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

Consolidated Statements of Cash Flows

v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities      
Net income $ 2,987 $ 2,510 $ 4,254
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization expense 688 680 672
Amortization of discount and debt issuance costs 23 26 28
Total gains on derivative instruments, net (741) (402) (2,082)
Net cash provided by (used for) settlement of derivative instruments (17) 26 (2)
Other, net 26 22 26
Changes in operating assets and liabilities:      
Trade and other receivables (131) (7) 254
Trade and other receivables—affiliate (74) 114 273
Trade receivables—related party 1 (1) 0
Advances to affiliates (48) (11) 85
Inventory (30) (10) 18
Accounts payable and accrued liabilities 160 6 (467)
Accounts payable and accrued liabilities—related party (5) 0 (2)
Total deferred revenue (12) 39 46
Other, net (53) (32) 24
Other, net—affiliate (6) 8 (18)
Net cash provided by operating activities 2,768 2,968 3,109
Cash flows from investing activities      
Property, plant and equipment (199) (154) (220)
Other, net (5) (8) (7)
Net cash used in investing activities (204) (162) (227)
Cash flows from financing activities      
Proceeds from issuances of debt and borrowings 1,262 1,228 1,397
Redemptions and repayments of debt (1,917) (2,030) (1,700)
Distributions (2,064) (2,235) (2,907)
Other (23) (21) (37)
Net cash used in financing activities (2,742) (3,058) (3,247)
Net decrease in cash, cash equivalents and restricted cash and cash equivalents (178) (252) (365)
Cash, Cash Equivalents—beginning of period 379 631 996
Cash, Cash Equivalents—end of period $ 201 $ 379 $ 631