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Partners' Capital and Distributions
 9 Months Ended
Sep. 30, 2024
Partners' Capital Notes [Abstract]  
Partners' Capital and Distributions Partners’ Capital and Distributions
 
Units Outstanding
 
The following tables present the activity for our preferred and common units:

 Limited Partners
 Series A Preferred UnitsSeries B Preferred UnitsCommon Units
Outstanding at December 31, 202371,090,468 800,000 701,008,749 
Issuances of common units under equity-indexed compensation plans— — 62,282 
Outstanding at March 31, 202471,090,468 800,000 701,071,031 
Issuances of common units under equity-indexed compensation plans— — 10,268 
Outstanding at June 30, 202471,090,468 800,000 701,081,299 
Issuances of common units under equity-indexed compensation plans— — 2,587,760 
Outstanding at September 30, 202471,090,468 800,000 703,669,059 
 
 Limited Partners
 Series A Preferred UnitsSeries B Preferred UnitsCommon Units
Outstanding at December 31, 202271,090,468 800,000 698,354,498 
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, 202371,090,468 800,000 700,992,512 
Distributions

Series A Preferred Unit Distributions. Distributions on the Series A preferred units accumulate and are payable quarterly within 45 days following the end of each quarter. See Note 11 to our Consolidated Financial Statements included in Part IV of our 2023 Annual Report on Form 10-K for additional information regarding Series A preferred unit 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 DateCash DistributionDistribution 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 Unit Distributions. Distributions on the Series B preferred units accumulate and are payable quarterly in arrears on the 15th day of February, May, August and November. See Note 11 to our Consolidated Financial Statements included in Part IV of our 2023 Annual Report on Form 10-K for additional information regarding Series B preferred unit 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 DateCash 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 Unit 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 UnitholdersTotal Cash Distribution
Distribution Payment DatePublicAAP
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.
Noncontrolling Interests in Subsidiaries

As of September 30, 2024, noncontrolling interests in our subsidiaries consisted of (i) a 35% interest in Plains Oryx Permian Basin LLC (the “Permian JV”), (ii) a 30% interest in Cactus II Pipeline LLC (“Cactus II”) and (iii) a 33% interest in Red River Pipeline Company LLC (“Red River”).

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,
2024202320242023
Permian JV$87 $67 $235 $178 
Cactus II
20 14 56 43 
Red River6 5 19 16 
$113 $86 $310 $237