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Reportable Segments (Tables)
 12 Months Ended
Dec. 31, 2024
Financial Information By Segment
The following tables present financial information by segment:
Years Ended December 31,
202420232022
Revenues:
Intrastate transportation and storage:
Revenues from external customers$2,750 $3,222 $6,954 
Intersegment revenues303 740 864 
3,053 3,962 7,818 
Interstate transportation and storage:
Revenues from external customers2,270 2,328 2,185 
Intersegment revenues26 47 66 
2,296 2,375 2,251 
Midstream:
Revenues from external customers3,283 2,911 4,114 
Intersegment revenues7,916 7,495 12,987 
11,199 10,406 17,101 
NGL and refined products transportation and services:
Revenues from external customers20,981 18,413 21,414 
Intersegment revenues3,549 3,490 4,243 
24,530 21,903 25,657 
Crude oil transportation and services:
Revenues from external customers28,528 26,534 25,980 
Intersegment revenues11 2 2 
28,539 26,536 25,982 
Investment in Sunoco LP:
Revenues from external customers22,666 23,026 25,677 
Intersegment revenues27 42 52 
22,693 23,068 25,729 
Investment in USAC:
Revenues from external customers909 824 689 
Intersegment revenues41 22 16 
950 846 705 
All other:
Revenues from external customers1,284 1,328 2,863 
Intersegment revenues463 470 711 
1,747 1,798 3,574 
Eliminations(12,336)(12,308)(18,941)
Total revenues$82,671 $78,586 $89,876 
Years Ended December 31,
202420232022
Cost of products sold:
Intrastate transportation and storage$1,390 $2,616 $6,000 
Interstate transportation and storage9 6 25 
Midstream6,637 6,503 12,682 
NGL and refined products transportation and services19,406 17,049 21,656 
Crude oil transportation and services24,407 23,071 22,917 
Investment in Sunoco LP20,595 21,703 24,350 
Investment in USAC146 137 111 
All other1,709 1,740 3,328 
Eliminations(12,324)(12,284)(18,837)
Total cost of products sold$61,975 $60,541 $72,232 
Years Ended December 31,
202420232022
Operating expenses, excluding non-cash compensation, amortization, accretion and other non-cash expenses:
Intrastate transportation and storage$246 $279 $334 
Interstate transportation and storage807 746 791 
Midstream1,550 1,204 1,087 
NGL and refined products transportation and services957 892 962 
Crude oil transportation and services852 699 645 
Investment in Sunoco LP611 420 396 
Investment in USAC166 147 123 
All other20 40 80 
Eliminations(112)(112)(170)
Total operating expenses, excluding non-cash compensation, amortization, accretion and other non-cash expenses$5,097 $4,315 $4,248 
Years Ended December 31,
202420232022
Depreciation, depletion and amortization:
Intrastate transportation and storage$216 $214 $209 
Interstate transportation and storage575 563 513 
Midstream1,719 1,451 1,351 
NGL and refined products transportation and services1,026 915 865 
Crude oil transportation and services965 740 663 
Investment in Sunoco LP368 187 193 
Investment in USAC265 246 237 
All other31 69 133 
Total depreciation, depletion and amortization$5,165 $4,385 $4,164 
Years Ended December 31,
202420232022
Selling, general and administrative expenses, excluding non-cash compensation and accretion expenses:
Intrastate transportation and storage$50 $51 $53 
Interstate transportation and storage129 115 131 
Midstream199 199 186 
NGL and refined products transportation and services160 157 127 
Crude oil transportation and services149 120 224 
Investment in Sunoco LP266 113 111 
Investment in USAC54 51 45 
All other62 85 60 
Total selling, general and administrative expenses, excluding non-cash compensation and accretion expenses$1,069 $891 $937 
Years Ended December 31,
202420232022
Equity in earnings (losses) of unconsolidated affiliates (1) :
Intrastate transportation and storage$16 $17 $17 
Interstate transportation and storage241 260 175 
Midstream13 15 19 
NGL and refined products transportation and services83 76 44 
Crude oil transportation and services21 11 (2)
All other5 4 4 
Total equity in earnings of unconsolidated affiliates$379 $383 $257 
(1)Amounts reflected above exclude Sunoco LP’s earnings from the ET-S Permian and J.C. Nolan joint ventures, which are eliminated in consolidation.
