOME 118 90     303 90  
ET-S Permian joint venture | Related Party              
Schedule of Equity Method Investments [Line Items]              
Revenues $ 5,650 $ 3,600     $ 14,550 $ 3,600  
[1] Includes transactions with affiliates for the three and nine months ended September 30, 2025 of $5.65 billion and $14.55 billion, respectively, and $3.60 billion for the three and nine months ended September 30, 2024.
v3.25.3
Accrued Expenses and Other Current Liabilities (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Accrued Expenses And Other Current Liabilities [Abstract]    
Wage and other employee-related accrued expenses $ 57 $ 64
Accrued tax expense 128 152
Accrued insurance expense 32 39
Accrued interest expense 160 82
Dealer deposits 22 24
Accrued environmental expense 8 7
Contract liabilities 16 17
Other 99 72
Total $ 522 $ 457
v3.25.3
Debt Obligations (Details)
$ in Thousands, $ in Millions
9 Months Ended
Sep. 30, 2025
USD ($)
Rate
Oct. 21, 2025
USD ($)
Oct. 21, 2025
CAD ($)
Sep. 30, 2025
CAD ($)
Rate
Aug. 08, 2025
USD ($)
Jun. 17, 2025
USD ($)
Jun. 01, 2025
USD ($)
Dec. 31, 2024
USD ($)
Debt Instrument [Line Items]                
Lease-related financing obligations $ 131,000             $ 132,000
Debt Instrument, Unamortized Discount (Premium), Net 17,000             16,000
Total debt 9,478,000             7,486,000
Current maturities of long-term debt 2,000             2,000
Debt Issuance Costs, Net (67,000)             (37,000)
Total long-term debt, net 9,476,000             7,484,000
Long-term Debt, Fair Value 9,600,000             7,450,000
Debt Instrument, Repaid, Principal 600,000              
Parkland Acquisition | Subsequent Event [Member]                
Debt Instrument [Line Items]                
Debt Instrument, Face Amount   $ 2,580,000 $ 1,470          
Revolving Credit Facility due June 2030                
Debt Instrument [Line Items]                
Credit Facility $ 0              
Line of Credit Facility, Current Borrowing Capacity         $ 2,000,000 $ 1,500,000   1,500,000
6.00% Senior Notes due 2027                
Debt Instrument [Line Items]                
Debt Instrument, Interest Rate, Stated Percentage 6.00%     6.00%        
Senior Notes $ 600,000             600,000
5.875% Senior Notes due 2028                
Debt Instrument [Line Items]                
Debt Instrument, Interest Rate, Stated Percentage 5.875%     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%     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%     4.50%        
Senior Notes $ 800,000             800,000
7.00% Senior Notes due 2028                
Debt Instrument [Line Items]                
Debt Instrument, Interest Rate, Stated Percentage 7.00%     7.00%        
Senior Notes $ 500,000             500,000
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
Due April 2027 | Revolving Credit Agreement [Member]                
Debt Instrument [Line Items]                
Credit Facility               203,000
5.75% Senior Notes due 2025                
Debt Instrument [Line Items]                
Debt Instrument, Interest Rate, Stated Percentage 5.75%     5.75%        
Senior Notes $ 0             600,000
6.00% Senior Notes due 2026                
Debt Instrument [Line Items]                
Debt Instrument, Interest Rate, Stated Percentage 6.00%     6.00%        
Senior Notes $ 500,000             500,000
5.625% Senior Notes due 2027                
Debt Instrument [Line Items]                
Debt Instrument, Interest Rate, Stated Percentage 5.625%     5.625%        
Senior Notes $ 550,000             550,000
7.00% Senior Notes due 2029                
Debt Instrument [Line Items]                
Debt Instrument, Interest Rate, Stated Percentage 7.00%     7.00%        
Senior Notes $ 750,000             750,000
6.375% Senior Notes due 2030                
Debt Instrument [Line Items]                
Debt Instrument, Interest Rate, Stated Percentage 6.375%     6.375%        
Senior Notes $ 600,000             600,000
GoZone Bonds                
Debt Instrument [Line Items]                
Debt Instrument, Interest Rate, Stated Percentage 3.70%     3.70%        
Senior Notes [1] $ 247,000             322,000
Debt Instrument, Redemption Price, Percentage | Rate 101.00%              
Debt Instrument, Repurchased Face Amount             $ 75,000  
Series 2008                
Debt Instrument [Line Items]                
Debt Instrument, Interest Rate, Stated Percentage | Rate 6.10%     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 | Rate 6.35%     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 | Rate 6.35%     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 | Rate 6.10%     6.10%        
