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Segment Information (Tables)
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
The tables below present information about our reportable segments:
Three Months Ended 
September 30,		Nine Months Ended 
September 30,
(In millions)2025202420252024
Crude Oil and Products Logistics
Service revenue$1,205 $1,158 $3,569 $3,367 
Rental income239 223 682 666 
Product related revenue4 5 12 14 
Sales-type lease revenue113 118 344 359 
Income from equity method investments71 70 186 213 
Other income28 33 94 113 
Total segment revenues and other income(1)
1,660 1,607 4,887 4,732 
Operating expenses553 542 1,613 1,557 
Other segment items(2)
(30)(29)(98)(77)
Segment Adjusted EBITDA(3)
1,137 1,094 3,372 3,252 
Capital expenditures147 112 391 299 
Investments in unconsolidated affiliates(4)
13 1 13 93 
Natural Gas and NGL Services
Service revenue639 617 1,837 1,785 
Rental income57 56 169 165 
Product related revenue611 565 1,857 1,606 
Sales-type lease revenue 37 34 110 102 
Income from equity method investments115 79 356 418 
Gain on equity method investments(5)
484 — 484 20 
Other income16 14 46 42 
Total segment revenues and other income(1)
1,959 1,365 4,859 4,138 
Purchased product costs493 403 1,384 1,148 
Operating expenses426 430 1,293 1,261 
Other segment items(2)
411 (88)341 (21)
Segment Adjusted EBITDA(3)
629 620 1,841 1,750 
Capital expenditures447 189 812 421 
Investments in unconsolidated affiliates(4)
$227 $31 $549 $93 
(1)    Within the total segment revenues and other income amounts presented above, third-party revenues for the Crude Oil and Products Logistics segment were $201 million and $565 million for the three and nine months ended September 30, 2025, respectively, and $186 million and $563 million for the three and nine months ended September 30, 2024, respectively. Third-party revenues for the Natural Gas and NGL Services segment were $1,917 million and $4,682 million for the three and nine months ended September 30, 2025, respectively, and $1,295 million and $3,921 million for the three and nine months ended September 30, 2024, respectively.
(2)    Other segment items in the Crude Oil and Products Logistics segment include income from equity method investments, distributions and adjustments related to equity method investments, equity-based compensation and other miscellaneous items. Other segment items in the Natural Gas and NGL Services segment include income from and gain on equity method investments, distributions and adjustments related to equity method investments, transaction-related costs, unrealized derivative gain/loss and other miscellaneous items.
(3)    See below for the reconciliation from Segment Adjusted EBITDA to Net income.
(4)    Investments in unconsolidated affiliates in the Crude Oil and Products Logistics segment for the nine months ended September 30, 2024 includes a contribution of $92 million to Dakota Access to fund our share of a debt repayment by the joint venture. Investments in unconsolidated affiliates for the three and nine months ended September 30, 2024 exclude $18 million related to acquisition of an additional interest in Wink to Webster Pipeline LLC. Investments in unconsolidated affiliates in the Natural Gas and NGL Services segment for the three and nine months ended September 30, 2025 includes cash contributions to several joint ventures to fund current growth capital projects. Investments in unconsolidated affiliates for the nine months ended September 30, 2025 exclude $151 million related to the acquisition of an additional interest in the joint venture that owns and operates the Matterhorn Express Pipeline, and the three and nine months ended September 30, 2025 exclude a $49 million capital contribution to WPC Parent, LLC to purchase Enbridge’s special membership interest in the Rio Bravo Pipeline project and a $13 million payment related to earnout associated with MXP Parent, LLC. Investments in unconsolidated affiliates for the three and nine months ended September 30, 2024 exclude $210 million related to the 2024 BANGL Transaction.
(5)    The three and nine months ended September 30, 2025 represent the gain on remeasurement of our existing equity investment in BANGL in conjunction with the BANGL Acquisition. The nine months ended September 30, 2024 represents the gain on remeasurement of our existing equity investment in OCC in conjunction with the Utica Midstream Acquisition.
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated
The table below provides a reconciliation of Segment Adjusted EBITDA for reportable segments to Net income.
Three Months Ended 
September 30,		Nine Months Ended 
September 30,
(In millions)2025202420252024
Reconciliation to Net income:
Crude Oil and Products Logistics Segment Adjusted EBITDA
$1,137 $1,094 $3,372 $3,252 
Natural Gas and NGL Services Segment Adjusted EBITDA
629 620 1,841 1,750 
Total reportable segments1,766 1,714 5,213 5,002 
Depreciation and amortization(1)
(346)(322)(996)(959)
Gain on equity method investments484 — 484 — 
Net interest and other financial costs(243)(226)(706)(692)
Income from equity method investments186 149 542 631 
Distributions/adjustments related to equity method investments(251)(253)(707)(671)
Transaction-related costs(2)
(21)— (21)— 
Adjusted EBITDA attributable to noncontrolling interests11 11 33 33 
Other(3)
(31)(26)(93)(96)
Net income$1,555 $1,047 $3,749 $3,248 
(1)    Depreciation and amortization attributable to Crude Oil and Products Logistics was $139 million and $407 million for the three and nine months ended September 30, 2025, respectively, and $132 million and $393 million for the three and nine months ended September 30, 2024, respectively. Depreciation and amortization attributable to Natural Gas and NGL Services was $207 million and $589 million for the three and nine months ended September 30, 2025, respectively, and $190 million and $566 million for the three and nine months ended September 30, 2024, respectively.
(2)    Transaction-related costs include costs associated with acquisition and divestiture-related activities, including significant transactions discussed in Note 3.
(3)    Includes unrealized derivative gain/(loss), equity-based compensation, provision for income taxes, and other miscellaneous items.