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SEGMENTS (Tables)
 3 Months Ended
Mar. 31, 2024
Segment Reporting [Abstract]  
Segments The following tables set forth certain selected financial information for our operating segments for the periods indicated:
Three Months Ended
March 31, 2024		Natural Gas
Gathering and
Processing		Natural Gas
Liquids		Natural Gas
Pipelines		Refined Products and CrudeTotal
Segments
 
(Millions of dollars)
Liquids commodity sales$623 $3,264 $— $351 $4,238 
Residue natural gas sales344 — 28 — 372 
Gathering, processing and exchange services revenue35 122 — — 157 
Transportation and storage revenue — 48 157 466 671 
Other8 2 — 27 37 
Total revenues (a)1,010 3,436 185 844 5,475 
Cost of sales and fuel (exclusive of depreciation and operating costs)(594)(2,698)(15)(285)(3,592)
Operating costs(117)(181)(53)(217)(568)
Adjusted EBITDA from unconsolidated affiliates2 17 47 35 101 
Noncash compensation expense and other5 14 1 4 24 
Segment adjusted EBITDA$306 $588 $165 $381 $1,440 
Depreciation and amortization$(70)$(85)$(18)$(80)$(253)
Equity in net earnings from investments$2 $15 $36 $23 $76 
Investments in unconsolidated affiliates$25 $414 $522 $976 $1,937 
Total assets$7,021 $15,279 $2,635 $19,401 $44,336 
Capital expenditures$116 $253 $79 $42 $490 
(a) - Intersegment revenues are primarily from commodity sales, which are based on the contracted selling price that is generally index-based and settled monthly. Intersegment revenues for the Natural Gas Gathering and Processing segment totaled $620 million and were not material for the Natural Gas Liquids, Refined Products and Crude and Natural Gas Pipelines segments.
Three Months Ended
March 31, 2024		Total
Segments		Other and
Eliminations		Total
(Millions of dollars)
Reconciliations of total segments to consolidated
Liquids commodity sales$4,238 $(682)$3,556 
Residue natural gas sales372 — 372 
Gathering, processing and exchange services revenue157 — 157 
Transportation and storage revenue 671 (7)664 
Other37 (5)32 
Total revenues (a)$5,475 $(694)$4,781 
Cost of sales and fuel (exclusive of depreciation and operating costs)$(3,592)$695 $(2,897)
Operating costs$(568)$(4)$(572)
Depreciation and amortization$(253)$(1)$(254)
Equity in net earnings from investments$76 $— $76 
Investments in unconsolidated affiliates$1,937 $2 $1,939 
Total assets$44,336 $54 $44,390 
Capital expenditures$490 $22 $512 
(a) - Substantially all of our revenues relate to contracts with customers.

Three Months Ended
March 31, 2023		Natural Gas
Gathering and
Processing		Natural Gas
Liquids		Natural Gas
Pipelines		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 (a)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)
Adjusted EBITDA from unconsolidated affiliates (b)1 11 44 56 
Noncash compensation expense4 6 2 12 
Other2 778 — 780 
Segment adjusted EBITDA (b)$285 $1,283 $158 $1,726 
Depreciation and amortization$(67)$(78)$(17)$(162)
Equity in net earnings from investments$— $9 $31 $40 
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) - Intersegment revenues are primarily from commodity sales, which are based on the contracted selling price that is generally index-based and settled monthly. Intersegment revenues for the Natural Gas Gathering and Processing segment totaled $631 million and were not material for the Natural Gas Liquids and Natural Gas Pipelines segments.
(b) - 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. This change resulted in an additional $16 million of adjusted EBITDA in the first quarter of 2023.
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) - Substantially all of our revenues relate to contracts with customers.
Three Months Ended
March 31,
20242023
Reconciliation of net income to total segment adjusted EBITDA
(Millions of dollars)
Net income$639 $1,049 
Interest expense, net of capitalized interest300 166 
Depreciation and amortization254 162 
Income taxes208 330 
Adjusted EBITDA from unconsolidated affiliates (b)101 56 
Equity in net earnings from investments (b)(76)(40)
Noncash compensation expense and other15 10 
Other corporate costs(1)(7)
Total segment adjusted EBITDA (a)(b)$1,440 $1,726 
(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.
(b) - 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. This change resulted in an additional $16 million of adjusted EBITDA in the first quarter of 2023.