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SEGMENTS (Notes)
 9 Months Ended
Sep. 30, 2021
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract]  
SEGMENTS SEGMENTS
Segment Descriptions - Our operations are divided into three reportable business segments as follows:
•    our Natural Gas Gathering and Processing segment gathers, treats and processes natural gas;
•    our Natural Gas Liquids segment gathers, treats, fractionates and transports NGLs and stores, markets and distributes NGL products; and
•    our Natural Gas Pipelines segment transports and stores natural gas via regulated intrastate and interstate natural gas transmission pipelines and natural gas storage facilities.

Other and eliminations consist of corporate costs, the operating and leasing activities of our headquarters building and related parking facility and eliminations necessary to reconcile our reportable segments to our Consolidated Financial Statements.

Accounting Policies - The accounting policies of the segments are described in Note A of the Notes to Consolidated Financial Statements in our Annual Report.
Operating Segment Information - The following tables set forth certain selected financial information for our operating segments for the periods indicated:
Three Months Ended
September 30, 2021		Natural Gas
Gathering and
Processing		Natural Gas
Liquids (a)		Natural Gas
Pipelines (b)		Total
Segments
 
(Thousands of dollars)
NGL and condensate sales$815,993 $3,853,078 $— $4,669,071 
Residue natural gas sales370,801 — 19 370,820 
Gathering, processing and exchange services revenue35,395 133,574 — 168,969 
Transportation and storage revenue — 40,465 120,294 160,759 
Other6,294 2,499 167 8,960 
Total revenues (c)1,228,483 4,029,616 120,480 5,378,579 
Cost of sales and fuel (exclusive of depreciation and operating costs)(913,931)(3,377,903)(344)(4,292,178)
Operating costs(95,210)(128,809)(41,020)(265,039)
Equity in net earnings from investments499 5,384 22,690 28,573 
Noncash compensation expense and other9,816 3,871 920 14,607 
Segment adjusted EBITDA$229,657 $532,159 $102,726 $864,542 
Depreciation and amortization$(63,750)$(74,986)$(14,821)$(153,557)
Capital expenditures$80,839 $53,778 $24,587 $159,204 
(a) - Our Natural Gas Liquids segment has regulated and nonregulated operations. Our Natural Gas Liquids segment’s regulated operations had revenues of $618.8 million, of which $567.7 million related to revenues within the segment, and cost of sales and fuel of $160.0 million.
(b) - Our Natural Gas Pipelines segment has regulated and nonregulated operations. Our Natural Gas Pipelines segment’s regulated operations had revenues of $72.4 million and cost of sales and fuel of $3.9 million.
(c) - Intersegment revenues are primarily commodity sales which are based on the contracted selling price that is generally index-based and settled monthly, and for the Natural Gas Gathering and Processing segment totaled $837.7 million. Intersegment revenues for the Natural Gas Liquids and Natural Gas Pipelines segments were not material.

Three Months Ended
September 30, 2021		Total
Segments		Other and
Eliminations		Total
(Thousands of dollars)
Reconciliations of total segments to consolidated
NGL and condensate sales$4,669,071 $(838,279)$3,830,792 
Residue natural gas sales370,820 — 370,820 
Gathering, processing and exchange services revenue168,969 — 168,969 
Transportation and storage revenue 160,759 (3,500)157,259 
Other8,960 (625)8,335 
Total revenues (a)$5,378,579 $(842,404)$4,536,175 
Cost of sales and fuel (exclusive of depreciation and operating costs)$(4,292,178)$843,051 $(3,449,127)
Operating costs$(265,039)$(78)$(265,117)
Depreciation and amortization$(153,557)$(985)$(154,542)
Equity in net earnings from investments$28,573 $— $28,573 
Capital expenditures$159,204 $7,003 $166,207 
(a) - Noncustomer revenue for the three months ended September 30, 2021, totaled $(178.7) million related primarily to losses from derivatives on commodity contracts.
Three Months Ended
September 30, 2020		Natural Gas
Gathering and
Processing		Natural Gas
Liquids (a)		Natural Gas
Pipelines (b)		Total
Segments
 
(Thousands of dollars)
NGL and condensate sales$239,810 $1,658,123 $— $1,897,933 
Residue natural gas sales178,492 — 3,998 182,490 
Gathering, processing and exchange services revenue36,459 132,210 — 168,669 
Transportation and storage revenue — 39,774 113,047 152,821 
Other4,644 2,110 251 7,005 
Total revenues (c)459,405 1,832,217 117,296 2,408,918 
Cost of sales and fuel (exclusive of depreciation and operating costs)(207,519)(1,289,667)(3,389)(1,500,575)
Operating costs(69,351)(101,223)(34,567)(205,141)
Equity in net earnings (loss) from investments(42)8,018 30,070 38,046 
Noncash compensation expense and other655 1,898 427 2,980 
Segment adjusted EBITDA$183,148 $451,243 $109,837 $744,228 
Depreciation and amortization$(66,459)$(71,534)$(14,243)$(152,236)
Capital expenditures$63,030 $298,891 $12,978 $374,899 
(a) - Our Natural Gas Liquids segment has regulated and nonregulated operations. Our Natural Gas Liquids segment’s regulated operations had revenues of $541.7 million, of which $495.4 million related to revenues within the segment, and cost of sales and fuel of $137.5 million.
(b) - Our Natural Gas Pipelines segment has regulated and nonregulated operations. Our Natural Gas Pipelines segment’s regulated operations had revenues of $71.8 million and cost of sales and fuel of $9.6 million.
(c) - Intersegment revenues are primarily commodity sales which are based on the contracted selling price that is generally index-based and settled monthly, and for the Natural Gas Gathering and Processing segment totaled $235.6 million. Intersegment revenues for the Natural Gas Liquids and Natural Gas Pipelines segments were not material.

