v3.24.3
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Operating activities:    
Net income $ 3,248 $ 2,822
Amortization of Debt Issuance Costs and Discounts 41 42
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization [1] 959 907
Deferred income taxes 0 (1)
Gain on sales-type leases and equity method investments 20 0
Loss/(gain) on disposal of assets 3 (15)
Income from equity method investments (631) (438)
Distributions from unconsolidated affiliates 596 526
Change in fair value of derivatives 7 (3)
Changes in:    
Receivables 138 (31)
Inventories (11) (15)
Current accounts payable and other current assets and liabilities (54) (36)
Assets and liabilities - related parties (23) 89
Right of use assets and operating lease liabilities 3 4
Deferred revenue 2 65
All other, net 13 (8)
Net cash provided by operating activities 4,271 3,908
Net Cash Provided by (Used in) Investing Activities [Abstract]    
Additions to property, plant and equipment (748) (662)
Acquisitions, net of cash acquired 622 0
Disposal of assets 0 25
Payments to Acquire Interest in Joint Venture 414 90
- redemptions, repayments, return of capital and sales proceeds 138 0
Net cash used in investing activities (1,646) (727)
Net Cash Provided by (Used in) Financing Activities [Abstract]    
Long-term debt borrowings 1,630 1,589
Long-term debt - repayments (1) (1,001)
Debt issuance costs 15 15
Unit repurchases [2] (226) 0
Distributions to noncontrolling interests (33) (30)
Distributions to unitholders and general partner (2,585) (2,329)
Contributions from MPC 26 20
All other, net (5) (3)
Net cash used in financing activities (1,247) (2,459)
Net change in cash, cash equivalents and restricted cash 1,378 722
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 2,426 960
Series A Preferred Stock [Member]    
Net Cash Provided by (Used in) Financing Activities [Abstract]    
Distributions to preferred unitholders (38) (69)
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 $132 million and $393 million for the three and nine months ended September 30, 2024, respectively, and $130 million and $399 million for the three and nine months ended September 30, 2023, respectively. Depreciation and amortization attributable to G&P was $190 million and $566 million for the three and nine months ended September 30, 2024, respectively, and $171 million and $508 million for the three and nine months ended September 30, 2023, respectively.
[2] Cash paid for common units repurchased and average cost per unit includes commissions paid to brokers during the period.