v3.25.3
Net Income per Common Unit
 9 Months Ended
Sep. 30, 2025
Net Income Per Unit [Abstract]  
Net Income per Unit Net Income (Loss) per Common Unit
A reconciliation of the numerators and denominators of the basic and diluted net income (loss) per common unit computations is as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
(in millions, except units and per unit amounts)
Net income$137 $2 $430 $733 
Less:
Net income attributable to noncontrolling interests— — — 8 
Incentive distribution rights
43 36 122 108 
Distributions on unvested phantom unit awards
2 1 5 4 
Net income attributable to Series A Preferred Units4 — 4 — 
Common unitholders’ interest in net income (loss)
$88 $(35)$299 $613 
Weighted average common units outstanding:
Basic
136,604,533 135,998,435 136,436,142 112,650,388 
Dilutive effect of unvested phantom unit awards(1)
742,399 845,877 699,232 816,476 
Diluted
137,346,932 136,844,312 137,135,374 113,466,864 
Net income (loss) per common unit:
Basic
$0.64 $(0.26)$2.19 $5.44 
Diluted
$0.64 $(0.26)$2.18 $5.40 
(1)Dilutive effects are excluded from the calculation of diluted net income (loss) per common unit for periods where the impacts would have been antidilutive.
For certain periods reflected above, distributions paid for the period exceeded net income attributable to partners. Accordingly, the distributions paid to our General Partner, including incentive distributions, further exceeded net income, and as a result, a net loss was allocated to the common unitholders for the period.