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SEGMENTS (Notes)
 6 Months Ended
Jun. 30, 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, the activity of our wholly owned captive insurance company, which began in April 2022, 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
June 30, 2022		Natural Gas
Gathering and
Processing		Natural Gas
Liquids (a)		Natural Gas
Pipelines (b)		Total
Segments
 
(Thousands of dollars)
NGL and condensate sales$1,039,199 $5,010,571 $— $6,049,770 
Residue natural gas sales659,735 — 945 660,680 
Gathering, processing and exchange services revenue36,056 139,928 — 175,984 
Transportation and storage revenue — 40,282 130,711 170,993 
Other5,266 2,518 233 8,017 
Total revenues (c)1,740,256 5,193,299 131,889 7,065,444 
Cost of sales and fuel (exclusive of depreciation and operating costs)(1,398,624)(4,543,318)(744)(5,942,686)
Operating costs(97,468)(143,043)(41,200)(281,711)
Equity in net earnings from investments1,596 8,387 25,647 35,630 
Noncash compensation expense and other6,442 2,051 396 8,889 
Segment adjusted EBITDA$252,202 $517,376 $115,988 $885,566 
Depreciation and amortization$(65,127)$(75,277)$(16,244)$(156,648)
Capital expenditures$123,417 $150,165 $19,136 $292,718 
(a) - Our Natural Gas Liquids segment has regulated and nonregulated operations. Our Natural Gas Liquids segment’s regulated operations had revenues of $617.1 million, of which $567.7 million related to revenues within the segment, and cost of sales and fuel of $152.3 million.
(b) - Our Natural Gas Pipelines segment has regulated and nonregulated operations. Our Natural Gas Pipelines segment’s regulated operations had revenues of $74.7 million and cost of sales and fuel of $6.2 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 $1.1 billion. Intersegment revenues for the Natural Gas Liquids and Natural Gas Pipelines segments were not material.

Three Months Ended
June 30, 2022		Total
Segments		Other and
Eliminations		Total
(Thousands of dollars)
Reconciliations of total segments to consolidated
NGL and condensate sales$6,049,770 $(1,062,412)$4,987,358 
Residue natural gas sales660,680 — 660,680 
Gathering, processing and exchange services revenue175,984 — 175,984 
Transportation and storage revenue 170,993 (2,117)168,876 
Other8,017 (4,194)3,823 
Total revenues (a)$7,065,444 $(1,068,723)$5,996,721 
Cost of sales and fuel (exclusive of depreciation and operating costs)$(5,942,686)$1,064,687 $(4,877,999)
Operating costs$(281,711)$4,247 $(277,464)
Depreciation and amortization$(156,648)$(1,109)$(157,757)
Equity in net earnings from investments$35,630 $— $35,630 
Capital expenditures$292,718 $9,614 $302,332 
(a) - Noncustomer revenue for the three months ended June 30, 2022, totaled $(132.7) million related primarily to losses from derivatives on commodity contracts.
Three Months Ended
June 30, 2021		Natural Gas
Gathering and
Processing		Natural Gas
Liquids (a)		Natural Gas
Pipelines (b)		Total
Segments
 
(Thousands of dollars)
NGL and condensate sales$566,383 $2,829,604 $— $3,395,987 
Residue natural gas sales257,802 — 4 257,806 
Gathering, processing and exchange services revenue34,139 129,624 — 163,763 
Transportation and storage revenue — 37,864 112,337 150,201 
Other5,128 2,386 103 7,617 
Total revenues (c)863,452 2,999,478 112,444 3,975,374 
Cost of sales and fuel (exclusive of depreciation and operating costs)
(550,486)(2,399,919)(544)(2,950,949)
Operating costs(86,429)(128,834)(38,506)(253,769)
Equity in net earnings from investments442 5,090 20,188 25,720 
Noncash compensation expense and other2,287 4,476 1,114 7,877 
Segment adjusted EBITDA$229,266 $480,291 $94,696 $804,253 
Depreciation and amortization$(67,268)$(74,151)$(14,489)$(155,908)
Capital expenditures$56,872 $59,967 $27,796 $144,635 
(a) - Our Natural Gas Liquids segment has regulated and nonregulated operations. Our Natural Gas Liquids segment’s regulated operations had revenues of $603.1 million, of which $557.2 million related to revenues within the segment, and cost of sales and fuel of $153.3 million.
(b) - Our Natural Gas Pipelines segment has regulated and nonregulated operations. Our Natural Gas Pipelines segment’s regulated operations had revenues of $69.4 million and cost of sales and fuel of $3.8 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 $555.6 million. Intersegment revenues for the Natural Gas Liquids and Natural Gas Pipelines segments were not material.

