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v3.25.1

Reportable Segments (Tables) | 3 Months Ended
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Mar. 31, 2025
Financial Information By Segment | The following tables present financial information by segment:
|  |  | Three Months Ended March 31,
|  |  |  |  | 2025 |  | 2024
Revenues: |  |  |  |  |  |  |
Intrastate transportation and storage: |  |  |  |  |  |  |
Revenues from external customers |  |  |  |  | $ | 1,147 |  |  | $ | 810 |
Intersegment revenues |  |  |  |  | 147 |  |  | 108 |
|  |  |  |  | 1,294 |  |  | 918 |
Interstate transportation and storage: |  |  |  |  |  |  |
Revenues from external customers |  |  |  |  | 613 |  |  | 595 |
Intersegment revenues |  |  |  |  | 8 |  |  | 7 |
|  |  |  |  | 621 |  |  | 602 |
Midstream: |  |  |  |  |  |  |
Revenues from external customers |  |  |  |  | 884 |  |  | 806 |
Intersegment revenues |  |  |  |  | 2,772 |  |  | 1,968 |
|  |  |  |  | 3,656 |  |  | 2,774 |
NGL and refined products transportation and services: |  |  |  |  |  |  |
Revenues from external customers |  |  |  |  | 6,034 |  |  | 5,684 |
Intersegment revenues |  |  |  |  | 875 |  |  | 842 |
|  |  |  |  | 6,909 |  |  | 6,526 |
Crude oil transportation and services: |  |  |  |  |  |  |
Revenues from external customers |  |  |  |  | 6,205 |  |  | 7,638 |
Intersegment revenues |  |  |  |  | 3 |  |  | — |
|  |  |  |  | 6,208 |  |  | 7,638 |
Investment in Sunoco LP: |  |  |  |  |  |  |
Revenues from external customers |  |  |  |  | 5,177 |  |  | 5,495 |
Intersegment revenues |  |  |  |  | 2 |  |  | 4 |
|  |  |  |  | 5,179 |  |  | 5,499 |
Investment in USAC: |  |  |  |  |  |  |
Revenues from external customers |  |  |  |  | 230 |  |  | 223 |
Intersegment revenues |  |  |  |  | 15 |  |  | 6 |
|  |  |  |  | 245 |  |  | 229 |
All other: |  |  |  |  |  |  |
Revenues from external customers |  |  |  |  | 730 |  |  | 378 |
Intersegment revenues |  |  |  |  | 265 |  |  | 88 |
|  |  |  |  | 995 |  |  | 466 |
Eliminations |  |  |  |  | (4,087) |  |  | (3,023) |
Total revenues |  |  |  |  | $ | 21,020 |  |  | $ | 21,629 |
| Three Months Ended March 31,
| 2025 |  | 2024
Cost of products sold: |  |  |
Intrastate transportation and storage | $ | 964 |  |  | $ | 487 |
Interstate transportation and storage | 2 |  |  | 1 |
Midstream | 2,260 |  |  | 1,719 |
NGL and refined products transportation and services | 5,641 |  |  | 5,319 |
Crude oil transportation and services | 5,214 |  |  | 6,594 |
Investment in Sunoco LP | 4,526 |  |  | 5,015 |
Investment in USAC | 38 |  |  | 36 |
All other | 995 |  |  | 451 |
Eliminations | (4,069) |  |  | (3,025) |
Total cost of products sold | $ | 15,571 |  |  | $ | 16,597 |
| Three Months Ended March 31,
| 2025 |  | 2024
Operating expenses, excluding non-cash compensation, amortization, accretion and other non-cash expenses: |  |  |
Intrastate transportation and storage | $ | 57 |  |  | $ | 53 |
Interstate transportation and storage | 189 |  |  | 203 |
Midstream | 421 |  |  | 323 |
NGL and refined products transportation and services | 247 |  |  | 228 |
Crude oil transportation and services | 213 |  |  | 188 |
Investment in Sunoco LP | 158 |  |  | 105 |
Investment in USAC | 43 |  |  | 39 |
All other | 1 |  |  | 6 |
Eliminations | (45) |  |  | (23) |
Total operating expenses, excluding non-cash compensation, amortization, accretion and other non-cash expenses | $ | 1,284 |  |  | $ | 1,122 |
| Three Months Ended March 31,
| 2025 |  | 2024
Depreciation, depletion and amortization: |  |  |
Intrastate transportation and storage | $ | 51 |  |  | $ | 54 |
Interstate transportation and storage | 142 |  |  | 142 |
Midstream | 448 |  |  | 429 |
NGL and refined products transportation and services | 248 |  |  | 258 |
Crude oil transportation and services | 237 |  |  | 247 |
Investment in Sunoco LP | 156 |  |  | 43 |
Investment in USAC | 70 |  |  | 63 |
All other | 15 |  |  | 18 |
Total depreciation, depletion and amortization | $ | 1,367 |  |  | $ | 1,254 |
| Three Months Ended March 31,
| 2025 |  | 2024
Selling, general and administrative expenses, excluding non-cash compensation and accretion expenses: |  |  |
Intrastate transportation and storage | $ | 14 |  |  | $ | 12 |
Interstate transportation and storage | 37 |  |  | 33 |
Midstream | 56 |  |  | 44 |
NGL and refined products transportation and services | 48 |  |  | 42 |
Crude oil transportation and services | 44 |  |  | 36 |
Investment in Sunoco LP | 36 |  |  | 32 |
Investment in USAC | 14 |  |  | 15 |
All other | 13 |  |  | 12 |
Total selling, general and administrative expenses, excluding non-cash compensation and accretion expenses | $ | 262 |  |  | $ | 226 |
| Three Months Ended March 31,
| 2025 |  | 2024
Equity in earnings of unconsolidated affiliates (1) : |  |  |
Intrastate transportation and storage | $ | 5 |  |  | $ | 5 |
Interstate transportation and storage | 63 |  |  | 62 |
Midstream | 3 |  |  | 4 |
NGL and refined products transportation and services | 17 |  |  | 19 |
Crude oil transportation and services | 4 |  |  | 7 |
All other | — |  |  | 1 |
Total equity in earnings of unconsolidated affiliates | $ | 92 |  |  | $ | 98 |
(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.
