XML 126 R85.htm IDEA: XBRL DOCUMENT v3.25.4
Segment Information - Revenues and Adjusted EBITDA (Details) - USD ($)
$ in Millions
 12 Months Ended
Jun. 16, 2025
Aug. 01, 2024
Jul. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting, Revenue Reconciling Item [Line Items]            
Revenue from Contract with Customer, Excluding Assessed Tax       $ 9,726 $ 9,189 $ 8,733
Sales-type lease revenue       151 136 136
Income from equity method investments       697 802 600
Capital expenditures       1,956 1,050 1,019
Total segment revenues and other income       12,998 11,933 11,281
Investments - acquisitions and contributions       1,008 464 98
Equity Interest in Acquiree, Remeasurement Gain       484 20 92
BANGL, LLC            
Segment Reporting, Revenue Reconciling Item [Line Items]            
Investments - acquisitions and contributions     $ 210      
Wink to Webster Pipeline LLC [Member]            
Segment Reporting, Revenue Reconciling Item [Line Items]            
Investments - acquisitions and contributions   $ 18        
Nonrelated Party            
Segment Reporting, Revenue Reconciling Item [Line Items]            
Rental Income       260 251 243
Sales-type lease revenue       151 136 136
Other Income       179 50 34
Operating Segments            
Segment Reporting, Revenue Reconciling Item [Line Items]            
Adjusted EBITDA       7,017 6,764 6,269
Segment Reconciling Items            
Segment Reporting, Revenue Reconciling Item [Line Items]            
Income from equity method investments       697 802 600
Crude Oil and Products Logistics [Member]            
Segment Reporting, Revenue Reconciling Item [Line Items]            
Revenue from Contract with Customer, Excluding Assessed Tax       4,840 4,561 4,353
Crude Oil and Products Logistics [Member] | Nonrelated Party            
Segment Reporting, Revenue Reconciling Item [Line Items]            
Total segment revenues and other income       751 746 701
Crude Oil and Products Logistics [Member] | Operating Segments            
Segment Reporting, Revenue Reconciling Item [Line Items]            
Rental Income       923 882 857
Sales-type lease revenue       448 475 500
Income from equity method investments       243 269 270
Other Income       121 152 68
Adjusted EBITDA [1]       4,547 4,375 4,134
Capital expenditures       538 482 414
Investments - acquisitions and contributions       0 (93) [2] (8)
Total segment revenues and other income [3]       6,575 6,339 6,048
Operating Expenses       2,173 2,097 2,006
Segment Reporting, Other Segment Item, Amount [4]       (145) (133) (92)
Crude Oil and Products Logistics [Member] | Operating Segments | Pro rata share of JV debt repayment            
Segment Reporting, Revenue Reconciling Item [Line Items]            
Investments - acquisitions and contributions       (92)    
Natural Gas & NGL Services [Member]            
Segment Reporting, Revenue Reconciling Item [Line Items]            
Revenue from Contract with Customer, Excluding Assessed Tax       4,886 4,628 4,380
Natural Gas & NGL Services [Member] | MXP Parent, LLC            
Segment Reporting, Revenue Reconciling Item [Line Items]            
Investments - acquisitions and contributions $ 151          
Consideration Transferred, Contingent Consideration       13    
Natural Gas & NGL Services [Member] | Pro rata share of JV interest in Rio Bravo Pipeline project | WPC Parent, LLC            
Segment Reporting, Revenue Reconciling Item [Line Items]            
Investments - acquisitions and contributions       (49)    
Natural Gas & NGL Services [Member] | Nonrelated Party            
Segment Reporting, Revenue Reconciling Item [Line Items]            
Total segment revenues and other income       6,210 5,297 4,902
Natural Gas & NGL Services [Member] | Operating Segments            
Segment Reporting, Revenue Reconciling Item [Line Items]            
Rental Income       226 222 208
Sales-type lease revenue       151 136 136
Income from equity method investments       454 533 [5] 330
Other Income       222 55 87
Adjusted EBITDA [1]       2,470 2,389 2,135
Capital expenditures       1,418 568 605
Investments - acquisitions and contributions       (794) [2] (143) [2] (90)
Total segment revenues and other income [3]       6,423 5,594 5,233
Operating Expenses       1,716 1,704 1,564
Segment Reporting, Other Segment Item, Amount [4]       422 (60) (64)
Purchased product costs       1,815 1,561 1,598
Equity Interest in Acquiree, Remeasurement Gain [6]       484 20 92
Service [Member] | Crude Oil and Products Logistics [Member] | Operating Segments            
Segment Reporting, Revenue Reconciling Item [Line Items]            
Revenue from Contract with Customer, Excluding Assessed Tax       4,824 4,543 4,335
Service [Member] | Natural Gas & NGL Services [Member] | Operating Segments            
Segment Reporting, Revenue Reconciling Item [Line Items]            
Revenue from Contract with Customer, Excluding Assessed Tax       2,468 2,407 2,189
Product [Member] | Crude Oil and Products Logistics [Member] | Operating Segments            
Segment Reporting, Revenue Reconciling Item [Line Items]            
Revenue from Contract with Customer, Excluding Assessed Tax       16 18 18
Product [Member] | Natural Gas & NGL Services [Member] | Operating Segments            
Segment Reporting, Revenue Reconciling Item [Line Items]            
Revenue from Contract with Customer, Excluding Assessed Tax       $ 2,418 $ 2,221 $ 2,191
[1] See below for the reconciliation from Segment Adjusted EBITDA to Net income.
[2] Investments in unconsolidated affiliates in the Crude Oil and Products Logistics segment includes a contribution of $92 million in 2024 to Dakota Access to fund our share of a debt repayment by the joint venture and excludes $18 million in 2024 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 includes cash contributions to several joint ventures to fund current growth capital projects in 2025 and excludes $151 million in 2025 related to acquisition of an additional interest in the joint venture that owns and operates the Matterhorn Express Pipeline, a $49 million capital contribution in 2025 to WPC Parent, LLC to purchase Enbridge’s special membership interest in the Rio Bravo Pipeline project, a $13 million payment in 2025 related to earnout associated with MXP Parent, LLC, and $210 million in 2024 related to the acquisition of additional interests in BANGL, LLC.
[3] Within the total segment revenues and other income amounts presented above, third-party revenues for the Crude Oil and Products Logistics segment were $751 million, $746 million and $701 million for the years ended December 31, 2025, 2024 and 2023, respectively. Third-party revenues for the Natural Gas and NGL Services segment were $6,210 million, $5,297 million and $4,902 million for the years ended December 31, 2025, 2024 and 2023, respectively.
[4] 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, gain on sale of assets, transaction-related costs, unrealized derivative gain/loss and other miscellaneous items.
[5] Includes a $151 million gain related to the dilution of ownership interest in connection with the Whistler Joint Venture Transaction in 2024.
[6] Gain on equity method investments represents the gain on remeasurement of our existing equity method investment in BANGL in conjunction with the BANGL Acquisition in 2025, the gain on remeasurement of our existing equity method investment in OCC in conjunction with the Utica Midstream Acquisition in 2024, and the gain on remeasurement of our existing equity method investment in Torñado in conjunction with the purchase of the remaining joint venture interest in 2023.