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SEGMENTS (Tables)

12 Months Ended

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.

X

- 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

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- References

No definition available.

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