| Three Months Ended March 31,
| 2025 |  | 2024
Other income (expense) (1) : |  |  |
Intrastate transportation and storage | $ | 85 |  |  | $ | 72 |
Interstate transportation and storage | 119 |  |  | 118 |
Midstream | 6 |  |  | 8 |
NGL and refined products transportation and services | 5 |  |  | 52 |
Crude oil transportation and services | 5 |  |  | 28 |
Investment in Sunoco LP | (1) |  |  | (105) |
All other | 26 |  |  | 26 |
Eliminations | (50) |  |  | (3) |
Total other income | $ | 195 |  |  | $ | 196 |
(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.
| March 31, 2025 |  | December 31, 2024
Segment assets: |  |  |
Intrastate transportation and storage | $ | 6,322 |  |  | $ | 6,289 |
Interstate transportation and storage | 17,489 |  |  | 17,656 |
Midstream | 30,341 |  |  | 30,473 |
NGL and refined products transportation and services | 27,173 |  |  | 27,445 |
Crude oil transportation and services | 26,752 |  |  | 25,231 |
Investment in Sunoco LP | 14,342 |  |  | 14,375 |
Investment in USAC | 2,713 |  |  | 2,746 |
All other and eliminations | 1,293 |  |  | 1,165 |
Total segment assets | $ | 126,425 |  |  | $ | 125,380 |
| Three Months Ended March 31,
| 2025 |  | 2024
Additions to property, plant and equipment (1): |  |  |
Intrastate transportation and storage | $ | 226 |  |  | $ | 14 |
Interstate transportation and storage | 46 |  |  | 49 |
Midstream | 349 |  |  | 178 |
NGL and refined products transportation and services | 363 |  |  | 220 |
Crude oil transportation and services | 107 |  |  | 89 |
Investment in Sunoco LP | 101 |  |  | 41 |
Investment in USAC | 33 |  |  | 111 |
All other | 29 |  |  | 26 |
Total additions to property, plant and equipment | $ | 1,254 |  |  | $ | 728 |
(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.
| March 31, 2025 |  | December 31, 2024
Investments in unconsolidated affiliates (1): |  |  |
Intrastate transportation and storage | $ | 150 |  |  | $ | 150 |
Interstate transportation and storage | 2,352 |  |  | 2,350 |
Midstream | 130 |  |  | 132 |
NGL and refined products transportation and services | 378 |  |  | 383 |
Crude oil transportation and services | 191 |  |  | 193 |
All other | 59 |  |  | 58 |
Total investments in unconsolidated affiliates | $ | 3,260 |  |  | $ | 3,266 |
(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.
|  |  | Three Months Ended March 31,
|  |  |  |  | 2025 |  | 2024
Segment Adjusted EBITDA: |  |  |  |  |  |  |
Intrastate transportation and storage |  |  |  |  | $ | 344 |  |  | $ | 438 |
Interstate transportation and storage |  |  |  |  | 512 |  |  | 483 |
Midstream |  |  |  |  | 925 |  |  | 696 |
NGL and refined products transportation and services |  |  |  |  | 978 |  |  | 989 |
Crude oil transportation and services |  |  |  |  | 742 |  |  | 848 |
Investment in Sunoco LP |  |  |  |  | 458 |  |  | 242 |
Investment in USAC |  |  |  |  | 150 |  |  | 139 |
All other |  |  |  |  | (11) |  |  | 45 |
Adjusted EBITDA (consolidated) |  |  |  |  | $ | 4,098 |  |  | $ | 3,880 |
|  |  | Three Months Ended March 31,
|  |  |  |  | 2025 |  | 2024
Reconciliation of net income to Adjusted EBITDA: |  |  |  |  |  |  |
Net income |  |  |  |  | $ | 1,720 |  |  | $ | 1,692 |
Depreciation, depletion and amortization |  |  |  |  | 1,367 |  |  | 1,254 |
Interest expense, net of interest capitalized |  |  |  |  | 809 |  |  | 728 |
Income tax expense |  |  |  |  | 41 |  |  | 89 |
Impairment loss |  |  |  |  | 4 |  |  | — |
Gain on interest rate derivative |  |  |  |  | — |  |  | (9) |
Non-cash compensation expense |  |  |  |  | 37 |  |  | 46 |
Unrealized losses on commodity risk management activities |  |  |  |  | 69 |  |  | 141 |
Inventory valuation adjustments (Sunoco LP) |  |  |  |  | (61) |  |  | (130) |
Losses on extinguishments of debt |  |  |  |  | 2 |  |  | 5 |
Adjusted EBITDA related to unconsolidated affiliates |  |  |  |  | 167 |  |  | 171 |
Equity in earnings of unconsolidated affiliates |  |  |  |  | (92) |  |  | (98) |
Other, net |  |  |  |  | 35 |  |  | (9) |
Adjusted EBITDA (consolidated) |  |  |  |  | $ | 4,098 |  |  | $ | 3,880 |

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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