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Reportable Segments (Notes) | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
Reportable Segments | 15. 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, metals, petroleum coke, and ethanol and other renewable fuels and feedstocks; and (ii) Jones Act-qualified tankers; •CO 2—(i) the production, transportation and marketing of CO 2 to oil fields that use CO 2 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; an d (iv) the ownership and operation of RNG and LNG facilities. Our reportable segments are strategic business units that offer different products and services, have different marketing strategies and are managed separately. The Company’s chief operating decision maker (CODM) is represented by the Office of the Chairman which consists of our Executive Chairman, Chief Executive Officer and President. Our CODM evaluates performance principally based on each reportable 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. The CODM uses budgeted Segment EBDA compared to actual results to evaluate performance and allocate certain resources for each segment. 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 2024, 2023 and 2022, 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, 2024 |
| Reportable Segments |  |  |  |  |
| Natural Gas Pipelines |  | Products Pipelines |  | Terminals |  | CO 2 |  | Corporate and Eliminations |  | Total |
| (In millions) |
Revenues |  |  |  |  |  |  |  |  |  |  |  |
Revenues from external customers | $ | 8,930 |  |  | $ | 2,955 |  |  | $ | 2,013 |  |  | $ | 1,202 |  |  | $ | — |  |  | $ | 15,100 |  |
Intersegment revenues | 12 |  |  | — |  |  | 9 |  |  | 2 |  |  | (23) |  |  | — |  |
Total revenues | 8,942 |  |  | 2,955 |  |  | 2,022 |  |  | 1,204 |  |  | (23) |  |  | 15,100 |  |
Costs of sales | (2,837) |  |  | (1,394) |  |  | (42) |  |  | (82) |  |  |  |  |  |
Labor | (322) |  |  | (128) |  |  | (273) |  |  | (50) |  |  |  |  |  |
Fuel and power | (74) |  |  | (92) |  |  | (20) |  |  | (153) |  |  |  |  |  |
Field - non-labor(a) | (854) |  |  | (193) |  |  | (558) |  |  | (241) |  |  |  |  |  |
Taxes, other than income taxes | (269) |  |  | (43) |  |  | (53) |  |  | (60) |  |  |  |  |  |
Earnings from equity investments | 782 |  |  | 66 |  |  | 8 |  |  | 34 |  |  |  |  |  |
Other segment items(b) | 59 |  |  | 2 |  |  | 15 |  |  | 40 |  |  |  |  |  |
Total Segment EBDA(c) | $ | 5,427 |  |  | $ | 1,173 |  |  | $ | 1,099 |  |  | $ | 692 |  |  |  |  | 8,391 |  |
DD&A |  |  |  |  |  |  |  |  |  |  | (2,354) |  |
Amortization of excess cost of equity investments |  |  |  |  |  |  |  |  |  |  | (50) |  |
General and administrative and corporate charges |  |  |  |  |  |  |  |  |  |  | (736) |  |
Interest, net |  |  |  |  |  |  |  |  |  |  | (1,844) |  |
Income tax expense |  |  |  |  |  |  |  |  |  |  | (687) |  |
Net income |  |  |  |  |  |  |  |  |  |  | $ | 2,720 |  |
Other segment activity information: |  |  |  |  |  |  |  |  |  |  |  |
DD&A | $ | 1,105 |  |  | $ | 365 |  |  | $ | 508 |  |  | $ | 354 |  |  | $ | 22 |  |  | $ | 2,354 |  |
