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STATEMENTS OF CONSOLIDATED CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Operating activities:      
Net income $ 5,657 $ 5,615 $ 4,755
Reconciliation of net income to net cash flows provided by operating activities:      
Depreciation and accretion 1,871 1,797 1,723
Amortization of intangible assets 201 177 151
Amortization of major maintenance costs for reaction-based plants 64 51 27
Other amortization expense 207 220 239
Impairment of assets other than goodwill 32 53 233
Equity in income of unconsolidated affiliates (462) (464) (583)
Distributions received from unconsolidated affiliates attributable to earnings 446 446 544
Net losses (gains) attributable to asset sales and related matters (10) 1 5
Deferred income tax expense 12 60 40
Change in fair market value of derivative instruments 33 78 (27)
Non-cash expense related to long-term operating leases 72 59 41
Net effect of changes in operating accounts (555) (54) 1,366
Other operating activities 1 0 (1)
Net cash flows provided by operating activities 7,569 8,039 8,513
Investing activities:      
Capital expenditures (3,266) (1,964) (2,223)
Cash used for business combinations, net of cash received 0 (3,204) 0
Investments in unconsolidated affiliates (2) (1) (2)
Distributions received from unconsolidated affiliates attributable to the return of capital 42 98 46
Proceeds from asset sales and other matters 42 122 64
Other investing activities (13) (5) (20)
Cash used in investing activities (3,197) (4,954) (2,135)
Financing activities:      
Borrowings under debt agreements 89,899 96,140 11,159
Repayments of debt (89,447) (97,395) (11,492)
Debt issuance costs (17) (1) (15)
Monetization of interest rate derivative instruments 21 0 75
Cash distributions paid to common unitholders (4,301) (4,095) (3,930)
Cash payments made in connection with distribution equivalent rights (38) (34) (31)
Cash distributions paid to noncontrolling interests (160) (163) (154)
Cash contributions from noncontrolling interests 44 7 72
Repurchase of common units under 2019 Buyback Program (188) (250) (214)
Other financing activities (71) (53) (41)
Cash used in financing activities (4,258) (5,844) (4,571)
Net change in cash and cash equivalents, including restricted cash 114 (2,759) 1,807
Cash and cash equivalents, including restricted cash, at beginning of period 206 2,965 1,158
Cash and cash equivalents, including restricted cash, at end of period $ 320 $ 206 $ 2,965