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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Operating activities:    
Net income $ 1,015 $ 952
Adjustments to reconcile net income to net cash provided by operating activities:    
Amortization of deferred financing costs 13 17
Depreciation and amortization [1] 317 296
Gain on sales-type leases and equity method investments (20) 0
Income from equity method investments (157) (134)
Distributions from unconsolidated affiliates 180 140
Change in fair value of derivatives 8 (5)
Changes in:    
Receivables 95 38
Inventories (4) (2)
Accounts payable and accrued liabilities (115) (130)
Assets/liabilities - related parties (46) 44
Right of use assets/operating lease liabilities (1) (1)
Deferred revenue 9 3
All other, net (3) 9
Net cash provided by operating activities 1,291 1,227
Net Cash Provided by (Used in) Investing Activities [Abstract]    
Additions to property, plant and equipment (255) (169)
Payments to Acquire Businesses, Net of Cash Acquired 622 0
Investments in unconsolidated affiliates (119) (51)
Net cash used in investing activities (996) (220)
Net Cash Provided by (Used in) Financing Activities [Abstract]    
Long-term debt borrowings 0 1,589
Long-term debt - repayments 0 (1,000)
Debt issuance costs 0 15
Unit repurchases (75) [2] 0
Distributions to noncontrolling interests (11) (10)
Distributions to unitholders and general partner (853) (777)
Contributions from MPC 10 8
All other, net (6) (3)
Net cash used in financing activities (958) (852)
Net change in cash, cash equivalents and restricted cash (663) 155
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Beginning Balance 1,048 238
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Ending Balance 385 393
Series A Preferred Stock [Member]    
Net Cash Provided by (Used in) Financing Activities [Abstract]    
Distributions to preferred unitholders (23) (23)
Series B Preferred Stock [Member]    
Net Cash Provided by (Used in) Financing Activities [Abstract]    
Redemption of Series B preferred units 0 (600)
Distributions to preferred unitholders $ 0 $ (21)
[1] Depreciation and amortization attributable to L&S was $130 million and $129 million for the three months ended March 31, 2024 and March 31, 2023, respectively. Depreciation and amortization attributable to G&P was $187 million and $167 million for the three months ended March 31, 2024 and March 31, 2023, respectively.
[2] Cash paid for common units repurchased and average cost per unit includes commissions paid to brokers during the period.