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Reportable Segments
 12 Months Ended
Dec. 31, 2023
Reportable Segments [Abstract]  
Reportable Segments REPORTABLE SEGMENTS:
Our reportable segments currently reflect the following segments, which conduct their business primarily in the United States:
•intrastate transportation and storage;
•interstate transportation and storage;
•midstream;
•NGL and refined products transportation and services;
•crude oil transportation and services;
•investment in Sunoco LP;
•investment in USAC; and
•all other.
Consolidated revenues and expenses reflect the elimination of all material intercompany transactions.
Revenues from our intrastate transportation and storage segment are primarily reflected in natural gas sales and gathering, transportation and other fees. Revenues from our interstate transportation and storage segment are primarily reflected in gathering, transportation and other fees. Revenues from our midstream segment are primarily reflected in natural gas sales, NGL sales and gathering, transportation and other fees. Revenues from our NGL and refined products transportation and services segment are primarily reflected in NGL sales and gathering, transportation and other fees. Revenues from our crude oil transportation and services segment are reflected in crude sales and gathering, transportation and other fees. Revenues from our investment in Sunoco LP segment are primarily reflected in refined product sales. Revenues from our investment in USAC segment are primarily reflected in gathering, transportation and other fees. Revenues from our all other segment are primarily reflected in natural gas sales.
We report Segment Adjusted EBITDA as a measure of segment performance. We define Segment Adjusted EBITDA as total Partnership earnings before interest, taxes, depreciation, depletion, amortization and other non-cash items, such as
non-cash compensation expense, gains and losses on disposals of assets, the allowance for equity funds used during construction, unrealized gains and losses on commodity risk management activities, inventory valuation adjustments, non-cash impairment charges, losses on extinguishments of debt and other non-operating income or expense items, as well as certain non-recurring gains and losses. Inventory adjustments that are excluded from the calculation of Adjusted EBITDA represent only the changes in lower of cost or market reserves on inventory that is carried at LIFO. These amounts are unrealized valuation adjustments applied to Sunoco LP’s fuel volumes remaining in inventory at the end of the period. Segment Adjusted EBITDA reflect amounts for unconsolidated affiliates based on the same recognition and measurement methods used to record equity in earnings of unconsolidated affiliates. Adjusted EBITDA related to unconsolidated affiliates excludes the same items with respect to the unconsolidated affiliate as those excluded from the calculation of Segment Adjusted EBITDA and consolidated Adjusted EBITDA, such as interest, taxes, depreciation, depletion, amortization and other non-cash items. Although these amounts are excluded from Adjusted EBITDA related to unconsolidated affiliates, such exclusion should not be understood to imply that we have control over the operations and resulting revenues and expenses of such affiliates. We do not control our unconsolidated affiliates; therefore, we do not control the earnings or cash flows of such affiliates. The use of Segment Adjusted EBITDA or Adjusted EBITDA related to unconsolidated affiliates as an analytical tool should be limited accordingly.
The following tables present financial information by segment:
Years Ended December 31,
202320222021
Revenues:
Intrastate transportation and storage:
Revenues from external customers$3,222 $6,954 $7,307 
Intersegment revenues740 864 1,264 
3,962 7,818 8,571 
Interstate transportation and storage:
Revenues from external customers2,328 2,185 1,802 
Intersegment revenues47 66 39 
2,375 2,251 1,841 
Midstream:
Revenues from external customers2,911 4,114 2,620 
Intersegment revenues7,495 12,987 8,696 
10,406 17,101 11,316 
NGL and refined products transportation and services:
Revenues from external customers18,413 21,414 16,989 
Intersegment revenues3,490 4,243 2,972 
21,903 25,657 19,961 
Crude oil transportation and services:
Revenues from external customers26,534 25,980 17,442 
Intersegment revenues2 2 4 
26,536 25,982 17,446 
Investment in Sunoco LP:
Revenues from external customers23,026 25,677 17,571 
Intersegment revenues42 52 25 
23,068 25,729 17,596 
