XML 36 R15.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Investments (Notes) | 12 Months Ended
--- | ---
Dec. 31, 2024
Equity Method Investments and Joint Ventures [Abstract] |
Investments | . 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, 2024 and 2023 and our earnings (loss) from these respective investments for the years ended December 31, 2024, 2023 and 2022:
| Ownership Interest |  | Equity Investments |  | Earnings (Loss) from Equity Investments
| December 31, |  | December 31, |  | Year Ended December 31,
| 2024 |  | 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2022
|  |  | (In millions)
Citrus Corporation | 50% |  | $ | 1,794 |  |  | $ | 1,789 |  |  | $ | 134 |  |  | $ | 143 |  |  | $ | 145 |
SNG | 50% |  | 1,734 |  |  | 1,668 |  |  | 145 |  |  | 140 |  |  | 145 |
PHP | 27.74% |  | 736 |  |  | 763 |  |  | 91 |  |  | 70 |  |  | 70 |
NGPL Holdings(a) | 37.5% |  | 618 |  |  | 623 |  |  | 117 |  |  | 121 |  |  | 111 |
GCX | 34% |  | 566 |  |  | 566 |  |  | 91 |  |  | 93 |  |  | 91 |
Products (SE) Pipe Line Corporation | 51.17% |  | 371 |  |  | 369 |  |  | 72 |  |  | 65 |  |  | 51 |
MEP | 50% |  | 320 |  |  | 342 |  |  | 63 |  |  | 87 |  |  | 10 |
Utopia Holding LLC | 50% |  | 318 |  |  | 322 |  |  | 24 |  |  | 22 |  |  | 20 |
EagleHawk | 25% |  | 266 |  |  | 273 |  |  | 26 |  |  | 18 |  |  | 13 |
Gulf LNG Holdings Group, LLC | 50% |  | 240 |  |  | 275 |  |  | 26 |  |  | 25 |  |  | 24 |
Dos Caminos, LLC | 50% |  | 188 |  |  | 192 |  |  | 16 |  |  | — |  |  | — |
Red Cedar Gathering Company | 49% |  | 168 |  |  | 155 |  |  | 7 |  |  | 15 |  |  | 17 |
Cortez Pipeline Company | 52.98% |  | 30 |  |  | 30 |  |  | 27 |  |  | 25 |  |  | 30 |
Double Eagle(b) | 50% |  | 8 |  |  | 14 |  |  | (6) |  |  | (42) |  |  | 18 |
All others |  |  | 488 |  |  | 493 |  |  | 57 |  |  | 56 |  |  | 58 |
Total investments |  |  | $ | 7,845 |  |  | $ | 7,874 |  |  | $ | 890 |  |  | $ | 838 |  |  | $ | 803 |
Amortization of excess cost |  |  |  |  |  |  | $ | (50) |  |  | $ | (66) |  |  | $ | (75) |
(a)Our investment in NPGL Holdings includes a related party promissory note receivable from NGPL Holdings with quarterly interest payments at 6.75%. The outstanding principal amount of our related party promissory note receivable at both December 31, 2024 and 2023 was $375 million. For the each of the years ended December 31, 2024, 2023 and 2022, we recognized $25 million of interest within “Earnings from equity investments” on our accompanying consolidated statements of income. (b)Loss for the year ended December 31, 2023 includes $67 million of our share of a pre-tax non-cash impairment charge. The impairment was driven by lower expected renewal rates on contracts that expired in the second half of 2023. Summarized combined financial information for our equity investments is reported below (amounts represent 100% of investee financial information):
|  | Year Ended December 31,
Income Statement |  | 2024 |  | 2023 |  | 2022
|  | (In millions)
Revenues |  | $ | 6,607 |  |  | $ | 6,249 |  |  | $ | 6,234 |
Costs and expenses |  | 4,541 |  |  | 4,262 |  |  | 4,309 |
Net income |  | $ | 2,066 |  |  | $ | 1,987 |  |  | $ | 1,925 |
|  | December 31,
Balance Sheet |  | 2024 |  | 2023
|  | (In millions)
Current assets |  | $ | 1,355 |  |  | $ | 1,922 |
Non-current assets |  | 24,465 |  |  | 24,337 |
Current liabilities |  | 2,223 |  |  | 1,558 |
Non-current liabilities |  | 9,181 |  |  | 10,108 |
Partners’/owners’ equity |  | 14,416 |  |  | 14,593 |

X
- References No definition available. + Details
Name: | us-gaap_EquityMethodInvestmentsAndJointVenturesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 740 -SubTopic 323 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478156/740-323-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 323 -Publisher FASB -URI https://asc.fasb.org/323/tableOfContent + Details
Name: | us-gaap_EquityMethodInvestmentsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration