Annual report [Section 13 and 15(d), not S-K Item 405]

Consolidated Balance Sheets

v3.25.4
Consolidated Balance Sheets - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Current assets    
Cash and cash equivalents $ 182 $ 270
Restricted cash and cash equivalents 19 109
Trade and other receivables, net of current expected credit losses 749 544
Trade receivables, net of current expected credit losses—related party 0 1
Advances to affiliates 145 101
Inventory 180 151
Current derivative assets 0 84
Prepaid expenses 42 42
Other current assets, net 21 23
Total current assets 1,338 1,325
Property, plant and equipment, net of accumulated depreciation 15,259 15,760
Operating lease assets 76 79
Derivative assets 541 98
Other non-current assets, net $ 223 $ 191
Accounts Receivable, after Allowance for Credit Loss, Current, Related and Nonrelated Party Status [Extensible Enumeration] Related Party [Member] Related Party [Member]
Other Receivable, after Allowance for Credit Loss, Current, Related and Nonrelated Party Status [Extensible Enumeration] Affiliated Entity [Member] Affiliated Entity [Member]
Total assets $ 17,437 $ 17,453
Current liabilities    
Accounts payable 53 62
Accrued liabilities 1,047 906
Current debt, net of unamortized discount and debt issuance costs 306 351
Deferred revenue 123 123
Current derivative liabilities 164 250
Other current liabilities 15 20
Total current liabilities 1,708 1,712
Long-term debt, net of unamortized discount and debt issuance costs 14,161 14,761
Derivative liabilities 900 1,213
Other non-current liabilities 254 276
Total liabilities 17,023 17,962
Commitments and contingencies (see Note 15)
Partners’ equity (deficit)    
Common unitholders’ interest (484.0 million units issued and outstanding at both December 31, 2025 and 2024) 3,156 1,821
General partner’s interest (2% interest with 10.0 million units issued and outstanding at both December 31, 2025 and 2024) (2,742) (2,330)
Total partners’ equity (deficit) 414 (509)
Total liabilities and partners’ equity (deficit) 17,437 17,453
Nonrelated Party [Member]    
Current assets    
Trade and other receivables, net of current expected credit losses 511 380
Current liabilities    
Accrued liabilities 990 838
Deferred revenue 119 120
Other non-current liabilities 231 252
Affiliate [Member]    
Current assets    
Trade and other receivables, net of current expected credit losses 238 164
Current liabilities    
Accrued liabilities 57 63
Deferred revenue 4 3
Other non-current liabilities 23 24
Related Party [Member]    
Current liabilities    
Accrued liabilities $ 0 $ 5