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Segment Information - Segment Adjusted EBITDA (Details) - USD ($) $ in Millions |  | 3 Months Ended | 6 Months Ended
--- | --- | --- | ---
Jun. 16, 2025 | Jun. 30, 2026 | Jun. 30, 2025 | Jun. 30, 2026 | Jun. 30, 2025
Segment Reporting [Line Items] |  |  |  |  |  |
Revenue from Contract with Customer, Excluding Assessed Tax |  |  | $ 2,615 | $ 2,356 | $ 4,964 | $ 4,816
Sales-type lease revenue |  |  | 40 | 36 | 88 | 73
Income from equity method investments |  |  | 180 | 170 | 362 | 356
Revenues |  |  | 3,312 | 3,003 | 6,350 | 6,127
Purchased product costs |  |  | 587 | 432 | 1,085 | 891
Capital Expenditures |  |  |  |  | 1,484 | 609
Investments - acquisitions and contributions |  |  |  |  | 441 | 467
Nonrelated Party [Member] |  |  |  |  |  |
Segment Reporting [Line Items] |  |  |  |  |  |
Rental income |  |  | 67 | 64 | 132 | 128
Other Income |  |  | 6 | 5 | 13 | 15
Crude Oil and Products Logistics |  |  |  |  |  |
Segment Reporting [Line Items] |  |  |  |  |  |
Revenue from Contract with Customer, Excluding Assessed Tax |  |  | 1,239 | 1,206 | 2,418 | 2,372
Crude Oil and Products Logistics | Nonrelated Party [Member] |  |  |  |  |  |
Segment Reporting [Line Items] |  |  |  |  |  |
Revenues |  |  | 157 | 187 | 319 | 364
Natural Gas and NGL Services |  |  |  |  |  |
Segment Reporting [Line Items] |  |  |  |  |  |
Revenue from Contract with Customer, Excluding Assessed Tax |  |  | 1,376 | 1,150 | 2,546 | 2,444
Natural Gas and NGL Services | MXP Parent, LLC |  |  |  |  |  |
Segment Reporting [Line Items] |  |  |  |  |  |
Investments - acquisitions and contributions |  | $ 151 |  |  |  |
Natural Gas and NGL Services | Nonrelated Party [Member] |  |  |  |  |  |
Segment Reporting [Line Items] |  |  |  |  |  |
Revenues |  |  | 1,482 | 1,326 | 2,813 | 2,765
Operating Segments |  |  |  |  |  |
Segment Reporting [Line Items] |  |  |  |  |  |
Adjusted EBITDA |  |  | 1,775 | 1,690 | 3,504 | 3,447
Operating Segments | Crude Oil and Products Logistics |  |  |  |  |  |
Segment Reporting [Line Items] |  |  |  |  |  |
Rental income |  |  | 282 | 224 | 531 | 443
Sales-type lease revenue |  |  | 85 | 116 | 187 | 231
Income from equity method investments |  |  | 52 | 59 | 114 | 115
Other Income |  |  | 30 | 30 | 58 | 66
Revenues | [1] |  | 1,688 | 1,635 | 3,308 | 3,227
Operating Expenses |  |  | 564 | 532 | 1,104 | 1,060
Segment Reporting, Other Segment Item, Amount | [2] |  | (37) | (35) | (68) | (68)
Adjusted EBITDA | [3] |  | 1,161 | 1,138 | 2,272 | 2,235
Capital Expenditures |  |  | 131 | 129 | 235 | 244
Operating Segments | Natural Gas and NGL Services |  |  |  |  |  |
Segment Reporting [Line Items] |  |  |  |  |  |
Rental income |  |  | 60 | 56 | 118 | 112
Sales-type lease revenue |  |  | 40 | 36 | 88 | 73
Income from equity method investments |  |  | 128 | 111 | 248 | 241
Other Income |  |  | 20 | 15 | 42 | 30
Revenues | [1] |  | 1,624 | 1,368 | 3,042 | 2,900
Purchased product costs |  |  | 587 | 432 | 1,085 | 891
Operating Expenses |  |  | 418 | 422 | 846 | 867
Segment Reporting, Other Segment Item, Amount | [2] |  | 5 | (38) | (121) | (70)
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
Service [Member] | Operating Segments | Crude Oil and Products Logistics |  |  |  |  |  |
Segment Reporting [Line Items] |  |  |  |  |  |
Revenue from Contract with Customer, Excluding Assessed Tax |  |  | 1,232 | 1,202 | 2,407 | 2,364
Service [Member] | Operating Segments | Natural Gas and NGL Services |  |  |  |  |  |
Segment Reporting [Line Items] |  |  |  |  |  |
Revenue from Contract with Customer, Excluding Assessed Tax |  |  | 615 | 587 | 1,241 | 1,198
Product [Member] | Operating Segments | Crude Oil and Products Logistics |  |  |  |  |  |
Segment Reporting [Line Items] |  |  |  |  |  |
Revenue from Contract with Customer, Excluding Assessed Tax |  |  | 7 | 4 | 11 | 8
Product [Member] | Operating Segments | Natural Gas and NGL Services |  |  |  |  |  |
Segment Reporting [Line Items] |  |  |  |  |  |
Revenue from Contract with Customer, Excluding Assessed Tax |  |  | $ 761 | $ 563 | $ 1,305 | $ 1,246
[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.

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