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Reportable Segments
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Reportable Segments REPORTABLE SEGMENTS
Our reportable segments, which conduct their business primarily in the United States, are as follows:
•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 primarily reflected in crude sales. Revenues from our investment in Sunoco LP segment are primarily reflected in refined product sales and, subsequent to Sunoco LP’s acquisition of NuStar in May 2024, also in gathering, transportation and other fees. 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 and gathering, transportation and other fees.
We report Segment Adjusted EBITDA and consolidated Adjusted EBITDA as measures of segment performance. We define Segment Adjusted EBITDA and consolidated 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 valuation 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 and consolidated 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:
Three Months Ended
March 31,
20252024
Revenues:
Intrastate transportation and storage:
Revenues from external customers$1,147 $810 
Intersegment revenues147 108 
1,294 918 
Interstate transportation and storage:
Revenues from external customers613 595 
Intersegment revenues8 7 
621 602 
Midstream:
Revenues from external customers884 806 
Intersegment revenues2,772 1,968 
3,656 2,774 
NGL and refined products transportation and services:
Revenues from external customers6,034 5,684 
Intersegment revenues875 842 
6,909 6,526 
Crude oil transportation and services:
Revenues from external customers6,205 7,638 
Intersegment revenues3 — 
6,208 7,638 
Investment in Sunoco LP:
Revenues from external customers5,177 5,495 
Intersegment revenues2 4 
5,179 5,499 
Investment in USAC:
Revenues from external customers230 223 
Intersegment revenues15 6 
245 229 
All other:
Revenues from external customers730 378 
Intersegment revenues265 88 
995 466 
Eliminations(4,087)(3,023)
Total revenues$21,020 $21,629 
Three Months Ended
March 31,
20252024
Cost of products sold:
Intrastate transportation and storage$964 $487 
Interstate transportation and storage2 1 
Midstream2,260 1,719 
NGL and refined products transportation and services5,641 5,319 
Crude oil transportation and services5,214 6,594 
Investment in Sunoco LP4,526 5,015 
Investment in USAC38 36 
All other995 451 
Eliminations(4,069)(3,025)
Total cost of products sold$15,571 $16,597 
Three Months Ended
March 31,
20252024
Operating expenses, excluding non-cash compensation, amortization, accretion and other non-cash expenses:
Intrastate transportation and storage$57 $53 
Interstate transportation and storage189 203 
Midstream421 323 
NGL and refined products transportation and services247 228 
Crude oil transportation and services213 188 
Investment in Sunoco LP158 105 
Investment in USAC43 39 
All other1 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,
20252024
Depreciation, depletion and amortization:
Intrastate transportation and storage$51 $54 
Interstate transportation and storage142 142 
Midstream448 429 
NGL and refined products transportation and services248 258 
Crude oil transportation and services237 247 
Investment in Sunoco LP156 43 
Investment in USAC70 63 
All other15 18 
Total depreciation, depletion and amortization$1,367 $1,254 
Three Months Ended
March 31,
20252024
Selling, general and administrative expenses, excluding non-cash compensation and accretion expenses:
Intrastate transportation and storage$14 $12 
Interstate transportation and storage37 33 
Midstream56 44 
NGL and refined products transportation and services48 42 
Crude oil transportation and services44 36 
Investment in Sunoco LP36 32 
Investment in USAC14 15 
All other13 12 
Total selling, general and administrative expenses, excluding non-cash compensation and accretion expenses$262 $226 
Three Months Ended
March 31,
20252024
Equity in earnings of unconsolidated affiliates (1) :
Intrastate transportation and storage$5 $5 
Interstate transportation and storage63 62 
Midstream3 4 
NGL and refined products transportation and services17 19 
Crude oil transportation and services4 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,
20252024
Other income (expense) (1) :
Intrastate transportation and storage$85 $72 
Interstate transportation and storage119 118 
Midstream6 8 
NGL and refined products transportation and services5 52 
Crude oil transportation and services5 28 
Investment in Sunoco LP(1)(105)
All other26 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 storage17,489 17,656 
Midstream30,341 30,473 
NGL and refined products transportation and services27,173 27,445 
Crude oil transportation and services26,752 25,231 
Investment in Sunoco LP14,342 14,375 
Investment in USAC2,713 2,746 
All other and eliminations1,293 1,165 
Total segment assets$126,425 $125,380 
Three Months Ended
March 31,
20252024
Additions to property, plant and equipment (1):
Intrastate transportation and storage$226 $14 
Interstate transportation and storage46 49 
Midstream349 178 
NGL and refined products transportation and services363 220 
Crude oil transportation and services107 89 
Investment in Sunoco LP101 41 
Investment in USAC33 111 
All other29 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 storage2,352 2,350 
Midstream130 132 
NGL and refined products transportation and services378 383 
Crude oil transportation and services191 193 
All other59 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,
20252024
Segment Adjusted EBITDA:
Intrastate transportation and storage$344 $438 
Interstate transportation and storage512 483 
Midstream925 696 
NGL and refined products transportation and services978 989 
Crude oil transportation and services742 848 
Investment in Sunoco LP458 242 
Investment in USAC150 139 
All other(11)45 
Adjusted EBITDA (consolidated)$4,098 $3,880 
Three Months Ended
March 31,
20252024
Reconciliation of net income to Adjusted EBITDA:
Net income$1,720 $1,692 
Depreciation, depletion and amortization1,367 1,254 
Interest expense, net of interest capitalized809 728 
Income tax expense41 89 
Impairment loss4 — 
Gain on interest rate derivative— (9)
Non-cash compensation expense37 46 
Unrealized losses on commodity risk management activities69 141 
Inventory valuation adjustments (Sunoco LP)(61)(130)
Losses on extinguishments of debt2 5 
Adjusted EBITDA related to unconsolidated affiliates167 171 
Equity in earnings of unconsolidated affiliates(92)(98)
Other, net35 (9)
Adjusted EBITDA (consolidated)$4,098 $3,880