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SEGMENTS (Tables) | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
Schedule of Segments | The following tables set forth certain selected financial information for our operating segments for the periods indicated:
Year Ended Dec. 31, 2024 |  | Natural Gas Gathering and Processing |  | Natural Gas Liquids |  | Natural Gas Pipelines |  | Refined Products and Crude |  | Total Segments
|  | (Millions of dollars)
Liquids commodity sales |  | $ | 3,033 |  |  | $ | 14,446 |  |  | $ | — |  |  | $ | 2,258 |  |  | $ | 19,737 |
Residue natural gas sales |  | 1,203 |  |  | — |  |  | 137 |  |  | — |  |  | 1,340 |
Exchange services and natural gas gathering and processing revenue |  | 260 |  |  | 500 |  |  | — |  |  | — |  |  | 760 |
Transportation and storage revenue |  | 70 |  |  | 207 |  |  | 684 |  |  | 2,082 |  |  | 3,043 |
Other revenue |  | 23 |  |  | 14 |  |  | 1 |  |  | 120 |  |  | 158 |
Total revenues (a) |  | 4,589 |  |  | 15,167 |  |  | 822 |  |  | 4,460 |  |  | 25,038 |
Cost of sales and fuel (exclusive of depreciation and operating costs) |  | (2,600) |  |  | (11,994) |  |  | (112) |  |  | (1,949) |  |  | (16,655) |
Operating costs |  | (603) |  |  | (762) |  |  | (233) |  |  | (888) |  |  | (2,486) |
Adjusted EBITDA from unconsolidated affiliates |  | 3 |  |  | 95 |  |  | 187 |  |  | 247 |  |  | 532 |
Noncash compensation expense |  | 20 |  |  | 34 |  |  | 8 |  |  | 31 |  |  | 93 |
Other (b) |  | 75 |  |  | 3 |  |  | 228 |  |  | (9) |  |  | 297 |
Segment adjusted EBITDA |  | $ | 1,484 |  |  | $ | 2,543 |  |  | $ | 900 |  |  | $ | 1,892 |  |  | $ | 6,819 |
Depreciation and amortization |  | $ | (325) |  |  | $ | (361) |  |  | $ | (88) |  |  | $ | (354) |  |  | $ | (1,128) |
Equity in net earnings from investments |  | $ | — |  |  | $ | 85 |  |  | $ | 143 |  |  | $ | 211 |  |  | $ | 439 |
Investments in unconsolidated affiliates |  | $ | 33 |  |  | $ | 484 |  |  | $ | 764 |  |  | $ | 1,031 |  |  | $ | 2,312 |
Total assets |  | $ | 15,856 |  |  | $ | 19,797 |  |  | $ | 5,041 |  |  | $ | 23,181 |  |  | $ | 63,875 |
Capital expenditures |  | $ | 492 |  |  | $ | 987 |  |  | $ | 258 |  |  | $ | 216 |  |  | $ | 1,953 |
(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 totaled $3.0 billion for the Natural Gas Gathering and Processing segment, $0.3 billion for the Natural Gas Liquids segment and were not material for the Refined Products and Crude and Natural Gas Pipelines segments. (b) - Includes a gain of $227 million for the Natural Gas Pipelines segment related to the sale of three of our wholly owned interstate natural gas pipeline systems to DT Midstream, Inc.
Year Ended Dec. 31, 2024 |  | Total Segments |  | Other and Eliminations |  | Total
|  | (Millions of dollars)
Reconciliations of total segments to consolidated |  |  |  |  |  |
Liquids commodity sales |  | $ | 19,737 |  |  | $ | (3,287) |  |  | $ | 16,450 |
Residue natural gas sales |  | 1,340 |  |  | (10) |  |  | 1,330 |
Exchange services and natural gas gathering and processing revenue |  | 760 |  |  | — |  |  | 760 |
Transportation and storage revenue |  | 3,043 |  |  | (23) |  |  | 3,020 |
Other revenue |  | 158 |  |  | (20) |  |  | 138 |
Total revenues (a) |  | $ | 25,038 |  |  | $ | (3,340) |  |  | $ | 21,698 |
Cost of sales and fuel (exclusive of depreciation and operating costs) |  | $ | (16,655) |  |  | $ | 3,344 |  |  | $ | (13,311) |
Operating costs |  | $ | (2,486) |  |  | $ | (10) |  |  | $ | (2,496) |
Depreciation and amortization |  | $ | (1,128) |  |  | $ | (6) |  |  | $ | (1,134) |
Equity in net earnings from investments |  | $ | 439 |  |  | $ | — |  |  | $ | 439 |
Investments in unconsolidated affiliates |  | $ | 2,312 |  |  | $ | 4 |  |  | $ | 2,316 |
Total assets |  | $ | 63,875 |  |  | $ | 194 |  |  | $ | 64,069 |
Capital expenditures |  | $ | 1,953 |  |  | $ | 68 |  |  | $ | 2,021 |
(a) - Substantially all of our revenues relate to contracts with customers.
