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SEGMENTS (Tables)
 3 Months Ended
Mar. 31, 2020
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract]  
Segments
Operating Segment Information - The following tables set forth certain selected financial information for our operating segments for the periods indicated:
Three Months Ended
March 31, 2020
Natural Gas
Gathering and
Processing
 
Natural Gas
Liquids (a)
 
Natural Gas
Pipelines (b)
 
Total
Segments
 
(Thousands of dollars)
NGL and condensate sales
$
219,917

 
$
1,596,711

 
$
—

 
$
1,816,628

Residue natural gas sales
189,051

 
—

 
2,035

 
191,086

Gathering, processing and exchange services revenue
37,937

 
120,536

 
—

 
158,473

Transportation and storage revenue
—

 
50,755

 
118,364

 
169,119

Other
3,075

 
2,590

 
384

 
6,049

Total revenues (c)
449,980

 
1,770,592

 
120,783

 
2,341,355

 
 
 
 
 
 
 
 
Cost of sales and fuel (exclusive of depreciation and operating costs)
(202,170
)
 
(1,278,754
)
 
(1,539
)
 
(1,482,463
)
Operating costs
(84,470
)
 
(89,571
)
 
(33,307
)
 
(207,348
)
Equity in net earnings from investments
806

 
15,268

 
28,553

 
44,627

Noncash compensation expense and other
(4,498
)
 
(6,619
)
 
(1,966
)
 
(13,083
)
Segment adjusted EBITDA
$
159,648

 
$
410,916

 
$
112,524

 
$
683,088

 
 
 
 
 
 
 
 
Depreciation and amortization
$
(58,756
)
 
$
(57,841
)
 
$
(14,769
)
 
$
(131,366
)
Impairment charges
$
(564,353
)
 
$
(77,401
)
 
$
—

 
$
(641,754
)
Investments in unconsolidated affiliates
$
4,276

 
$
435,024

 
$
371,179

 
$
810,479

Total assets
$
6,374,552

 
$
12,682,807

 
$
2,089,362

 
$
21,146,721

Capital expenditures
$
181,610

 
$
746,183

 
$
16,590

 
$
944,383

(a) - Our Natural Gas Liquids segment has regulated and nonregulated operations. Our Natural Gas Liquids segment’s regulated operations had revenues of $435.1 million, of which $378.2 million related to revenues within the segment, and cost of sales and fuel of $120.4 million.
(b) - Our Natural Gas Pipelines segment has regulated and nonregulated operations. Our Natural Gas Pipelines segment’s regulated operations had revenues of $73.9 million and cost of sales and fuel of $6.1 million.
(c) - Intersegment revenues for the Natural Gas Gathering and Processing segment totaled $213.3 million. Intersegment revenues for the Natural Gas Liquids and Natural Gas Pipelines segments were not material.

Three Months Ended
March 31, 2020
 
Total
Segments
 
Other and
Eliminations
 
Total
 
 
(Thousands of dollars)
Reconciliations of total segments to consolidated
 
 
 
 
 
 
NGL and condensate sales
 
$
1,816,628

 
$
(199,472
)
 
$
1,617,156

Residue natural gas sales
 
191,086

 
(1,032
)
 
190,054

Gathering, processing and exchange services revenue
 
158,473

 
—

 
158,473

Transportation and storage revenue
 
169,119

 
(3,809
)
 
165,310

Other
 
6,049

 
(370
)
 
5,679

Total revenues (a)
 
$
2,341,355

 
$
(204,683
)
 
$
2,136,672

 
 
 
 
 
 
 
Cost of sales and fuel (exclusive of depreciation and operating costs)
 
$
(1,482,463
)
 
$
205,535

 
$
(1,276,928
)
Operating costs
 
$
(207,348
)
 
$
308

 
$
(207,040
)
Depreciation and amortization
 
$
(131,366
)
 
$
(987
)
 
$
(132,353
)
Impairment charges
 
$
(641,754
)
 
$
—

 
$
(641,754
)
Equity in net earnings from investments
 
$
44,627

 
$
—

 
$
44,627

Investments in unconsolidated affiliates
 
$
810,479

 
$
—

 
$
810,479

Total assets
 
$
21,146,721

 
$
822,719

 
$
21,969,440

Capital expenditures
 
$
944,383

 
$
5,296

 
$
949,679

(a) - Noncustomer revenue for the three months ended March 31, 2020, totaled $80.2 million related primarily to gains from derivatives on commodity contracts.

