v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 231 $ 516
Reconciliation of net income to net cash provided by operating activities:    
(Income)/loss from discontinued operations, net of tax 103 (136)
Depreciation and amortization 243 232
Gains on asset sales and other, net (53) (13)
Deferred income tax expense/(benefit) (215) 2
Equity earnings in unconsolidated entities (89) (103)
Distributions on earnings from unconsolidated entities 97 125
Gain on investments in unconsolidated entities, net   (31)
Other 29 19
Changes in assets and liabilities, net of acquisitions 54 (182)
Cash provided by operating activities - continuing operations 400 429
Cash provided by operating activities - discontinued operations 18 210
Net cash provided by operating activities 418 639
CASH FLOWS FROM INVESTING ACTIVITIES    
Cash paid in connection with acquisitions, net of cash acquired (88) (624)
Additions to property, equipment and other (130) (140)
Cash paid for purchases of linefill (2) (6)
Proceeds from sales of assets 3 3
Investments in related party notes   (330)
Cash used in investing activities - continuing operations (217) (1,097)
Cash used in investing activities - discontinued operations (16) (52)
Net cash used in investing activities (233) (1,149)
CASH FLOWS FROM FINANCING ACTIVITIES    
Net borrowings under commercial paper program (Note 6) 116 71
Proceeds from the issuance of senior notes (Note 6)   998
Proceeds from the issuance of related party notes   330
Repurchase of Series A preferred units   (333)
Distributions paid to noncontrolling interests (Note 7) (103) (132)
Contributions from noncontrolling interests   4
Other financing activities (4) (17)
Net cash provided by/(used in) financing activities (339) 590
Effect of translation adjustment - continuing operations (3) (1)
Net increase/(decrease) in cash and cash equivalents and restricted cash (157) 79
Cash and cash equivalents and restricted cash, beginning of period 328 348
Cash and cash equivalents and restricted cash, end of period 171 427
Cash paid for:    
Interest, net of amounts capitalized 183 128
Income taxes, net of amounts refunded 28 27
Series A Preferred Units    
CASH FLOWS FROM FINANCING ACTIVITIES    
Distributions paid to unitholders (Note 7) (36) (46)
Series B Preferred Units    
CASH FLOWS FROM FINANCING ACTIVITIES    
Distributions paid to unitholders (Note 7) (17) (18)
Common Units    
CASH FLOWS FROM FINANCING ACTIVITIES    
Distributions paid to unitholders (Note 7) $ (295) $ (267)