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Segment Information (Tables) | 3 Months Ended
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Mar. 31, 2026
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information, by Segment | The tables below present information about our reportable segments:
| Three Months Ended March 31, |  |
(In millions) | 2026 |  | 2025 |  |  |  |
Crude Oil and Products Logistics |  |  |  |  |  |  |
Service revenue | $ | 1,175 |  |  | $ | 1,162 |  |  |  |  |
Rental income | 249 |  |  | 219 |  |  |  |  |
Product related revenue | 4 |  |  | 4 |  |  |  |  |
Sales-type lease revenue | 102 |  |  | 115 |  |  |  |  |
Income from equity method investments | 62 |  |  | 56 |  |  |  |  |
Other income | 28 |  |  | 36 |  |  |  |  |
Total segment revenues and other income(1) | 1,620 |  |  | 1,592 |  |  |  |  |
Operating expenses | 540 |  |  | 528 |  |  |  |  |
Other segment items(2) | (31) |  |  | (33) |  |  |  |  |
Segment Adjusted EBITDA(3) | 1,111 |  |  | 1,097 |  |  |  |  |
Capital expenditures | 104 |  |  | 115 |  |  |  |  |
Natural Gas and NGL Services |  |  |  |  |  |  |
Service revenue | 626 |  |  | 611 |  |  |  |  |
Rental income | 58 |  |  | 56 |  |  |  |  |
Product related revenue | 544 |  |  | 683 |  |  |  |  |
Sales-type lease revenue | 48 |  |  | 37 |  |  |  |  |
Income from equity method investments | 120 |  |  | 130 |  |  |  |  |
Other income | 22 |  |  | 15 |  |  |  |  |
Total segment revenues and other income(1) | 1,418 |  |  | 1,532 |  |  |  |  |
Purchased product costs | 498 |  |  | 459 |  |  |  |  |
Operating expenses | 428 |  |  | 445 |  |  |  |  |
Other segment items(2) | (126) |  |  | (32) |  |  |  |  |
Segment Adjusted EBITDA(3) | 618 |  |  | 660 |  |  |  |  |
Capital expenditures | 561 |  |  | 153 |  |  |  |  |
Investments in unconsolidated affiliates(4) | $ | 237 |  |  | $ | 119 |  |  |  |  |
(1) Within the total segment revenues and other income amounts presented above, third-party revenues for the Crude Oil and Products Logistics segment were $162 million and $177 million for the three months ended March 31, 2026 and March 31, 2025, respectively. Third-party revenues for the Natural Gas and NGL Services segment were $1,331 million and $1,439 million for the three months ended March 31, 2026 and March 31, 2025, 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 equity method investments, distributions and adjustments related to equity method investments, 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 Natural Gas and NGL Services segment for the three months ended March 31, 2026 and March 31, 2025 includes cash contributions to several joint ventures to fund current growth capital projects.
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 March 31, |  |
(In millions) | 2026 |  | 2025 |  |  |  |
Reconciliation to Net income: |  |  |  |  |  |  |
Crude Oil and Products Logistics Segment Adjusted EBITDA | $ | 1,111 |  |  | $ | 1,097 |  |  |  |  |
Natural Gas and NGL Services Segment Adjusted EBITDA | 618 |  |  | 660 |  |  |  |  |
Total reportable segments | 1,729 |  |  | 1,757 |  |  |  |  |
Depreciation and amortization(1) | (358) |  |  | (326) |  |  |  |  |
Net interest and other financial costs | (291) |  |  | (229) |  |  |  |  |
Income from equity method investments | 182 |  |  | 186 |  |  |  |  |
Distributions/adjustments related to equity method investments | (251) |  |  | (227) |  |  |  |  |
Adjusted EBITDA attributable to noncontrolling interests | 11 |  |  | 11 |  |  |  |  |
Other(2) | (100) |  |  | (36) |  |  |  |  |
Net income | $ | 922 |  |  | $ | 1,136 |  |  |  |  |
(1) Depreciation and amortization attributable to Crude Oil and Products Logistics was $143 million and $133 million for the three months ended March 31, 2026 and March 31, 2025, respectively. Depreciation and amortization attributable to Natural Gas and NGL Services was $215 million and $193 million for the three months ended March 31, 2026 and March 31, 2025, respectively. (2) Includes unrealized derivative gain/(loss), equity-based compensation, provision for income taxes, and other miscellaneous items.

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- Definition Tabular disclosure of reconciliation of other items from reportable segments to their consolidated amount. Excludes reconciliation of revenue, profit (loss), and assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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