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UNAUDITED CONDENSED STATEMENTS OF CONSOLIDATED CASH FLOWS - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Operating activities:    
Net income $ 4,216 $ 4,337
Reconciliation of net income to net cash flow provided by operating activities:    
Depreciation and accretion 1,561 1,479
Amortization of intangible assets 159 155
Amortization of major maintenance costs for reaction-based plants 49 42
Other amortization expense 170 169
Impairment of assets other than goodwill 38 51
Equity in income of unconsolidated affiliates (276) (302)
Distributions received from unconsolidated affiliates attributable to earnings 280 303
Net losses (gains) attributable to asset sales and related matters (13) 5
Deferred income tax expense (benefit) (1) 23
Change in fair market value of derivative instruments 24 (11)
Non-cash expense related to long-term operating leases (see Note 17) 82 68
Net effect of changes in operating accounts (see Note 18) (169) (563)
Other operating activities (7) 1
Net cash flow provided by operating activities 6,113 5,757
Investing activities:    
Capital expenditures (4,319) (3,485)
Investments in unconsolidated affiliates (1) 0
Distributions received from unconsolidated affiliates attributable to the return of capital 56 64
Proceeds from asset sales and other matters 21 11
Other investing activities (13) (23)
Net cash flow used in investing activities (4,256) (3,433)
Financing activities:    
Borrowings under debt agreements 71,034 52,456
Repayments of debt (69,349) (49,271)
Debt issuance costs (29) (44)
Monetization of interest rate derivative instruments 14 (33)
Cash distributions paid to common unitholders (see Note 8) (3,499) (3,374)
Cash payments made in connection with distribution equivalent rights (33) (32)
Cash distributions paid to noncontrolling interests (68) (84)
Cash contributions from noncontrolling interests 5 33
Repurchase of common units under 2019 Buyback Program (250) (156)
Acquisition of noncontrolling interests 0 (400)
Other financing activities (88) (66)
Net cash flow used in financing activities (2,263) (971)
Net change in cash and cash equivalents, including restricted cash (406) 1,353
Cash and cash equivalents, including restricted cash, at beginning of period 838 320
Cash and cash equivalents, including restricted cash, at end of period $ 432 $ 1,673