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Consolidated Statements Of Operations - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
REVENUES:        
Total revenues $ 20,739 $ 22,939 $ 58,054 $ 69,375
COSTS AND EXPENSES:        
Cost of products sold 16,059 18,516 44,761 56,169
Operating expenses 1,105 973 3,224 2,982
Depreciation, depletion and amortization 1,107 1,030 3,227 3,104
Selling, general and administrative 234 361 700 802
Impairment losses and other 1 86 12 386
Total costs and expenses 18,506 20,966 51,924 63,443
OPERATING INCOME 2,233 1,973 6,130 5,932
OTHER INCOME (EXPENSE):        
Interest expense, net of interest capitalized (632) (577) (1,892) (1,714)
Equity in earnings of unconsolidated affiliates 103 68 286 186
Gains on interest rate derivatives 32 60 47 303
Gain (Loss) Related to Litigation Settlement (625) 0 (625) 0
INCOME BEFORE INCOME TAX EXPENSE 1,124 1,404 3,983 4,590
Income tax expense 77 82 256 159
Net income 1,047 1,322 3,727 4,431
Less: Net income attributable to noncontrolling interests 451 304 1,080 793
Less: Net income attributable to redeemable noncontrolling interests 12 12 39 37
NET INCOME ATTRIBUTABLE TO PARTNERS 584 1,006 2,608 3,601
Less: General Partner’s interest in net income 0 1 2 3
Preferred Unitholders’ interest in net income 118 106 340 317
Common Unitholders’ interest in net income $ 466 $ 899 $ 2,266 $ 3,281
NET INCOME PER COMMON UNIT:        
Basic $ 0.15 $ 0.29 $ 0.73 $ 1.06
Diluted $ 0.15 $ 0.29 $ 0.72 $ 1.06
Other, net $ 13 $ (120) $ 37 $ (117)
Refined product sales        
NET INCOME PER COMMON UNIT:        
Revenue 6,403 6,647 17,691 20,043
NGL sales        
NET INCOME PER COMMON UNIT:        
Revenue 3,760 4,823 11,409 15,828
Natural gas sales        
NET INCOME PER COMMON UNIT:        
Revenue 878 2,648 2,462 6,830
Other        
NET INCOME PER COMMON UNIT:        
Revenue 287 218 782 628
Crude sales        
NET INCOME PER COMMON UNIT:        
Revenue 6,587 5,773 17,298 17,758
Gathering, transportation and other fees        
NET INCOME PER COMMON UNIT:        
Revenue $ 2,824 $ 2,830 $ 8,412 $ 8,288