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UNAUDITED CONDENSED STATEMENTS OF CONSOLIDATED CASH FLOWS - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Operating activities:    
Net income $ 4,163 $ 3,691
Reconciliation of net income to net cash flows provided by operating activities:    
Depreciation and accretion 1,336 1,281
Amortization of intangible assets 132 113
Amortization of major maintenance costs for reaction-based plants 38 19
Other amortization expense 169 181
Impairment of assets other than goodwill 48 113
Equity in income of unconsolidated affiliates (335) (447)
Distributions received from unconsolidated affiliates attributable to earnings 329 406
Net losses attributable to asset sales and related matters 3 8
Deferred income tax expense 24 33
Change in fair market value of derivative instruments 46 (86)
Non-cash expense related to long-term operating leases 43 29
Net effect of changes in operating accounts (682) 1,047
Other operating activities 0 (1)
Net cash flows provided by operating activities 5,314 6,387
Investing activities:    
Capital expenditures (1,203) (1,806)
Cash used for business combinations, net of cash received (3,204) 0
Investments in unconsolidated affiliates (1) (1)
Distributions received from unconsolidated affiliates attributable to the return of capital 82 41
Proceeds from asset sales 20 58
Other investing activities (3) (13)
Cash used in investing activities (4,309) (1,721)
Financing activities:    
Borrowings under debt agreements 64,482 11,159
Repayments of debt (64,828) (11,492)
Debt issuance costs (1) (15)
Monetization of interest rate derivative instruments 0 75
Cash distributions paid to common unitholders (3,061) (2,948)
Cash payments made in connection with distribution equivalent rights (26) (23)
Cash distributions paid to noncontrolling interests (115) (115)
Cash contributions from noncontrolling interests 4 23
Repurchase of common units under 2019 Buyback Program (107) (89)
Other financing activities (63) (41)
Cash used in financing activities (3,715) (3,466)
Net change in cash and cash equivalents, including restricted cash (2,710) 1,200
Cash and cash equivalents, including restricted cash, at beginning of period 2,965 1,158
Cash and cash equivalents, including restricted cash, at end of period $ 255 $ 2,358