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v3.26.1

Segment Information (Tables) | 6 Months Ended
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Jun. 30, 2026
Segment Reporting [Abstract] |
Segment Reporting | The tables below present information about our reportable segments:
| Three Months Ended June 30, |  | Six Months Ended June 30,
(In millions) | 2026 |  | 2025 |  | 2026 |  | 2025
Crude Oil and Products Logistics |  |  |  |  |  |  |
Service revenue | $ | 1,232 |  |  | $ | 1,202 |  |  | $ | 2,407 |  |  | $ | 2,364 |
Rental income | 282 |  |  | 224 |  |  | 531 |  |  | 443 |
Product related revenue | 7 |  |  | 4 |  |  | 11 |  |  | 8 |
Sales-type lease revenue | 85 |  |  | 116 |  |  | 187 |  |  | 231 |
Income from equity method investments | 52 |  |  | 59 |  |  | 114 |  |  | 115 |
Other income | 30 |  |  | 30 |  |  | 58 |  |  | 66 |
Total segment revenues and other income(1) | 1,688 |  |  | 1,635 |  |  | 3,308 |  |  | 3,227 |
Operating expenses | 564 |  |  | 532 |  |  | 1,104 |  |  | 1,060 |
Other segment items(2) | (37) |  |  | (35) |  |  | (68) |  |  | (68) |
Segment Adjusted EBITDA(3) | 1,161 |  |  | 1,138 |  |  | 2,272 |  |  | 2,235 |
Capital expenditures | 131 |  |  | 129 |  |  | 235 |  |  | 244 |
Natural Gas and NGL Services |  |  |  |  |  |  |
Service revenue | 615 |  |  | 587 |  |  | 1,241 |  |  | 1,198 |
Rental income | 60 |  |  | 56 |  |  | 118 |  |  | 112 |
Product related revenue | 761 |  |  | 563 |  |  | 1,305 |  |  | 1,246 |
Sales-type lease revenue | 40 |  |  | 36 |  |  | 88 |  |  | 73 |
Income from equity method investments | 128 |  |  | 111 |  |  | 248 |  |  | 241 |
Other income | 20 |  |  | 15 |  |  | 42 |  |  | 30 |
Total segment revenues and other income(1) | 1,624 |  |  | 1,368 |  |  | 3,042 |  |  | 2,900 |
Purchased product costs | 587 |  |  | 432 |  |  | 1,085 |  |  | 891 |
Operating expenses | 418 |  |  | 422 |  |  | 846 |  |  | 867 |
Other segment items(2) | 5 |  |  | (38) |  |  | (121) |  |  | (70) |
Segment Adjusted EBITDA(3) | 614 |  |  | 552 |  |  | 1,232 |  |  | 1,212 |
Capital expenditures | 688 |  |  | 212 |  |  | 1,249 |  |  | 365 |
Investments in unconsolidated affiliates(4) | $ | 202 |  |  | $ | 203 |  |  | $ | 439 |  |  | $ | 322 |
(1) Within the total segment revenues and other income amounts presented above, third-party revenues for the Crude Oil and Products Logistics segment were $157 million and $319 million for the three and six months ended June 30, 2026, respectively, and $187 million and $364 million for the three and six months ended June 30, 2025, respectively. Third-party revenues for the Natural Gas and NGL Services segment were $1,482 million and $2,813 million for the three and six months ended June 30, 2026, respectively, and $1,326 million and $2,765 million for the three and six months ended June 30, 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 and six months ended June 30, 2026 and June 30, 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 June 30, |  | Six Months Ended June 30,
(In millions) | 2026 |  | 2025 |  | 2026 |  | 2025
Reconciliation to Net income: |  |  |  |  |  |  |
Crude Oil and Products Logistics Segment Adjusted EBITDA | $ | 1,161 |  |  | $ | 1,138 |  |  | $ | 2,272 |  |  | $ | 2,235 |
Natural Gas and NGL Services Segment Adjusted EBITDA | 614 |  |  | 552 |  |  | 1,232 |  |  | 1,212 |
Total reportable segments | 1,775 |  |  | 1,690 |  |  | 3,504 |  |  | 3,447 |
Depreciation and amortization(1) | (365) |  |  | (324) |  |  | (723) |  |  | (650) |
Net interest and other financial costs | (289) |  |  | (234) |  |  | (580) |  |  | (463) |
Income from equity method investments | 180 |  |  | 170 |  |  | 362 |  |  | 356 |
Distributions/adjustments related to equity method investments | (234) |  |  | (229) |  |  | (485) |  |  | (456) |
Adjusted EBITDA attributable to noncontrolling interests | 11 |  |  | 11 |  |  | 22 |  |  | 22 |
Other(2) | 9 |  |  | (26) |  |  | (91) |  |  | (62) |
Net income | $ | 1,087 |  |  | $ | 1,058 |  |  | $ | 2,009 |  |  | $ | 2,194 |
(1) Depreciation and amortization attributable to Crude Oil and Products Logistics was $146 million and $289 million for the three and six months ended June 30, 2026, respectively, and $135 million and $268 million for the three and six months ended June 30, 2025, respectively. Depreciation and amortization attributable to Natural Gas and NGL Services was $219 million and $434 million for the three and six months ended June 30, 2026, respectively, and $189 million and $382 million for the three and six months ended June 30, 2025, respectively. (2) Includes unrealized derivative gain/(loss), equity-based compensation, provision for income taxes, and other miscellaneous items.

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