Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities      
Net income (loss) $ 4,254 $ 2,498 $ 1,630
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization expense 672 634 557
Amortization of debt issuance costs, premium and discount 28 30 29
Loss on modification or extinguishment of debt 6 33 101
Total losses (gains) on derivative instruments, net (2,082) 1,158 (29)
Total gains on derivatives instruments, net—related party 0 0 (2)
Net cash used for settlement of derivative instruments (2) (102) (17)
Other 20 44 27
Changes in operating assets and liabilities:      
Trade and other receivables, net of current expected credit losses 254 (112) (204)
Trade receivables—affiliate 273 (335) (32)
Accounts receivable—related party 0 0 (1)
Advances to affiliate 85 (36) 2
Inventory 18 12 (68)
Margin deposits 35 (28) (3)
Accounts payable and accrued liabilities (467) 354 321
Accrued liabilities—related party (2) 3 (1)
Due to affiliates (18) 20 1
Total deferred revenue 46 (11) 18
Other, net (11) (24) (38)
Other, net—affiliate 0 11 0
Net cash provided by operating activities 3,109 4,149 2,291
Cash flows from investing activities      
Property, plant and equipment, net (220) (451) (648)
Other (7) 0 0
Net cash used in investing activities (227) (451) (648)
Cash flows from financing activities      
Proceeds from issuances of debt 1,397 559 3,182
Redemptions and repayments of debt (1,700) (1,560) (3,600)
Distributions (2,907) (2,635) (1,451)
Other (37) (40) (107)
Net cash used in financing activities (3,247) (3,676) (1,976)
Net increase (decrease) in cash, cash equivalents and restricted cash and cash equivalents (365) 22 (333)
Cash, Cash Equivalents—beginning of period 996 974 1,307
Cash, Cash Equivalents—end of period $ 631 $ 996 $ 974