Years Ended December 31,
202420232022
Other income (expense) (1) :
Intrastate transportation and storage$(9)$95 $(35)
Interstate transportation and storage477 501 449 
Midstream97 25 64 
NGL and refined products transportation and services172 89 113 
Crude oil transportation and services46 35 (9)
Investment in Sunoco LP236 132 47 
Investment in USAC— 1 — 
All other35 (8)14 
Eliminations(101)(11)(9)
Total other income (expense)$953 $859 $634 
(1)Other income and expense include, if applicable to a segment, Adjusted EBITDA related to unconsolidated affiliates, unrealized gains and losses on commodity risk management activities and other items. For the investment in Sunoco LP segment, this also includes inventory valuation adjustments.
December 31,
202420232022
Segment assets:
Intrastate transportation and storage$6,289 $6,112 $6,609 
Interstate transportation and storage17,656 17,708 17,979 
Midstream30,473 25,592 21,851 
NGL and refined products transportation and services27,445 27,214 27,903 
Crude oil transportation and services25,231 25,464 19,200 
Investment in Sunoco LP14,375 6,826 6,830 
Investment in USAC2,746 2,737 2,666 
All other and eliminations1,165 2,045 2,605 
Total segment assets$125,380 $113,698 $105,643 
Years Ended December 31,
202420232022
Additions to property, plant and equipment (1):
Intrastate transportation and storage$118 $93 $179 
Interstate transportation and storage332 383 644 
Midstream1,323 832 1,004 
NGL and refined products transportation and services1,424 679 507 
Crude oil transportation and services423 266 246 
Investment in Sunoco LP344 215 186 
Investment in USAC276 300 169 
All other342 100 91 
Total additions to property, plant and equipment$4,582 $2,868 $3,026 
(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,
202420232022
Investments in unconsolidated affiliates (1):
Intrastate transportation and storage$150 $144 $139 
Interstate transportation and storage2,350 2,179 2,201 
Midstream132 141 54 
NGL and refined products transportation and services383 390 398 
Crude oil transportation and services193 187 48 
All other58 56 53 
Total investments in unconsolidated affiliates$3,266 $3,097 $2,893 
(1)Amounts reflected above exclude Sunoco LP’s investments in the ET-S Permian and J.C. Nolan joint ventures, which are eliminated in consolidation.
Years Ended December 31,
202420232022
Segment Adjusted EBITDA:
Intrastate transportation and storage$1,358 $1,111 $1,396 
Interstate transportation and storage1,828 2,009 1,753 
Midstream2,910 2,525 3,210 
NGL and refined products transportation and services4,179 3,894 3,025 
Crude oil transportation and services3,177 2,681 2,187 
Investment in Sunoco LP1,457 964 919 
Investment in USAC584 512 426 
All Other(10)2 177 
Adjusted EBITDA (consolidated)$15,483 $13,698 $13,093 
Years Ended December 31,
202420232022
Reconciliation of net income to Adjusted EBITDA:
Net income$6,565 $5,294 $5,868 
Depreciation, depletion and amortization5,165 4,385 4,164 
Interest expense, net of interest capitalized3,125 2,578 2,306 
Income tax expense541 303 204 
Impairment losses and other52 12 386 
Gains on interest rate derivatives(6)(36)(293)
Non-cash compensation expense151 130 115 
Unrealized (gains) losses on commodity risk management activities56 (3)(42)
Inventory valuation adjustments (Sunoco LP)86 114 (5)
(Gains) losses on extinguishments of debt12 (2)— 
Adjusted EBITDA related to unconsolidated affiliates692 691 565 
Equity in earnings of unconsolidated affiliates(379)(383)(257)
Non-operating litigation-related loss— 627 — 
Gain on sale of West Texas assets (Sunoco LP)(586)— — 
Other, net9 (12)82 
Adjusted EBITDA (consolidated)$15,483 $13,698 $13,093