Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities      
Net income $ 2,510 $ 4,254 $ 2,498
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization expense 680 672 634
Amortization of discount and debt issuance costs 26 28 30
Loss on modification or extinguishment of debt 3 6 33
Total losses (gains) on derivative instruments, net (402) (2,082) 1,158
Net cash provided by (used for) settlement of derivative instruments 26 (2) (102)
Other 19 20 44
Changes in operating assets and liabilities:      
Trade and other receivables (7) 254 (112)
Trade receivables—affiliate 114 273 (335)
Trade receivables—related party (1) 0 0
Advances to affiliates (11) 85 (36)
Inventory (10) 18 12
Accounts payable and accrued liabilities 6 (467) 354
Accrued liabilities—related party 0 (2) 3
Total deferred revenue 39 46 (11)
Other, net (32) 24 (52)
Other, net—affiliate 8 (18) (31)
Net cash provided by operating activities 2,968 3,109 4,149
Cash flows from investing activities      
Property, plant and equipment, net (154) (220) (451)
Other (8) (7) 0
Net cash used in investing activities (162) (227) (451)
Cash flows from financing activities      
Proceeds from issuances of debt 1,228 1,397 559
Redemptions, repayments and repurchases of debt (2,030) (1,700) (1,560)
Distributions (2,235) (2,907) (2,635)
Other (21) (37) (40)
Net cash used in financing activities (3,058) (3,247) (3,676)
Net increase (decrease) in cash, cash equivalents and restricted cash and cash equivalents (252) (365) 22
Cash, Cash Equivalents—beginning of period 631 996 974
Cash, Cash Equivalents—end of period $ 379 $ 631 $ 996