Investments (Notes)

12 Months Ended

Dec. 31, 2023

Equity Method Investments and Joint Ventures [Abstract]

7. Investments

Our investments primarily consist of equity investments where we hold significant influence over investee actions and for which we apply the equity method of accounting. The following table provides details on our investments as of December 31, 2023 and 2022 and our earnings (loss) from these respective investments for the years ended December 31, 2023, 2022 and 2021:


	Ownership Interest	Equity Investments				Earnings (Loss) from Equity Investments
	December 31,	December 31,				Year Ended December 31,
	2023	2023		2022		2023		2022		2021
		(In millions)
Citrus Corporation	50%	$	1,789	$	1,781	$	143	$	145	$	151
SNG	50%	1,668		1,669		140		145		128
PHP	27.74%	763		666		70		70		63
NGPL Holdings(a)	37.5%	623		610		121		111		94
Gulf Coast Express Pipeline LLC	34%	566		597		93		91		86
Products (SE) Pipe Line Corporation	51.17%	369		348		65		51		48
MEP	50%	342		371		87		10		(17)
Utopia Holding LLC	50%	322		325		22		20		20
Gulf LNG Holdings Group, LLC	50%	275		311		25		24		22
EagleHawk	25%	273		273		18		13		8
Dos Caminos, LLC	50%	192		—		—		—		—
Red Cedar Gathering Company	49%	155		155		15		17		10
Watco Companies, LLC	(b)	84		79		10		9		9
Cortez Pipeline Company	52.98%	30		31		25		30		29
Double Eagle(c)	50%	14		90		(42)		18		9
Ruby(d)		—		—		—		—		(116)
All others		409		347		46		49		47
Total investments		$	7,874	$	7,653	$	838	$	803	$	591
Amortization of excess cost						$	(66)	$	(75)	$	(78)

(a)Our investment in NPGL Holdings includes a related party promissory note receivable from NGPL Holdings with quarterly interest payments at 6.75%. As of December 31, 2023, we and Arclight each hold a 37.5% interest and Brookfield holds a 25% interest in NGPL Holdings. The outstanding principal amount of our related party promissory note receivable at both December 31, 2023 and 2022 was $375 million. For the years ended December 31, 2023, 2022 and 2021, we recognized $25 million, $25 million and $27 million, respectively, of interest within “Earnings from equity investments” on our accompanying consolidated statements of income.

(b)We hold a preferred equity investment in Watco Companies, LLC (Watco). We own 50,000 Class B preferred shares and pursuant to the terms of the investment, receive priority, cumulative cash and stock distributions from the preferred shares at a rate of 3.00% per quarter. We do not hold any voting powers, but the class does provide us certain approval rights, including the right to appoint one of the members to Watco’s board of managers.

(c)Loss for the year ended December 31, 2023 includes $67 million of our share of a non-cash impairment charge (pre-tax). For further information, see Note 4 “Losses and Gains on Divestitures, Impairments and Other Write-downs—Investments.”

(d)As of January 13, 2023, we no longer own an interest in Ruby. The loss from our investment in Ruby for the year ended December 31, 2021 includes a non-cash impairment charge of $117 million related to a write-down of our subordinated note receivable from Ruby driven by the impairment by Ruby of its assets. For further information regarding our investment in Ruby, see Note 4 “Losses and Gains on Divestitures, Impairments and Other Write-downs—Investment in Ruby.”

Summarized combined financial information for our significant equity investments (listed or described above) is reported below (amounts represent 100% of investee financial information):


	Year Ended December 31,
Income Statement	2023		2022		2021(a)
	(In millions)
Revenues	$	5,981	$	5,953	$	5,521
Costs and expenses	4,149		4,193		6,137
Net income (loss)	$	1,832	$	1,760	$	(616)


	December 31,
Balance Sheet	2023		2022
	(In millions)
Current assets	$	1,844	$	1,461
Non-current assets	23,193		23,360
Current liabilities	1,534		1,617
Non-current liabilities	10,102		10,206
Partners’/owners’ equity	13,401		12,998

(a)2021 amounts include a non-cash impairment charge of $2.2 billion recorded by Ruby.