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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES    
NET INCOME $ 2,037 $ 775
Reconciliation of net income to net cash provided by operating activities:    
Income from discontinued operations, net of tax (1,548) (206)
Depreciation and amortization 486 466
Losses on asset sales, asset impairments and other, net 6 29
Deferred income tax expense/(benefit) (106) 40
(Gain)/loss on foreign currency revaluation (16) 4
Equity earnings in unconsolidated entities (178) (196)
Distributions on earnings from unconsolidated entities 204 256
Gain on investments in unconsolidated entities, net 0 (31)
Other 27 32
Changes in assets and liabilities, net of acquisitions 299 (140)
Cash provided by operating activities - continuing operations 1,211 1,029
Cash provided by operating activities - discontinued operations 159 301
Net cash provided by operating activities 1,370 1,330
CASH FLOWS FROM INVESTING ACTIVITIES    
Cash paid in connection with acquisitions, net of cash acquired (130) (681)
Additions to property, equipment and other (268) (310)
Cash paid for purchases of linefill (12) (17)
Proceeds from sales of assets 4 21
Cash received from sales of linefill 37 0
Other investing activities 20  
Cash used in investing activities - continuing operations (349) (987)
Cash provided by/(used in) investing activities - discontinued operations 3,451 (106)
Net cash provided by/(used in) investing activities 3,102 (1,093)
CASH FLOWS FROM FINANCING ACTIVITIES    
Net borrowings/(repayments) under PAA commercial paper program (Note 6) (970) 69
Repayment under PAA term loan (Note 6) (1,100) 0
Proceeds from the issuance of PAA senior notes (Note 6)   998
Repayments of PAA senior notes (Note 6) (750) 0
Repurchase of common units by a subsidiary   (8)
Repurchase of Series A preferred units by a subsidiary (Note 7) 0 (333)
Distributions paid to Class A shareholders (Note 7) (165) (150)
Distributions paid to noncontrolling interests (Note 7) (734) (731)
Contributions from noncontrolling interests 0 29
Other financing activities (6) (19)
Net cash provided by/(used in) financing activities (3,725) (145)
Effect of translation adjustment - continuing operations (16) 8
Effect of translation adjustment - discontinued operations 0 11
Net increase in cash and cash equivalents and restricted cash 731 111
Cash and cash equivalents and restricted cash, beginning of period 329 349
Cash and cash equivalents and restricted cash, end of period 1,060 460
Cash paid for:    
Interest, net of amounts capitalized 259 216
Income taxes, net of amounts refunded $ 53 $ 48