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Business Segments and Related Information (Tables)

6 Months Ended

Jun. 30, 2024

Business Segments [Abstract]

Measurement of Total Segment Gross Operating Margin

The following table presents our measurement of total segment gross operating margin for the periods presented.  The GAAP financial measure most directly comparable to total segment gross operating margin is operating income.

		For the Three Months Ended June 30,								For the Six Months Ended June 30,
		2024				2023				2024				2023
Operating income		$	1,765			$	1,579			$	3,587			$	3,313
Adjustments to reconcile operating income to total segment gross operating margin    (addition or subtraction indicated by sign):
Depreciation, amortization and accretion expense in operating costs and expenses (1)			581				545				1,163				1,078
Asset impairment charges in operating costs and expenses			4				3				24				16
Net losses (gains) attributable to asset sales and related matters in operating costs    and expenses			5				(2	)			5				(4	)
General and administrative costs			57				56				123				113
Non-refundable payments received from shippers attributable to make-up rights (2)			18				(3	)			43				24
Subsequent recognition of revenues attributable to make-up rights (3)			(3	)			(25	)			(11	)			(45	)
Total segment gross operating margin		$	2,427			$	2,153			$	4,934			$	4,495

(1)	Excludes amortization of major maintenance costs for reaction-based plants, which are a component of gross operating margin.
(2)	Since make-up rights entail a future performance obligation by the pipeline to the shipper, these receipts are recorded as deferred revenue for GAAP purposes; however, these receipts are included in gross operating margin in the period of receipt since they are nonrefundable to the shipper.
(3)	As deferred revenues attributable to make-up rights are subsequently recognized as revenue under GAAP, gross operating margin must be adjusted to remove such amounts to prevent duplication since the associated non-refundable payments were previously included in gross operating margin.

Information by Business Segments

The following table presents gross operating margin by segment for the periods indicated:

		For the Three Months Ended June 30,								For the Six Months Ended June 30,
		2024				2023				2024				2023
Gross operating margin by segment:
NGL Pipelines & Services		$	1,325			$	1,110			$	2,665			$	2,322
Crude Oil Pipelines & Services			417				422				828				819
Natural Gas Pipelines & Services			293				238				605				552
Petrochemical & Refined Products Services			392				383				836				802
Total segment gross operating margin		$	2,427			$	2,153			$	4,934			$	4,495

Information by business segment, together with reconciliations to amounts presented on, or included in, our Unaudited Condensed Statements of Consolidated Operations, is presented in the following table:

		Reportable Business Segments
		NGL Pipelines & Services				Crude Oil Pipelines & Services				Natural Gas Pipelines & Services				Petrochemical & Refined Products Services				Adjustments and Eliminations				Consolidated Total
Revenues from third parties:
Three months ended June 30, 2024		$	4,262			$	5,883			$	609			$	2,718			$	–			$	13,472
Three months ended June 30, 2023			3,687				4,296				772				1,883				–				10,638
Six months ended June 30, 2024			9,399				11,289				1,460				6,069				–				28,217
Six months ended June 30, 2023			8,613				8,471				1,983				4,002				–				23,069
Revenues from related parties:
Three months ended June 30, 2024			3				5				3				–				–				11
Three months ended June 30, 2023			2				8				3				–				–				13
Six months ended June 30, 2024			6				14				6				–				–				26
Six months ended June 30, 2023			5				14				7				–				–				26
Intersegment and intrasegment revenues:
Three months ended June 30, 2024			11,558				15,042				138				5,714				(32,452	)			–
Three months ended June 30, 2023			9,284				12,212				117				4,095				(25,708	)			–
Six months ended June 30, 2024			23,113				28,869				315				12,038				(64,335	)			–
Six months ended June 30, 2023			21,980				24,796				253				8,801				(55,830	)			–
Total revenues:
Three months ended June 30, 2024			15,823				20,930				750				8,432				(32,452	)			13,483
Three months ended June 30, 2023			12,973				16,516				892				5,978				(25,708	)			10,651
Six months ended June 30, 2024			32,518				40,172				1,781				18,107				(64,335	)			28,243
Six months ended June 30, 2023			30,598				33,281				2,243				12,803				(55,830	)			23,095
Equity in income of unconsolidated affiliates:
Three months ended June 30, 2024			26				73				1				1				–				101
Three months ended June 30, 2023			30				88				2				1				–				121
Six months ended June 30, 2024			57				142				3				1				–				203
Six months ended June 30, 2023			69				152				3				1				–				225

Information by business segment, together with reconciliations to our Unaudited Condensed Consolidated Balance Sheet totals, is presented in the following table:

		Reportable Business Segments
		NGL Pipelines & Services				Crude Oil Pipelines & Services				Natural Gas Pipelines & Services				Petrochemical & Refined Products Services				Adjustments and Eliminations				Consolidated Total
Property, plant and equipment, net: (see Note 4)
At June 30, 2024		$	17,930			$	6,375			$	10,141			$	9,972			$	3,018			$	47,436
At December 31, 2023			17,541				6,627				10,019				9,372				2,245				45,804
Investments in unconsolidated affiliates: (see Note 5)
At June 30, 2024			600				1,656				33				3				–				2,292
At December 31, 2023			612				1,681				33				4				–				2,330
Intangible assets, net: (see Note 6)
At June 30, 2024			808				1,622				1,133				108				–				3,671
At December 31, 2023			828				1,673				1,158				111				–				3,770
Goodwill: (see Note 6)
At June 30, 2024			2,811				1,841				–				956				–				5,608
At December 31, 2023			2,811				1,841				–				956				–				5,608
Segment assets:
At June 30, 2024			22,149				11,494				11,307				11,039				3,018				59,007
At December 31, 2023			21,792				11,822				11,210				10,443				2,245				57,512

Consolidated Revenues and Expenses

The following table presents additional information regarding our consolidated revenues and costs and expenses for the periods indicated:

		For the Three Months Ended June 30,								For the Six Months Ended June 30,
		2024				2023				2024				2023
Consolidated revenues:
NGL Pipelines & Services		$	4,265			$	3,689			$	9,405			$	8,618
Crude Oil Pipelines & Services			5,888				4,304				11,303				8,485
Natural Gas Pipelines & Services			612				775				1,466				1,990
Petrochemical & Refined Products Services			2,718				1,883				6,069				4,002
Total consolidated revenues		$	13,483			$	10,651			$	28,243			$	23,095
Consolidated costs and expenses
Operating costs and expenses:
Cost of sales		$	10,184			$	7,679			$	21,589			$	17,010
Other operating costs and expenses (1)			974				895				1,928				1,763
Depreciation, amortization and accretion			595				562				1,190				1,109
Asset impairment charges			4				3				24				16
Net losses (gains) attributable to asset sales and related matters			5				(2	)			5				(4	)
General and administrative costs			57				56				123				113
Total consolidated costs and expenses		$	11,819			$	9,193			$	24,859			$	20,007

(1) Represents the cost of operating our plants, pipelines and other fixed assets excluding: depreciation, amortization and accretion; asset impairment charges; and net losses (gains) attributable to asset sales and related matters.

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Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

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