Quarterly report [Sections 13 or 15(d)]

Net Income per Common Unit (Tables)

v3.26.1
Net Income per Common Unit (Tables)
 3 Months Ended
Mar. 31, 2026
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
Three Months Ended March 31, 2026
Net income $ 186 
Less: declared distributions (1) 482  382  10  90 
Assumed allocation of undistributed net loss (2) $ (296) (290) (6) — 
Assumed allocation of net income $ 92  $ 4  $ 90 
Weighted average units outstanding 484 
Basic and diluted net income per unit $ 0.19 
Three Months Ended March 31, 2025
Net income $ 641 
Less: declared distributions (1) 511  397  10  104 
Assumed allocation of undistributed net income (2) $ 130  128  3  — 
Assumed allocation of net income $ 525  $ 13  $ 104 
Weighted average units outstanding 484 
Basic and diluted net income per unit $ 1.08 
(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).