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Partners' Capital and Distributions (Tables) | 6 Months Ended
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Jun. 30, 2025
Partners Capital and Distribution [Line Items] |
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, 2024 | 71,090,468 |  |  | 800,000 |  |  | 703,770,300 |
Repurchase of Series A preferred units | (12,678,560) |  |  | — |  |  | — |
Issuances of common units under equity-indexed compensation plans | — |  |  | — |  |  | 5,650 |
Outstanding at March 31, 2025 | 58,411,908 |  |  | 800,000 |  |  | 703,775,950 |
Repurchase and cancellation of common units under the Common Equity Repurchase Program | — |  |  | — |  |  | (476,695) |
Issuances of common units under equity-indexed compensation plans | — |  |  | — |  |  | 5,197 |
Outstanding at June 30, 2025 | 58,411,908 |  |  | 800,000 |  |  | 703,304,452 |
| 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 |
Schedule of Distributions to Noncontrolling Interests | The following table details distributions paid to noncontrolling interests during the periods presented (in millions):
| Three Months Ended June 30, |  | Six Months Ended June 30, |  |
| 2025 |  | 2024 |  | 2025 |  | 2024 |  |
Permian JV | $ | 78 |  |  | $ | 74 |  |  | $ | 183 |  |  | $ | 148 |  |  |
Cactus II | 16 |  |  | 16 |  |  | 38 |  |  | 37 |  |  |
Red River | 3 |  |  | 7 |  |  | 8 |  |  | 13 |  |  |
| $ | 97 |  |  | $ | 97 |  |  | $ | 229 |  |  | $ | 198 |  |  |
Series A Preferred Units |
Partners Capital and Distribution [Line Items] |
Schedule of Distributions | The following table details distributions to our Series A preferred unitholders paid during or pertaining to the first six months of 2025 (in millions, except per unit data):
|  |  |  |  |  | Series A Preferred Unitholders
Distribution Payment Date |  | Record Date (1) |  | Quarter Ended |  | Cash Distribution |  |  | Distribution per Unit
August 14, 2025 (2) |  | July 31, 2025 |  | June 30, 2025 |  | $ | 36 |  |  |  | $ | 0.615 |
May 15, 2025 |  | May 1, 2025 |  | March 31, 2025 |  | $ | 36 |  |  |  | $ | 0.615 |
February 14, 2025 |  | January 31, 2025 |  | December 31, 2024 |  | $ | 36 |  |  |  | $ | 0.615 |
(1)Payable to unitholders of record at the close of business on the applicable Record Date. (2)At June 30, 2025, such amount was accrued as distributions payable in “Other current liabilities” on our Condensed Consolidated Balance Sheet.
Series B Preferred Units |
Partners Capital and Distribution [Line Items] |
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 |  | Record Date (1) |  | Distribution Period |  | Cash Distribution |  |  | Distribution per Unit
August 15, 2025 (2) |  | August 1, 2025 |  | May 15, 2025 through August 14, 2025 |  | $ | 18 |  |  |  | $ | 22.23 |
May 15, 2025 |  | May 1, 2025 |  | February 15, 2025 through May 14, 2025 |  | $ | 17 |  |  |  | $ | 21.49 |
February 18, 2025 |  | February 3, 2025 |  | November 15, 2024 through February 14, 2025 |  | $ | 18 |  |  |  | $ | 22.73 |
(1)Payable to unitholders of record at the close of business on the applicable Record Date. (2)At June 30, 2025, approximately $9 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 |
Partners Capital and Distribution [Line Items] |
Schedule of Distributions | The following table details distributions to our common unitholders paid during or pertaining to the first six months of 2025 (in millions, except per unit data):
|  |  |  |  |  | Distributions |  |  | Distribution per Common Unit
Distribution Payment Date |  | Record Date (1) |  | Quarter Ended |  | Common Unitholders |  | Total Cash Distribution |  |
|  |  | Public |  | AAP |  |  |
August 14, 2025 |  | July 31, 2025 |  | June 30, 2025 |  | $ | 179 |  |  | $ | 88 |  |  | $ | 267 |  |  |  | $ | 0.38 |
May 15, 2025 |  | May 1, 2025 |  | March 31, 2025 |  | $ | 179 |  |  | $ | 88 |  |  | $ | 267 |  |  |  | $ | 0.38 |
February 14, 2025 |  | January 31, 2025 |  | December 31, 2024 |  | $ | 179 |  |  | $ | 88 |  |  | $ | 267 |  |  |  | $ | 0.38 |
(1)Payable to unitholders of record at the close of business on the applicable Record Date.

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