v3.25.4
Partners' Capital and Distributions (Tables)
 12 Months Ended
Dec. 31, 2025
Partners Capital and Distribution [Line Items]  
Schedule of Activity for Preferred Units and Common Units
The following table presents the activity for our preferred and common units:

Limited Partners
Series A
Preferred Units
Series B
Preferred Units		Common Units
Outstanding at December 31, 2022
71,090,468 800,000 698,354,498 
Issuances of common units under equity-indexed compensation plans
— — 2,654,251 
Outstanding at December 31, 2023
71,090,468 800,000 701,008,749 
Issuances of common units under equity-indexed compensation plans
— — 2,761,551 
Outstanding at December 31, 2024
71,090,468 800,000 703,770,300 
Repurchase of Series A preferred units
(12,678,560)— — 
Repurchase and cancellation of common units under the Common Equity Repurchase Program— — (476,695)
Issuances of common units under equity-indexed compensation plans
— — 2,227,092 
Outstanding at December 31, 2025
58,411,908 800,000 705,520,697 
Schedule of Distributions to Noncontrolling Interests The following table details distributions paid to noncontrolling interests during the years presented (in millions):
202520242023
Permian JV
$360 $322 $249 
Cactus II72 77 63 
Red River15 26 21 
$447 $425 $333 
Series A Preferred Units  
Partners Capital and Distribution [Line Items]  
Schedule of Distributions
Series A Preferred Unit Distributions. The following table details distributions paid to our Series A preferred unitholders during the years presented (in millions, except unit data):

Series A Preferred Unitholders
Year
Cash Distribution
Distribution per Unit
2025 (1)
$154 $2.46 
2024$175 $2.46 
2023$166 $2.34 
(1)In connection with our repurchase of approximately 12.7 million of our outstanding Series A preferred units in January 2025, we paid accrued and unpaid distributions through January 30, 2025 of approximately $10 million.
Series B Preferred Units  
Partners Capital and Distribution [Line Items]  
Schedule of Distributions
Series B Preferred Unit Distributions. The following table details distributions paid to our Series B preferred unitholders during the years presented (in millions, except unit data):

Series B Preferred Unitholders
Year
Cash Distribution
Distribution per Unit
2025$71 $88.38 
2024$79 $98.14 
2023$75 $93.43 
Common Units  
Partners Capital and Distribution [Line Items]  
Schedule of Distributions
The following table details distributions paid to common unitholders during the years presented (in millions, except per unit data):

Distributions Paid
Distributions per
Common Unit
YearPublicAAPTotal
2025$716 $354 $1,070 $1.5200 
2024$595 $296 $891 $1.2700 
2023$492 $256 $748 $1.0700