v3.26.1
Partners' Capital and Distributions (Tables)
 3 Months Ended
Mar. 31, 2026
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, 202558,411,908 800,000 705,520,697 
Issuances of common units under equity-indexed compensation plans— — 10,986 
Outstanding at March 31, 2026
58,411,908 800,000 705,531,683 
 
 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 
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,
20262025
Permian JV$84 $105 
Cactus II
15 22 
Red River4 5 
$103 $132 
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 2026 (in millions, except per unit data):
Series A Preferred Unitholders
Distribution Payment Date
Record Date (1)
Distribution PeriodCash DistributionDistribution per Unit
May 15, 2026 (2)
May 1, 2026
January 1, 2026 through March 31, 2026
$36 $0.615 
February 13, 2026January 30, 2026
October 1, 2025 through December 31, 2025
$36 $0.615 
(1)Payable to unitholders of record at the close of business on the applicable Record Date.
(2)At March 31, 2026, 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, 2026 (2)
May 1, 2026
February 15, 2026 through May 14, 2026
$16 $19.84 
February 17, 2026February 2, 2026
November 15, 2025 through February 14, 2026
$17 $21.02 
(1)Payable to unitholders of record at the close of business on the applicable Record Date.
(2)At March 31, 2026, approximately $8 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 2026 (in millions, except per unit data):
Distributions
Distribution per Common Unit
Distribution Payment Date
Record Date (1)
Distribution Period
Common UnitholdersTotal Cash Distribution
PublicAAP
May 15, 2026May 1, 2026
January 1, 2026 through March 31, 2026
$198 $97 $295 $0.4175 
February 13, 2026January 30, 2026
October 1, 2025 through December 31, 2025
$198 $97 $295 $0.4175 
(1)Payable to unitholders of record at the close of business on the applicable Record Date.