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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Operating activities    
Net income $ 691 $ 639
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 380 254
Equity in net earnings from investments (Note I) (108) (76)
Distributions received from unconsolidated affiliates 101 78
Deferred income taxes 170 180
Other, net 14 23
Changes in assets and liabilities:    
Accounts receivable (322) 6
Inventories, net of commodity imbalances (113) (179)
Accounts payable 281 (29)
Risk-management assets and liabilities (34) (144)
Other assets and liabilities, net (156) (156)
Cash provided by operating activities 904 596
Investing activities    
Capital expenditures (less allowance for equity funds used during construction) (629) (512)
Purchases of and contributions to unconsolidated affiliates (82) (92)
Other, net 17 26
Cash used in investing activities (694) (578)
Financing activities    
Dividends paid (643) (578)
Short-term borrowings, net 200 320
Repurchase of common stock (30) 0
Repayment of long-term debt (Note E) (250) 0
Other, net (79) (33)
Cash used in financing activities (802) (291)
Change in cash and cash equivalents (592) (273)
Cash and cash equivalents at beginning of period 733 338
Cash and cash equivalents at end of period $ 141 $ 65