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SEGMENTS (Notes)
 3 Months Ended
Mar. 31, 2022
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.

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, 2022		Natural Gas
Gathering and
Processing		Natural Gas
Liquids (a)		Natural Gas
Pipelines (b)		Total
Segments
 
(Thousands of dollars)
NGL and condensate sales$1,004,349 $4,548,701 $— $5,553,050 
Residue natural gas sales551,037 — 26,420 577,457 
Gathering, processing and exchange services revenue31,445 135,843 — 167,288 
Transportation and storage revenue — 46,822 122,711 169,533 
Other4,839 2,869 206 7,914 
Total revenues (c)1,591,670 4,734,235 149,337 6,475,242 
Cost of sales and fuel (exclusive of depreciation and operating costs)(1,288,551)(4,089,124)(16,992)(5,394,667)
Operating costs(93,711)(128,862)(41,208)(263,781)
Equity in net earnings from investments1,633 5,441 29,266 36,340 
Noncash compensation expense and other3,655 5,924 3,118 12,697 
Segment adjusted EBITDA$214,696 $527,614 $123,521 $865,831 
Depreciation and amortization$(62,726)$(75,030)$(15,045)$(152,801)
Investments in unconsolidated affiliates$27,350 $414,966 $355,075 $797,391 
Total assets$6,914,107 $15,101,665 $2,154,030 $24,169,802 
Capital expenditures$93,298 $125,535 $23,355 $242,188 
(a) - Our Natural Gas Liquids segment has regulated and nonregulated operations. Our Natural Gas Liquids segment’s regulated operations had revenues of $603.9 million, of which $547.3 million related to revenues within the segment, and cost of sales and fuel of $146.0 million.
(b) - Our Natural Gas Pipelines segment has regulated and nonregulated operations. Our Natural Gas Pipelines segment’s regulated operations had revenues of $92.6 million and cost of sales and fuel of $16.1 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 $1.0 billion. Intersegment revenues for the Natural Gas Liquids and Natural Gas Pipelines segments were not material.
Three Months Ended
March 31, 2022		Total
Segments		Other and
Eliminations		Total
(Thousands of dollars)
Reconciliations of total segments to consolidated
NGL and condensate sales$5,553,050 $(1,027,613)$4,525,437 
Residue natural gas sales577,457 (332)577,125 
Gathering, processing and exchange services revenue167,288 — 167,288 
Transportation and storage revenue 169,533 (2,025)167,508 
Other7,914 (663)7,251 
Total revenues (a)$6,475,242 $(1,030,633)$5,444,609 
Cost of sales and fuel (exclusive of depreciation and operating costs)$(5,394,667)$1,028,719 $(4,365,948)
Operating costs$(263,781)$(136)$(263,917)
Depreciation and amortization$(152,801)$(1,057)$(153,858)
Equity in net earnings from investments$36,340 $— $36,340 
Investments in unconsolidated affiliates$797,391 $— $797,391 
Total assets$24,169,802 $(177,097)$23,992,705 
Capital expenditures$242,188 $14,790 $256,978 
(a) - Noncustomer revenue for the three months ended March 31, 2022, totaled $(174.7) million related primarily to losses from derivatives on commodity contracts.

Three Months Ended
March 31, 2021		Natural Gas
Gathering and
Processing		Natural Gas
Liquids (a)		Natural Gas
Pipelines (b)		Total
Segments
 
(Thousands of dollars)
NGL and condensate sales$491,807 $2,414,830 $— $2,906,637 
Residue natural gas sales312,247 — 115,455 427,702 
Gathering, processing and exchange services revenue31,687 113,231 — 144,918 
Transportation and storage revenue — 48,728 132,947 181,675 
Other4,000 33,276 412 37,688 
Total revenues (c)839,741 2,610,065 248,814 3,698,620 
Cost of sales and fuel (exclusive of depreciation and operating costs)
(555,306)(2,060,319)(10,013)(2,625,638)
Operating costs(84,598)(124,369)(42,317)(251,284)
Equity in net earnings from investments1,728 3,604 27,988 33,320 
Noncash compensation expense and other3,151 6,647 1,703 11,501 
Segment adjusted EBITDA$204,716 $435,628 $226,175 $866,519 
Depreciation and amortization$(67,032)$(74,542)$(14,476)$(156,050)
Investments in unconsolidated affiliates$24,584 $420,614 $362,523 $807,721 
Total assets$6,535,260 $13,944,887 $2,096,459 $22,576,606 
Capital expenditures$39,651 $112,021 $21,157 $172,829 
(a) - Our Natural Gas Liquids segment has regulated and nonregulated operations. Our Natural Gas Liquids segment’s regulated operations had revenues of $570.6 million, of which $516.1 million related to revenues within the segment, and cost of sales and fuel of $135.8 million.
(b) - Our Natural Gas Pipelines segment has regulated and nonregulated operations. Our Natural Gas Pipelines segment’s regulated operations had revenues of $181.4 million and cost of sales and fuel of $12.8 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 $481.6 million. Intersegment revenues for the Natural Gas Liquids and Natural Gas Pipelines segments were not material.
Three Months Ended
March 31, 2021		Total
Segments		Other and
Eliminations		Total
 
(Thousands of dollars)
Reconciliations of total segments to consolidated
NGL and condensate sales$2,906,637 $(500,064)$2,406,573 
Residue natural gas sales427,702 — 427,702 
Gathering, processing and exchange services revenue144,918 — 144,918 
Transportation and storage revenue 181,675 (3,535)178,140 
Other37,688 (342)37,346 
Total revenues (a)$3,698,620 $(503,941)$3,194,679 
Cost of sales and fuel (exclusive of depreciation and operating costs)$(2,625,638)$504,128 $(2,121,510)
Operating costs$(251,284)$(313)$(251,597)
Depreciation and amortization$(156,050)$(1,070)$(157,120)
Equity in net earnings from investments$33,320 $— $33,320 
Investments in unconsolidated affiliates$807,721 $— $807,721 
Total assets$22,576,606 $603,323 $23,179,929 
Capital expenditures$172,829 $3,905 $176,734 
(a) - Noncustomer revenue for the three months ended March 31, 2021, totaled $(132.2) million related primarily to losses from derivatives on commodity contracts.

Three Months Ended
March 31,
20222021
(Thousands of dollars)
Reconciliation of net income to total segment adjusted EBITDA
Net income$391,171 $386,176 
Add:
Interest expense, net of capitalized interest172,054 185,523 
Depreciation and amortization153,858 157,120 
Income taxes122,420 122,132 
Noncash compensation expense24,733 16,283 
Other corporate costs and equity AFUDC1,595 (715)
Total segment adjusted EBITDA$865,831 $866,519