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SEGMENTS
 6 Months Ended
Jun. 30, 2024
Segment Reporting [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, processes and markets 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, distributes, blends and markets Refined Products and crude oil.

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
June 30, 2024		Natural Gas
Gathering and
Processing		Natural Gas
Liquids		Natural Gas
Pipelines		Refined Products and CrudeTotal
Segments
 
(Millions of dollars)
Liquids commodity sales$641 $3,344 $— $492 $4,477 
Residue natural gas sales169 — — — 169 
Gathering, processing and exchange services revenue31 139 — — 170 
Transportation and storage revenue — 43 163 498 704 
Other5 4 — 24 33 
Total revenues (a)846 3,530 163 1,014 5,553 
Cost of sales and fuel (exclusive of depreciation and operating costs)(421)(2,748)(2)(380)(3,551)
Operating costs(119)(181)(52)(216)(568)
Adjusted EBITDA from unconsolidated affiliates1 27 41 41 110 
Noncash compensation expense
5 7 2 7 21 
Other
59 — — 1 60 
Segment adjusted EBITDA$371 $635 $152 $467 $1,625 
Depreciation and amortization$(74)$(86)$(18)$(81)$(259)
Equity in net earnings from investments$— $24 $32 $32 $88 
Capital expenditures$101 $285 $52 $33 $471 
(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 $632 million and were not material for the Natural Gas Liquids, Refined Products and Crude and Natural Gas Pipelines segments.
Three Months Ended
June 30, 2024		Total
Segments		Other and
Eliminations		Total
(Millions of dollars)
Reconciliations of total segments to consolidated
Liquids commodity sales$4,477 $(652)$3,825 
Residue natural gas sales169 — 169 
Gathering, processing and exchange services revenue170 — 170 
Transportation and storage revenue 704 (5)699 
Other33 (2)31 
Total revenues (a)$5,553 $(659)$4,894 
Cost of sales and fuel (exclusive of depreciation and operating costs)$(3,551)$660 $(2,891)
Operating costs$(568)$(5)$(573)
Depreciation and amortization$(259)$(3)$(262)
Equity in net earnings from investments$88 $— $88 
Capital expenditures$471 $8 $479 
(a) - Substantially all of our revenues relate to contracts with customers.

Three Months Ended
June 30, 2023		Natural Gas
Gathering and
Processing		Natural Gas
Liquids		Natural Gas
Pipelines		Total
Segments
 
(Millions of dollars)
NGL and condensate sales$550 $3,120 $— $3,670 
Residue natural gas sales219 — — 219 
Gathering, processing and exchange services revenue35 133 — 168 
Transportation and storage revenue — 45 146 191 
Other5 2 — 7 
Total revenues (a)809 3,300 146 4,255 
Cost of sales and fuel (exclusive of depreciation and operating costs)(385)(2,627)(1)(3,013)
Operating costs(115)(161)(49)(325)
Adjusted EBITDA from unconsolidated affiliates (b)1 16 36 53 
Noncash compensation expense and other3 5 1 9 
Segment adjusted EBITDA (b)$313 $533 $133 $979 
Depreciation and amortization$(67)$(85)$(16)$(168)
Equity in net earnings from investments$1 $13 $29 $43 
Capital expenditures$84 $169 $39 $292 
(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 $521 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 $10 million of adjusted EBITDA for the three months ended June 30, 2023.
Three Months Ended
June 30, 2023		Total
Segments		Other and
Eliminations		Total
 
(Millions of dollars)
Reconciliations of total segments to consolidated
NGL and condensate sales$3,670 $(521)$3,149 
Residue natural gas sales219 — 219 
Gathering, processing and exchange services revenue168 — 168 
Transportation and storage revenue 191 (2)189 
Other7 — 7 
Total revenues (a)$4,255 $(523)$3,732 
Cost of sales and fuel (exclusive of depreciation and operating costs)$(3,013)$531 $(2,482)
Operating costs$(325)$(18)$(343)
Depreciation and amortization$(168)$(2)$(170)
Equity in net earnings from investments$43 $— $43 
Capital expenditures$292 $13 $305 
(a) - Substantially all of our revenues relate to contracts with customers.