Three Months Ended
June 30, 2021		Total
Segments		Other and
Eliminations		Total
 
(Thousands of dollars)
Reconciliations of total segments to consolidated
NGL and condensate sales$3,395,987 $(582,140)$2,813,847 
Residue natural gas sales257,806 — 257,806 
Gathering, processing and exchange services revenue163,763 — 163,763 
Transportation and storage revenue 150,201 (3,506)146,695 
Other7,617 (764)6,853 
Total revenues (a)$3,975,374 $(586,410)$3,388,964 
Cost of sales and fuel (exclusive of depreciation and operating costs)$(2,950,949)$583,970 $(2,366,979)
Operating costs$(253,769)$(490)$(254,259)
Depreciation and amortization$(155,908)$(1,013)$(156,921)
Equity in net earnings from investments$25,720 $— $25,720 
Capital expenditures$144,635 $2,753 $147,388 
(a) - Noncustomer revenue for the three months ended June 30, 2021, totaled $(76.0) million related primarily to losses from derivatives on commodity contracts.
Six Months Ended
June 30, 2022		Natural Gas
Gathering and
Processing		Natural Gas
Liquids (a)		Natural Gas
Pipelines (b)		Total
Segments
 
(Thousands of dollars)
NGL and condensate sales$2,043,548 $9,559,272 $— $11,602,820 
Residue natural gas sales1,210,772 — 27,365 1,238,137 
Gathering, processing and exchange services revenue67,501 275,771 — 343,272 
Transportation and storage revenue — 87,104 253,422 340,526 
Other10,105 5,387 439 15,931 
Total revenues (c)3,331,926 9,927,534 281,226 13,540,686 
Cost of sales and fuel (exclusive of depreciation and operating costs)(2,687,174)(8,632,442)(17,736)(11,337,352)
Operating costs(191,179)(271,905)(82,408)(545,492)
Equity in net earnings from investments3,230 13,827 54,913 71,970 
Noncash compensation expense and other10,095 7,976 3,514 21,585 
Segment adjusted EBITDA$466,898 $1,044,990 $239,509 $1,751,397 
Depreciation and amortization$(127,853)$(150,307)$(31,289)$(309,449)
Investments in unconsolidated affiliates$27,794 $414,967 $358,554 $801,315 
Total assets$7,084,849 $15,183,170 $2,176,256 $24,444,275 
Capital expenditures$216,715 $275,700 $42,491 $534,906 
(a) - Our Natural Gas Liquids segment has regulated and nonregulated operations. Our Natural Gas Liquids segment’s regulated operations had revenues of $1.2 billion, of which $1.1 billion related to revenues within the segment, and cost of sales and fuel of $298.3 million.
(b) - Our Natural Gas Pipelines segment has regulated and nonregulated operations. Our Natural Gas Pipelines segment’s regulated operations had revenues of $167.3 million and cost of sales and fuel of $22.3 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 $2.1 billion. Intersegment revenues for the Natural Gas Liquids and Natural Gas Pipelines segments were not material.

Six Months Ended
June 30, 2022		Total
Segments		Other and
Eliminations		Total
(Thousands of dollars)
Reconciliations of total segments to consolidated
NGL and condensate sales$11,602,820 $(2,090,025)$9,512,795 
Residue natural gas sales1,238,137 (332)1,237,805 
Gathering, processing and exchange services revenue343,272 — 343,272 
Transportation and storage revenue 340,526 (4,142)336,384 
Other15,931 (4,857)11,074 
Total revenues (a)$13,540,686 $(2,099,356)$11,441,330 
Cost of sales and fuel (exclusive of depreciation and operating costs)$(11,337,352)$2,093,405 $(9,243,947)
Operating costs$(545,492)$4,111 $(541,381)
Depreciation and amortization$(309,449)$(2,166)$(311,615)
Equity in net earnings from investments$71,970 $— $71,970 
Investments in unconsolidated affiliates$801,315 $— $801,315 
Total assets$24,444,275 $82,529 $24,526,804 
Capital expenditures$534,906 $24,404 $559,310 
(a) - Noncustomer revenue for the six months ended June 30, 2022, totaled $(307.4) million related primarily to losses from derivatives on commodity contracts.
Six Months Ended
June 30, 2021		Natural Gas
Gathering and
Processing		Natural Gas
Liquids (a)		Natural Gas
Pipelines (b)		Total
Segments
 
