Quarterly report pursuant to Section 13 or 15(d)

Net Income (Loss) per Common Unit (Tables)

v3.23.1
Net Income (Loss) per Common Unit (Tables)
 3 Months Ended
Mar. 31, 2023
Earnings Per Share [Abstract]  
Schedule of Net Income per Common Unit
The following table provides a reconciliation of net income and the allocation of net income to the common units, the subordinated units, the general partner units and IDRs for purposes of computing basic and diluted net income (loss) per unit (in millions, except per unit data).
  Total Limited Partner Common Units General Partner Units IDR
Three Months Ended March 31, 2023
Net income $ 1,935 
Declared distributions 714  499  14  201 
Assumed allocation of undistributed net income (1) $ 1,221  1,197  24  — 
Assumed allocation of net income $ 1,696  $ 38  $ 201 
Weighted average units outstanding 484.0 
Basic and diluted net income per unit (2) $ 3.50 
Three Months Ended March 31, 2022
Net income $ 159 
Declared distributions 733  508  15  210 
Assumed allocation of undistributed net loss (1) $ (574) (562) (12) — 
Assumed allocation of net income $ (54) $ 3  $ 210 
Weighted average units outstanding 484.0 
Basic and diluted net loss per unit (2) $ (0.11)
(1)Under our partnership agreement, the IDRs participate in net income only to the extent of the amount of cash distributions actually declared, thereby excluding the IDRs from participating in undistributed net income (loss).
(2)Basic and diluted net income (loss) per unit in the table may not recalculate exactly due to rounding because it is calculated based on whole numbers, not the rounded numbers presented.