v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
OPERATING ACTIVITIES:    
NET INCOME $ 927 $ 293
Reconciliation of net income to net cash provided by operating activities:    
Depreciation, amortization and accretion 568 310
Amortization of deferred financing fees 18 8
Loss on disposal of assets and impairment charges 2 1
Loss on extinguishment of debt 1 19
Other non-cash, net (17) 28
Non-cash unit-based compensation expense 13 9
Deferred income tax expense (benefit) 10 (6)
Inventory valuation adjustments (426) (21)
Loss on foreign currency exchange 114 0
Equity in earnings of unconsolidated affiliates (89) (63)
Distributions from unconsolidated affiliates 89 117
Net change in operating assets and liabilities, net of effects of acquisitions and divestitures 345 (296)
Net cash provided by operating activities 1,555 399
INVESTING ACTIVITIES:    
Capital expenditures (372) (261)
Contributions to unconsolidated affiliates (26) (40)
Distributions from unconsolidated affiliates in excess of cumulative earnings 37 47
Other 4 8
Net cash used in investing activities (698) (350)
FINANCING ACTIVITIES:    
Senior notes borrowings 1,200 1,000
Loan origination costs (15) (13)
Cash distributions to common unitholders, including incentive distributions (398) (322)
Cash distributions to Class D unitholders (99) 0
Payments of Ordinary Dividends, Preferred Stock and Preference Stock (59) 0
Net cash used in financing activities (975) (27)
Cash and cash equivalents, beginning of period 891 94
Cash and cash equivalents, end of period 773 116
Net change in cash and cash equivalents (118) 22
Senior Notes    
FINANCING ACTIVITIES:    
Senior notes repayments (1,604) (620)
GoZone Bonds    
FINANCING ACTIVITIES:    
Senior notes repayments 0 (75)
Credit Facility    
FINANCING ACTIVITIES:    
Credit Facility borrowings 1,896 1,536
Credit Facility repayments (1,896) (1,533)
Tanquid Acquisition    
INVESTING ACTIVITIES:    
Cash paid for other acquisitions (194) 0
Delta Acquisition    
INVESTING ACTIVITIES:    
Cash paid for other acquisitions (75) 0
Other Acquisitions    
INVESTING ACTIVITIES:    
Cash paid for other acquisitions $ (72) $ (104)