v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Operating activities:    
Net income $ 922 $ 1,136
Adjustments to reconcile net income to net cash provided by operating activities:    
Amortization of deferred financing costs and debt discount 7 10
Depreciation and amortization [1] 358 326
Loss on disposal of assets 1 0
Income from equity method investments (182) (186)
Distributions from unconsolidated affiliates 237 188
Change in fair value of derivatives 64 4
Changes in:    
Current receivables (24) (100)
Inventories (6) (6)
Current liabilities and other current assets (15) (76)
Assets and liabilities - related parties (25) (35)
Right of use assets and operating lease liabilities 0 (1)
Deferred revenue (1) (12)
All other, net 11 (2)
Net cash provided by operating activities 1,347 1,246
Cash Provided by (Used in) Investing Activity, Including Discontinued Operation [Abstract]    
Additions to property, plant and equipment (575) (267)
Acquisitions, net of cash acquired (14) 237
Disposal of assets 4 1
Investments - acquisitions and contributions 238 119
Investments - redemptions, repayments, return of capital and sales proceeds 0 21
Payment for (Proceeds from) Other Investing Activity 4 0
Net cash used in investing activities (791) (601)
Cash Provided by (Used in) Financing Activity, Including Discontinued Operation [Abstract]    
Long-term debt borrowings 1,489 1,977
Long-term debt - repayments (1,505) (500)
Debt issuance costs 15 19
Unit repurchases [2] (50) (100)
Distributions to noncontrolling interests 11 11
Distributions to LP unitholders (1,093) (972)
Contributions from MPC 4 7
All other, net (6) (6)
Net cash (used in) provided by financing activities (1,187) 370
Net change in cash, cash equivalents and restricted cash (631) 1,015
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Beginning Balance 2,137 1,519
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Ending Balance 1,506 2,534
Series A Preferred Stock [Member]    
Cash Provided by (Used in) Financing Activity, Including Discontinued Operation [Abstract]    
Distributions to Series A preferred unitholders $ 0 $ 6
[1] Depreciation and amortization attributable to Crude Oil and Products Logistics was $143 million and $133 million for the three months ended March 31, 2026 and March 31, 2025, respectively. Depreciation and amortization attributable to Natural Gas and NGL Services was $215 million and $193 million for the three months ended March 31, 2026 and March 31, 2025, respectively.
[2] Cash paid for common units repurchased and average cost per unit includes commissions paid to brokers during the period.