Quarterly report pursuant to Section 13 or 15(d)

Consolidated Balance Sheets

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Consolidated Balance Sheets - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Current assets    
Cash and cash equivalents $ 333 $ 575
Restricted cash and cash equivalents 59 56
Trade and other receivables, net of current expected credit losses 237 373
Trade receivables—affiliate 160 278
Advances to affiliate 109 84
Inventory 134 142
Current derivative assets [1] 37 30
Other current assets, net 34 43
Total current assets 1,103 1,581
Property, plant and equipment, net of accumulated depreciation 16,071 16,212
Operating lease assets 78 81
Derivative assets [1] 59 40
Other non-current assets, net $ 186 $ 188
Accounts Receivable, after Allowance for Credit Loss, Current, Related and Nonrelated Party Status [Extensible Enumeration] Affiliated Entity [Member] Affiliated Entity [Member]
Other Receivable, after Allowance for Credit Loss, Current, Related and Nonrelated Party Status [Extensible Enumeration] Affiliated Entity [Member] Affiliated Entity [Member]
Total assets $ 17,497 $ 18,102
Current liabilities    
Accounts payable 34 69
Accrued liabilities 525 866
Current debt, net of unamortized debt issuance costs 2,145 300
Deferred revenue 84 117
Current derivative liabilities [1] 144 196
Other current liabilities 16 18
Total current liabilities 2,948 1,566
Long-term debt, net of unamortized discount and debt issuance costs 13,616 15,606
Operating lease liabilities 69 71
Finance lease liabilities 13 14
Derivative liabilities [1] 1,566 1,531
Other non-current liabilities 107 98
Partners’ deficit    
Common unitholders’ interest (484.0 million units issued and outstanding at both March 31, 2024 and December 31, 2023) 1,205 1,038
General partner’s interest (2% interest with 9.9 million units issued and outstanding at both March 31, 2024 and December 31, 2023) (2,027) (1,822)
Total partners’ deficit (822) (784)
Total liabilities and partners’ deficit 17,497 18,102
Nonrelated Party [Member]    
Current assets    
Other current assets, net 33 43
Current liabilities    
Accrued liabilities 488 806
Deferred revenue 84 114
Other non-current liabilities 84 75
Affiliate [Member]    
Current assets    
Other current assets, net 1 0
Current liabilities    
Accrued liabilities 32 55
Deferred revenue 0 3
Other non-current liabilities 23 23
Related Party [Member]    
Current liabilities    
Accrued liabilities $ 5 $ 5
[1] Does not include collateral posted with counterparties by us of $1 million and zero as of March 31, 2024 and December 31, 2023, respectively, which is included in other current assets, net on our Consolidated Balance Sheets, and collateral posted by counterparties to us of zero and $4 million as of March 31, 2024 and December 31, 2023, respectively, which is included in other current liabilities on our Consolidated Balance Sheets.