v3.26.3
UNAUDITED CONDENSED STATEMENTS OF CONSOLIDATED CASH FLOWS - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Operating activities:    
Net income $ 4,990 $ 4,216
Reconciliation of net income to net cash flow provided by operating activities:    
Depreciation and accretion 1,695 1,561
Amortization of intangible assets 176 159
Amortization of major maintenance costs for reaction-based plants 88 49
Amortization of finance lease right-of-use assets 10 2
Other amortization expense 193 170
Impairment of assets other than goodwill 24 38
Equity in income of unconsolidated affiliates (272) (276)
Distributions received from unconsolidated affiliates attributable to earnings 268 280
Net losses (gains) attributable to asset sales and related matters 2 (13)
Deferred income tax expense (benefit) 30 (1)
Change in fair market value of derivative instruments (18) 24
Non-cash expense related to long-term operating leases (see Note 16) 76 82
Net effect of changes in operating accounts (see Note 17) (433) (169)
Other operating activities 6 (9)
Net cash flow provided by operating activities 6,835 6,113
Investing activities:    
Capital expenditures (3,199) (4,319)
Investments in unconsolidated affiliates 0 (1)
Distributions received from unconsolidated affiliates attributable to the return of capital 50 56
Proceeds from asset sales and other matters 600 21
Other investing activities (22) (13)
Net cash flow used in investing activities (2,571) (4,256)
Financing activities:    
Borrowings under debt agreements 75,136 71,034
Repayments of debt (76,101) (69,349)
Debt issuance costs (6) (29)
Monetization of interest rate derivative instruments 0 14
Cash distributions paid to common unitholders (see Note 8) (3,588) (3,499)
Cash payments made in connection with distribution equivalent rights (35) (33)
Cash distributions paid to noncontrolling interests (66) (68)
Cash contributions from noncontrolling interests 1 5
Repurchase of common units under 2019 Buyback Program (387) (250)
Other financing activities (124) (88)
Net cash flow used in financing activities (5,170) (2,263)
Net change in cash and cash equivalents, including restricted cash (906) (406)
Cash and cash equivalents, including restricted cash, at beginning of period 1,245 838
Cash and cash equivalents, including restricted cash, at end of period $ 339 $ 432