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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 1,279 $ 953
Reconciliation of net income to net cash provided by operating activities:    
Income from discontinued operations, net of tax (281) (156)
Depreciation and amortization 696 675
(Gains)/losses on asset sales, net (64) 2
Deferred income tax expense 65 34
(Gain)/loss on foreign currency revaluation 19 (12)
Settlement of terminated interest rate hedging instruments (Note 8) 7 57
Equity earnings in unconsolidated entities (292) (298)
Distributions on earnings from unconsolidated entities 369 383
Gain on investments in unconsolidated entities, net (Note 12) (31) 0
Other 48 53
Changes in assets and liabilities, net of acquisitions 18 (99)
Cash provided by operating activities - continuing operations 1,833 1,592
Cash provided by operating activities - discontinued operations 314 166
Net cash provided by operating activities 2,147 1,758
CASH FLOWS FROM INVESTING ACTIVITIES    
Cash paid in connection with acquisitions, net of cash acquired (865) (144)
Investments in unconsolidated entities 0 (4)
Additions to property, equipment and other (495) (342)
Cash paid for purchases of linefill (17) (21)
Proceeds from sales of assets 27 6
Other investing activities 0 3
Cash used in investing activities - continuing operations (1,350) (502)
Cash used in investing activities - discontinued operations (151) (109)
Net cash used in investing activities (1,501) (611)
CASH FLOWS FROM FINANCING ACTIVITIES    
Net repayments under PAA commercial paper program (Note 6) (393) (433)
Proceeds from the issuance of PAA senior notes (Note 6) 2,246 650
Repurchase of common units by a subsidiary (8) 0
Repurchase of Series A preferred units by a subsidiary (Note 7) (333) 0
Distributions paid to Class A shareholders (Note 7) (225) (188)
Distributions paid to noncontrolling interests (Note 7) (1,087) (980)
Contributions from noncontrolling interests 34 40
Other financing activities (61) (45)
Net cash provided by/(used in) financing activities 173 (956)
Effect of translation adjustment - continuing operations 13 (7)
Effect of translation adjustment - discontinued operations 0 4
Net increase in cash and cash equivalents and restricted cash 832 188
Cash and cash equivalents and restricted cash, beginning of period 349 453
Cash and cash equivalents and restricted cash, end of period 1,181 641
Cash paid for:    
Interest, net of amounts capitalized 297 239
Income taxes, net of amounts refunded $ 80 $ 236