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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Operating activities    
Net income $ 1,971 $ 1,237
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 509 469
Equity in net earnings from investments (132) (111)
Distributions received from unconsolidated affiliates 134 110
Deferred income taxes 599 345
Medford settlement gain (779) 0
Medford settlement proceeds 502 0
Other, net 79 46
Changes in assets and liabilities:    
Accounts receivable 153 (260)
Inventories, net of commodity imbalances (104) (165)
Accounts payable 38 296
Other assets and liabilities, net (57) (101)
Cash provided by operating activities 2,913 1,866
Investing activities    
Capital expenditures (less allowance for equity funds used during construction) (992) (886)
Cash paid for Magellan Acquisition, net of cash acquired (5,008) 0
Contributions to unconsolidated affiliates (111) (2)
Distributions received from unconsolidated affiliates in excess of cumulative earnings 18 18
Medford settlement proceeds 328 0
Other, net 6 6
Cash used in investing activities (5,759) (864)
Financing activities    
Dividends paid (1,283) (1,253)
Short-term borrowings, net 0 901
Issuance of long-term debt, net of discounts 5,298 120
Debt financing costs (71) (1)
Repayment of long-term debt (1,040) (896)
Other, net 6 3
Cash provided by (used in) financing activities 2,910 (1,126)
Change in cash and cash equivalents 64 (124)
Cash and cash equivalents at beginning of period 220 146
Cash and cash equivalents at end of period $ 284 $ 22