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Consolidated Statement of Income - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Revenues and Other Income        
Operating revenues $ 241 $ 263 $ 508 $ 565
Equity in earnings of affiliates 104 137 240 256
Gain from equity interest transfer 84 0 84 0
Other income 1 1 2 3
Total revenues and other income 430 401 834 824
Costs and Expenses        
Operating and maintenance expenses 84 85 172 224
Depreciation 31 29 61 58
General and administrative expenses 17 17 34 35
Taxes other than income taxes 10 9 21 20
Interest and debt expense 28 27 57 54
Other expenses 5 0 7 0
Total costs and expenses 175 167 352 391
Income before income taxes 255 234 482 433
Income tax expense 0 1 1 2
Net income 255 233 481 431
Less: Preferred unitholders’ interest in net income 9 9 19 19
Less: General partner’s interest in net income 0 71 0 140
Limited partners’ interest in net income $ 246 $ 153 $ 462 $ 272
Common Units        
Net Income Per Limited Partner Unit (dollars)        
Common units - basic (in dollars per share) $ 1.07 $ 1.23 $ 2.02 $ 2.19
Common units - diluted (in dollars per share) $ 1.05 $ 1.15 $ 1.99 $ 2.07
Weighted-Average Limited Partner Units Outstanding (thousands)        
Common units—basic (in shares) 228,340,146 124,824,010 228,326,203 124,542,536
Common units—diluted (in shares) 242,160,000 138,644,000 242,146,000 138,362,000
Third Party        
Revenues and Other Income        
Operating revenues $ 5 $ 7 $ 14 $ 13
Related Party        
Revenues and Other Income        
Operating revenues $ 236 $ 256 $ 494 $ 552