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

Net Income per Common Unit (Tables)

v3.25.4
Net Income per Common Unit (Tables)
 12 Months Ended
Dec. 31, 2025
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 general partner units and IDRs for purposes of computing basic and diluted net income per unit (in millions, except per unit data). The amounts in the table may not recalculate exactly due to rounding because it is calculated based on whole numbers, not the rounded numbers presented.
  Total Limited Partner Common Units General Partner Units
IDR
Year Ended December 31, 2025
Net income $ 2,987 
Less: declared distributions (1) 2,062  1,597  41  424 
Assumed allocation of undistributed net income (2) $ 925  907  18  — 
Assumed allocation of net income $ 2,504  $ 59  $ 424 
Weighted average units outstanding 484 
Basic and diluted net income per unit $ 5.17 
Year Ended December 31, 2024
Net income $ 2,510 
Less: declared distributions (1) 2,014  1,574  40  400 
Assumed allocation of undistributed net income (2) $ 496  486  10  — 
Assumed allocation of net income $ 2,060  $ 50  $ 400 
Weighted average units outstanding 484 
Basic and diluted net income per unit (3) $ 4.25 
Year Ended December 31, 2023
Net income $ 4,254 
Less: declared distributions (1) 2,861  1,997  57  807 
Assumed allocation of undistributed net income (2) $ 1,393  1,366  28  — 
Assumed allocation of net income $ 3,363  $ 85  $ 807 
Weighted average units outstanding 484 
Basic and diluted net income per unit $ 6.95 
(1)Represents distributions declared with respect to earnings of the respective period presented.
(2)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).
(3)Basic and diluted net income 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.