Investment in USAC:
Revenues from external customers824 689 621 
Intersegment revenues22 16 12 
846 705 633 
All other:
Revenues from external customers1,328 2,863 3,065 
Intersegment revenues470 711 411 
1,798 3,574 3,476 
Eliminations(12,308)(18,941)(13,423)
Total revenues$78,586 $89,876 $67,417 
Years Ended December 31,
202320222021
Cost of products sold:
Intrastate transportation and storage$2,616 $6,000 $4,769 
Interstate transportation and storage6 25 11 
Midstream6,503 12,682 8,569 
NGL and refined products transportation and services17,049 21,656 16,248 
Crude oil transportation and services23,071 22,917 14,759 
Investment in Sunoco LP21,703 24,350 16,246 
Investment in USAC137 111 85 
All other1,740 3,328 3,068 
Eliminations(12,284)(18,837)(13,360)
Total cost of products sold$60,541 $72,232 $50,395 
Years Ended December 31,
202320222021
Depreciation, depletion and amortization:
Intrastate transportation and storage$214 $209 $191 
Interstate transportation and storage563 513 457 
Midstream1,451 1,351 1,190 
NGL and refined products transportation and services915 865 778 
Crude oil transportation and services740 663 588 
Investment in Sunoco LP187 193 177 
Investment in USAC246 237 239 
All other69 133 197 
Total depreciation, depletion and amortization$4,385 $4,164 $3,817 
Years Ended December 31,
202320222021
Equity in earnings (losses) of unconsolidated affiliates:
Intrastate transportation and storage$17 $17 $20 
Interstate transportation and storage260 175 140 
Midstream15 19 24 
NGL and refined products transportation and services76 44 51 
Crude oil transportation and services11 (2)10 
All other4 4 1 
Total equity in earnings of unconsolidated affiliates$383 $257 $246 
Years Ended December 31,
202320222021
Segment Adjusted EBITDA:
Intrastate transportation and storage$1,111 $1,396 $3,483 
Interstate transportation and storage2,009 1,753 1,515 
Midstream2,525 3,210 1,868 
NGL and refined products transportation and services3,894 3,025 2,828 
Crude oil transportation and services2,681 2,187 2,023 
Investment in Sunoco LP964 919 754 
Investment in USAC512 426 398 
All Other2 177 177 
Adjusted EBITDA (consolidated)$13,698 $13,093 $13,046 
Years Ended December 31,
202320222021
Reconciliation of net income to Adjusted EBITDA:
Net income$5,294 $5,868 $6,687 
Depreciation, depletion and amortization4,385 4,164 3,817 
Interest expense, net of interest capitalized2,578 2,306 2,267 
Income tax expense303 204 184 
Impairment losses and other12 386 21 
Gains on interest rate derivatives(36)(293)(61)
Non-cash compensation expense130 115 111 
Unrealized gains on commodity risk management activities(3)(42)(162)
Inventory valuation adjustments114 (5)(190)
(Gains) losses on extinguishments of debt(2)— 38 
Adjusted EBITDA related to unconsolidated affiliates691 565 523 
Equity in earnings of unconsolidated affiliates(383)(257)(246)
Non-operating litigation-related loss627 — — 
Other, net(12)82 57 
Adjusted EBITDA (consolidated)$13,698 $13,093 $13,046 
December 31,
202320222021
Segment assets:
Intrastate transportation and storage$6,112 $6,609 $7,322 
Interstate transportation and storage17,708 17,979 17,774 
Midstream25,592 21,851 21,960 
NGL and refined products transportation and services27,214 27,903 28,160 
Crude oil transportation and services25,464 19,200 19,649 
Investment in Sunoco LP6,826 6,830 5,815 
Investment in USAC2,737 2,666 2,768 
All other and eliminations2,045 2,605 2,515 
Total segment assets$113,698 $105,643 $105,963 
Years Ended December 31,
202320222021
Additions to property, plant and equipment (1):
Intrastate transportation and storage$93 $179 $52 
Interstate transportation and storage383 644 159 
Midstream832 1,004 484 
NGL and refined products transportation and services679 507 751 
Crude oil transportation and services266 246 343 
Investment in Sunoco LP215 186 174 
Investment in USAC300 169 60 
All other100 91 135 
Total additions to property, plant and equipment (1)
$2,868 $3,026 $2,158 
(1)Amounts are presented on the accrual basis, net of contributions in aid of constructions costs. Amounts exclude acquisitions and include only the Partnership’s proportionate share of capital expenditures related to joint ventures.
December 31,
202320222021
Investments in unconsolidated affiliates:
Intrastate transportation and storage$144 $139 $110 
Interstate transportation and storage2,179 2,201 2,209 
Midstream141 54 101 
NGL and refined products transportation and services390 398 457 
Crude oil transportation and services187 48 19 
All other56 53 51 
Total investments in unconsolidated affiliates$3,097 $2,893 $2,947