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UNAUDITED CONDENSED STATEMENTS OF CONSOLIDATED CASH FLOWS - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Operating activities:    
Net income $ 2,860 $ 2,905
Reconciliation of net income to net cash flow provided by operating activities:    
Depreciation and accretion 1,030 981
Amortization of intangible assets 104 101
Amortization of major maintenance costs for reaction-based plants 31 27
Other amortization expense 114 118
Impairment of assets other than goodwill 21 24
Equity in income of unconsolidated affiliates (186) (203)
Distributions received from unconsolidated affiliates attributable to earnings 189 204
Net losses (gains) attributable to asset sales and related matters (9) 5
Deferred income tax expense 16 14
Change in fair market value of derivative instruments (10) (8)
Non-cash expense related to long-term operating leases (see Note 17) 55 43
Net effect of changes in operating accounts (see Note 18) 153 (527)
Other operating activities 7 1
Net cash flow provided by operating activities 4,375 3,685
Investing activities:    
Capital expenditures (2,361) (2,311)
Investments in unconsolidated affiliates (1) 0
Distributions received from unconsolidated affiliates attributable to the return of capital 35 39
Proceeds from asset sales and other matters 15 6
Other investing activities (9) (15)
Net cash flow used in investing activities (2,321) (2,281)
Financing activities:    
Borrowings under debt agreements 49,565 38,281
Repayments of debt (48,720) (36,685)
Debt issuance costs (25) (19)
Monetization of interest rate derivative instruments 14 (29)
Cash distributions paid to common unitholders (see Note 8) (2,319) (2,235)
Cash payments made in connection with distribution equivalent rights (22) (21)
Cash distributions paid to noncontrolling interests (39) (63)
Cash contributions from noncontrolling interests 5 25
Repurchase of common units under 2019 Buyback Program (170) (80)
Acquisition of noncontrolling interests 0 (400)
Other financing activities (85) (64)
Net cash flow used in financing activities (1,796) (1,290)
Net change in cash and cash equivalents, including restricted cash 258 114
Cash and cash equivalents, including restricted cash, at beginning of period 838 320
Cash and cash equivalents, including restricted cash, at end of period $ 1,096 $ 434