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Reportable Segments (Notes)
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
Reportable Segments
16.  Reportable Segments
 
Our reportable business segments are:

•Natural Gas Pipelines—the ownership and operation of (i) major interstate and intrastate natural gas pipeline and storage systems; (ii) natural gas gathering systems and natural gas processing and treating facilities; (iii) NGL fractionation facilities and transportation systems; and (iv) LNG regasification, liquefaction and storage facilities;

•Products Pipelines—the ownership and operation of refined petroleum products, crude oil and condensate pipelines that primarily deliver, among other products, gasoline, diesel and jet fuel, crude oil and condensate to various markets, plus the ownership and/or operation of associated product terminals and petroleum pipeline transmix facilities;

•Terminals—the ownership and/or operation of (i) liquids and bulk terminal facilities located throughout the U.S. that store and handle various commodities including gasoline, diesel fuel, chemicals, petroleum coke, metals and ethanol and other renewable fuels and feedstocks; and (ii) Jones Act-qualified tankers;

•CO2—(i) the production, transportation and marketing of CO2 to oil fields that use CO2 as a flooding medium to increase recovery and production of crude oil from mature oil fields; (ii) ownership interests in and/or operation of oil fields and gasoline processing plants in West Texas; (iii) the ownership and operation of a crude oil pipeline system in West Texas; and (iv) the ownership and operation of RNG and LNG facilities.
We evaluate performance principally based on each segment’s earnings before DD&A expenses, including amortization of excess cost of equity investments, (EBDA), which excludes general and administrative expenses and corporate charges, interest expense, net, and income tax expense.  Our reportable segments are strategic business units that offer different products and services, and they are structured based on how our chief operating decision makers organize their operations for optimal performance and resource allocation.  Each segment is managed separately because each segment involves different products and services and marketing strategies.

We consider each period’s earnings before all non-cash DD&A expenses to be an important measure of business segment performance for our reporting segments.  We account for intersegment sales at market prices, while we account for asset transfers at book value.

During 2023, 2022 and 2021, we did not have revenues from any single external customer that exceeded 10% of our consolidated revenues.
 
Financial information by segment follows: 
Year Ended December 31,
202320222021
(In millions)
Revenues   
Natural Gas Pipelines   
Revenues from external customers$9,152 $12,659 $11,644 
Intersegment revenues16 27 65 
Products Pipelines3,066 3,418 2,245 
Terminals 
Revenues from external customers1,911 1,789 1,712 
Intersegment revenues6 3 3 
CO2
Revenues from external customers1,205 1,334 1,009 
Intersegment revenues4 — — 
Corporate and intersegment eliminations(26)(30)(68)
Total consolidated revenues$15,334 $19,200 $16,610 
 Year Ended December 31,
202320222021
(In millions)
Operating expenses(a)   
Natural Gas Pipelines$4,700 $8,562 $7,000 
Products Pipelines2,024 2,391 1,239 
Terminals896 853 793 
CO2
550 554 289 
Corporate and intersegment eliminations(4)(9)(34)
Total consolidated operating expenses$8,166 $12,351 $9,287 
 Year Ended December 31,
 202320222021
(In millions)
Other expense (income)(b)   
Natural Gas Pipelines$(12)$(13)$1,597 
Products Pipelines4 (12)— 
Terminals(2)(14)32 
CO2
— (1)(8)
Corporate(3)1 (4)
Total consolidated other expense (income)$(13)$(39)$1,617 
 Year Ended December 31,
 202320222021
(In millions)
DD&A   
Natural Gas Pipelines$1,041 $1,096 $1,099 
Products Pipelines367 336 335 
Terminals493 458 440 
CO2
325 272 236 
Corporate24 24 25 
Total consolidated DD&A$2,250 $2,186 $2,135 
 Year Ended December 31,
 202320222021
(In millions)
Earnings from equity investments and amortization of excess cost of equity investments   
Natural Gas Pipelines$746 $650 $435 
Products Pipelines(6)33 34 
Terminals9 14 15 
CO2
23 31 29 
Total consolidated equity earnings$772 $728 $513 
 Year Ended December 31,
 202320222021
(In millions)
Other, net-income (expense)   
Natural Gas Pipelines$26 $(19)$216 
Products Pipelines1 — 1 
Terminals8 8 3 
Corporate(72)66 62 
Total consolidated other, net-income (expense)$(37)$55 $282 
 Year Ended December 31,
 202320222021
(In millions)
Segment EBDA(c)   
Natural Gas Pipelines$5,282 $4,801 $3,815 
Products Pipelines1,062 1,107 1,064 
Terminals1,040 975 908 
CO2
689 819 760 
Total Segment EBDA8,073 7,702 6,547 
DD&A(2,250)(2,186)(2,135)
Amortization of excess cost of equity investments(66)(75)(78)
General and administrative and corporate charges(759)(593)(623)
Interest, net(1,797)(1,513)(1,492)
Income tax expense(715)(710)(369)
Total consolidated net income$2,486 $2,625 $1,850 
 Year Ended December 31,
 202320222021
(In millions)
Capital expenditures   
Natural Gas Pipelines$1,299 $666 $570 
Products Pipelines221 — 122 
Terminals406 552 332 
CO2
355 371 230 
Corporate36 32 27 
Total consolidated capital expenditures$2,317 $1,621 $1,281 

December 31,
 20232022
(In millions)
Investments  
Natural Gas Pipelines$7,273 $6,993 
Products Pipelines390 445 
Terminals130 128 
CO2
81 87 
Total consolidated investments               $7,874 $7,653 

December 31,
 20232022
(In millions)
Other intangibles, net  
Natural Gas Pipelines$742 $439 
Products Pipelines687 777 
Terminals26 38 
CO2
502 555 
Total consolidated other intangibles, net              $1,957 $1,809 
December 31,
 20232022
(In millions)
Assets  
Natural Gas Pipelines$49,883 $47,978 
Products Pipelines8,781 8,985 
Terminals8,235 8,357 
CO2
3,497 3,449 
Corporate assets(d)624 1,309 
Total consolidated assets                                                                       $71,020 $70,078 
(a)Includes costs of sales, operations and maintenance expenses, and taxes, other than income taxes.
(b)Includes (gain) loss on divestitures and impairments, net and other (expense) income, net.
(c)Includes revenues, earnings from equity investments, and other, net, less operating expenses, (gain) loss on divestitures and impairments, net and other (expense) income, net.
(d)Includes cash and cash equivalents, restricted deposits, certain prepaid assets and deferred charges, risk management assets related to derivative contracts, corporate headquarters in Houston, Texas and miscellaneous corporate assets (such as information technology, telecommunications equipment and legacy activity) not allocated to our reportable segments.

We do not attribute interest and debt expense to any of our reportable business segments.

Following is geographic information regarding the revenues and long-lived assets of our business:
 Year Ended December 31,
 202320222021
(In millions)
Revenues from external customers   
U.S.$15,255 $19,036 $16,479 
Mexico and other foreign79 164 131 
Total consolidated revenues from external customers$15,334 $19,200 $16,610 
December 31,
 202320222021
(In millions)
Long-term assets, excluding goodwill and other intangibles  
U.S.$46,328 $44,425 $44,916 
Mexico and other foreign72 75 78 
Canada— 1 1 
Total consolidated long-lived assets$46,400 $44,501 $44,995