(Thousands of dollars)
NGL and condensate sales$1,058,190 $5,244,434 $— $6,302,624 
Residue natural gas sales570,049 — 115,459 685,508 
Gathering, processing and exchange services revenue65,826 242,855 — 308,681 
Transportation and storage revenue — 86,592 245,284 331,876 
Other9,128 35,662 515 45,305 
Total revenues (c)1,703,193 5,609,543 361,258 7,673,994 
Cost of sales and fuel (exclusive of depreciation and operating costs)(1,105,792)(4,460,238)(10,557)(5,576,587)
Operating costs(171,027)(253,203)(80,823)(505,053)
Equity in net earnings from investments2,170 8,694 48,176 59,040 
Noncash compensation expense and other5,438 11,123 2,817 19,378 
Segment adjusted EBITDA$433,982 $915,919 $320,871 $1,670,772 
Depreciation and amortization$(134,300)$(148,693)$(28,965)$(311,958)
Investments in unconsolidated affiliates$23,529 $420,949 $355,873 $800,351 
Total assets$6,564,118 $14,309,709 $2,110,459 $22,984,286 
Capital expenditures$96,523 $171,988 $48,953 $317,464 
(a) - Our Natural Gas Liquids segment has regulated and nonregulated operations. Our Natural Gas Liquids segment’s regulated operations had revenues of $1.2 billion, of which $1.1 billion related to revenues within the segment, and cost of sales and fuel of $289.1 million.
(b) - Our Natural Gas Pipelines segment has regulated and nonregulated operations. Our Natural Gas Pipelines segment’s regulated operations had revenues of $250.8 million and cost of sales and fuel of $16.6 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 $1.0 billion. Intersegment revenues for the Natural Gas Liquids and Natural Gas Pipelines segments were not material.

Six Months Ended
June 30, 2021		Total
Segments		Other and
Eliminations		Total
(Thousands of dollars)
Reconciliations of total segments to consolidated
NGL and condensate sales$6,302,624 $(1,082,204)$5,220,420 
Residue natural gas sales685,508 — 685,508 
Gathering, processing and exchange services revenue308,681 — 308,681 
Transportation and storage revenue 331,876 (7,041)324,835 
Other45,305 (1,106)44,199 
Total revenues (a)$7,673,994 $(1,090,351)$6,583,643 
Cost of sales and fuel (exclusive of depreciation and operating costs)$(5,576,587)$1,088,098 $(4,488,489)
Operating costs$(505,053)$(803)$(505,856)
Depreciation and amortization$(311,958)$(2,083)$(314,041)
Equity in net earnings from investments$59,040 $— $59,040 
Investments in unconsolidated affiliates$800,351 $— $800,351 
Total assets$22,984,286 $452,962 $23,437,248 
Capital expenditures$317,464 $6,658 $324,122 
(a) - Noncustomer revenue for the six months ended June 30, 2021, totaled $(208.2) million related primarily to losses from derivatives on commodity contracts.
Three Months EndedSix Months Ended
June 30, June 30,
2022202120222021
(Thousands of dollars)
Reconciliation of net income to total segment adjusted EBITDA
Net income$414,378 $342,139 $805,549 $728,315 
Add:
Interest expense, net of capitalized interest170,751 184,957 342,805 370,480 
Depreciation and amortization157,757 156,921 311,615 314,041 
Income taxes130,721 110,069 253,141 232,201 
Noncash compensation expense13,014 7,825 37,747 24,108 
Other corporate costs and equity AFUDC(1,055)2,342 540 1,627 
Total segment adjusted EBITDA$885,566 $804,253 $1,751,397 $1,670,772