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Partners' Capital and Distributions (Tables) | 9 Months Ended
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Sep. 30, 2024
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, 2023 | 71,090,468 |  |  | 800,000 |  |  | 701,008,749 |
Issuances of common units under equity-indexed compensation plans | — |  |  | — |  |  | 62,282 |
Outstanding at March 31, 2024 | 71,090,468 |  |  | 800,000 |  |  | 701,071,031 |
Issuances of common units under equity-indexed compensation plans | — |  |  | — |  |  | 10,268 |
Outstanding at June 30, 2024 | 71,090,468 |  |  | 800,000 |  |  | 701,081,299 |
Issuances of common units under equity-indexed compensation plans | — |  |  | — |  |  | 2,587,760 |
Outstanding at September 30, 2024 | 71,090,468 |  |  | 800,000 |  |  | 703,669,059 |
| 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 |
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, |  |
| 2024 |  | 2023 |  | 2024 |  | 2023 |  |
Permian JV | $ | 87 |  |  | $ | 67 |  |  | $ | 235 |  |  | $ | 178 |  |  |
Cactus II | 20 |  |  | 14 |  |  | 56 |  |  | 43 |  |  |
Red River | 6 |  |  | 5 |  |  | 19 |  |  | 16 |  |  |
| $ | 113 |  |  | $ | 86 |  |  | $ | 310 |  |  | $ | 237 |  |  |
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 2024 (in millions, except per unit data):
|  | Series A Preferred Unitholders
Distribution Payment Date |  | Cash Distribution |  |  | Distribution per Unit
November 14, 2024 (1) |  | $ | 44 |  |  |  | $ | 0.615 |
August 14, 2024 |  | $ | 44 |  |  |  | $ | 0.615 |
May 15, 2024 |  | $ | 44 |  |  |  | $ | 0.615 |
February 14, 2024 |  | $ | 44 |  |  |  | $ | 0.615 |
(1)Payable to unitholders of record at the close of business on October 31, 2024 for the period from July 1, 2024 through September 30, 2024. At September 30, 2024, 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, 2024 (1) |  | $ | 19 |  |  |  | $ | 24.25 |
August 15, 2024 |  | $ | 20 |  |  |  | $ | 24.77 |
May 15, 2024 |  | $ | 19 |  |  |  | $ | 24.20 |
February 15, 2024 |  | $ | 20 |  |  |  | $ | 24.92 |
(1)Payable to unitholders of record at the close of business on November 1, 2024 for the period from August 15, 2024 through November 14, 2024. At September 30, 2024, 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 2024 (in millions, except per unit data):
|  | Distributions |  |  | Distribution per Common Unit
|  | Common Unitholders |  | Total Cash Distribution |  |
Distribution Payment Date |  | Public |  | AAP |  |  |
November 14, 2024 (1) |  | $ | 149 |  |  | $ | 74 |  |  | $ | 223 |  |  |  | $ | 0.3175 |
August 14, 2024 |  | $ | 149 |  |  | $ | 74 |  |  | $ | 223 |  |  |  | $ | 0.3175 |
May 15, 2024 |  | $ | 149 |  |  | $ | 74 |  |  | $ | 223 |  |  |  | $ | 0.3175 |
February 14, 2024 |  | $ | 149 |  |  | $ | 74 |  |  | $ | 223 |  |  |  | $ | 0.3175 |
(1)Payable to unitholders of record at the close of business on October 31, 2024 for the period from July 1, 2024 through September 30, 2024.

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