v3.25.1
Partners' Capital and Distributions (Tables)
 3 Months Ended
Mar. 31, 2025
Partners Capital and Distribution [Line Items]  
Schedule of Activity for Preferred Units and Common Units
The following tables present the activity for our preferred and common units:

 Limited Partners
 Series A Preferred UnitsSeries B Preferred UnitsCommon Units
Outstanding at December 31, 202471,090,468 800,000 703,770,300 
Repurchase of Series A preferred units
(12,678,560)— — 
Issuances of common units under equity-indexed compensation plans— — 5,650 
Outstanding at March 31, 2025
58,411,908 800,000 703,775,950 
 
 Limited Partners
 Series A Preferred UnitsSeries B Preferred UnitsCommon Units
Outstanding at December 31, 202371,090,468 800,000 701,008,749 
Issuances of common units under equity-indexed compensation plans— — 62,282 
Outstanding at March 31, 2024
71,090,468 800,000 701,071,031 
Schedule of Distributions to Noncontrolling Interests
The following table details distributions paid to noncontrolling interests during the periods presented (in millions):

Three Months Ended
March 31,
20252024
Permian JV$105 $74 
Cactus II
22 20 
Red River5 6 
$132 $100 
Series A Preferred Units  
Partners Capital and Distribution [Line Items]  
Schedule of Distributions The following table details distributions to our Series A preferred unitholders paid during or pertaining to the first three months of 2025 (in millions, except per unit data):
Series A Preferred Unitholders
Distribution Payment Date
Record Date (1)
Quarter Ended
Cash DistributionDistribution per Unit
May 15, 2025 (2)
May 1, 2025March 31, 2025$36 $0.615 
February 14, 2025January 31, 2025December 31, 2024$36 $0.615 
(1)Payable to unitholders of record at the close of business on the applicable Record Date.
(2)At March 31, 2025, such amount was accrued as distributions payable in “Other current liabilities” on our Condensed Consolidated Balance Sheet.
Series B Preferred Units  
Partners Capital and Distribution [Line Items]  
Schedule of Distributions The following table details distributions paid or to be paid to our Series B preferred unitholders (in millions, except per unit data):
Series B Preferred Unitholders
Distribution Payment Date
Record Date (1)
Distribution Period
Cash Distribution Distribution per Unit
May 15, 2025 (2)
May 1, 2025
February 15, 2025 through May 14, 2025
$17 $21.49 
February 18, 2025February 3, 2025
November 15, 2024 through February 14, 2025
$18 $22.73 
(1)Payable to unitholders of record at the close of business on the applicable Record Date.
(2)At March 31, 2025, approximately $9 million of accrued distributions payable to our Series B preferred unitholders was included in “Other current liabilities” on our Condensed Consolidated Balance Sheet.
Common Units  
Partners Capital and Distribution [Line Items]  
Schedule of Distributions The following table details distributions to our common unitholders paid during or pertaining to the first three months of 2025 (in millions, except per unit data):
Distributions
Distribution per Common Unit
Distribution Payment Date
Record Date (1)
Quarter Ended
Common UnitholdersTotal Cash Distribution
PublicAAP
May 15, 2025May 1, 2025March 31, 2025$179 $88 $267 $0.38 
February 14, 2025January 31, 2025December 31, 2024$179 $88 $267 $0.38 
(1)Payable to unitholders of record at the close of business on the applicable Record Date.