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Reportable Segments (Tables)
 9 Months Ended
Sep. 30, 2025
Financial Information By Segment
The following tables present financial information by segment:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202420252024
Revenues:
Intrastate transportation and storage:
Revenues from external customers$773 $622 $2,739 $2,010 
Intersegment revenues96 56 355 223 
869 678 3,094 2,233 
Interstate transportation and storage:
Revenues from external customers595 568 1,792 1,676 
Intersegment revenues8 7 22 20 
603 575 1,814 1,696 
Midstream:
Revenues from external customers819 1,064 2,560 2,646 
Intersegment revenues2,173 1,694 7,223 5,393 
2,992 2,758 9,783 8,039 
NGL and refined products transportation and services:
Revenues from external customers4,919 5,017 15,982 15,598 
Intersegment revenues934 836 2,721 2,576 
5,853 5,853 18,703 18,174 
Crude oil transportation and services:
Revenues from external customers6,043 7,294 17,996 22,294 
Intersegment revenues— 15 3 25 
6,043 7,309 17,999 22,319 
Investment in Sunoco LP:
Revenues from external customers6,023 5,738 16,586 17,406 
Intersegment revenues9 13 15 18 
6,032 5,751 16,601 17,424 
Investment in USAC:
Revenues from external customers234 227 698 680 
Intersegment revenues17 13 48 25 
251 240 746 705 
All other:
Revenues from external customers548 242 1,863 820 
Intersegment revenues375 137 991 320 
923 379 2,854 1,140 
Eliminations(3,612)(2,771)(11,378)(8,600)
Total revenues$19,954 $20,772 $60,216 $63,130 
Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202420252024
Cost of products sold:
Intrastate transportation and storage$546 $272 $2,071 $964 
Interstate transportation and storage3 3 8 6 
Midstream1,746 1,551 5,917 4,727 
NGL and refined products transportation and services4,493 4,527 14,769 14,358 
Crude oil transportation and services5,047 6,297 14,986 19,200 
Investment in Sunoco LP5,386 5,327 14,733 15,951 
Investment in USAC34 38 112 110 
All other895 369 2,799 1,107 
Eliminations(3,588)(2,772)(11,316)(8,605)
Total cost of products sold$14,562 $15,612 $44,079 $47,818 
Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202420252024
Operating expenses, excluding non-cash compensation, amortization, accretion and other non-cash expenses:
Intrastate transportation and storage$72 $61 $190 $180 
Interstate transportation and storage271 203 681 616 
Midstream459 411 1,296 1,055 
NGL and refined products transportation and services294 243 771 703 
Crude oil transportation and services243 231 693 635 
Investment in Sunoco LP180 168 500 423 
Investment in USAC43 43 133 125 
All other17 20 18 28 
Eliminations(65)(47)(158)(88)
Total operating expenses, excluding non-cash compensation, amortization, accretion and other non-cash expenses$1,514 $1,333 $4,124 $3,677 
Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202420252024
Depreciation, depletion and amortization:
Intrastate transportation and storage$52 $54 $154 $161 
Interstate transportation and storage144 145 427 431 
Midstream457 429 1,364 1,252 
NGL and refined products transportation and services249 267 745 779 
Crude oil transportation and services294 252 775 738 
Investment in Sunoco LP159 95 469 216 
Investment in USAC71 67 212 196 
All other14 15 45 18 
Total depreciation, depletion and amortization$1,440 $1,324 $4,191 $3,791 
Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202420252024
Selling, general and administrative expenses, excluding non-cash compensation and accretion expenses:
Intrastate transportation and storage$12 $11 $36 $37 
Interstate transportation and storage29 34 92 99 
Midstream48 57 151 144 
NGL and refined products transportation and services41 42 130 118 
Crude oil transportation and services36 39 118 111 
Investment in Sunoco LP47 52 130 216 
Investment in USAC14 13 42 42 
All other11 23 37 43 
Total selling, general and administrative expenses, excluding non-cash compensation and accretion expenses$238 $271 $736 $810 
Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202420252024
Equity in earnings of unconsolidated affiliates(1):
Intrastate transportation and storage$4 $5 $12 $13 
Interstate transportation and storage73 67 208 180 
Midstream8 2 14 10 
NGL and refined products transportation and services22 22 59 61 
Crude oil transportation and services8 5 17 18 
All other1 1 3 3 
Total equity in earnings of unconsolidated affiliates$116 $102 $313 $285 
(1)Amounts reflected above exclude Sunoco LP’s earnings from the ET-S Permian and J.C. Nolan joint ventures, which are eliminated in consolidation.
Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202420252024
Other income (expense)(1):
Intrastate transportation and storage$(9)$(5)$61 $43 
Interstate transportation and storage131 125 380 360 
Midstream12 77 25 92 
NGL and refined products transportation and services29 (29)32 76 
Crude oil transportation and services29 26 18 44 
Investment in Sunoco LP70 252 163 184 
Investment in USAC— — — 1 
All other(8)4 5 27 
Eliminations(56)(47)(159)(53)
Total other income$198 $403 $525 $774 
(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.
September 30,
2025		December 31,
2024
Segment assets:
Intrastate transportation and storage$6,840 $6,289 
Interstate transportation and storage17,262 17,656 
Midstream27,613 30,473 
NGL and refined products transportation and services26,701 27,445 
Crude oil transportation and services28,525 25,231 
Investment in Sunoco LP17,845 14,375 
Investment in USAC2,659 2,746 
All other and eliminations1,886 1,165 
Total segment assets$129,331 $125,380 
Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202420252024
Additions to property, plant and equipment(1):
Intrastate transportation and storage$431 $4 $930 $50 
Interstate transportation and storage110 115 235 232 
Midstream416 444 1,149 825 
NGL and refined products transportation and services328 375 1,076 929 
Crude oil transportation and services115 103 272 283 
Investment in Sunoco LP157 93 418 212 
Investment in USAC47 43 110 230 
All other34 42 188 112 
Total additions to property, plant and equipment$1,638 $1,219 $4,378 $2,873 
(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.
September 30,
2025		December 31,
2024
Investments in unconsolidated affiliates(1):
Intrastate transportation and storage$151 $150 
Interstate transportation and storage2,367 2,350 
Midstream133 132 
NGL and refined products transportation and services367 383 
Crude oil transportation and services191 193 
All other60 58 
Total investments in unconsolidated affiliates$3,269 $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
September 30,		Nine Months Ended
September 30,
2025202420252024
Segment Adjusted EBITDA:
Intrastate transportation and storage$230 $329 $858 $1,095 
Interstate transportation and storage431 460 1,413 1,335 
Midstream751 816 2,444 2,205 
NGL and refined products transportation and services1,054 1,012 3,065 3,071 
Crude oil transportation and services746 768 2,220 2,417 
Investment in Sunoco LP489 456 1,401 1,018 
Investment in USAC160 146 459 429 
All other(23)(28)(58)29 
Adjusted EBITDA (consolidated)$3,838 $3,959 $11,802 $11,599 
Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202420252024
Reconciliation of net income to Adjusted EBITDA:
Net income$1,292 $1,434 $4,470 $5,118 
Depreciation, depletion and amortization1,440 1,324 4,191 3,791 
Interest expense, net of interest capitalized890 828 2,564 2,318 
Income tax expense87 89 207 405 
Impairment losses1 — 8 50 
(Gain) loss on interest rate derivative— 6 — (6)
Non-cash compensation expense40 37 110 113 
Unrealized (gains) losses on commodity risk management activities(1)(53)(32)50 
Inventory valuation adjustments (Sunoco LP)(10)197 (31)99 
Losses on extinguishments of debt12 — 31 11 
Adjusted EBITDA related to unconsolidated affiliates193 181 542 522 
Equity in earnings of unconsolidated affiliates(116)(102)(313)(285)
Gain on sale of West Texas assets (Sunoco LP)— — — (598)
Other, net10 18 55 11 
Adjusted EBITDA (consolidated)$3,838 $3,959 $11,802 $11,599