Capital expenditures | 1,654 |  |  | 210 |  |  | 385 |  |  | 346 |  |  | 34 |  |  | 2,629 |  |
Segment balance sheet information: |  |  |  |  |  |  |  |  |  |  |  |
Investments | 7,252 |  |  | 387 |  |  | 132 |  |  | 74 |  |  | — |  |  | 7,845 |  |
Other intangibles, net | 687 |  |  | 597 |  |  | 18 |  |  | 458 |  |  | — |  |  | 1,760 |  |
Total assets(d) | 50,402 |  |  | 8,639 |  |  | 8,086 |  |  | 3,583 |  |  | 697 |  |  | 71,407 |  |
| Year Ended December 31, 2023
| Reportable Segments |  |  |  |
| Natural Gas Pipelines |  | Products Pipelines |  | Terminals |  | CO 2 |  | Corporate and Eliminations |  | Total
| (In millions)
Revenues |  |  |  |  |  |  |  |  |  |  |
Revenues from external customers | $ | 9,152 |  |  | $ | 3,066 |  |  | $ | 1,911 |  |  | $ | 1,205 |  |  | $ | — |  |  | $ | 15,334 |
Intersegment revenues | 16 |  |  | — |  |  | 6 |  |  | 4 |  |  | (26) |  |  | — |
Total revenues | 9,168 |  |  | 3,066 |  |  | 1,917 |  |  | 1,209 |  |  | (26) |  |  | 15,334 |
Costs of sales | (3,258) |  |  | (1,588) |  |  | (33) |  |  | (77) |  |  |  |  |
Labor | (300) |  |  | (121) |  |  | (254) |  |  | (49) |  |  |  |  |
Fuel and power | (79) |  |  | (88) |  |  | (19) |  |  | (137) |  |  |  |  |
Field - non-labor(a) | (801) |  |  | (185) |  |  | (535) |  |  | (232) |  |  |  |  |
Taxes, other than income taxes | (262) |  |  | (42) |  |  | (55) |  |  | (55) |  |  |  |  |
Earnings from equity investments | 776 |  |  | 23 |  |  | 9 |  |  | 30 |  |  |  |  |
Other segment items(b) | 38 |  |  | (3) |  |  | 10 |  |  | — |  |  |  |  |
Total Segment EBDA(e) | $ | 5,282 |  |  | $ | 1,062 |  |  | $ | 1,040 |  |  | $ | 689 |  |  |  |  | 8,073 |
DD&A |  |  |  |  |  |  |  |  |  |  | (2,250) |
Amortization of excess cost of equity investments |  |  |  |  |  |  |  |  |  |  | (66) |
General and administrative and corporate charges |  |  |  |  |  |  |  |  |  |  | (759) |
Interest, net |  |  |  |  |  |  |  |  |  |  | (1,797) |
Income tax expense |  |  |  |  |  |  |  |  |  |  | (715) |
Net income |  |  |  |  |  |  |  |  |  |  | $ | 2,486 |
Other segment activity information: |  |  |  |  |  |  |  |  |  |  |
DD&A | $ | 1,041 |  |  | $ | 367 |  |  | $ | 493 |  |  | $ | 325 |  |  | $ | 24 |  |  | $ | 2,250 |
Capital expenditures | 1,299 |  |  | 221 |  |  | 406 |  |  | 355 |  |  | 36 |  |  | 2,317 |
Segment balance sheet information: |  |  |  |  |  |  |  |  |  |  |
Investments | 7,273 |  |  | 390 |  |  | 130 |  |  | 81 |  |  | — |  |  | 7,874 |
Other intangibles, net | 742 |  |  | 687 |  |  | 26 |  |  | 502 |  |  | — |  |  | 1,957 |
Total assets(d) | 49,883 |  |  | 8,781 |  |  | 8,235 |  |  | 3,497 |  |  | 624 |  |  | 71,020 |
| Year Ended December 31, 2022
| Reportable Segments |  |  |  |
| Natural Gas Pipelines |  | Products Pipelines |  | Terminals |  | CO 2 |  | Corporate and Eliminations |  | Total
| (In millions)
Revenues |  |  |  |  |  |  |  |  |  |  |
Revenues from external customers | $ | 12,659 |  |  | $ | 3,418 |  |  | $ | 1,789 |  |  | $ | 1,334 |  |  | $ | — |  |  | $ | 19,200 |
Intersegment revenues | 27 |  |  | — |  |  | 3 |  |  | — |  |  | (30) |  |  | — |
Total revenues | 12,686 |  |  | 3,418 |  |  | 1,792 |  |  | 1,334 |  |  | (30) |  |  | 19,200 |