Six Months Ended
June 30, 2024		Natural Gas
Gathering and
Processing		Natural Gas
Liquids		Natural Gas
Pipelines		Refined Products and CrudeTotal
Segments
 
(Millions of dollars)
Liquids commodity sales$1,264 $6,608 $— $843 $8,715 
Residue natural gas sales513 — 28 — 541 
Gathering, processing and exchange services revenue66 261 — — 327 
Transportation and storage revenue — 91 320 964 1,375 
Other13 6 — 51 70 
Total revenues (a)1,856 6,966 348 1,858 11,028 
Cost of sales and fuel (exclusive of depreciation and operating costs)(1,015)(5,446)(17)(665)(7,143)
Operating costs(236)(362)(105)(433)(1,136)
Adjusted EBITDA from unconsolidated affiliates3 44 88 76 211 
Noncash compensation expense
9 15 4 14 42 
Other
60 6 (1)(2)63 
Segment adjusted EBITDA$677 $1,223 $317 $848 $3,065 
Depreciation and amortization$(144)$(171)$(36)$(161)$(512)
Equity in net earnings from investments$2 $39 $68 $55 $164 
Investments in unconsolidated affiliates$30 $418 $518 $967 $1,933 
Total assets$7,096 $15,735 $2,667 $18,963 $44,461 
Capital expenditures$217 $538 $131 $75 $961 
(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 $1.3 billion and were not material for the Natural Gas Liquids, Refined Products and Crude and Natural Gas Pipelines segments.
Six Months Ended
June 30, 2024		Total
Segments		Other and
Eliminations		Total
(Millions of dollars)
Reconciliations of total segments to consolidated
Liquids commodity sales$8,715 $(1,334)$7,381 
Residue natural gas sales541 — 541 
Gathering, processing and exchange services revenue327 — 327 
Transportation and storage revenue 1,375 (12)1,363 
Other70 (7)63 
Total revenues (a)$11,028 $(1,353)$9,675 
Cost of sales and fuel (exclusive of depreciation and operating costs)$(7,143)$1,355 $(5,788)
Operating costs$(1,136)$(9)$(1,145)
Depreciation and amortization$(512)$(4)$(516)
Equity in net earnings from investments$164 $— $164 
Investments in unconsolidated affiliates$1,933 $4 $1,937 
Total assets$44,461 $74 $44,535 
Capital expenditures$961 $30 $991 
(a) - Substantially all of our revenues relate to contracts with customers.

Six Months Ended
June 30, 2023		Natural Gas
Gathering and
Processing		Natural Gas
Liquids		Natural Gas
Pipelines		Total
Segments
 
(Millions of dollars)
NGL and condensate sales$1,194 $6,671 $— $7,865 
Residue natural gas sales787 — 25 812 
Gathering, processing and exchange services revenue73 264 — 337 
Transportation and storage revenue — 95 291 386 
Other13 5 1 19 
Total revenues (a)2,067 7,035 317 9,419 
Cost of sales and fuel (exclusive of depreciation and operating costs)(1,260)(5,722)(15)(6,997)
Operating costs(220)(313)(94)(627)
Adjusted EBITDA from unconsolidated affiliates (b)2 27 80 109 
Noncash compensation expense8 13 3 24 
Other1 776 — 777 
Segment adjusted EBITDA (b)$598 $1,816 $291 $2,705 
Depreciation and amortization$(134)$(163)$(33)$(330)
Equity in net earnings from investments$1 $22 $60 $83 
Investments in unconsolidated affiliates$27 $414 $443 $884 
Total assets$6,854 $14,346 $2,384 $23,584 
Capital expenditures$182 $306 $85 $573 
(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 $1.2 billion 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 $26 million of adjusted EBITDA for the six months ended June 30, 2023.
Six Months Ended
June 30, 2023		Total
Segments		Other and
Eliminations		Total
 
(Millions of dollars)
Reconciliations of total segments to consolidated
NGL and condensate sales$7,865 $(1,155)$6,710 
Residue natural gas sales812 — 812 
Gathering, processing and exchange services revenue337 — 337 
Transportation and storage revenue 386 (4)382 
Other19 (7)12 
Total revenues (a)$9,419 $(1,166)$8,253 
Cost of sales and fuel (exclusive of depreciation and operating costs)$(6,997)$1,168 $(5,829)
Operating costs$(627)$(12)$(639)
Depreciation and amortization$(330)$(2)$(332)
Equity in net earnings from investments$83 $— $83 
Investments in unconsolidated affiliates$884 $1 $885 
Total assets$23,584 $454 $24,038 
Capital expenditures$573 $21 $594 
(a) - Substantially all of our revenues relate to contracts with customers.
Three Months Ended
June 30,		Six Months Ended
June 30,
2024202320242023
Reconciliation of net income to total segment adjusted EBITDA
(Millions of dollars)
Net income$780 $468 $1,419 $1,517 
Interest expense, net of capitalized interest298 180 598 346 
Depreciation and amortization262 170 516 332 
Income taxes243 145 451 475 
Adjusted EBITDA from unconsolidated affiliates (b)110 53 211 109 
Equity in net earnings from investments (b)(88)(43)(164)(83)
Noncash compensation expense and other19 8 34 18 
Other corporate costs1 (2)— (9)
Total segment adjusted EBITDA (a)(b)$1,625 $979 $3,065 $2,705 
(a) - The six months ended June 30, 2023, includes $702 million related to the Medford incident, including a settlement gain of $779 million, offset partially by $77 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 $10 million and $26 million of adjusted EBITDA for the three and six months ended June 30, 2023, respectively.