v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
OPERATING ACTIVITIES:    
NET INCOME $ 644 $ 207
Reconciliation of net income to net cash provided by operating activities:    
Depreciation, amortization and accretion 286 156
Amortization of deferred financing fees 9 3
(Gain) loss on disposal of assets and impairment charges (1) 3
Loss on extinguishment of debt 1 2
Other non-cash, net (10) 28
Non-cash unit-based compensation expense 6 4
Deferred income tax expense (benefit) 17 (7)
Inventory valuation adjustments (444) (61)
Equity in earnings of unconsolidated affiliates (42) (32)
Distributions from unconsolidated affiliates 41 85
Adjustment to Reconcile Net Income to Cash Provided by (Used in) Operating Activity, Increase (Decrease) in Operating Capital (53) (232)
Net change in operating assets and liabilities, net of effects of acquisitions and divestitures    
Net cash provided by operating activities 454 156
INVESTING ACTIVITIES:    
Capital expenditures (199) (101)
Contributions to unconsolidated affiliates (10) (24)
Distributions from unconsolidated affiliates in excess of cumulative earnings 20 33
Other 3 3
Net cash used in investing activities (430) (101)
FINANCING ACTIVITIES:    
Senior notes borrowings 1,200 1,000
Repayments of Senior Debt 1,211 603
Credit Facility borrowings 1,183 1,093
Credit Facility repayments (1,058) (1,296)
Loan origination costs (15) (12)
Cash distributions to common unitholders, including incentive distributions (189) (159)
Cash distributions to Class D unitholders (48) 0
Payments of Ordinary Dividends, Preferred Stock and Preference Stock (59) 0
Net cash (used in) provided by financing activities (197) 23
Cash and cash equivalents, beginning of period 891 94
Cash and cash equivalents, end of period 718 172
Net change in cash and cash equivalents (173) 78
Other Acquisitions    
INVESTING ACTIVITIES:    
Cash paid for other acquisitions (50) (12)
NuStar Acquisition    
INVESTING ACTIVITIES:    
Cash paid for other acquisitions $ (194) $ 0