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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
OPERATING ACTIVITIES    
Net income $ 2,042 $ 992
Adjustments to reconcile net income to net cash from operating activities:    
(Gain) loss on derivatives, net (153) 419
Cash from settlement of derivatives, net 29 367
Loss on financing transactions 109 63
Deferred taxes 393 264
Non-cash interest expense 63 81
Depreciation and amortization 511 483
Stock-based compensation 27 23
Changes in operating assets and liabilities:    
Accounts receivable 74 (320)
Inventory (29) (15)
Prepaid expenses and other current assets (39) (32)
Accounts payable and accrued liabilities (188) 280
Other, net (4) (33)
Net cash from operating activities 2,835 2,572
INVESTING ACTIVITIES    
Capital expenditures (6,900) (6,446)
Other investing activities, net 225 42
Net cash used by investing activities (6,675) (6,404)
FINANCING ACTIVITIES    
Issuance of debt and draws on credit facilities 11,630 3,768
IPO issuance of Class A common stock 0 1,750
Repayment of debt (4,083) (2,815)
Redemption of CP Funding Redeemable Preferred Units (1,743) 0
Financing and issuance costs (506) (232)
Payments of subsidiary dividends and distributions (210) (247)
Payments of dividends on common stock (89) 0
Other financing activities, net 6 (84)
Net cash from financing activities 5,005 2,140
Net increase (decrease) in cash, cash equivalents and restricted cash 1,165 (1,692)
Cash, cash equivalents and restricted cash at beginning of period 3,425 4,614
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD $ 4,590 $ 2,922