As part of our normal business activities, we may be named as defendants in legal proceedings, including those arising from regulatory and environmental matters. Although we are insured against various risks to the extent we believe it is prudent, there is no assurance that the nature and amount of such insurance will be adequate, in every case, to fully indemnify us against losses arising from future legal proceedings. We will vigorously defend the Partnership in litigation matters.

We have long-term and short-term payment obligations under debt agreements. In total, the principal amount of our consolidated debt obligations were $33.7 billion and $34.7 billion at September 30, 2026 and December 31, 2025, respectively. See Note 7 for additional information regarding our scheduled future maturities of debt principal.

In June 2026, we modified certain compressor lease agreements and extended the lease terms. The agreements include annual termination options for a defined portion of the leased compressors and multi-year renewal options. These options were excluded from the measurement of the related lease liabilities and right-of-use (“ROU”) assets because their exercise was not reasonably certain. The agreements contain a lease component related to the use of compression equipment and non-lease components for maintenance and other services. For compressor leases, we separate the lease and non-lease components, and the contract consideration attributable to the non-lease service components was estimated using observable market information for comparable services. At the modification date, we recognized incremental operating lease liabilities of approximately $345 million and finance lease liabilities of approximately $177 million, together with corresponding ROU assets. Prior to the modifications, these arrangements were primarily accounted for as short-term leases due to their contractual terms of 12 months or less.


	Balance Sheet Location
Operating leases:
ROU assets, net	Operating lease right-of-use assets, net	$	737
Lease liabilities, current	Current operating lease liabilities	86
Lease liabilities, noncurrent	Long-term operating lease liabilities	685
Weighted-average remaining term		9 years
Weighted-average discount rate (1)		4.6		%
Finance leases:
ROU assets, net	Other assets	$	216
Lease liabilities, current	Other current liabilities	25
Lease liabilities, noncurrent	Other long-term liabilities	193
Weighted-average remaining term		7 years
Weighted-average discount rate (1)		5.0		%

(1)The discount rate for each category of assets represents the weighted average of either (i) the implicit rate applicable to the underlying leases (where determinable) or (ii) our incremental borrowing rate adjusted for collateralization (if the implicit rate is not determinable). In general, the discount rates are based on either information available at the lease commencement date or January 1, 2019 for leases existing at the adoption date for ASC 842, Leases.


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2026		2025		2026		2025
Long-term leases:
Fixed operating lease expense:
Non-cash lease expense (amortization of ROU assets)	$	24	$	27	$	76	$	82
Related accretion expense on lease liability balances	8		4		19		13
Total fixed operating lease expense	32		31		95		95
Fixed finance lease expense:
Amortization of ROU assets	7		1		10		2
Interest on finance lease liabilities	3		–		4		1
Total fixed finance lease expense	10		1		14		3
Variable lease expense	4		5		13		14
Total long-term lease expense	46		37		122		112
Short-term lease expense	22		45		99		118
Total lease expense	$	68	$	82	$	221	$	230


	For the Nine Months Ended September 30,
	2026		2025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$	95	$	97
Operating cash outflows from finance leases	3		–
Financing cash outflows from finance leases	9		2
Non-cash change in lease liabilities from recognition of ROU assets:
Operating leases	$	375	$	22
Finance leases	210		15


	Operating		Finance
Period:
Three months ended December 31, 2026	$	31	$	8
One year ended December 31, 2027	115		35
One year ended December 31, 2028	106		36
One year ended December 31, 2029	101		34
One year ended December 31, 2030	99		32
Thereafter	494		117
Total undiscounted lease payments	$	946	$	262
Less implied interest	175		44
Total lease liabilities	$	771	$	218

We do not have any significant operating leases where we are the lessor. Operating lease income was $5 million and $4 million for the three months ended September 30, 2026 and 2025, respectively. Operating lease income was $15 million and $11 million for the nine months ended September 30, 2026 and 2025, respectively.

We have contractual future product purchase commitments for NGLs and crude oil representing enforceable and legally binding agreements as of the reporting date. In the ordinary course of business, we fulfill product purchase commitments with our third party suppliers. Outside of changes related to the ordinary course of business, our consolidated product purchase commitments at September 30, 2026 did not differ materially from those reported in our 2025 Form 10-K.