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Partners' Capital and Distributions (Tables)

9 Months Ended

Sep. 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
Issuances of common units under equity-indexed compensation plans			—						—						2,193,318
Outstanding at September 30, 2025			58,411,908						800,000						705,497,770

 

			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

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,
			2025						2024						2025						2024
Permian JV			$	85					$	87					$	268					$	235
Cactus II			21						20						59						56
Red River			4						6						12						19
			$	110					$	113					$	339					$	310

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 nine months of 2025 (in millions, except per unit data):

																		Series A Preferred Unitholders
Distribution Payment Date						Record Date (1)						Distribution Period						Cash Distribution									Distribution per Unit
November 14, 2025 (2)						October 31, 2025						July 1, 2025 through September 30, 2025						$	36								$	0.615
August 14, 2025						July 31, 2025						April 1, 2025 through June 30, 2025						$	36								$	0.615
May 15, 2025						May 1, 2025						January 1, 2025 through March 31, 2025						$	36								$	0.615
February 14, 2025						January 31, 2025						October 1, 2024 through December 31, 2024						$	36								$	0.615

(1)Payable to unitholders of record at the close of business on the applicable Record Date.

(2)At September 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
November 17, 2025 (2)						November 3, 2025						August 15, 2025 through November 14, 2025						$	18								$	21.93
August 15, 2025						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 September 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 nine months of 2025 (in millions, except per unit data):

																		Distributions																					Distribution per Common Unit
Distribution Payment Date						Record Date (1)						Distribution Period						Common Unitholders												Total Cash Distribution
																		Public						AAP
November 14, 2025						October 31, 2025						July 1, 2025 through September 30, 2025						$	180					$	88					$	268								$	0.38
August 14, 2025						July 31, 2025						April 1, 2025 through June 30, 2025						$	179					$	88					$	267								$	0.38
May 15, 2025						May 1, 2025						January 1, 2025 through March 31, 2025						$	179					$	88					$	267								$	0.38
February 14, 2025						January 31, 2025						October 1, 2024 through 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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