v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Operating activities:    
Net income $ 2,009 $ 2,194
Adjustments to reconcile net income to net cash provided by operating activities:    
Amortization of deferred financing costs and debt discount 15 16
Depreciation and amortization [1] 723 650
Deferred income taxes 0 (1)
Loss on disposal of assets 2 0
Income from equity method investments (362) (356)
Distributions from unconsolidated affiliates 453 395
Changes in derivative assets and liabilities 20 (3)
Changes in:    
Current receivables 93 32
Inventories (28) (12)
Current liabilities and other current assets 125 (5)
Assets and liabilities - related parties 2 100
Right of use assets and operating lease liabilities 1 1
Deferred revenue (3) (33)
All other, net (1) 4
Net cash provided by operating activities 3,049 2,982
Cash Provided by (Used in) Investing Activity, Including Discontinued Operation [Abstract]    
Additions to property, plant and equipment (1,400) (568)
Acquisitions, net of cash acquired (14) 237
Disposal of assets 4 1
Investments - acquisitions and contributions 441 467
Investments - redemptions, repayments, return of capital and sales proceeds 0 60
Payment for (Proceeds from) Other Investing Activity 4 8
Net cash used in investing activities (1,819) (1,203)
Cash Provided by (Used in) Financing Activity, Including Discontinued Operation [Abstract]    
Long-term debt borrowings 1,489 1,978
Long-term debt - repayments (1,505) (1,702)
Debt issuance costs 20 20
Unit repurchases [2] (100) (200)
Distributions to noncontrolling interests 22 22
Distributions to LP unitholders (2,185) (1,948)
Contributions from MPC 9 14
All other, net (2) (6)
Net cash used in financing activities (2,336) (1,912)
Net change in cash, cash equivalents and restricted cash (1,106) (133)
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 1,031 1,386
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 $146 million and $289 million for the three and six months ended June 30, 2026, respectively, and $135 million and $268 million for the three and six months ended June 30, 2025, respectively. Depreciation and amortization attributable to Natural Gas and NGL Services was $219 million and $434 million for the three and six months ended June 30, 2026, respectively, and $189 million and $382 million for the three and six months ended June 30, 2025, respectively.
[2] Cash paid for common units repurchased and average cost per unit includes commissions paid to brokers during the period.