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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Operating activities      
Net income $ 2,659 $ 1,722 $ 1,500
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 769 626 622
Equity in net earnings from investments (202) (148) (122)
Distributions received from unconsolidated affiliates 202 147 123
Deferred income taxes 829 464 472
Medford settlement gain (779) 0 0
Medford settlement proceeds 502 61 0
Other, net 83 92 94
Changes in assets and liabilities:      
Accounts receivable 107 (148) (611)
Inventories, net of commodity imbalances 118 (62) (105)
Accounts payable (62) (26) 622
Risk-management assets and liabilities 96 197 (94)
Other assets and liabilities, net 99 (19) 45
Cash provided by operating activities 4,421 2,906 2,546
Investing activities      
Capital expenditures (less allowance for equity funds used during construction) (1,595) (1,202) (697)
Cash paid for Magellan Acquisition, net of cash acquired (5,015) 0 0
Contributions to unconsolidated affiliates (207) (3) (1)
Distributions received from unconsolidated affiliates in excess of cumulative earnings 50 20 19
Medford settlement proceeds 328 39 0
Other, net 35 7 14
Cash used in investing activities (6,404) (1,139) (665)
Financing activities      
Dividends paid (1,839) (1,672) (1,667)
Issuance of long-term debt, net of discounts 5,298 869 0
Repayment of long-term debt (1,300) (896) (605)
Debt financing costs (71) (8) 0
Other, net 13 14 13
Cash provided by (used in) financing activities 2,101 (1,693) (2,259)
Change in cash and cash equivalents 118 74 (378)
Cash and cash equivalents at beginning of period 220 146 524
Cash and cash equivalents at end of period 338 220 146
Supplemental cash flow information:      
Cash paid for interest, net of amounts capitalized 653 582 692
Cash paid for income taxes, net of refunds $ 37 $ 59 $ 9