Partners' Capital and Distributions (Tables)
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9 Months Ended |
Sep. 30, 2025 |
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| Partners Capital and Distribution [Line Items] |
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| Schedule of Activity for Preferred Units and Common Units |
The following tables present the activity for our preferred and common units:
| | | | | | | | | | | | | | | | | | | | Limited Partners | | | Series A Preferred Units | | Series B Preferred Units | | Common Units | | Outstanding at December 31, 2024 | 71,090,468 | | | 800,000 | | | 703,770,300 | | Repurchase of Series A preferred units | (12,678,560) | | | — | | | — | | | Issuances of common units under equity-indexed compensation plans | — | | | — | | | 5,650 | | Outstanding at March 31, 2025 | 58,411,908 | | | 800,000 | | | 703,775,950 | | | Repurchase and cancellation of common units under the Common Equity Repurchase Program | — | | | — | | | (476,695) | | | Issuances of common units under equity-indexed compensation plans | — | | | — | | | 5,197 | | | Outstanding at June 30, 2025 | 58,411,908 | | | 800,000 | | | 703,304,452 | | | | | | | | | Issuances of common units under equity-indexed compensation plans | — | | | — | | | 2,193,318 | | | | | | | | | Outstanding at September 30, 2025 | 58,411,908 | | | 800,000 | | | 705,497,770 | |
| | | | | | | | | | | | | | | | | | | | Limited Partners | | | Series A Preferred Units | | Series B Preferred Units | | Common Units | | Outstanding at December 31, 2023 | 71,090,468 | | | 800,000 | | | 701,008,749 | | | | | | | | | | | | | | | Issuances of common units under equity-indexed compensation plans | — | | | — | | | 62,282 | | Outstanding at March 31, 2024 | 71,090,468 | | | 800,000 | | | 701,071,031 | | | | | | | | | Issuances of common units under equity-indexed compensation plans | — | | | — | | | 10,268 | | Outstanding at June 30, 2024 | 71,090,468 | | | 800,000 | | | 701,081,299 | | | | | | | | | Issuances of common units under equity-indexed compensation plans | — | | | — | | | 2,587,760 | | | Outstanding at September 30, 2024 | 71,090,468 | | | 800,000 | | | 703,669,059 | |
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| Schedule of Distributions to Noncontrolling Interests |
The following table details distributions paid to noncontrolling interests during the periods presented (in millions):
| | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
September 30, | | Nine Months Ended
September 30, | | | | 2025 | | 2024 | | 2025 | | 2024 | | | | Permian JV | $ | 85 | | | $ | 87 | | | $ | 268 | | | $ | 235 | | | | Cactus II | 21 | | | 20 | | | 59 | | | 56 | | | | | Red River | 4 | | | 6 | | | 12 | | | 19 | | | | | $ | 110 | | | $ | 113 | | | $ | 339 | | | $ | 310 | | | |
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| Series A Preferred Units |
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| Partners Capital and Distribution [Line Items] |
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| Schedule of Distributions |
The following table details distributions to our Series A preferred unitholders paid during or pertaining to the first nine months of 2025 (in millions, except per unit data): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Series A Preferred Unitholders | | Distribution Payment Date | | Record Date (1) | | Distribution Period | | Cash Distribution | | | Distribution per Unit | November 14, 2025 (2) | | October 31, 2025 | | July 1, 2025 through September 30, 2025 | | $ | 36 | | | | $ | 0.615 | | | August 14, 2025 | | July 31, 2025 | | April 1, 2025 through June 30, 2025 | | $ | 36 | | | | $ | 0.615 | | | May 15, 2025 | | May 1, 2025 | | January 1, 2025 through March 31, 2025 | | $ | 36 | | | | $ | 0.615 | | | February 14, 2025 | | January 31, 2025 | | October 1, 2024 through December 31, 2024 | | $ | 36 | | | | $ | 0.615 | |
(1)Payable to unitholders of record at the close of business on the applicable Record Date. (2)At September 30, 2025, such amount was accrued as distributions payable in “Other current liabilities” on our Condensed Consolidated Balance Sheet.
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| Series B Preferred Units |
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| Partners Capital and Distribution [Line Items] |
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| Schedule of Distributions |
The following table details distributions paid or to be paid to our Series B preferred unitholders (in millions, except per unit data): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Series B Preferred Unitholders | | Distribution Payment Date | | Record Date (1) | | Distribution Period | | Cash Distribution | | | Distribution per Unit | November 17, 2025 (2) | | November 3, 2025 | | August 15, 2025 through November 14, 2025 | | $ | 18 | | | | $ | 21.93 | | | August 15, 2025 | | August 1, 2025 | | May 15, 2025 through August 14, 2025 | | $ | 18 | | | | $ | 22.23 | | | May 15, 2025 | | May 1, 2025 | | February 15, 2025 through May 14, 2025 | | $ | 17 | | | | $ | 21.49 | | | February 18, 2025 | | February 3, 2025 | | November 15, 2024 through February 14, 2025 | | $ | 18 | | | | $ | 22.73 | |
(1)Payable to unitholders of record at the close of business on the applicable Record Date. (2)At September 30, 2025, approximately $9 million of accrued distributions payable to our Series B preferred unitholders was included in “Other current liabilities” on our Condensed Consolidated Balance Sheet.
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| Common Units |
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| Partners Capital and Distribution [Line Items] |
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| Schedule of Distributions |
The following table details distributions to our common unitholders paid during or pertaining to the first nine months of 2025 (in millions, except per unit data): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Distributions | | | Distribution per Common Unit | | Distribution Payment Date | | Record Date (1) | | Distribution Period | | Common Unitholders | | Total Cash Distribution | | | | | | Public | | AAP | | | | November 14, 2025 | | October 31, 2025 | | July 1, 2025 through September 30, 2025 | | $ | 180 | | | $ | 88 | | | $ | 268 | | | | $ | 0.38 | | | August 14, 2025 | | July 31, 2025 | | April 1, 2025 through June 30, 2025 | | $ | 179 | | | $ | 88 | | | $ | 267 | | | | $ | 0.38 | | | May 15, 2025 | | May 1, 2025 | | January 1, 2025 through March 31, 2025 | | $ | 179 | | | $ | 88 | | | $ | 267 | | | | $ | 0.38 | | | February 14, 2025 | | January 31, 2025 | | October 1, 2024 through December 31, 2024 | | $ | 179 | | | $ | 88 | | | $ | 267 | | | | $ | 0.38 | |
(1)Payable to unitholders of record at the close of business on the applicable Record Date.
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