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UNAUDITED CONDENSED STATEMENTS OF CONSOLIDATED CASH FLOWS - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Operating activities:    
Net income $ 1,406 $ 1,483
Reconciliation of net income to net cash flow provided by operating activities:    
Depreciation and accretion 511 488
Amortization of intangible assets 52 50
Amortization of major maintenance costs for reaction-based plants 16 13
Other amortization expense 57 65
Impairment of assets other than goodwill 10 20
Equity in income of unconsolidated affiliates (94) (102)
Distributions received from unconsolidated affiliates attributable to earnings 88 97
Net gains attributable to asset sales and related matters (2) 0
Deferred income tax expense 11 9
Change in fair market value of derivative instruments 42 4
Non-cash expense related to long-term operating leases 28 20
Net effect of changes in operating accounts 203 (36)
Other operating activities (14) 0
Net cash flow provided by operating activities 2,314 2,111
Investing activities:    
Capital expenditures (1,062) (1,047)
Distributions received from unconsolidated affiliates attributable to the return of capital 15 15
Proceeds from asset sales and other matters 4 2
Other investing activities (4) (8)
Net cash flow used in investing activities (1,047) (1,038)
Financing activities:    
Borrowings under debt agreements 19,103 14,328
Repayments of debt (19,423) (13,632)
Debt issuance costs (12) (18)
Monetization of interest rate derivative instruments 0 (29)
Cash distributions paid to common unitholders (1,159) (1,117)
Cash payments made in connection with distribution equivalent rights (11) (10)
Cash distributions paid to noncontrolling interests (13) (38)
Cash contributions from noncontrolling interests 4 8
Repurchase of common units under 2019 Buyback Program (60) (40)
Acquisition of noncontrolling interests 0 (400)
Other financing activities (80) (61)
Net cash flow used in financing activities (1,651) (1,009)
Net change in cash and cash equivalents, including restricted cash (384) 64
Cash and cash equivalents, including restricted cash, at beginning of period 838 320
Cash and cash equivalents, including restricted cash, at end of period $ 454 $ 384