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SEGMENTS (Notes)
 3 Months Ended
Mar. 31, 2023
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 purity NGLs; and
•    our Natural Gas Pipelines segment transports and stores natural gas.

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 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, 2023		Natural Gas
Gathering and
Processing		Natural Gas
Liquids (a)		Natural Gas
Pipelines (b)		Total
Segments
 
(Millions of dollars)
NGL and condensate sales$644 $3,551 $— $4,195 
Residue natural gas sales568 — 25 593 
Gathering, processing and exchange services revenue38 131 — 169 
Transportation and storage revenue — 50 145 195 
Other8 3 1 12 
Total revenues (c)1,258 3,735 171 5,164 
Cost of sales and fuel (exclusive of depreciation and operating costs)(875)(3,095)(14)(3,984)
Operating costs(105)(152)(45)(302)
Equity in net earnings from investments— 9 31 40 
Noncash compensation expense4 6 2 12 
Other1 778 — 779 
Segment adjusted EBITDA$283 $1,281 $145 $1,709 
Depreciation and amortization$(67)$(78)$(17)$(162)
Investments in unconsolidated affiliates$26 $413 $349 $788 
Total assets$6,899 $14,437 $2,239 $23,575 
Capital expenditures$98 $137 $46 $281 
(a) - Our Natural Gas Liquids segment has regulated and nonregulated operations. Our Natural Gas Liquids segment’s regulated operations had revenues of $638 million, of which $577 million related to revenues within the segment, cost of sales and fuel of $184 million and operating costs of $87 million.
(b) - Our Natural Gas Pipelines segment has regulated and nonregulated operations. Our Natural Gas Pipelines segment’s regulated operations had revenues of $116 million, cost of sales and fuel of $15 million and operating costs of $38 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 our Natural Gas Gathering and Processing segment totaled $631 million. Intersegment revenues for our Natural Gas Liquids and Natural Gas Pipelines segments were not material.

Three Months Ended
March 31, 2023		Total
Segments		Other and
Eliminations		Total
(Millions of dollars)
Reconciliations of total segments to consolidated
NGL and condensate sales$4,195 $(634)$3,561 
Residue natural gas sales593 — 593 
Gathering, processing and exchange services revenue169 — 169 
Transportation and storage revenue 195 (2)193 
Other12 (7)5 
Total revenues (a)$5,164 $(643)$4,521 
Cost of sales and fuel (exclusive of depreciation and operating costs)$(3,984)$637 $(3,347)
Operating costs$(302)$6 $(296)
Depreciation and amortization$(162)$— $(162)
Equity in net earnings from investments$40 $— $40 
Investments in unconsolidated affiliates$788 $1 $789 
Total assets$23,575 $889 $24,464 
Capital expenditures$281 $8 $289 
(a) - Noncustomer revenue for the three months ended March 31, 2023, totaled $40 million related primarily to gains from derivatives on commodity contracts.
Three Months Ended
March 31, 2022		Natural Gas
Gathering and
Processing		Natural Gas
Liquids (a)		Natural Gas
Pipelines (b)		Total
Segments
 
(Millions of dollars)
NGL and condensate sales$1,004 $4,549 $— $5,553 
Residue natural gas sales551 — 26 577 
Gathering, processing and exchange services revenue31 136 — 167 
Transportation and storage revenue — 47 123 170 
Other6 2 — 8 
Total revenues (c)1,592 4,734 149 6,475 
Cost of sales and fuel (exclusive of depreciation and operating costs)
(1,289)(4,089)(17)(5,395)
Operating costs(94)(129)(41)(264)
Equity in net earnings from investments2 5 29 36 
Noncash compensation expense and other4 7 4 15 
Segment adjusted EBITDA$215 $528 $124 $867 
Depreciation and amortization$(63)$(75)$(15)$(153)
Investments in unconsolidated affiliates$27 $415 $355 $797 
Total assets$6,914 $15,102 $2,154 $24,170 
Capital expenditures$93 $126 $23 $242 
(a) - Our Natural Gas Liquids segment has regulated and nonregulated operations. Our Natural Gas Liquids segment’s regulated operations had revenues of $604 million, of which $547 million related to revenues within the segment, cost of sales and fuel of $146 million and operating costs of $75 million.
(b) - Our Natural Gas Pipelines segment has regulated and nonregulated operations. Our Natural Gas Pipelines segment’s regulated operations had revenues of $126 million, cost of sales and fuel of $21 million and operating costs of $35 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 our Natural Gas Gathering and Processing segment totaled $1.0 billion. Intersegment revenues for our Natural Gas Liquids and Natural Gas Pipelines segments were not material.

Three Months Ended
March 31, 2022		Total
Segments		Other and
Eliminations		Total
 
(Millions of dollars)
Reconciliations of total segments to consolidated
NGL and condensate sales$5,553 $(1,028)$4,525 
Residue natural gas sales577 — 577 
Gathering, processing and exchange services revenue167 — 167 
Transportation and storage revenue 170 (2)168 
Other8 — 8 
Total revenues (a)$6,475 $(1,030)$5,445 
Cost of sales and fuel (exclusive of depreciation and operating costs)$(5,395)$1,029 $(4,366)
Operating costs$(264)$— $(264)
Depreciation and amortization$(153)$(1)$(154)
Equity in net earnings from investments$36 $— $36 
Investments in unconsolidated affiliates$797 $— $797 
Total assets$24,170 $(177)$23,993 
Capital expenditures$242 $15 $257 
(a) - Noncustomer revenue for the three months ended March 31, 2022, totaled $(175) million related primarily to losses from derivatives on commodity contracts.
Three Months Ended
March 31,
20232022
(Millions of dollars)
Reconciliation of net income to total segment adjusted EBITDA
Net income$1,049 $391 
Add:
Interest expense, net of capitalized interest166 172 
Depreciation and amortization162 154 
Income taxes330 122 
Noncash compensation expense and other10 25 
Other corporate costs(8)3 
Total segment adjusted EBITDA (a)$1,709 $867 
(a) - The three months ended March, 31 2023 includes $733 million related to the Medford incident, including a settlement gain of $779 million, offset partially by $46 million of third-party fractionation costs.