XML 88 R65.htm IDEA: XBRL DOCUMENT v3.25.3
Segment Information - Segment Adjusted EBITDA (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jun. 16, 2025
Aug. 01, 2024
Jul. 31, 2024
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Segment Reporting Information [Line Items]              
Revenue from Contract with Customer, Excluding Assessed Tax       $ 2,459 $ 2,345 $ 7,275 $ 6,772
Sales-type lease revenue       37 34 110 102
Income from equity method investments       186 149 542 631
Revenues       3,619 2,972 9,746 8,870
Purchased product costs       493 403 1,384 1,148
Capital Expenditures           1,203 720
Gain on equity method investments       484 0 484 20
Investments - acquisitions and contributions           776 414
BANGL, LLC              
Segment Reporting Information [Line Items]              
Investments - acquisitions and contributions     $ 210        
Nonrelated Party [Member]              
Segment Reporting Information [Line Items]              
Rental income       68 63 196 187
Other Income       4 7 19 38
Crude Oil and Products Logistics              
Segment Reporting Information [Line Items]              
Revenue from Contract with Customer, Excluding Assessed Tax       1,209 1,163 3,581 3,381
Crude Oil and Products Logistics | W2W Holdings LLC              
Segment Reporting Information [Line Items]              
Investments - acquisitions and contributions   $ 18          
Crude Oil and Products Logistics | Pro rata share of JV debt repayment              
Segment Reporting Information [Line Items]              
Investments in unconsolidated affiliates             92
Crude Oil and Products Logistics | Nonrelated Party [Member]              
Segment Reporting Information [Line Items]              
Revenues       201 186 565 563
Natural Gas and NGL Services              
Segment Reporting Information [Line Items]              
Revenue from Contract with Customer, Excluding Assessed Tax       1,250 1,182 3,694 3,391
Natural Gas and NGL Services | MXP Parent, LLC              
Segment Reporting Information [Line Items]              
Investments - acquisitions and contributions $ 151            
Payment related to earnout       13   13  
Natural Gas and NGL Services | Pro rata share of JV interest in Rio Bravo Pipeline project | WPC Parent, LLC              
Segment Reporting Information [Line Items]              
Investments in unconsolidated affiliates       49   49  
Natural Gas and NGL Services | Nonrelated Party [Member]              
Segment Reporting Information [Line Items]              
Revenues       1,917 1,295 4,682 3,921
Operating Segments              
Segment Reporting Information [Line Items]              
Adjusted EBITDA       1,766 1,714 5,213 5,002
Operating Segments | Crude Oil and Products Logistics              
Segment Reporting Information [Line Items]              
Rental income       239 223 682 666
Sales-type lease revenue       113 118 344 359
Income from equity method investments       71 70 186 213
Other Income       28 33 94 113
Revenues [1]       1,660 1,607 4,887 4,732
Operating Expenses       553 542 1,613 1,557
Segment Reporting, Other Segment Item, Amount [2]       (30) (29) (98) (77)
Adjusted EBITDA [3]       1,137 1,094 3,372 3,252
Capital Expenditures       147 112 391 299
Investments in unconsolidated affiliates       13 1 13 93 [4]
Operating Segments | Natural Gas and NGL Services              
Segment Reporting Information [Line Items]              
Rental income       57 56 169 165
Sales-type lease revenue       37 34 110 102
Income from equity method investments       115 79 356 418
Other Income       16 14 46 42
Revenues [1]       1,959 1,365 4,859 4,138
Purchased product costs       493 403 1,384 1,148
Operating Expenses       426 430 1,293 1,261
Segment Reporting, Other Segment Item, Amount [2]       411 (88) 341 (21)
Adjusted EBITDA [3]       629 620 1,841 1,750
Capital Expenditures       447 189 812 421
Investments in unconsolidated affiliates       227 [4] 31 549 [4] 93
Gain on equity method investments       484 0 484 20
Service [Member] | Operating Segments | Crude Oil and Products Logistics              
Segment Reporting Information [Line Items]              
Revenue from Contract with Customer, Excluding Assessed Tax       1,205 1,158 3,569 3,367
Service [Member] | Operating Segments | Natural Gas and NGL Services              
Segment Reporting Information [Line Items]              
Revenue from Contract with Customer, Excluding Assessed Tax       639 617 1,837 1,785
Product [Member] | Operating Segments | Crude Oil and Products Logistics              
Segment Reporting Information [Line Items]              
Revenue from Contract with Customer, Excluding Assessed Tax       4 5 12 14
Product [Member] | Operating Segments | Natural Gas and NGL Services              
Segment Reporting Information [Line Items]              
Revenue from Contract with Customer, Excluding Assessed Tax       $ 611 $ 565 $ 1,857 $ 1,606
[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.