v3.26.1
Partners' Capital and Distributions
 6 Months Ended
Jun. 30, 2026
Partners' Capital Notes [Abstract]  
Partners' Capital and Distributions Partners’ Capital and Distributions
 
Units Outstanding
 
The following tables present the activity for our preferred and common units:

Limited Partners
Series A Preferred UnitsSeries B Preferred UnitsCommon Units
Outstanding at December 31, 202558,411,908 800,000 705,520,697 
Issuances of common units under equity-indexed compensation plans— — 10,986 
Outstanding at March 31, 2026
58,411,908 800,000 705,531,683 
Issuances of common units under equity-indexed compensation plans— — 34,777 
Outstanding at June 30, 202658,411,908 800,000 705,566,460 
 
Limited Partners
Series A Preferred UnitsSeries B Preferred UnitsCommon Units
Outstanding at December 31, 202471,090,468 800,000 703,770,300 
Repurchase of Series A preferred units
(12,678,560)— — 
Issuances of common units under equity-indexed compensation plans— — 5,650 
Outstanding at March 31, 2025
58,411,908 800,000 703,775,950 
Repurchase and cancellation of common units under the Common Equity Repurchase Program— — (476,695)
Issuances of common units under equity-indexed compensation plans— — 5,197 
Outstanding at June 30, 202558,411,908 800,000 703,304,452 

Distributions to Our Unitholders

Series A Preferred Unit Distributions. Distributions on the Series A preferred units accumulate and are payable quarterly within 45 days following the end of each quarter. See Note 12 to our Consolidated Financial Statements included in Part IV of our 2025 Annual Report on Form 10-K for additional information regarding Series A preferred unit distributions. The following table details distributions to our Series A preferred unitholders paid during or pertaining to the first six months of 2026 (in millions, except per unit data):

Series A Preferred Unitholders
Distribution Payment Date
Record Date (1)
Distribution PeriodCash DistributionDistribution per Unit
August 14, 2026 (2)
July 31, 2026April 1, 2026 through June 30, 2026$36 $0.615 
May 15, 2026May 1, 2026January 1, 2026 through March 31, 2026$36 $0.615 
February 13, 2026January 30, 2026October 1, 2025 through December 31, 2025$36 $0.615 
(1)Payable to unitholders of record at the close of business on the applicable Record Date.
(2)At June 30, 2026, such amount was accrued as distributions payable in “Other current liabilities” on our Condensed Consolidated Balance Sheet.
Series B Preferred Unit Distributions. Distributions on the Series B preferred units accumulate and are payable quarterly in arrears on the 15th day of February, May, August and November (or the immediately succeeding Business Day). See Note 12 to our Consolidated Financial Statements included in Part IV of our 2025 Annual Report on Form 10-K for additional information regarding Series B preferred unit distributions. The following table details distributions paid or to be paid to our Series B preferred unitholders (in millions, except per unit data):

Series B Preferred Unitholders
Distribution Payment Date
Record Date (1)
Distribution Period
Cash Distribution Distribution per Unit
August 17, 2026 (2)
August 3, 2026May 15, 2026 through August 14, 2026$16 $20.50 
May 15, 2026May 1, 2026
February 15, 2026 through May 14, 2026
$16 $19.84 
February 17, 2026February 2, 2026
November 15, 2025 through February 14, 2026
$17 $21.02 
(1)Payable to unitholders of record at the close of business on the applicable Record Date.
(2)At June 30, 2026, approximately $8 million of accrued distributions payable to our Series B preferred unitholders was included in “Other current liabilities” on our Condensed Consolidated Balance Sheet.

Common Unit Distributions. The following table details distributions to our common unitholders paid during or pertaining to the first six months of 2026 (in millions, except per unit data):
Distributions
Distribution per Common Unit
Distribution Payment Date
Record Date (1)
Distribution Period
Common UnitholdersTotal Cash Distribution
PublicAAP
August 14, 2026July 31, 2026April 1, 2026 through June 30, 2026$198 $97 $295 $0.4175 
May 15, 2026May 1, 2026January 1, 2026 through March 31, 2026$198 $97 $295 $0.4175 
February 13, 2026January 30, 2026October 1, 2025 through December 31, 2025$198 $97 $295 $0.4175 
(1)Payable to unitholders of record at the close of business on the applicable Record Date.

Noncontrolling Interests in Subsidiaries

As of June 30, 2026, noncontrolling interests in our subsidiaries consisted of (i) a 35% interest in Plains Oryx Permian Basin LLC (the “Permian JV”), (ii) a 30% interest in Cactus II Pipeline LLC (“Cactus II”) and (iii) a 33% interest in Red River Pipeline Company LLC (“Red River”).

Distributions to Noncontrolling Interests

The following table details distributions paid to noncontrolling interests during the periods presented (in millions):

Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Permian JV$81 $78 $165 $183 
Cactus II
17 16 32 38 
Red River4 3 8 8 
$102 $97 $205 $229