v3.26.1
Consolidated Statements Of Cash Flows - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
OPERATING ACTIVITIES:    
Net income $ 4,506 $ 3,178
Reconciliation of net income to net cash provided by operating activities:    
Depreciation, depletion and amortization 3,158 2,751
Deferred income tax expense 167 7
Inventory valuation adjustments (426) (21)
Non-cash compensation expense 88 70
Impairment losses 0 7
Other non-cash 40 23
Equity in earnings of unconsolidated affiliates (218) (197)
Losses on extinguishments of debt 7 19
Distributions from unconsolidated affiliates 125 165
Distributions on unvested awards (26) (26)
Net change in operating assets and liabilities, net of effects of acquisitions 228 (297)
Net cash provided by operating activities 7,649 5,679
INVESTING ACTIVITIES:    
Capital expenditures, excluding allowance for equity funds used during construction (3,480) (2,883)
Contributions in aid of construction costs 29 26
Contributions to unconsolidated affiliates (30) (4)
Distributions from unconsolidated affiliates in excess of cumulative earnings 79 56
Proceeds from Sale of Other Assets, Investing Activities 8 0
Other, net 46 10
Net cash used in investing activities (4,134) (2,899)
FINANCING ACTIVITIES:    
Proceeds from borrowings 24,053 16,146
Repayments of debt (24,284) (15,126)
Capital contributions from noncontrolling interests 1 5
Capital contributions from redeemable noncontrolling interests 6 0
Distributions to partners (2,409) (2,354)
Distributions to noncontrolling interests (1,068) (934)
Distributions to redeemable noncontrolling interests (17) (34)
Debt issuance costs (49) (53)
Net cash used in financing activities (3,767) (2,850)
Net change in cash and cash equivalents (252) (70)
Cash and cash equivalents, beginning of period 1,272 312
Cash and cash equivalents, end of period 1,020 242
Payments for Repurchase of Redeemable Preferred Stock 0 (500)
JW Power    
INVESTING ACTIVITIES:    
Cash paid for acquisition, net of cash received (445) 0
TanQuid    
INVESTING ACTIVITIES:    
Cash paid for acquisition, net of cash received (194) 0
Other acquisitions    
INVESTING ACTIVITIES:    
Cash paid for acquisition, net of cash received (72) (104)
Delta Acquisition    
INVESTING ACTIVITIES:    
Cash paid for acquisition, net of cash received $ (75) $ 0