Three Months Ended
March 31, 2019
Natural Gas
Gathering and
Processing
 
Natural Gas
Liquids (a)
 
Natural Gas
Pipelines (b)
 
Total
Segments
 
(Thousands of dollars)
NGL and condensate sales
$
332,332

 
$
2,158,103

 
$
—

 
$
2,490,435

Residue natural gas sales
319,036

 
—

 
970

 
320,006

Gathering, processing and exchange services revenue
39,742

 
98,534

 
—

 
138,276

Transportation and storage revenue
—

 
52,322

 
112,865

 
165,187

Other
3,551

 
2,541

 
2,565

 
8,657

Total revenues (c)
694,661

 
2,311,500

 
116,400

 
3,122,561

 
 
 
 
 
 
 
 
Cost of sales and fuel (exclusive of depreciation and operating costs)
(450,913
)
 
(1,846,673
)
 
(1,755
)
 
(2,299,341
)
Operating costs
(94,247
)
 
(110,438
)
 
(36,268
)
 
(240,953
)
Equity in net earnings (loss) from investments
(1,202
)
 
17,544

 
27,139

 
43,481

Noncash compensation expense and other
3,945

 
5,706

 
1,132

 
10,783

Segment adjusted EBITDA
$
152,244

 
$
377,639

 
$
106,648

 
$
636,531

 
 
 
 
 


 
 
Depreciation and amortization
$
(52,681
)
 
$
(46,401
)
 
$
(14,156
)
 
$
(113,238
)
Investments in unconsolidated affiliates
$
39,749

 
$
447,272

 
$
463,903

 
$
950,924

Total assets
$
6,208,883

 
$
10,220,412

 
$
2,138,759

 
$
18,568,054

Capital expenditures
$
215,148

 
$
639,338

 
$
28,688

 
$
883,174

(a) - Our Natural Gas Liquids segment has regulated and nonregulated operations. Our Natural Gas Liquids segment’s regulated operations had revenues of $323.1 million, of which $270.0 million related to sales within the segment, and cost of sales and fuel of $118.5 million.
(b) - Our Natural Gas Pipelines segment has regulated and nonregulated operations. Our Natural Gas Pipelines segment’s regulated operations had revenues of $70.1 million and cost of sales and fuel of $5.6 million.
(c) - Intersegment revenues for the Natural Gas Gathering and Processing segment totaled $335.8 million. Intersegment revenues for the Natural Gas Liquids and Natural Gas Pipelines segments were not material.

Three Months Ended
March 31, 2019
 
Total
Segments
 
Other and
Eliminations
 
Total
 
 
(Thousands of dollars)
Reconciliations of total segments to consolidated
 
 
 
 
 
 
NGL and condensate sales
 
$
2,490,435

 
$
(338,351
)
 
$
2,152,084

Residue natural gas sales
 
320,006

 
—

 
320,006

Gathering, processing and exchange services revenue
 
138,276

 
—

 
138,276

Transportation and storage revenue
 
165,187

 
(3,937
)
 
161,250

Other
 
8,657

 
(315
)
 
8,342

Total revenues (a)
 
$
3,122,561

 
$
(342,603
)
 
$
2,779,958

 
 
 
 
 
 
 
Cost of sales and fuel (exclusive of depreciation and operating costs)
 
$
(2,299,341
)
 
$
342,964

 
$
(1,956,377
)
Operating costs
 
$
(240,953
)
 
$
212

 
$
(240,741
)
Depreciation and amortization
 
$
(113,238
)
 
$
(920
)
 
$
(114,158
)
Equity in net earnings from investments
 
$
43,481

 
$
—

 
$
43,481

Investments in unconsolidated affiliates
 
$
950,924

 
$
—

 
$
950,924

Total assets
 
$
18,568,054

 
$
366,271

 
$
18,934,325

Capital expenditures
 
$
883,174

 
$
6,531

 
$
889,705

(a) - Noncustomer revenue for the three months ended March 31, 2019, totaled $22.3 million related primarily to gains from derivatives on commodity contracts.

 
Three Months Ended
 
March 31,
 
2020
 
2019
 
(Thousands of dollars)
Reconciliation of net income (loss) to total segment adjusted EBITDA
 
 
 
Net income (loss)
$
(141,857
)
 
$
337,208

Add:
 
 
 
Interest expense, net of capitalized interest
140,616

 
115,420

Depreciation and amortization
132,353

 
114,158

Income tax expense (benefit)
(55,395
)
 
77,934

Impairment charges
641,754

 
—

Noncash compensation expense
(1,302
)
 
5,540

Other corporate costs and noncash items (a)
(33,081
)
 
(13,729
)
Total segment adjusted EBITDA
$
683,088

 
$
636,531

(a) - The three months ended March 31, 2020, includes a corporate $15.8 million gain on extinguishment of debt related to open market repurchases.