Senior Notes $ 48,000              
Debt Instrument, Maturity Date Dec. 01, 2040              
Debt Instrument, Issuance Date Dec. 29, 2010              
6.250% senior notes due 2033                
Debt Instrument [Line Items]                
Debt Instrument, Interest Rate, Stated Percentage 6.25%     6.25%        
Senior Notes $ 1,000,000             0
Debt Instrument, Issued, Principal $ 1,000,000              
Senior notes due 2033                
Debt Instrument [Line Items]                
Debt Instrument, Interest Rate, Stated Percentage 625.00%     625.00%        
5.625% senior notes due 2031                
Debt Instrument [Line Items]                
Debt Instrument, Interest Rate, Stated Percentage 5.625%     5.625%        
Senior Notes $ 1,000,000             0
Debt Instrument, Issued, Principal $ 1,000,000              
5.875% senior notes due 2034                
Debt Instrument [Line Items]                
Debt Instrument, Interest Rate, Stated Percentage 5.875%     5.875%        
Senior Notes $ 900,000             $ 0
Debt Instrument, Issued, Principal $ 900,000              
6.000% Senior Notes due 2026                
Debt Instrument [Line Items]                
Debt Instrument, Interest Rate, Stated Percentage 600.00%     600.00%        
PKI CAD Notes | Parkland Acquisition                
Debt Instrument [Line Items]                
Debt Instrument, Face Amount $ 1,600,000     $ 2,600        
[1] As of September 30, 2025, $500 million aggregate principal amount of 6.000% senior notes due before September 30, 2026 were classified as long-term as management has the intent and ability to refinance the borrowings on a long-term basis.
v3.25.3
Debt Obligations (Revolving Credit Agreement) (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Aug. 08, 2025
Jun. 17, 2025
May 16, 2025
Dec. 31, 2024
Revolving Credit Agreement [Member] | Due April 2027          
Debt Instrument [Line Items]          
Revolving credit facility         $ 203
NuStar Credit Facility          
Debt Instrument [Line Items]          
Revolving credit facility $ 0        
Revolving Credit Facility due June 2030          
Debt Instrument [Line Items]          
Revolving credit facility 0        
Letters of Credit Outstanding, Amount 47        
Line of Credit Facility, Current Borrowing Capacity   $ 2,000 $ 1,500   $ 1,500
Line of Credit Facility, Remaining Borrowing Capacity $ 1,450        
Line of Credit Facility, Interest Rate at Period End 6.42%        
Revolving Credit Facility due June 2030 | Parkland          
Debt Instrument [Line Items]          
Line of Credit Facility, Current Borrowing Capacity     2,460    
Line of Credit Facility, Maximum Borrowing Capacity $ 3,500        
Letter of Credit          
Debt Instrument [Line Items]          
Line of Credit Facility, Maximum Borrowing Capacity       $ 100  
Letter of Credit | Parkland          
Debt Instrument [Line Items]          
Line of Credit Facility, Maximum Borrowing Capacity       250  
Swingline Sublimit          
Debt Instrument [Line Items]          
Line of Credit Facility, Maximum Borrowing Capacity     100    
Swingline Sublimit | Parkland          
Debt Instrument [Line Items]          
Line of Credit Facility, Maximum Borrowing Capacity     500    
Swingline Sublimit | Parkland | Canada, Dollars          
Debt Instrument [Line Items]          
Line of Credit Facility, Maximum Borrowing Capacity     250    
Swingline Sublimit | Parkland | United States of America, Dollars          
Debt Instrument [Line Items]          
Line of Credit Facility, Maximum Borrowing Capacity     $ 250    
Bridge Loan          
Debt Instrument [Line Items]          
Line of Credit Facility, Maximum Borrowing Capacity       2,650  
Bridge Loan | Parkland          
Debt Instrument [Line Items]          
Line of Credit Facility, Maximum Borrowing Capacity       $ 3,400  
v3.25.3
Debt Obligations (Fair Value Measurements) (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Fair Value Measurements [Abstract]    
Long-term Debt, Fair Value $ 9,600,000 $ 7,450,000
v3.25.3
Other Noncurrent Liabilities (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Other Liabilities Disclosure [Abstract]    
Asset retirement obligations $ 88 $ 84
Accrued environmental expense, long-term 18 21
Other 44 53
Other non-current liabilities $ 150 $ 158
v3.25.3
Related-Party Transactions (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Related Party Transaction [Line Items]          
