v3.25.3
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
OPERATING ACTIVITIES:    
NET INCOME $ 430 $ 733
Reconciliation of net income to net cash provided by operating activities:    
Depreciation, amortization and accretion 469 216
Amortization of deferred financing fees 20 20
Loss on disposal of assets and impairment charges 4 52
Loss on extinguishment of debt 31 2
Gain (Loss) on Disposition of Assets 0 (598)
Other non-cash, net 28 4
Non-cash unit-based compensation expense 14 12
Deferred income tax expense (benefit) (2) 14
Inventory valuation adjustments (31) 99
Equity in earnings of unconsolidated affiliates (103) (35)
Distributions from unconsolidated affiliates 156 0
Adjustment to Reconcile Net Income to Cash Provided by (Used in) Operating Activity, Increase (Decrease) in Operating Capital (220) (65)
Net change in operating assets and liabilities, net of effects of acquisitions and divestitures    
Net cash provided by operating activities 800 426
INVESTING ACTIVITIES:    
Capital expenditures (418) (212)
Contributions to unconsolidated affiliates (57) 0
Distributions from unconsolidated affiliates in excess of cumulative earnings 59 6
Proceeds from Sales of Assets, Investing Activities 0 990
Other 11 7
Net cash (used in) provided by investing activities (594) 609
FINANCING ACTIVITIES:    
Senior notes borrowings 2,900 1,500
Repayments of Senior Debt 632 415
Senior notes repayments (75) 0
Credit Facility borrowings 2,081 1,870
Credit Facility repayments (2,284) (2,686)
Loan origination costs (36) (19)
Proceeds from Issuance of Preferred Limited Partners Units 1,473 0
Payments for Repurchase of Redeemable Preferred Stock 0 (784)
Cash distributions to unitholders, including incentive distributions (488) (406)
Cash distributions to noncontrolling interests 0 (8)
Net cash provided by (used in) financing activities 2,939 (948)
Cash and cash equivalents, beginning of period 94 29
Cash and cash equivalents, end of period 3,239 116
Net increase in cash and cash equivalents 3,145 87
NuStar Acquisition    
INVESTING ACTIVITIES:    
Cash paid for acquisitions 0 (27)
Other Acquisitions    
INVESTING ACTIVITIES:    
Cash paid for acquisitions $ (189) $ (209)