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Partners' Capital and Distributions (Tables)

9 Months Ended

Sep. 30, 2023

Limited Partners' Capital Account

Schedule of Activity for Preferred Units and Common Units

The following tables present the activity for our preferred and common units:

			Limited Partners
			Series A Preferred Units						Series B Preferred Units						Common Units
Outstanding at December 31, 2022			71,090,468						800,000						698,354,498
Issuances of common units under equity-indexed compensation plans			—						—						35,508
Outstanding at March 31, 2023 and June 30, 2023			71,090,468						800,000						698,390,006
Issuances of common units under equity-indexed compensation plans			—						—						2,602,506
Outstanding at September 30, 2023			71,090,468						800,000						700,992,512

 

			Limited Partners
			Series A Preferred Units						Series B Preferred Units						Common Units
Outstanding at December 31, 2021			71,090,468						800,000						704,991,540
Repurchase and cancellation of common units under the Common Equity Repurchase Program			—						—						(2,375,299)
Issuances of common units under equity-indexed compensation plans			—						—						51,937
Outstanding at March 31, 2022			71,090,468						800,000						702,668,178
Repurchase and cancellation of common units under the Common Equity Repurchase Program			—						—						(4,876,062)
Issuances of common units under equity-indexed compensation plans			—						—						147,830
Outstanding at June 30, 2022			71,090,468						800,000						697,939,946
Issuances of common units under equity-indexed compensation plans			—						—						392,739
Outstanding at September 30, 2022			71,090,468						800,000						698,332,685

Schedule of Distributions to Noncontrolling Interests

The following table details distributions paid to noncontrolling interests during the periods presented (in millions):

			Three Months Ended September 30,												Nine Months Ended September 30,
			2023						2022						2023						2022
Permian JV			$	67					$	68					$	178					$	179
Cactus II (1)			14						—						43						—
Red River			5						5						16						15
			$	86					$	73					$	237					$	194

(1)In November 2022, we acquired an additional interest in Cactus II which, combined with changes in the governance of this entity, resulted in our obtaining control of the entity. Subsequent to this transaction, we reflect Cactus II as a consolidated subsidiary. See Note 7 to our Consolidated Financial Statements included in Part IV of our 2022 Annual Report on Form 10-K for additional information on the Cactus II transaction.

Series A Preferred Units

Limited Partners' Capital Account

Schedule of Distributions

The following table details distributions to our Series A preferred unitholders paid during or pertaining to the first nine months of 2023 (in millions, except per unit data):

						Series A Preferred Unitholders
Distribution Payment Date						Cash Distribution									Distribution per Unit
November 14, 2023 (1)						$	44								$	0.615
August 14, 2023						$	44								$	0.615
May 15, 2023						$	42								$	0.585
February 14, 2023						$	37								$	0.525

(1)Payable to unitholders of record at the close of business on October 31, 2023 for the period from July 1, 2023 through September 30, 2023. At September 30, 2023, such amount was accrued as distributions payable in “Other current liabilities” on our Condensed Consolidated Balance Sheet.

Series B Preferred Units

Limited Partners' Capital Account

Schedule of Distributions

The following table details distributions paid or to be paid to our Series B preferred unitholders (in millions, except per unit data):

						Series B Preferred Unitholders
Distribution Payment Date						Cash Distribution									Distribution per Unit
November 15, 2023 (1)						$	20								$	24.88
August 15, 2023						$	19								$	24.10
May 15, 2023						$	18								$	22.18
February 15, 2023						$	18								$	22.27

(1)Payable to unitholders of record at the close of business on November 1, 2023 for the period from August 15, 2023 through November 14, 2023. At September 30, 2023, approximately $10 million of accrued distributions payable to our Series B preferred unitholders was included in “Other current liabilities” on our Condensed Consolidated Balance Sheet.

Common Units

Limited Partners' Capital Account

Schedule of Distributions

The following table details distributions to our common unitholders paid during or pertaining to the first nine months of 2023 (in millions, except per unit data):

						Distributions																					Cash Distribution per Common Unit
						Common Unitholders												Total Cash Distribution
Distribution Payment Date						Public						AAP
November 14, 2023 (1)						$	125					$	62					$	187								$	0.2675
August 14, 2023						$	123					$	64					$	187								$	0.2675
May 15, 2023						$	122					$	65					$	187								$	0.2675
February 14, 2023						$	122					$	65					$	187								$	0.2675

(1)Payable to unitholders of record at the close of business on October 31, 2023 for the period from July 1, 2023 through September 30, 2023.

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