Revenues $ 6,032 $ 5,751 $ 16,601 $ 17,424  
Disaggregation of Income Statement Expense, Caption, Reimbursement to Another Entity, Amount 11 9 32 26  
Accounts payable to affiliates 205   205   $ 199
Related Party          
Related Party Transaction [Line Items]          
Advances from affiliates 78   78   $ 82
Wholesale motor fuel sales to affiliates [Member] | Related Party          
Related Party Transaction [Line Items]          
Revenues 8 9 15 20  
Wholesale Motor Fuel [Member]          
Related Party Transaction [Line Items]          
Related Party Transaction, Purchases from Related Party $ 290 $ 342 $ 907 $ 1,112  
v3.25.3
Revenue (Disaggregation of Revenue) (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Disaggregation of Revenue [Line Items]        
Revenues $ 6,032 $ 5,751 $ 16,601 $ 17,424
Capitalized Contract Cost, Amortization 9   28 26
Lease Income [Member]        
Disaggregation of Revenue [Line Items]        
Revenues 31 29 90 97
Lease Income [Member] | Terminals        
Disaggregation of Revenue [Line Items]        
Revenues 11   35  
Fuel        
Disaggregation of Revenue [Line Items]        
Revenues 5,638 5,365 15,436 16,516
Non-Fuel        
Disaggregation of Revenue [Line Items]        
Revenues 73 79 215 225
Other        
Disaggregation of Revenue [Line Items]        
Revenues 96 106 287 240
Pipeline throughput        
Disaggregation of Revenue [Line Items]        
Revenues 165 134 486 272
Terminal throughput        
Disaggregation of Revenue [Line Items]        
Revenues $ 29 $ 38 $ 87 $ 74
v3.25.3
Revenue (Contract Balances with Customer) (Details) - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Dec. 31, 2023
Capitalized Contract Cost [Line Items]        
Contract assets $ 344   $ 288  
Accounts receivable from contracts with customers 1,246   1,084  
Contract liabilities 37 $ 44 $ 39 $ 0
Additions 17 25    
Revenue recognized $ (19) (33)    
NuStar Acquisition        
Capitalized Contract Cost [Line Items]        
Additions   78    
Zenith European Terminals acquisition        
Capitalized Contract Cost [Line Items]        
Additions   3    
ET-S Permian formation        
Capitalized Contract Cost [Line Items]        
Decrease in deferred revenue from joint venture formation   $ (29)    
v3.25.3
Revenue - Remaining Performance Obligation (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2025
Sep. 30, 2024
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Revenue, Remaining Performance Obligation, Amount $ 1,161 $ 1,161  
Capitalized Contract Cost, Amortization 9 28 $ 26
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-10-01      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Revenue, Remaining Performance Obligation, Amount $ 103 $ 103  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Year 2025 2025  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 3 months 3 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 $ 321 $ 321  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Year 2026 2026  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 1 year 3 months 1 year 3 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 $ 200 $ 200  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Year 2027 2027  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 2 years 3 months 2 years 3 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 $ 154 $ 154  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Year 2028 2028  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 3 years 3 months 3 years 3 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 $ 108 $ 108  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Year 2029 2029  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 4 years 3 months 4 years 3 months  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2030-01-01      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Revenue, Remaining Performance Obligation, Amount $ 275 $ 275  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 5 years 3 months 5 years 3 months  
v3.25.3
Commitments And Contingencies (Details)
$ in Millions
9 Months Ended
Sep. 30, 2025
USD ($)
New York Motor Fuel Excise Tax Audit  
Loss Contingencies [Line Items]  
Loss Contingency, Damages Sought, Value $ 20
v3.25.3
Preferred Units (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Millions
9 Months Ended
Aug. 19, 2025
May 20, 2025
Feb. 19, 2025
Sep. 30, 2025
Preferred Units [Line Items]        
Per Unit Distribution (in dollars per unit) $ 0.9088 $ 0.8976 $ 0.8865  
Series A Preferred Units        
