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Intangible Assets and Goodwill (Tables) | 12 Months Ended
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Dec. 31, 2024
Intangible Assets and Goodwill [Abstract] |
Intangible Assets by Segment | The following table summarizes our intangible assets by business segment at the dates indicated:
|  | December 31, 2024 |  |  | December 31, 2023 |
|  | Gross Value |  |  | Accumulated Amortization |  |  | Carrying Value |  |  | Gross Value |  |  | Accumulated Amortization |  |  | Carrying Value |
NGL Pipelines & Services: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Customer relationship intangibles |  | $ | 449 |  |  | $ | (276 | ) |  | $ | 173 |  |  | $ | 449 |  |  | $ | (263 | ) |  | $ | 186 |
Contract-based intangibles |  |  | 754 |  |  |  | (141 | ) |  |  | 613 |  |  |  | 752 |  |  |  | (110 | ) |  |  | 642 |
Segment total |  |  | 1,203 |  |  |  | (417 | ) |  |  | 786 |  |  |  | 1,201 |  |  |  | (373 | ) |  |  | 828 |
Crude Oil Pipelines & Services: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Customer relationship intangibles |  |  | 2,195 |  |  |  | (627 | ) |  |  | 1,568 |  |  |  | 2,195 |  |  |  | (530 | ) |  |  | 1,665 |
Contract-based intangibles |  |  | 283 |  |  |  | (278 | ) |  |  | 5 |  |  |  | 283 |  |  |  | (275 | ) |  |  | 8 |
Segment total |  |  | 2,478 |  |  |  | (905 | ) |  |  | 1,573 |  |  |  | 2,478 |  |  |  | (805 | ) |  |  | 1,673 |
Natural Gas Pipelines & Services: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Customer relationship intangibles |  |  | 1,351 |  |  |  | (663 | ) |  |  | 688 |  |  |  | 1,351 |  |  |  | (625 | ) |  |  | 726 |
Contract-based intangibles |  |  | 1,081 |  |  |  | (227 | ) |  |  | 854 |  |  |  | 641 |  |  |  | (209 | ) |  |  | 432 |
Segment total |  |  | 2,432 |  |  |  | (890 | ) |  |  | 1,542 |  |  |  | 1,992 |  |  |  | (834 | ) |  |  | 1,158 |
Petrochemical & Refined Products Services: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Customer relationship intangibles |  |  | 181 |  |  |  | (92 | ) |  |  | 89 |  |  |  | 181 |  |  |  | (86 | ) |  |  | 95 |
Contract-based intangibles |  |  | 45 |  |  |  | (30 | ) |  |  | 15 |  |  |  | 45 |  |  |  | (29 | ) |  |  | 16 |
Segment total |  |  | 226 |  |  |  | (122 | ) |  |  | 104 |  |  |  | 226 |  |  |  | (115 | ) |  |  | 111 |
Total intangible assets |  | $ | 6,339 |  |  | $ | (2,334 | ) |  | $ | 4,005 |  |  | $ | 5,897 |  |  | $ | (2,127 | ) |  | $ | 3,770 |
Amortization Expense of Intangible Assets by Segment | The following table presents the amortization expense of our intangible assets by business segment for the years indicated:
|  | For the Year Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
NGL Pipelines & Services |  | $ | 44 |  |  | $ | 40 |  |  | $ | 36 |
Crude Oil Pipelines & Services |  |  | 100 |  |  |  | 103 |  |  |  | 84 |
Natural Gas Pipelines & Services |  |  | 56 |  |  |  | 51 |  |  |  | 50 |
Petrochemical & Refined Products Services |  |  | 7 |  |  |  | 7 |  |  |  | 7 |
Total |  | $ | 207 |  |  | $ | 201 |  |  | $ | 177 |
Forecasted Amortization Expense | The following table presents our forecast of amortization expense associated with existing intangible assets for the years indicated:
2025 |  |  | 2026 |  |  | 2027 |  |  | 2028 |  |  | 2029 |
$ | 218 |  |  | $ | 215 |  |  | $ | 209 |  |  | $ | 198 |  |  | $ | 199 |
Significant Acquired Intangible Assets | At December 31, 2024, the carrying value of our portfolio of customer relationship intangible assets was $2.5 billion, the principal components of which were as follows:
a |  | Weighted Average Remaining Amortization Period |  | December 31, 2024
Gross Value |  | Accumulated Amortization |  | Carrying Value
Basin-specific customer relationships: |  |  |  |  |  |  |  |  |  |  |
EFS Midstream (acquired 2015) |  | 17.4 years |  | $ | 1,410 |  | $ | (407) |  | $ | 1,003
State Line and Fairplay (acquired 2010) |  | 22.2 years |  |  | 895 |  |  | (328) |  |  | 567
San Juan Gathering (acquired 2004) |  | 14.8 years |  |  | 331 |  |  | (274) |  |  | 57
General customer relationships: |  |  |  |  |  |  |  |  |  |  |
Oiltanking (acquired 2014) |  | 19.0 years |  |  | 1,193 |  |  | (340) |  |  | 853
At December 31, 2024, the carrying value of our portfolio of contract-based intangible assets was $1.5 billion, the principal components of which were as follows:
a |  | Weighted Average Remaining Amortization Period |  | December 31, 2024
Gross Value |  | Accumulated Amortization |  | Carrying Value
Midland Basin customer contracts |  | 27.0 years | $ |  | 989 |  | $ | (77) |  | $ | 912
Pinon Midstream customer contracts |  | 24.0 years |  |  | 435 |  |  | (2) |  |  | 433
Jonah natural gas gathering agreements |  | 17.0 years |  |  | 224 |  |  | (187) |  |  | 37
Delaware Basin natural gas processing contracts |  | 1.9 years |  |  | 82 |  |  | (58) |  |  | 24
Schedule of Goodwill | The following table presents changes in the carrying amount of goodwill by business segment during the periods indicated:
|  | NGL Pipelines & Services |  |  | Crude Oil Pipelines & Services |  |  | Natural Gas Pipelines & Services |  |  | Petrochemical & Refined Products Services |  |  | Consolidated Total |
Balance at December 31, 2022 (1) |  | $ | 2,811 |  |  | $ | 1,841 |  |  | $ | – |  |  | $ | 956 |  |  | $ | 5,608 |
Balance at December 31, 2023 (1) |  |  | 2,811 |  |  |  | 1,841 |  |  |  | – |  |  |  | 956 |  |  |  | 5,608 |
Goodwill related to acquisition (2) |  |  | 29 |  |  |  | – |  |  |  | 75 |  |  |  | – |  |  |  | 104 |
Balance at December 31, 2024 (1) |  | $ | 2,840 |  |  | $ | 1,841 |  |  | $ | 75 |  |  | $ | 956 |  |  | $ | 5,712 |
(1) | Balances are presented net of historical accumulated impairment losses of $296 million for the Natural Gas Pipelines & Service segment and $1 million for the Petrochemical & Refined Products Services segment. There have been no goodwill impairment charges recognized for the reporting units within the NGL Pipelines & Services and Crude Oil Pipelines & Services segments.
(2) | This amount represents the goodwill recognized in connection with our acquisition of Pinon Midstream in October 2024. In general, we attribute this goodwill to our ability to expand the acquired sour gas gathering and treating system as well as our ability to leverage the acquired business with our existing NGL asset base to create future business opportunities.

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