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Business Segments and Related Information (Tables)

9 Months Ended

Sep. 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 September 30,								For the Nine Months Ended September 30,
		2024				2023				2024				2023
Operating income		$	1,780			$	1,695			$	5,367			$	5,008
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)			586				566				1,749				1,644
Asset impairment charges in operating costs and expenses			27				11				51				27
Net losses (gains) attributable to asset sales and related matters in operating costs    and expenses			–				–				5				(4	)
General and administrative costs			61				59				184				172
Non-refundable payments received from shippers attributable to make-up rights (2)			13				12				56				36
Subsequent recognition of revenues attributable to make-up rights (3)			(19	)			(23	)			(30	)			(68	)
Total segment gross operating margin		$	2,448			$	2,320			$	7,382			$	6,815

(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 September 30,								For the Nine Months Ended September 30,
		2024				2023				2024				2023
Gross operating margin by segment:
NGL Pipelines & Services		$	1,335			$	1,196			$	4,000			$	3,518
Crude Oil Pipelines & Services			401				432				1,229				1,251
Natural Gas Pipelines & Services			349				239				954				791
Petrochemical & Refined Products Services			363				453				1,199				1,255
Total segment gross operating margin		$	2,448			$	2,320			$	7,382			$	6,815

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 September 30, 2024		$	4,828			$	5,241			$	646			$	3,044			$	–			$	13,759
Three months ended September 30, 2023			3,754				5,354				880				1,992				–				11,980
Nine months ended September 30, 2024			14,227				16,530				2,106				9,113				–				41,976
Nine months ended September 30, 2023			12,367				13,825				2,863				5,994				–				35,049
Revenues from related parties:
Three months ended September 30, 2024			3				10				3				–				–				16
Three months ended September 30, 2023			3				11				4				–				–				18
Nine months ended September 30, 2024			9				24				9				–				–				42
Nine months ended September 30, 2023			8				25				11				–				–				44
Intersegment and intrasegment revenues:
Three months ended September 30, 2024			11,044				13,678				166				6,944				(31,832	)			–
Three months ended September 30, 2023			12,367				16,343				133				4,307				(33,150	)			–
Nine months ended September 30, 2024			34,157				42,547				481				18,982				(96,167	)			–
Nine months ended September 30, 2023			34,347				41,139				386				13,108				(88,980	)			–
Total revenues:
Three months ended September 30, 2024			15,875				18,929				815				9,988				(31,832	)			13,775
Three months ended September 30, 2023			16,124				21,708				1,017				6,299				(33,150	)			11,998
Nine months ended September 30, 2024			48,393				59,101				2,596				28,095				(96,167	)			42,018
Nine months ended September 30, 2023			46,722				54,989				3,260				19,102				(88,980	)			35,093
Equity in income of unconsolidated affiliates:
Three months ended September 30, 2024			27				70				2				–				–				99
Three months ended September 30, 2023			32				89				1				–				–				122
Nine months ended September 30, 2024			84				212				5				1				–				302
Nine months ended September 30, 2023			101				241				4				1				–				347

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 September 30, 2024		$	17,784			$	6,374			$	10,256			$	10,146			$	3,539			$	48,099
At December 31, 2023			17,541				6,627				10,019				9,372				2,245				45,804
Investments in unconsolidated affiliates: (see Note 5)
At September 30, 2024			597				1,634				34				3				–				2,268
At December 31, 2023			612				1,681				33				4				–				2,330
Intangible assets, net: (see Note 6)
At September 30, 2024			797				1,595				1,121				106				–				3,619
At December 31, 2023			828				1,673				1,158				111				–				3,770
Goodwill: (see Note 6)
At September 30, 2024			2,811				1,841				–				956				–				5,608
At December 31, 2023			2,811				1,841				–				956				–				5,608
Segment assets:
At September 30, 2024			21,989				11,444				11,411				11,211				3,539				59,594
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 September 30,								For the Nine Months Ended September 30,
		2024				2023				2024				2023
Consolidated revenues:
NGL Pipelines & Services		$	4,831			$	3,757			$	14,236			$	12,375
Crude Oil Pipelines & Services			5,251				5,365				16,554				13,850
Natural Gas Pipelines & Services			649				884				2,115				2,874
Petrochemical & Refined Products Services			3,044				1,992				9,113				5,994
Total consolidated revenues		$	13,775			$	11,998			$	42,018			$	35,093
Consolidated costs and expenses
Operating costs and expenses:
Cost of sales		$	10,387			$	8,786			$	31,976			$	25,796
Other operating costs and expenses (1)			1,018				986				2,946				2,749
Depreciation, amortization and accretion			601				583				1,791				1,692
Asset impairment charges			27				11				51				27
Net losses (gains) attributable to asset sales and related matters			–				–				5				(4	)
General and administrative costs			61				59				184				172
Total consolidated costs and expenses		$	12,094			$	10,425			$	36,953			$	30,432

(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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