Preferred Units [Line Items]        
Preferred Units, Issued       1,500
Preferred Stock, Dividend Rate, Percentage       7.875%
Shares Issued, Price Per Share       $ 1,000
Proceeds from Issuance of Preferred Stock and Preference Stock       $ 1,470
Per Unit Distribution (in dollars per unit)       $ 39.38
v3.25.3
Equity (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Mar. 31, 2025
Sep. 30, 2025
Dec. 31, 2024
Schedule of Partners' Capital [Line Items]      
Foreign currency translation adjustment $ (1) $ (4)  
Actuarial gains related to pensions and other postretirement benefits $ 3 2  
Total AOCI included in partners’ capital, net of tax   $ (2) $ 2
Common Units      
Schedule of Partners' Capital [Line Items]      
Limited Partners' Capital Account, Units Outstanding   108,140,596  
Common Units [Member]      
Schedule of Partners' Capital [Line Items]      
Limited Partners' Capital Account, Units Outstanding   136,604,563 136,228,535
Class C Units [Member]      
Schedule of Partners' Capital [Line Items]      
Limited Partners' Capital Account, Units Outstanding   16,410,780 16,410,780
Energy Transfer | Common Units [Member]      
Schedule of Partners' Capital [Line Items]      
Limited Partners' Capital Account, Units Outstanding   28,463,967  
v3.25.3
Equity (Schedule of Common Units) (Details)
9 Months Ended
Sep. 30, 2025
shares
Various acquisitions  
Class of Stock [Line Items]  
Business Combination, Consideration Transferred, Equity Interest, Share Issued, Number of Shares 343,422
Common Units [Member]  
Class of Stock [Line Items]  
Number of common units at December 31, 2024 136,228,535
Phantom unit vesting 32,606
Number of common units at September 30, 2025 136,604,563
v3.25.3
Equity (Cash Distributions) (Details) - USD ($)
$ / shares in Units, $ in Millions
9 Months Ended
Nov. 19, 2025
Aug. 19, 2025
May 20, 2025
Feb. 19, 2025
Sep. 30, 2025
Sep. 30, 2024
Distribution Made To Managing Member Or General Partner [Line Items]            
Per Unit Distribution (in dollars per unit)   $ 0.9088 $ 0.8976 $ 0.8865    
Total Cash Distribution   $ 124 $ 122 $ 121 $ 488 $ 406
General Partner            
Distribution Made To Managing Member Or General Partner [Line Items]            
Total Cash Distribution   $ 41 $ 39 $ 37    
Subsequent Event [Member]            
Distribution Made To Managing Member Or General Partner [Line Items]            
Per Unit Distribution (in dollars per unit) $ 0.9202          
Total Cash Distribution $ 126          
Subsequent Event [Member] | General Partner            
Distribution Made To Managing Member Or General Partner [Line Items]            
Total Cash Distribution $ 42          
v3.25.3
Segment Reporting (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Segment Reporting Information [Line Items]              
Revenues $ 6,032 $ 5,751     $ 16,601 $ 17,424  
Interest Expense, Operating and Nonoperating 131 116     375 274  
Depreciation, amortization and accretion 159 95     469 216  
Non-cash unit-based compensation expense 5 4     14 12  
Unrealized Gain (Loss) on Derivatives and Commodity Contracts 15 1     7 8  
Loss on extinguishment of debt 12 0     31 2  
Other non-cash adjustments 8 12     30 31  
Adjusted EBITDA 489 456     1,401 1,018  
Income tax expense 11 15     16 171  
Loss on extinguishment of debt (12) 0     (31) (2)  
Equity in earnings of unconsolidated affiliates (40) (31)     (103) (35)  
Adjusted EBITDA related to unconsolidated affiliates 58 47     159 53  
Assets 17,845       17,845   $ 14,375
Cost of sales 5,386 5,327     14,733 15,951  
Operating expenses, excluding non-cash unit-based compensation 180 169     500 423  
General and administrative expense, excluding non-cash unit-based compensation 47 51     130 216  
Other [1] (70) (252)     (163) (184)  
NET INCOME 137 2 $ 501 $ 230 430 733  
Total Segment Assets              
Segment Reporting Information [Line Items]              
Assets 14,530       14,530   14,204
Other partnership assets              
Segment Reporting Information [Line Items]              
Assets 3,315       3,315   171
Intersegment Eliminations              
Segment Reporting Information [Line Items]              
Revenues (272) (258)     (762) (788)  
Cost of sales (272) (258)     (762) (788)  
Fuel Distribution              
Segment Reporting Information [Line Items]              
Adjusted EBITDA 232 253     658 716  
Assets 6,273       $ 6,273   6,047
Segment Reporting Information, Description of Products and Services         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.    