Three Months Ended
September 30, 2020		Total
Segments		Other and
Eliminations		Total
(Thousands of dollars)
Reconciliations of total segments to consolidated
NGL and condensate sales$1,897,933 $(224,731)$1,673,202 
Residue natural gas sales182,490 (5,897)176,593 
Gathering, processing and exchange services revenue168,669 — 168,669 
Transportation and storage revenue 152,821 (3,597)149,224 
Other7,005 (429)6,576 
Total revenues (a)$2,408,918 $(234,654)$2,174,264 
Cost of sales and fuel (exclusive of depreciation and operating costs)$(1,500,575)$234,901 $(1,265,674)
Operating costs$(205,141)$212 $(204,929)
Depreciation and amortization$(152,236)$(1,009)$(153,245)
Equity in net earnings from investments$38,046 $— $38,046 
Capital expenditures$374,899 $5,143 $380,042 
(a) - Noncustomer revenue for the three months ended September 30, 2020, totaled $4.0 million related primarily to gains from derivatives on commodity contracts.
Nine Months Ended
September 30, 2021		Natural Gas
Gathering and
Processing		Natural Gas
Liquids (a)		Natural Gas
Pipelines (b)		Total
Segments
 
(Thousands of dollars)
NGL and condensate sales$1,874,183 $9,097,512 $— $10,971,695 
Residue natural gas sales940,850 — 115,478 1,056,328 
Gathering, processing and exchange services revenue101,221 376,429 — 477,650 
Transportation and storage revenue — 127,057 365,578 492,635 
Other15,422 38,161 682 54,265 
Total revenues (c)2,931,676 9,639,159 481,738 13,052,573 
Cost of sales and fuel (exclusive of depreciation and operating costs)(2,019,723)(7,838,141)(10,901)(9,868,765)
Operating costs(266,237)(382,012)(121,843)(770,092)
Equity in net earnings from investments2,669 14,078 70,866 87,613 
Noncash compensation expense and other15,254 14,994 3,737 33,985 
Segment adjusted EBITDA$663,639 $1,448,078 $423,597 $2,535,314 
Depreciation and amortization$(198,050)$(223,679)$(43,786)$(465,515)
Investments in unconsolidated affiliates$25,734 $417,573 $353,926 $797,233 
Total assets$6,725,753 $14,898,568 $2,129,406 $23,753,727 
Capital expenditures$177,362 $225,766 $73,540 $476,668 
(a) - Our Natural Gas Liquids segment has regulated and nonregulated operations. Our Natural Gas Liquids segment’s regulated operations had revenues of $1.8 billion, of which $1.6 billion related to revenues within the segment, and cost of sales and fuel of $449.1 million.
(b) - Our Natural Gas Pipelines segment has regulated and nonregulated operations. Our Natural Gas Pipelines segment’s regulated operations had revenues of $323.2 million and cost of sales and fuel of $20.5 million.
(c) - Intersegment revenues are primarily commodity sales which are based on the contracted selling price that is generally index-based and settled monthly, and for the Natural Gas Gathering and Processing segment totaled $1.9 billion. Intersegment revenues for the Natural Gas Liquids and Natural Gas Pipelines segments were not material.

Nine Months Ended
September 30, 2021		Total
Segments		Other and
Eliminations		Total
(Thousands of dollars)
Reconciliations of total segments to consolidated
NGL and condensate sales$10,971,695 $(1,920,483)$9,051,212 
Residue natural gas sales1,056,328 — 1,056,328 
Gathering, processing and exchange services revenue477,650 — 477,650 
Transportation and storage revenue 492,635 (10,541)482,094 
Other54,265 (1,731)52,534 
Total revenues (a)$13,052,573 $(1,932,755)$11,119,818 
Cost of sales and fuel (exclusive of depreciation and operating costs)$(9,868,765)$1,931,149 $(7,937,616)
Operating costs$(770,092)$(881)$(770,973)
Depreciation and amortization$(465,515)$(3,068)$(468,583)
Equity in net earnings from investments$87,613 $— $87,613 
Investments in unconsolidated affiliates$797,233 $— $797,233 
Total assets$23,753,727 $118,604 $23,872,331 
Capital expenditures$476,668 $13,661 $490,329 
(a) - Noncustomer revenue for the nine months ended September 30, 2021, totaled $(386.9) million related primarily to losses from derivatives on commodity contracts.
Nine Months Ended
September 30, 2020		Natural Gas
Gathering and
Processing		Natural Gas
Liquids (a)		Natural Gas
Pipelines (b)		Total
Segments
 
