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Reportable Segments (Notes)
 12 Months Ended
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;
•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.

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 PipelinesProducts PipelinesTerminals
CO2
Corporate and EliminationsTotal
(In millions)
Revenues
Revenues from external customers$8,930 $2,955 $2,013 $1,202 $— $15,100 
Intersegment revenues12 — 9 2 (23)— 
Total revenues8,942 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 investments782 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 expenditures1,654 210 385 346 34 2,629 
Segment balance sheet information:
Investments7,252 387 132 74 — 7,845 
Other intangibles, net687 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 PipelinesProducts PipelinesTerminals
CO2
Corporate and EliminationsTotal
(In millions)
Revenues
Revenues from external customers$9,152 $3,066 $1,911 $1,205 $— $15,334 
Intersegment revenues16 — 6 4 (26)— 
Total revenues9,168 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 investments776 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 expenditures1,299 221 406 355 36 2,317 
Segment balance sheet information:
Investments7,273 390 130 81 — 7,874 
Other intangibles, net742 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 PipelinesProducts PipelinesTerminals
CO2
Corporate and EliminationsTotal
(In millions)
Revenues
Revenues from external customers$12,659 $3,418 $1,789 $1,334 $— $19,200 
Intersegment revenues27 — 3 — (30)— 
Total revenues12,686 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 investments683 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 expenditures666 — 552 371 32 1,621 
(a)Includes outside services, pipeline integrity maintenance, materials and supplies and other operating costs.
(b)Includes 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 CO2 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 CO2 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 CO2 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,
 202420232022
(In millions)
Revenues from external customers   
U.S.$15,057 $15,255 $19,036 
Mexico and other foreign43 79 164 
Total consolidated revenues from external customers$15,100 $15,334 $19,200 
December 31,
 202420232022
(In millions)
Long-term assets, excluding goodwill and other intangibles  
U.S.$46,972 $46,328 $44,425 
Mexico and other foreign70 72 75 
Canada— — 1 
Total consolidated long-lived assets$47,042 $46,400 $44,501