Fuel Distribution | Operating Segments              
Segment Reporting Information [Line Items]              
Revenues 5,750 5,483     $ 15,771 16,868  
Cost of sales 5,421 5,319     14,819 15,983  
Operating expenses, excluding non-cash unit-based compensation 83 83     229 239  
General and administrative expense, excluding non-cash unit-based compensation 27 15     73 58  
Other [1] (13) (187)     (8) (128)  
Fuel Distribution | Operating Segments | Revenues from external customers              
Segment Reporting Information [Line Items]              
Revenues 5,742 5,473     15,741 16,838  
Fuel Distribution | Operating Segments | Intersegment revenues              
Segment Reporting Information [Line Items]              
Revenues 8 10     30 30  
Pipeline Systems              
Segment Reporting Information [Line Items]              
Adjusted EBITDA 182 136     531 189  
Assets 5,990       $ 5,990   6,213
Segment Reporting Information, Description of Products and Services         our Pipeline Systems segment included an integrated pipeline and terminal network comprised of approximately 6,000 miles of refined product pipeline (including the pipeline of J.C. Nolan), approximately 6,000 miles of crude oil pipeline (including the pipeline of ET-S Permian), approximately 2,000 miles of ammonia pipeline and 67 terminals.    
Pipeline Systems | Operating Segments              
Segment Reporting Information [Line Items]              
Revenues 199 164     $ 555 341  
Cost of sales 10 5     9 9  
Operating expenses, excluding non-cash unit-based compensation 52 45     141 84  
General and administrative expense, excluding non-cash unit-based compensation 13 26     33 112  
Other [1] (58) (48)     (159) (53)  
Pipeline Systems | Operating Segments | Revenues from external customers              
Segment Reporting Information [Line Items]              
Revenues 185 164     539 341  
Pipeline Systems | Operating Segments | Intersegment revenues              
Segment Reporting Information [Line Items]              
Revenues 14 0     16 0  
Terminals              
Segment Reporting Information [Line Items]              
Adjusted EBITDA 75 67     212 113  
Assets 2,267       $ 2,267   $ 1,944
Segment Reporting Information, Description of Products and Services         our Terminals segment was composed of four transmix processing facilities and 56 refined product terminals (two in Europe, six in Hawaii and 48 in the continental United States).    
Terminals | Operating Segments              
Segment Reporting Information [Line Items]              
Revenues 355 362     $ 1,037 1,003  
Cost of sales 227 261     667 747  
Operating expenses, excluding non-cash unit-based compensation 45 41     130 100  
General and administrative expense, excluding non-cash unit-based compensation 7 10     24 46  
Other [1] 1 (17)     4 (3)  
Terminals | Operating Segments | Revenues from external customers              
Segment Reporting Information [Line Items]              
Revenues 105 114     321 245  
Terminals | Operating Segments | Intersegment revenues              
Segment Reporting Information [Line Items]              
Revenues $ 250 $ 248     $ 716 $ 758  
[1] Other includes Adjusted EBITDA from unconsolidated affiliates, unrealized gains and losses on commodity derivatives, inventory valuation adjustments and other less significant items, as applicable.
v3.25.3
Net Income per Common Unit (Details) - USD ($)
$ / shares in Units, $ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Sep. 30, 2025
Sep. 30, 2024
Earnings Per Share Basic [Line Items]            
NET INCOME $ 137 $ 2 $ 501 $ 230 $ 430 $ 733
Incentive distribution rights 43 36     122 108
Distributions on unvested phantom unit awards $ 2 $ 1     $ 5 $ 4
Net income (loss) per common unit:            
Basic $ 0.64 $ (0.26)     $ 2.19 $ 5.44
Diluted $ 0.64 $ (0.26)     $ 2.18 $ 5.40
Less: Net income attributable to noncontrolling interests $ 0 $ 0 $ 8 $ 0 $ 0 $ 8
Less: Net income attributable to Series A Preferred Units 4 0     4 0
Common Units [Member]            
Earnings Per Share Basic [Line Items]            
Common unitholders’ interest in net income (loss) $ 88 $ (35)     $ 299 $ 613
Weighted average common units outstanding:            
Basic 136,604,533 135,998,435     136,436,142 112,650,388
Dilutive effect of unvested phantom unit awards(1) [1] 742,399 845,877     699,232 816,476
Diluted 137,346,932 136,844,312     137,135,374 113,466,864
[1] Dilutive effects are excluded from the calculation of diluted net income (loss) per common unit for periods where the impacts would have been antidilutive.