v3.25.4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income $ 1,769 $ 1,113 $ 1,502
Reconciliation of net income to net cash provided by operating activities:      
Income from discontinued operations, net of tax (383) (231) (192)
Depreciation and amortization 953 901 909
(Gains)/losses on asset sales, asset impairments and other, net (Note 7, Note 8) (54) 159 (152)
Equity-indexed compensation expense 49 50 50
Deferred income tax expense/(benefit) 14 5 (9)
(Gain)/loss on foreign currency revaluation 13 (12) 3
Settlement of terminated interest rate hedging instruments (Note 13) 37 57 80
Change in fair value of Preferred Distribution Rate Reset Option (Note 13) 0 0 (58)
Equity earnings in unconsolidated entities (382) (452) (369)
Distributions on earnings from unconsolidated entities 486 505 458
Gain on investments in unconsolidated entities, net (Note 8, Note 9) (31) (15) (28)
Other 15 17 18
Trade accounts receivable and other 204 76 79
Inventory 96 120 102
Trade accounts payable and other (334) (57) (141)
Cash provided by operating activities - continuing operations 2,452 2,236 2,252
Cash provided by operating activities - discontinued operations 484 254 475
Net cash provided by operating activities 2,936 2,490 2,727
CASH FLOWS FROM INVESTING ACTIVITIES      
Cash paid in connection with acquisitions, net of cash acquired (Note 8) (2,651) (248) (425)
Investments in unconsolidated entities (Note 9) (2) (4) (33)
Additions to property, equipment and other (643) (448) (408)
Cash paid for purchases of linefill (27) (21) (10)
Proceeds from sales of assets (Note 8) 81 11 328
Investments in related party notes (Note 17) (330) (629) 0
Other investing activities 0 5 8
Cash used in investing activities - continuing operations (3,572) (1,334) (540)
Cash used in investing activities - discontinued operations (197) (170) (162)
Net cash used in investing activities (3,769) (1,504) (702)
CASH FLOWS FROM FINANCING ACTIVITIES      
Net borrowings/(repayments) under commercial paper program (Note 11) 577 (40) 433
Repayment under EPIC credit agreement (Note 11) (1,114) 0 0
Borrowing under term loan (Note 11) 1,100 0 0
Proceeds from the issuance of senior notes (Note 11) 2,998 650 0
Repayments of senior notes (Note 11) (1,000) (750) (1,100)
Proceeds from the issuance of related party notes (Note 17) 330 629 0
Repurchase of common units (Note 12) (8) 0 0
Repurchase of Series A preferred units (Note 12) (333) 0 0
Distributions paid to noncontrolling interests (Note 12) (447) (425) (333)
Contributions from noncontrolling interests 75 57 106
Other financing activities (84) (53) (93)
Net cash provided by/(used in) financing activities 799 (1,077) (1,976)
Effect of translation adjustment - continuing operations 14 (13) 3
Effect of translation adjustment - discontinued operations 0 2 (3)
Net increase/(decrease) in cash and cash equivalents and restricted cash (20) (102) 49
Cash and cash equivalents and restricted cash, beginning of period 348 450 401
Cash and cash equivalents and restricted cash, end of period 328 348 450
Cash paid for:      
Interest, net of amounts capitalized 516 381 377
Income taxes, net of amounts refunded (Note 15) 98 269 69
Series A Preferred Units      
CASH FLOWS FROM FINANCING ACTIVITIES      
Distributions paid to unitholders (Note 12) (154) (175) (166)
Series B Preferred Units      
CASH FLOWS FROM FINANCING ACTIVITIES      
Distributions paid to unitholders (Note 12) (71) (79) (75)
Common Units      
CASH FLOWS FROM FINANCING ACTIVITIES      
Distributions paid to unitholders (Note 12) $ (1,070) $ (891) $ (748)