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UNAUDITED CONDENSED STATEMENTS OF CONSOLIDATED CASH FLOWS - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Operating activities:    
Net income $ 2,705 $ 2,771
Reconciliation of net income to net cash flows provided by operating activities:    
Depreciation and accretion 910 891
Amortization of intangible assets 96 86
Amortization of major maintenance costs for reaction-based plants 31 25
Other amortization expense 106 115
Impairment of assets other than goodwill 16 19
Equity in income of unconsolidated affiliates (225) (224)
Distributions received from unconsolidated affiliates attributable to earnings 217 224
Net losses (gains) attributable to asset sales and related matters (4) 2
Deferred income tax expense (benefit) (8) 16
Change in fair market value of derivative instruments 10 94
Non-cash expense related to long-term operating leases 33 27
Net effect of changes in operating accounts (403) 218
Other operating activities 1 0
Net cash flows provided by operating activities 3,485 4,264
Investing activities:    
Capital expenditures (1,433) (731)
Cash used for business combinations, net of cash received 0 (3,204)
Distributions received from unconsolidated affiliates attributable to the return of capital 30 55
Proceeds from asset sales and other matters 6 14
Other investing activities (5) (2)
Cash used in investing activities (1,402) (3,868)
Financing activities:    
Borrowings under debt agreements 28,595 42,112
Repayments of debt (28,238) (42,872)
Debt issuance costs (17) 0
Monetization of interest rate derivative instruments 21 0
Cash distributions paid to common unitholders (2,129) (2,026)
Cash payments made in connection with distribution equivalent rights (19) (17)
Cash distributions paid to noncontrolling interests (81) (82)
Cash contributions from noncontrolling interests 15 4
Repurchase of common units under 2019 Buyback Program (92) (35)
Other financing activities (67) (48)
Cash used in financing activities (2,012) (2,964)
Net change in cash and cash equivalents, including restricted cash 71 (2,568)
Cash and cash equivalents, including restricted cash, at beginning of period 206 2,965
Cash and cash equivalents, including restricted cash, at end of period $ 277 $ 397