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Net Income per Common Unit | 9 Months Ended
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Sep. 30, 2025
Earnings Per Share [Abstract] |
Net Income per Common Unit | NET INCOME PER COMMON UNIT Net income per common unit for a given period is based on the distributions we incur to the common unitholders with respect to earnings or losses of the reporting period plus an allocation of undistributed net income or loss based on provisions of the partnership agreement, divided by the weighted average number of common units outstanding. Distributions declared by us during the period are presented on the Consolidated Statements of Partners’ Deficit. On October 28, 2025, we declared a cash distribution of $0.830 per common unit to unitholders of record as of November 7, 2025, and the related general partner distribution, to be paid on November 14, 2025 with respect to the three months ended September 30, 2025. These distributions consist of a base amount of $0.775 per unit and a variable amount of $0.055 per unit. The two-class method dictates that net income for a period be reduced by the amount of available cash that will be distributed with respect to that period and that any residual amount representing undistributed net income be allocated to common unitholders and other participating unitholders to the extent that each unit may share in net income as if all of the net income for the period had been distributed in accordance with the partnership agreement. Undistributed income is allocated to participating securities based on the distribution waterfall for available cash specified in the partnership agreement. Undistributed losses (including those resulting from distributions in excess of net income) are allocated to common units and other participating securities on a pro rata basis based on provisions of the partnership agreement. Distributions are treated as distributed earnings in the computation of earnings per common unit in the current period even though cash distributions are not necessarily derived from current period earnings. The following table provides a reconciliation of net income and the allocation of net income to the common units, the general partner units and IDRs for purposes of computing basic and diluted net income per unit (in millions, except per unit data). The amounts in the table may not recalculate exactly due to rounding because it is calculated based on whole numbers, not the rounded numbers presented.
|  | Total |  | Limited Partner Common Units |  |  |  |  |  | General Partner Units |  | IDR
Three Months Ended September 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 506 |  |  |  |  |  |  |  |  |  |  |
Less: declared distributions (1) |  | 520 |  |  | 402 |  |  |  |  |  |  | 10 |  |  | 108 |
Assumed allocation of undistributed net loss (2) |  | $ | (14) |  |  | (14) |  |  |  |  |  |  | — |  |  | — |
Assumed allocation of net income |  |  |  | $ | 388 |  |  |  |  |  |  | $ | 10 |  |  | $ | 108 |
Weighted average units outstanding |  |  |  | 484.0 |  |  |  |  |  |  |  |  |
Basic and diluted net income per unit |  |  |  | $ | 0.80 |  |  |  |  |  |  |  |  |
Three Months Ended September 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 635 |  |  |  |  |  |  |  |  |  |  |
Less: declared distributions (1) |  | 501 |  |  | 392 |  |  |  |  |  |  | 10 |  |  | 99 |
Assumed allocation of undistributed net income (2) |  | $ | 134 |  |  | 132 |  |  |  |  |  |  | 3 |  |  | — |
Assumed allocation of net income |  |  |  | $ | 524 |  |  |  |  |  |  | $ | 13 |  |  | $ | 99 |
Weighted average units outstanding |  |  |  | 484.0 |  |  |  |  |  |  |  |  |
Basic and diluted net income per unit |  |  |  | $ | 1.08 |  |  |  |  |  |  |  |  |
Nine Months Ended September 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 1,700 |  |  |  |  |  |  |  |  |  |  |
Less: declared distributions (1) |  | 1,542 |  |  | 1,196 |  |  |  |  |  |  | 31 |  |  | 315 |
Assumed allocation of undistributed net income (2) |  | $ | 158 |  |  | 155 |  |  |  |  |  |  | 3 |  |  | — |
Assumed allocation of net income |  |  |  | $ | 1,351 |  |  |  |  |  |  | $ | 34 |  |  | $ | 315 |
Weighted average units outstanding |  |  |  | 484.0 |  |  |  |  |  |  |  |  |
Basic and diluted net income per unit |  |  |  | $ | 2.79 |  |  |  |  |  |  |  |  |
Nine Months Ended September 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 1,887 |  |  |  |  |  |  |  |  |  |  |
Less: declared distributions (1) |  | 1,503 |  |  | 1,176 |  |  |  |  |  |  | 30 |  |  | 297 |
Assumed allocation of undistributed net income (2) |  | $ | 384 |  |  | 376 |  |  |  |  |  |  | 8 |  |  | — |
Assumed allocation of net income |  |  |  | $ | 1,552 |  |  |  |  |  |  | $ | 38 |  |  | $ | 297 |
Weighted average units outstanding |  |  |  | 484.0 |  |  |  |  |  |  |  |  |
Basic and diluted net income per unit |  |  |  | $ | 3.21 |  |  |  |  |  |  |  |  |
(1)Represents distributions declared with respect to earnings of the respective period. (2)Under our partnership agreement, the IDRs participate in net income only to the extent of the amount of cash distributions actually declared, thereby excluding the IDRs from participating in undistributed net income (loss).

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