(Thousands of dollars)
NGL and condensate sales$569,308 $4,429,414 $— $4,998,722 
Residue natural gas sales518,435 — 6,033 524,468 
Gathering, processing and exchange services revenue110,345 370,920 — 481,265 
Transportation and storage revenue — 131,410 353,188 484,598 
Other11,106 6,779 916 18,801 
Total revenues (c)1,209,194 4,938,523 360,137 6,507,854 
Cost of sales and fuel (exclusive of depreciation and operating costs)
(541,910)(3,473,575)(5,096)(4,020,581)
Operating costs(232,489)(297,771)(100,966)(631,226)
Equity in net earnings (loss) from investments(1,385)31,083 78,303 108,001 
Noncash compensation expense and other(1,865)1,541 (184)(508)
Segment adjusted EBITDA$431,545 $1,199,801 $332,194 $1,963,540 
Depreciation and amortization$(180,634)$(198,440)$(43,937)$(423,011)
Impairment charges (d)$(564,353)$(77,401)$— $(641,754)
Investments in unconsolidated affiliates$2,276 $426,621 $361,476 $790,373 
Total assets$6,437,301 $13,449,529 $2,082,846 $21,969,676 
Capital expenditures$362,811 $1,504,881 $40,478 $1,908,170 
(a) - Our Natural Gas Liquids segment has regulated and nonregulated operations. Our Natural Gas Liquids segment’s regulated operations had revenues of 1.5 billion, of which 1.3 billion related to revenues within the segment, and cost of sales and fuel of $375.0 million.
(b) - Our Natural Gas Pipelines segment has regulated and nonregulated operations. Our Natural Gas Pipelines segment’s regulated operations had revenues of $225.6 million and cost of sales and fuel of $22.4 million.
(c) - Intersegment revenues are primarily commodity sales, which are based on the contracted selling price that is generally index-based and settled monthly, and for the Natural Gas Gathering and Processing segment totaled $557.1 million. Intersegment revenues for the Natural Gas Liquids and Natural Gas Pipelines segments were not material.
(d) - Includes noncash impairment charges of $380.5 million related primarily to long-lived assets, $153.4 million related to goodwill and $30.5 million related to an investment in an unconsolidated affiliate in our Natural Gas Gathering and Processing segment; and $70.2 million related to long-lived assets and $7.2 million related to an investment in an unconsolidated affiliate in our Natural Gas Liquids segment.

Nine Months Ended
September 30, 2020		Total
Segments		Other and
Eliminations		Total
 
(Thousands of dollars)
Reconciliations of total segments to consolidated
NGL and condensate sales$4,998,722 $(513,170)$4,485,552 
Residue natural gas sales524,468 (10,860)513,608 
Gathering, processing and exchange services revenue481,265 — 481,265 
Transportation and storage revenue 484,598 (11,033)473,565 
Other18,801 (1,126)17,675 
Total revenues (a)$6,507,854 $(536,189)$5,971,665 
Cost of sales and fuel (exclusive of depreciation and operating costs)$(4,020,581)$537,521 $(3,483,060)
Operating costs$(631,226)$(5,207)$(636,433)
Depreciation and amortization$(423,011)$(3,003)$(426,014)
Impairment charges$(641,754)$— $(641,754)
Equity in net earnings from investments$108,001 $— $108,001 
Investments in unconsolidated affiliates$790,373 $— $790,373 
Total assets$21,969,676 $811,200 $22,780,876 
Capital expenditures$1,908,170 $15,833 $1,924,003 
(a) - Noncustomer revenue for the nine months ended September 30, 2020, totaled $103.0 million related primarily to gains from derivatives on commodity contracts.
Three Months EndedNine Months Ended
September 30,September 30,
2021202020212020
(Thousands of dollars)
Reconciliation of net income to total segment adjusted EBITDA
Net income$392,018 $312,316 $1,120,333 $304,780 
Add:
Interest expense, net of capitalized interest184,049 176,371 554,529 535,955 
Depreciation and amortization154,542 153,245 468,583 426,014 
Income tax expense121,899 106,555 354,100 94,300 
Impairment charges
— — — 641,754 
Noncash compensation expense12,978 1,606 37,086 1,261 
Other corporate costs and equity AFUDC (a)
(944)(5,865)683 (40,524)
Total segment adjusted EBITDA$864,542 $744,228 $2,535,314 $1,963,540 
(a) - The three and nine months ended September 30, 2020, include corporate gains of $2.2 million and $22.2 million, respectively, on extinguishment of debt related to open market repurchases.