Quarterly report [Sections 13 or 15(d)]

Consolidated Statements of Cash Flows

v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities    
Net income $ 1,347 $ 1,194
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization expense 348 342
Amortization of discount and debt issuance costs 11 12
Total losses (gains) on derivative instruments, net 142 (121)
Net cash used for settlement of derivative instruments (33) (13)
Other, net 8 9
Changes in operating assets and liabilities:    
Trade and other receivables 162 119
Trade and other receivables—affiliate (58) 16
Trade receivables—related party 0 1
Advances to affiliates (5) (79)
Inventory 15 (3)
Accounts payable and accrued liabilities (271) (169)
Accounts payable and accrued liabilities—related party 0 (5)
Due to affiliates (13) (21)
Total deferred revenue (23) (16)
Other, net (16) (39)
Other, net—affiliate (5) (4)
Net cash provided by operating activities 1,609 1,223
Cash flows from investing activities    
Property, plant and equipment (297) (128)
Other, net (2) (3)
Net cash used in investing activities (299) (131)
Cash flows from financing activities    
Proceeds from issuances of debt and borrowings 1,903 265
Redemptions and repayments of debt and borrowings (1,913) (565)
Distributions (1,007) (1,025)
Other, net (28) (2)
Net cash used in financing activities (1,045) (1,327)
Net increase (decrease) in cash, cash equivalents and restricted cash and cash equivalents 265 (235)
Cash, Cash Equivalents—beginning of period 201 379
Cash, Cash Equivalents—end of period $ 466 $ 144