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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 InvestmentsEarnings (Loss) from
Equity Investments
 December 31,December 31,Year Ended December 31,
 202420242023202420232022
(In millions)
Citrus Corporation50%$1,794 $1,789 $134 $143 $145 
SNG50%1,734 1,668 145 140 145 
PHP27.74%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 Corporation51.17%371 369 72 65 51 
MEP50%320 342 63 87 10 
Utopia Holding LLC50%318 322 24 22 20 
EagleHawk25%266 273 26 18 13 
Gulf LNG Holdings Group, LLC50%240 275 26 25 24 
Dos Caminos, LLC
50%188 192 16 — — 
Red Cedar Gathering Company49%168 155 7 15 17 
Cortez Pipeline Company52.98%30 30 27 25 30 
Double Eagle(b)50%8 14 (6)(42)18 
All others488 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 Statement202420232022
(In millions)
Revenues$6,607 $6,249 $6,234 
Costs and expenses4,541 4,262 4,309 
Net income$2,066 $1,987 $1,925 
December 31,
Balance Sheet20242023
(In millions)
Current assets$1,355 $1,922 
Non-current assets24,465 24,337 
Current liabilities2,223 1,558 
Non-current liabilities9,181 10,108 
Partners’/owners’ equity14,416 14,593