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Consolidated Statements Of Operations - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
REVENUES:        
Total revenues $ 18,320 $ 25,945 $ 37,315 $ 46,436
COSTS AND EXPENSES:        
Cost of products sold 14,092 21,515 28,702 37,653
Operating expenses 1,094 1,060 2,119 2,009
Depreciation, depletion and amortization 1,061 1,046 2,120 2,074
Selling, general and administrative 228 211 466 441
Impairment losses 10 0 11 300
Total costs and expenses 16,485 23,832 33,418 42,477
OPERATING INCOME 1,835 2,113 3,897 3,959
OTHER INCOME (EXPENSE):        
Interest expense, net of interest capitalized (641) (578) (1,260) (1,137)
Equity in earnings of unconsolidated affiliates 95 62 183 118
Gains on interest rate derivatives 35 129 15 243
INCOME BEFORE INCOME TAX EXPENSE 1,341 1,708 2,859 3,186
Income tax expense 108 86 179 77
Net income 1,233 1,622 2,680 3,109
Less: Net income attributable to noncontrolling interests 308 284 629 489
Less: Net income attributable to redeemable noncontrolling interests 14 12 27 25
NET INCOME ATTRIBUTABLE TO PARTNERS 911 1,326 2,024 2,595
Less: General Partner’s interest in net income 1 1 2 2
Preferred Unitholders’ interest in net income 113 105 222 211
Common Unitholders’ interest in net income $ 797 $ 1,220 $ 1,800 $ 2,382
NET INCOME PER COMMON UNIT:        
Basic $ 0.25 $ 0.40 $ 0.58 $ 0.77
Diluted $ 0.25 $ 0.39 $ 0.57 $ 0.77
Other, net $ 17 $ (18) $ 24 $ 3
Refined product sales        
NET INCOME PER COMMON UNIT:        
Revenue 5,834 7,950 11,288 13,396
NGL sales        
NET INCOME PER COMMON UNIT:        
Revenue 3,489 5,896 7,649 11,005
Natural gas sales        
NET INCOME PER COMMON UNIT:        
Revenue 685 2,429 1,584 4,182
Other        
NET INCOME PER COMMON UNIT:        
Revenue 268 222 495 410
Crude sales        
NET INCOME PER COMMON UNIT:        
Revenue 5,233 6,683 10,711 11,985
Gathering, transportation and other fees        
NET INCOME PER COMMON UNIT:        
Revenue $ 2,811 $ 2,765 $ 5,588 $ 5,458