Costs of sales | (7,171) |  |  | (1,972) |  |  | (26) |  |  | (109) |  |  |  |  |
Labor | (282) |  |  | (99) |  |  | (239) |  |  | (41) |  |  |  |  |
Fuel and power | (78) |  |  | (81) |  |  | (17) |  |  | (132) |  |  |  |  |
Field - non-labor(a) | (763) |  |  | (194) |  |  | (518) |  |  | (207) |  |  |  |  |
Taxes, other than income taxes | (268) |  |  | (45) |  |  | (53) |  |  | (65) |  |  |  |  |
Earnings from equity investments | 683 |  |  | 68 |  |  | 14 |  |  | 38 |  |  |  |  |
Other segment items(b) | (6) |  |  | 12 |  |  | 22 |  |  | 1 |  |  |  |  |
Total Segment EBDA(f) | $ | 4,801 |  |  | $ | 1,107 |  |  | $ | 975 |  |  | $ | 819 |  |  |  |  | 7,702 |
DD&A |  |  |  |  |  |  |  |  |  |  | (2,186) |
Amortization of excess cost of equity investments |  |  |  |  |  |  |  |  |  |  | (75) |
General and administrative and corporate charges |  |  |  |  |  |  |  |  |  |  | (593) |
Interest, net |  |  |  |  |  |  |  |  |  |  | (1,513) |
Income tax expense |  |  |  |  |  |  |  |  |  |  | (710) |
Net income |  |  |  |  |  |  |  |  |  |  | $ | 2,625 |
Other segment activity information: |  |  |  |  |  |  |  |  |  |  |
DD&A | $ | 1,096 |  |  | $ | 336 |  |  | $ | 458 |  |  | $ | 272 |  |  | $ | 24 |  |  | $ | 2,186 |
Capital expenditures | 666 |  |  | — |  |  | 552 |  |  | 371 |  |  | 32 |  |  | 1,621 |
(a)Includes outside services, pipeline integrity maintenance, materials and supplies and other operating costs. (b)Include s miscellaneous operating and non-operating items primarily related to gains and losses associated with divestitures, impairments and/or equity investments. (c)Includes non-cash mark-to-market derivative hedge contract amounts of $(75) million and $(2) million for our Natural Gas Pipelines and CO 2 business segments, respectively. (d)Corporate segment 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 IT, telecommunications equipment and legacy activity) not allocated to our reportable segments. (e)Includes non-cash mark-to-market derivative hedge contract amounts of $122 million, $1 million and $(4) million for our Natural Gas Pipelines, Products Pipelines and CO 2 business segments, respectively. (f)Includes non-cash mark-to-market derivative hedge contract amounts of $(64) million and $11 million for our Natural Gas Pipelines and CO 2 business segments, respectively. 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,
| 2024 |  | 2023 |  | 2022
| (In millions)
Revenues from external customers |  |  |  |  |
U.S. | $ | 15,057 |  |  | $ | 15,255 |  |  | $ | 19,036 |
Mexico and other foreign | 43 |  |  | 79 |  |  | 164 |
Total consolidated revenues from external customers | $ | 15,100 |  |  | $ | 15,334 |  |  | $ | 19,200 |
| December 31,
| 2024 |  | 2023 |  | 2022
| (In millions)
Long-term assets, excluding goodwill and other intangibles |  |  |  |  |
U.S. | $ | 46,972 |  |  | $ | 46,328 |  |  | $ | 44,425 |
Mexico and other foreign | 70 |  |  | 72 |  |  | 75 |
Canada | — |  |  | — |  |  | 1 |
Total consolidated long-lived assets | $ | 47,042 |  |  | $ | 46,400 |  |  | $ | 44,501 |

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