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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Operating activities:    
Net income $ 2,194 $ 2,201
Adjustments to reconcile net income to net cash provided by operating activities:    
Amortization of deferred financing costs and debt discount 16 27
Depreciation and amortization [1] 650 637
Deferred income taxes (1) 0
Gain on equity method investments 0 20
Loss/(gain) on disposal of assets 0 1
Income from equity method investments (356) (482)
Distributions from unconsolidated affiliates 395 377
Change in fair value of derivatives (3) 10
Changes in:    
Current receivables 32 117
Inventories (12) (9)
Current liabilities and other current assets (5) (55)
Assets and liabilities - related parties 100 29
Right of use assets and operating lease liabilities 1 0
Deferred revenue (33) 13
All other, net 4 10
Net cash provided by operating activities 2,982 2,856
Cash Provided by (Used in) Investing Activity, Including Discontinued Operation [Abstract]    
Additions to property, plant and equipment (568) (468)
Acquisitions, net of cash acquired 237 622
Disposal of assets 1 0
Investments - acquisitions and contributions 467 154
Investments - redemptions, repayments, return of capital and sales proceeds 60 134
Payment for (Proceeds from) Other Investing Activity 8 0
Net cash used in investing activities (1,203) (1,110)
Cash Provided by (Used in) Financing Activity, Including Discontinued Operation [Abstract]    
Long-term debt borrowings 1,978 1,630
Long-term debt - repayments (1,702) (1)
Debt issuance costs 20 14
Unit repurchases [2] (200) (150)
Distributions to noncontrolling interests 22 22
Distributions to Series A preferred unitholders 6 33
Distributions to LP unitholders (1,948) (1,717)
Contributions from MPC 14 18
All other, net (6) (4)
Net cash used in financing activities (1,912) (293)
Net change in cash, cash equivalents and restricted cash (133) 1,453
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Beginning Balance 1,519 1,048
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Ending Balance $ 1,386 $ 2,501
[1] Depreciation and amortization attributable to Crude Oil and Products Logistics was $135 million and $268 million for the three and six months ended June 30, 2025, respectively, and $131 million and $261 million for the three and six months ended June 30, 2024, respectively. Depreciation and amortization attributable to Natural Gas and NGL Services was $189 million and $382 million for the three and six months ended June 30, 2025, respectively, and $189 million and $376 million for the three and six months ended June 30, 2024, respectively.
[2] Cash paid for common units repurchased and average cost per unit includes commissions paid to brokers during the period.