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SEGMENTS
 3 Months Ended
Mar. 31, 2025
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, compresses, 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, stores and markets natural gas; and
•our Refined Products and Crude segment gathers, transports, stores, distributes, blends and markets Refined Products and crude oil.

Other and eliminations consist of corporate costs, the operating 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.

The significant expense categories and amounts included in the table below align with the segment-level information that is regularly provided to the chief operating decision-maker.
Operating Segment Information - The following tables set forth certain selected financial information for our operating segments for the periods indicated:

Three Months Ended
March 31, 2025		Natural Gas
Gathering and
Processing		Natural Gas
Liquids		Natural Gas
Pipelines		Refined Products and CrudeTotal
Segments
 
(Millions of dollars)
Liquids commodity sales$1,227 $4,112 $— $1,901 $7,240 
Residue natural gas sales698 — 320 — 1,018 
Exchange services and natural gas gathering and processing revenue184 103 — — 287 
Transportation and storage revenue 80 51 144 539 814 
Other revenue8 2 — 28 38 
Total revenues (a)2,197 4,268 464 2,468 9,397 
Cost of sales and fuel (exclusive of depreciation and operating costs)(1,456)(3,457)(261)(1,835)(7,009)
Operating costs(257)(210)(52)(224)(743)
Adjusted EBITDA from unconsolidated affiliates2 28 61 48 139 
Noncash compensation expense and other5 6 — 14 25 
Segment adjusted EBITDA$491 $635 $212 $471 $1,809 
Depreciation and amortization$(126)$(113)$(23)$(116)$(378)
Equity in net earnings from investments$2 $27 $39 $40 $108 
Investments in unconsolidated affiliates$37 $524 $811 $1,029 $2,401 
Total assets$15,837 $19,988 $4,534 $23,632 $63,991 
Capital expenditures$241 $171 $62 $141 $615 
(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 $704 million for the Natural Gas Gathering and Processing segment, $543 million for the Natural Gas Liquids segment and were not material for the Refined Products and Crude and Natural Gas Pipelines segments.

Three Months Ended
March 31, 2025		Total
Segments		Other and
Eliminations		Total
(Millions of dollars)
Reconciliations of total segments to consolidated
Liquids commodity sales$7,240 $(1,323)$5,917 
Residue natural gas sales1,018 (23)995 
Exchange services and natural gas gathering and processing revenue287 — 287 
Transportation and storage revenue 814 (5)809 
Other revenue38 (3)35 
Total revenues (a)$9,397 $(1,354)$8,043 
Cost of sales and fuel (exclusive of depreciation and operating costs)$(7,009)$1,354 $(5,655)
Operating costs$(743)$(9)$(752)
Depreciation and amortization$(378)$(2)$(380)
Equity in net earnings from investments$108 $— $108 
Investments in unconsolidated affiliates$2,401 $4 $2,405 
Total assets$63,991 $272 $64,263 
Capital expenditures$615 $14 $629 
(a) - Substantially all of our revenues related to contracts with customers.
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 
Other revenue8 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 
Other revenue37 (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 related to contracts with customers.
Three Months Ended
March 31,
20252024
Reconciliation of net income to total segment adjusted EBITDA
(Millions of dollars)
Net income$691 $639 
Interest expense, net of capitalized interest442 300 
Depreciation and amortization380 254 
Income taxes197 208 
Adjusted EBITDA from unconsolidated affiliates139 101 
Equity in net earnings from investments(108)(76)
Noncash compensation expense and other (a)
34 15 
Other corporate costs (a)34 (1)
Total segment adjusted EBITDA$1,809 $1,440 
(a) - The three months ended March 31, 2025, included transaction costs related primarily to the EnLink Acquisition of $31 million included within other corporate costs and $11 million included within noncash compensation expense and other.