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STATEMENTS OF CONSOLIDATED CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating activities:      
Net income $ 5,970 $ 5,657 $ 5,615
Reconciliation of net income to net cash flow provided by operating activities:      
Depreciation and accretion 1,987 1,871 1,797
Amortization of intangible assets 207 201 177
Amortization of major maintenance costs for reaction-based plants 59 64 51
Other amortization expense 220 207 220
Impairment of assets other than goodwill 57 32 53
Equity in income of unconsolidated affiliates (408) (462) (464)
Distributions received from unconsolidated affiliates attributable to earnings 406 446 446
Net losses (gains) attributable to asset sales and related matters 2 (10) 1
Deferred income tax expense 45 12 60
Change in fair market value of derivative instruments (20) 33 78
Non-cash expense related to long-term operating leases 95 72 59
Net effect of changes in operating accounts (506) (555) (54)
Other operating activities 1 1 0
Net cash flow provided by operating activities 8,115 7,569 8,039
Investing activities:      
Capital expenditures (4,544) (3,266) (1,964)
Cash used for business combinations, net of cash received (949) 0 (3,204)
Investments in unconsolidated affiliates 0 (2) (1)
Distributions received from unconsolidated affiliates attributable to the return of capital 77 42 98
Proceeds from asset sales and other matters 14 42 122
Other investing activities (31) (13) (5)
Net cash flow used in investing activities (5,433) (3,197) (4,954)
Financing activities:      
Borrowings under debt agreements 53,715 89,899 96,140
Repayments of debt (50,546) (89,447) (97,395)
Debt issuance costs (44) (17) (1)
Monetization of interest rate derivative instruments (33) 21 0
Cash distributions paid to common unitholders (4,512) (4,301) (4,095)
Cash payments made in connection with distribution equivalent rights (43) (38) (34)
Cash distributions paid to noncontrolling interests (106) (160) (163)
Cash contributions from noncontrolling interests 90 44 7
Repurchase of common units under 2019 Buyback Program (219) (188) (250)
Acquisition of noncontrolling interests (400) (10) 0
Other financing activities (66) (61) (53)
Net cash flow used in financing activities (2,164) (4,258) (5,844)
Net change in cash and cash equivalents, including restricted cash 518 114 (2,759)
Cash and cash equivalents, including restricted cash, at beginning of period 320 206 2,965
Cash and cash equivalents, including restricted cash, at end of period $ 838 $ 320 $ 206