Total consolidated revenues for 2025 decreased by $3.6 billion to $52.596 billion compared to $56.219 billion in 2024, primarily due to lower marketing revenues from NGLs, crude oil, petrochemicals, and refined products. Net income attributable to common unitholders slightly decreased to $5.810 billion in 2025 from $5.897 billion in 2024. Total gross operating margin increased slightly to $10.030 billion in 2025 from $9.984 billion in 2024. Net cash flow provided by operating activities increased by $470 million to $8.585 billion in 2025 compared to $8.115 billion in 2024. Distributable Cash Flow (DCF) increased to $8.000 billion in 2025 from $7.839 billion in 2024, resulting in a distribution coverage ratio of 1.7x for both years. Total organic capital investments for 2026 are projected to be between $3.1 billion and $3.5 billion, including $2.5 billion to $2.9 billion for organic growth and $580 million for sustaining capital expenditures. The company completed the sale of a 40% undivided joint interest in the Bahia NGL Pipeline to ExxonMobil for approximately $655 million in cash, with $60 million received in December 2025 and $595 million in January 2026. The 2019 Buyback Program was increased from $2.0 billion to $5.0 billion in October 2025, with $3.6 billion remaining available capacity. Issued $3.65 billion in aggregate principal amount of senior notes in June and November 2025 to fund growth capital investments, acquisitions, and debt repayment. Acquired an affiliate of Occidental Petroleum Corporation (Oxy) for $581 million in cash in August 2025, adding approximately 200 miles of natural gas gathering pipelines in the Midland Basin and securing a long-term service agreement with Oxy. Placed into service new natural gas processing trains (Mentone West 1 and Orion) in the Permian Basin and the first phase of the Neches River Ethane / Propane Export Facility in July 2025. The weighted-average indicative market price for NGLs was $0.59 per gallon in 2025, down from $0.60 per gallon in 2024. WTI crude oil averaged $64.84 per barrel in 2025, down from $75.73 per barrel in 2024. Henry Hub natural gas averaged $3.43 per MMBtu in 2025, up from $2.27 per MMBtu in 2024.