Quarterly report [Sections 13 or 15(d)]

Consolidated Balance Sheets

v3.26.1
Consolidated Balance Sheets - USD ($)
$ in Millions
Jun. 30, 2026
Dec. 31, 2025
Current assets    
Cash and cash equivalents $ 443 $ 182
Restricted cash and cash equivalents 23 19
Trade and other receivables, net of current expected credit losses 645 749
Advances to affiliates 165 145
Inventory 165 180
Prepaid expenses 62 42
Other current assets, net 17 21
Total current assets 1,520 1,338
Property, plant and equipment, net of accumulated depreciation 15,034 15,259
Operating lease assets 74 76
Deferred NPNS assets 669 0
Derivative assets 5 541
Other non-current assets, net $ 377 $ 223
Other Receivable, after Allowance for Credit Loss, Current, Related and Nonrelated Party Status [Extensible Enumeration] Affiliated Entity [Member] Affiliated Entity [Member]
Total assets $ 17,679 $ 17,437
Current liabilities    
Accounts payable 82 53
Accrued liabilities 736 1,047
Current debt, net of unamortized discount and debt issuance costs 109 306
Deferred revenue 102 119
Current portion of deferred NPNS liabilities 103 0
Current derivative liabilities 93 164
Other current liabilities 17 19
Total current liabilities 1,242 1,708
Long-term debt, net of unamortized discount and debt issuance costs 14,335 14,161
Deferred NPNS liabilities 1,081 0
Derivative liabilities 27 900
Other non-current liabilities 240 254
Total liabilities 16,925 17,023
Partners’ equity    
Common unitholders’ interest (484 million units issued and outstanding at both June 30, 2026 and December 31, 2025) 3,692 3,156
General partner’s interest (2% interest with 10 million units issued and outstanding at both June 30, 2026 and December 31, 2025) (2,938) (2,742)
Total partners’ equity 754 414
Total liabilities and partners’ equity 17,679 17,437
Nonrelated Party [Member]    
Current assets    
Trade and other receivables, net of current expected credit losses 349 511
Other current assets, net 16 21
Current liabilities    
Accrued liabilities 693 990
Other current liabilities 12 15
Other non-current liabilities 221 231
Affiliate [Member]    
Current assets    
Trade and other receivables, net of current expected credit losses 296 238
Other current assets, net 1 0
Current liabilities    
Accrued liabilities 43 57
Other current liabilities 5 4
Other non-current liabilities $ 19 $ 23