Quarterly report [Sections 13 or 15(d)]

Consolidated Balance Sheets

v3.26.1
Consolidated Balance Sheets - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Current assets    
Cash and cash equivalents $ 279 $ 182
Restricted cash and cash equivalents 22 19
Trade and other receivables, net of current expected credit losses 592 749
Advances to affiliates 142 145
Inventory 151 180
Current derivative assets 3 0
Prepaid expenses 34 42
Other current assets, net 27 21
Total current assets 1,250 1,338
Property, plant and equipment, net of accumulated depreciation 15,106 15,259
Operating lease assets 75 76
Derivative assets 464 541
Other non-current assets, net $ 211 $ 223
Other Receivable, after Allowance for Credit Loss, Current, Related and Nonrelated Party Status [Extensible Enumeration] Affiliated Entity [Member] Affiliated Entity [Member]
Total assets $ 17,106 $ 17,437
Current liabilities    
Accounts payable 52 53
Accrued liabilities 768 1,047
Current debt, net of unamortized discount and debt issuance costs 1,606 306
Deferred revenue 93 119
Current derivative liabilities 447 164
Other current liabilities 17 19
Total current liabilities 2,983 1,708
Long-term debt, net of unamortized discount and debt issuance costs 12,612 14,161
Derivative liabilities 1,187 900
Other non-current liabilities 246 254
Total liabilities 17,028 17,023
Partners’ equity    
Common unitholders’ interest (484 million units issued and outstanding at both March 31, 2026 and December 31, 2025) 2,936 3,156
General partner’s interest (2% interest with 10 million units issued and outstanding at both March 31, 2026 and December 31, 2025) (2,858) (2,742)
Total partners’ equity 78 414
Total liabilities and partners’ equity 17,106 17,437
Nonrelated Party [Member]    
Current assets    
Trade and other receivables, net of current expected credit losses 281 511
Current liabilities    
Accrued liabilities 732 990
Other current liabilities 12 15
Other non-current liabilities 227 231
Affiliate [Member]    
Current assets    
Trade and other receivables, net of current expected credit losses 311 238
Current liabilities    
Accrued liabilities 36 57
Other current liabilities 5 4
Other non-current liabilities $ 19 $ 23