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UNCONSOLIDATED AFFILIATES

12 Months Ended

Dec. 31, 2024

Equity Method Investments and Joint Ventures [Abstract]

EnLink Controlling Interest Acquisition - As a result of the EnLink Controlling Interest Acquisition, our investments in unconsolidated affiliates includes EnLink’s three unconsolidated affiliates. These investments include EnLink’s 15% ownership interest in Matterhorn, which is a bidirectional pipeline that transports natural gas from the Waha Hub to Katy, Texas. The other unconsolidated affiliates acquired are not material.

Investments in Unconsolidated Affiliates - The following table sets forth our investments in unconsolidated affiliates as of the dates indicated:


	Net Ownership Interest	Dec. 31, 2024		Dec. 31, 2023
		(Millions of dollars)
Overland Pass	50%	$	400	$	402
Saddlehorn (a)	40%	373		288
Northern Border	50%	333		338
BridgeTex	30%	250		193
Matterhorn (b)	15%	248		—
MVP	25%	235		241
Roadrunner	50%	183		188
Other	Various	294		224
Investments in unconsolidated affiliates (c)		$	2,316	$	1,874

(a) - In March 2024, we purchased an additional 10% interest in Saddlehorn, resulting in a 40% ownership interest.

(b) - As of Dec. 31, 2024, the 15% interest represents EnLink’s ownership interest in Matterhorn.

(c) - Includes basis differences of $368 million and $148 million at Dec. 31, 2024 and 2023, respectively, related to property, plant and equipment and equity-method goodwill (Note A).

Equity in Net Earnings from Investments - The following table sets forth our equity in net earnings from investments for the periods indicated:


	Years Ended Dec. 31,
	2024		2023		2022
	(Millions of dollars)
BridgeTex (a)	$	127	$	(1)	$	—
Northern Border	95		75		71
Overland Pass	86		56		33
Saddlehorn (a)	50		10		—
Roadrunner	40		43		37


MVP (a)	14		4		—
Matterhorn (b)	8		—		—
Other	19		15		7
Equity in net earnings from investments	$	439	$	202	$	148

(a) - For the year ended Dec. 31, 2023, includes equity in net earnings from the period Sept. 25, 2023 through Dec. 31, 2023.

(b) - For the year ended Dec. 31, 2024, includes equity in net earnings from the period Oct. 15, 2024 through Dec. 31, 2024.

We incurred expenses in transactions with unconsolidated affiliates of $254 million, $132 million and $83 million for 2024, 2023 and 2022, respectively, primarily related to Overland Pass and Northern Border. Revenue earned and accounts receivable from, and accounts payable to, our equity-method investees were not material.

We have agreements with our unconsolidated affiliates which provide that distributions to members are made, primarily, on a pro rata basis according to each member’s ownership interest.

We are the operator of Roadrunner, BridgeTex, MVP and Saddlehorn. In each case, we have operating agreements that provide for reimbursement or payment to us for management services and certain operating costs. Reimbursements and payments included in operating income in our Consolidated Statements of Income for all periods presented were not material.

In 2024, we acquired an additional 10% interest in Saddlehorn, resulting in a total ownership interest of 40%. In 2023, we made an equity contribution of $105 million to Roadrunner, which in combination with an equal contribution from our joint venture partner, was used to repay Roadrunner’s outstanding debt. Also in 2023, we made an equity contribution of $91 million to Northern Border which in combination with an equal contribution from our joint venture partner, was used to partially repay the outstanding balance of its revolving credit facility and fund capital projects. In 2022, our equity contributions were not material.