Year Ended Dec. 31, 2023 |  | Natural Gas Gathering and Processing |  | Natural Gas Liquids |  | Natural Gas Pipelines |  | Refined Products and Crude |  | Total Segments
|  | (Millions of dollars)
Liquids commodity sales |  | $ | 2,479 |  |  | $ | 13,666 |  |  | $ | — |  |  | $ | 502 |  |  | $ | 16,647 |
Residue natural gas sales |  | 1,398 |  |  | — |  |  | 39 |  |  | — |  |  | 1,437 |
Gathering, processing and exchange services revenue |  | 147 |  |  | 549 |  |  | — |  |  | — |  |  | 696 |
Transportation and storage revenue |  | — |  |  | 204 |  |  | 582 |  |  | 535 |  |  | 1,321 |
Other revenue |  | 32 |  |  | 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 expense |  | 19 |  |  | 29 |  |  | 8 |  |  | 6 |  |  | 62 |
Other (b) |  | (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 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 $2.4 billion and were not material for the Natural Gas Liquids, Refined Products and Crude and Natural Gas Pipelines segments. (b) - Includes a settlement gain of $779 million for the Natural Gas Liquids segment related to the Medford incident.
Year Ended Dec. 31, 2023 |  | Total 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 sales |  | 1,437 |  |  | — |  |  | 1,437 |
Gathering, processing and exchange services revenue |  | 696 |  |  | — |  |  | 696 |
Transportation and storage revenue |  | 1,321 |  |  | (15) |  |  | 1,306 |
Other revenue |  | 78 |  |  | (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) - Substantially all of our revenues relate to contracts with customers.
Year Ended Dec. 31, 2022 |  | Natural 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 sales |  | 2,674 |  |  | — |  |  | 39 |  |  | 2,713 |
Gathering, processing and exchange services revenue |  | 144 |  |  | 547 |  |  | — |  |  | 691 |
Transportation and storage revenue |  | — |  |  | 180 |  |  | 539 |  |  | 719 |
Other revenue |  | 25 |  |  | 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 investments |  | 5 |  |  | 35 |  |  | 108 |  |  | 148 |
Noncash compensation expense |  | 17 |  |  | 27 |  |  | 7 |  |  | 51 |
Other |  | 2 |  |  | 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 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 $3.7 billion and were not material for the Natural Gas Liquids and Natural Gas Pipelines segments.
Year Ended Dec. 31, 2022 |  | Total 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 sales |  | 2,713 |  |  | (8) |  |  | 2,705 |
Gathering, processing and exchange services revenue |  | 691 |  |  | — |  |  | 691 |
Transportation and storage revenue |  | 719 |  |  | (9) |  |  | 710 |
Other revenue |  | 37 |  |  | (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) - Substantially all of our revenues relate to contracts with customers.
|  | Years Ended Dec. 31,
|  | 2024 |  | 2023 |  | 2022 |  |
Reconciliation of net income to total segment adjusted EBITDA |  | (Millions of dollars)
Net income |  | $ | 3,112 |  |  | $ | 2,659 |  |  | $ | 1,722 |  |  |
Interest expense, net of capitalized interest |  | 1,371 |  |  | 866 |  |  | 676 |  |  |
Depreciation and amortization |  | 1,134 |  |  | 769 |  |  | 626 |  |  |
Income taxes |  | 998 |  |  | 838 |  |  | 528 |  |  |
Adjusted EBITDA from unconsolidated affiliates (a) |  | 532 |  |  | 264 |  |  | — |  |  |
Equity in net earnings from investments (a) |  | (439) |  |  | (202) |  |  | — |  |  |
Noncash compensation expense and other |  | 76 |  |  | 49 |  |  | 68 |  |  |
Other corporate costs (b) |  | 35 |  |  | 70 |  |  | — |  |  |
Total segment adjusted EBITDA (a)(c)(d) |  | $ | 6,819 |  |  | $ | 5,313 |  |  | $ | 3,620 |  |  |
(a) - 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. (b) - The year ended Dec. 31, 2024, includes transaction costs related primarily to the EnLink Acquisitions and Medallion Acquisition of $73 million, offset partially by interest income of $39 million. The year ended Dec. 31, 2023, includes transaction 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) - The year ended Dec. 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. (d) - The year ended Dec. 31, 2024, includes a gain of $227 million from the interstate natural gas pipeline divestiture.

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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