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SEGMENTS
 12 Months Ended
Dec. 31, 2023
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract]  
SEGMENTS SEGMENTS
Segment Descriptions - Our operations are divided into four 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;
•our Natural Gas Pipelines segment transports and stores natural gas; and
•our Refined Products and Crude segment transports, stores and distributes Refined Products and crude oil, as well as conducts certain commodity-related activities including liquids blending and marketing activities. This new reportable business segment was added in conjunction with the Magellan Acquisition that closed on September 25, 2023. Results of operations for this business segment are included below for the period September 25, 2023 through December 31, 2023.
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.

For the year ended December 31, 2023, revenues from one customer impacting all our segments represented approximately 11% of our consolidated revenues. For the year ended December 31, 2022, we had no single customer from which we received 10% or more of our consolidated revenues. For the year ended December 31, 2021, revenues from one customer in our Natural Gas Liquids segment represented approximately 12% of our consolidated revenues.

Operating Segment Information - The following tables set forth certain selected financial information for our operating segments for the periods indicated:
Year Ended December 31, 2023Natural Gas
Gathering and
Processing		Natural Gas
Liquids		Natural Gas
Pipelines		Refined Products and CrudeTotal
Segments
 
(Millions of dollars)
Liquids commodity sales$2,479 $13,666 $— $502 $16,647 
Residue natural gas sales1,398 — 39 — 1,437 
Gathering, processing and exchange services revenue147 549 — — 696 
Transportation and storage revenue— 204 582 535 1,321 
Other32 10 2 34 78 
Total revenues (a)4,056 14,429 623 1,071 20,179 
Cost of sales and fuel (exclusive of depreciation and operating costs)(2,364)(11,592)(28)(450)(14,434)
Operating costs(467)(666)(202)(198)(1,533)
Adjusted EBITDA from unconsolidated affiliates
1 67 160 36 264 
Noncash compensation expense19 29 8 6 62 
Other(1)778 (2)— 775 
Segment adjusted EBITDA$1,244 $3,045 $559 $465 $5,313 
Depreciation and amortization$(272)$(334)$(67)$(92)$(765)
Equity in net earnings from investments$(2)$58 $118 $28 $202 
Investments in unconsolidated affiliates$24 $419 $526 $903 $1,872 
Total assets$7,078 $14,974 $2,624 $19,531 $44,207 
Capital expenditures$448 $818 $228 $52 $1,546 
(a) - 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 $2.4 billion. Intersegment revenues for the Natural Gas Liquids, Refined Products and Crude and Natural Gas Pipelines segments were not material.
Year Ended December 31, 2023Total
Segments		Other and
Eliminations		Total
 
(Millions of dollars)
Reconciliations of total segments to consolidated
Liquids commodity sales$16,647 $(2,480)$14,167 
Residue natural gas sales1,437 — 1,437 
Gathering, processing and exchange services revenue696 — 696 
Transportation and storage revenue1,321 (15)1,306 
Other78 (7)71 
Total revenues (a)$20,179 $(2,502)$17,677 
Cost of sales and fuel (exclusive of depreciation and operating costs)$(14,434)$2,505 $(11,929)
Operating costs$(1,533)$(2)$(1,535)
Depreciation and amortization$(765)$(4)$(769)
Equity in net earnings from investments$202 $— $202 
Investments in unconsolidated affiliates$1,872 $2 $1,874 
Total assets$44,207 $59 $44,266 
Capital expenditures$1,546 $49 $1,595 
(a) - Noncustomer revenue for the year ended December 31, 2023, totaled $296 million related primarily to gains from derivatives on commodity sales contracts.

Year Ended December 31, 2022Natural Gas
Gathering and
Processing		Natural Gas
Liquids		Natural Gas
Pipelines		Total
Segments
 
(Millions of dollars)
NGL and condensate sales$3,690 $18,329 $— $22,019 
Residue natural gas sales2,674 — 39 2,713 
Gathering, processing and exchange services revenue144 547 — 691 
Transportation and storage revenue— 180 539 719 
Other25 11 1 37 
Total revenues (a)6,533 19,067 579 26,179 
Cost of sales and fuel (exclusive of depreciation and operating costs)(5,117)(16,546)(25)(21,688)
Operating costs(403)(576)(181)(1,160)
Equity in net earnings from investments5 35 108 148 
Noncash compensation expense17 27 7 51 
Other2 88 — 90 
Segment adjusted EBITDA
$1,037 $2,095 $488 $3,620 
Depreciation and amortization$(257)$(302)$(62)$(621)
Investments in unconsolidated affiliates$28 $415 $359 $802 
Total assets$6,980 $14,643 $2,254 $23,877 
Capital expenditures$445 $581 $123 $1,149 
(a) - 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 $3.7 billion. Intersegment revenues for the Natural Gas Liquids and Natural Gas Pipelines segments were not material.
Year Ended December 31, 2022Total
Segments		Other and
Eliminations		Total
 
(Millions of dollars)
Reconciliations of total segments to consolidated
NGL and condensate sales$22,019 $(3,759)$18,260 
Residue natural gas sales2,713 (8)2,705 
Gathering, processing and exchange services revenue691 — 691 
Transportation and storage revenue719 (9)710 
Other37 (16)21 
Total revenues (a)$26,179 $(3,792)$22,387 
Cost of sales and fuel (exclusive of depreciation and operating costs)$(21,688)$3,778 $(17,910)
Operating costs$(1,160)$11 $(1,149)
Depreciation and amortization$(621)$(5)$(626)
Equity in net earnings from investments$148 $— $148 
Investments in unconsolidated affiliates$802 $— $802 
Total assets$23,877 $502 $24,379 
Capital expenditures$1,149 $53 $1,202 
(a) - Noncustomer revenue for the year ended December 31, 2022, totaled $(286) million related primarily to losses from derivatives on commodity contracts.
Year Ended December 31, 2021Natural Gas
Gathering and
Processing		Natural Gas
Liquids		Natural Gas
Pipelines		Total
Segments
 
(Millions of dollars)
NGL and condensate sales$2,821 $13,653 $— $16,474 
Residue natural gas sales1,484 — 115 1,599 
Gathering, processing and exchange services revenue135 518 — 653 
Transportation and storage revenue— 180 491 671 
Other21 41 1 63 
Total revenues (a)4,461 14,392 607 19,460 
Cost of sales and fuel (exclusive of depreciation and operating costs)
(3,226)(11,940)(11)(15,177)
Operating costs(367)(528)(170)(1,065)
Equity in net earnings from investments4 21 97 122 
Noncash compensation expense and other17 19 5 41 
Segment adjusted EBITDA
$889 $1,964 $528 $3,381 
Depreciation and amortization$(260)$(299)$(59)$(618)
Investments in unconsolidated affiliates$27 $417 $354 $798 
Total assets$6,769 $14,502 $2,143 $23,414 
Capital expenditures$275 $307 $93 $675 
(a) - 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 $2.9 billion. Intersegment revenues for the Natural Gas Liquids and Natural Gas Pipelines segments were not material.
Year Ended December 31, 2021Total
Segments		Other and
Eliminations		Total
 
(Millions of dollars)
Reconciliations of total segments to consolidated
NGL and condensate sales$16,474 $(2,904)$13,570 
Residue natural gas sales1,599 — 1,599 
Gathering, processing and exchange services revenue653 — 653 
Transportation and storage revenue671 (14)657 
Other63 (2)61 
Total revenues (a)$19,460 $(2,920)$16,540 
Cost of sales and fuel (exclusive of depreciation and operating costs)$(15,177)$2,920 $(12,257)
Operating costs$(1,065)$(2)$(1,067)
Depreciation and amortization$(618)$(4)$(622)
Equity in net earnings from investments$122 $— $122 
Investments in unconsolidated affiliates$798 $— $798 
Total assets$23,414 $208 $23,622 
Capital expenditures$675 $22 $697 
(a) - Noncustomer revenue for the year ended December 31, 2021, totaled $(565) million related primarily to losses from derivatives on commodity contracts.
Years Ended December 31,
202320222021
Reconciliation of net income to total segment adjusted EBITDA
(Millions of dollars)
Net income$2,659 $1,722 $1,500 
Interest expense, net of capitalized interest866 676 733 
Depreciation and amortization769 626 622 
Income taxes838 528 484 
Adjusted EBITDA from unconsolidated affiliates (c)264 — — 
Equity in net earnings from investments (c)
(202)— — 
Noncash compensation expense and other49 68 41 
Other corporate costs (b)70 — 1 
Total segment adjusted EBITDA (a) (c)$5,313 $3,620 $3,381 
(a) - The year ended December 31, 2023 includes $633 million related to the Medford incident, including a settlement gain of $779 million, offset partially by $146 million of third-party fractionation costs.
(b) - The year ended December 31, 2023 primarily includes corporate costs related to the Magellan Acquisition of $158 million, offset partially by interest income of $49 million and corporate net gains of $41 million on extinguishment of debt related to open market repurchases.
(c) - Beginning in 2023, we updated our calculation methodology of adjusted EBITDA to include adjusted EBITDA from our unconsolidated affiliates using the same recognition and measurement methods used to record equity in net earnings from investments. In prior periods, our calculation included equity in net earnings from investments. This change resulted in an additional $62 million of adjusted EBITDA in 2023, and we have not restated prior periods.