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SEGMENTS
 6 Months Ended
Jun. 30, 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
June 30, 2025		Natural Gas
Gathering and
Processing		Natural Gas
Liquids		Natural Gas
Pipelines		Refined Products and CrudeTotal
Segments
(Millions of dollars)
Liquids commodity sales$1,100 $3,740 $— $2,316 $7,156 
Residue natural gas sales449 — 256 — 705 
Exchange services and natural gas gathering and processing revenue290 93 — — 383 
Transportation and storage revenue— 34 149 563 746 
Other revenue9 4 — 29 42 
Total revenues (a)1,848 3,871 405 2,908 9,032 
Cost of sales and fuel (exclusive of depreciation and operating costs)(1,082)(3,030)(219)(2,175)(6,506)
Operating costs(236)(203)(56)(217)(712)
Adjusted EBITDA from unconsolidated affiliates1 22 55 34 112 
Noncash compensation expense and other9 13 3 7 32 
Segment adjusted EBITDA$540 $673 $188 $557 $1,958 
Depreciation and amortization$(122)$(112)$(25)$(106)$(365)
Equity in net earnings from investments$— $18 $38 $25 $81 
Capital expenditures$341 $135 $52 $184 $712 
(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 $625 million for the Natural Gas Gathering and Processing segment, $434 million for the Natural Gas Liquids segment, $79 million for the Refined Products and Crude segment and were not material for the Natural Gas Pipelines segment.


Three Months Ended
June 30, 2025		Total SegmentsOther and EliminationsTotal
(Millions of dollars)
Reconciliations of total segments to consolidated
Liquids commodity sales$7,156 $(1,124)$6,032 
Residue natural gas sales705 (11)694 
Exchange services and natural gas gathering and processing revenue383 — 383 
Transportation and storage revenue746 (5)741 
Other revenue42 (5)37 
Total revenues (a)$9,032 $(1,145)$7,887 
Cost of sales and fuel (exclusive of depreciation and operating costs)$(6,506)$1,146 $(5,360)
Operating costs$(712)$6 $(706)
Depreciation and amortization$(365)$(3)$(368)
Equity in net earnings from investments$81 $— $81 
Capital expenditures$712 $37 $749 
(a) - Substantially all of our revenues are related to contracts with customers.
Three Months Ended
June 30, 2024		Natural Gas Gathering and ProcessingNatural Gas LiquidsNatural Gas PipelinesRefined 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 
Other revenue5 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 expense5 7 2 7 21 
Other59 — — 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 SegmentsOther and EliminationsTotal
(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 revenue704 (5)699 
Other revenue33 (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)$(1)$(569)
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 are related to contracts with customers.
Six Months Ended
June 30, 2025		Natural Gas Gathering and ProcessingNatural Gas LiquidsNatural Gas PipelinesRefined Products and CrudeTotal Segments
(Millions of dollars)
Liquids commodity sales$2,327 $7,852 $— $4,217 $14,396 
Residue natural gas sales1,147 — 576 — 1,723 
Exchange services and natural gas gathering and processing revenue554 196 — — 750 
Transportation and storage revenue— 85 293 1,102 1,480 
Other revenue17 6 — 57 80 
Total revenues (a)4,045 8,139 869 5,376 18,429 
Cost of sales and fuel (exclusive of depreciation and operating costs)(2,538)(6,487)(480)(4,010)(13,515)
Operating costs(493)(413)(108)(441)(1,455)
Adjusted EBITDA from unconsolidated affiliates3 50 116 82 251 
Noncash compensation expense and other14 19 3 21 57 
Segment adjusted EBITDA$1,031 $1,308 $400 $1,028 $3,767 
Depreciation and amortization$(248)$(225)$(48)$(222)$(743)
Equity in net earnings from investments$2 $45 $77 $65 $189 
Investments in unconsolidated affiliates$39 $550 $843 $1,011 $2,443 
Total assets$16,141 $19,943 $4,573 $23,495 $64,152 
Capital expenditures$582 $306 $114 $325 $1,327 
(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 $1.3 billion for the Natural Gas Gathering and Processing segment, $977 million for the Natural Gas Liquids segment, $172 million for the Refined Products and Crude segment and were not material for the Natural Gas Pipelines segment.

Six Months Ended
June 30, 2025		Total SegmentsOther and EliminationsTotal
(Millions of dollars)
Reconciliations of total segments to consolidated
Liquids commodity sales$14,396 $(2,447)$11,949 
Residue natural gas sales1,723 (34)1,689 
Exchange services and natural gas gathering and processing revenue750 — 750 
Transportation and storage revenue1,480 (10)1,470 
Other revenue80 (8)72 
Total revenues (a)$18,429 $(2,499)$15,930 
Cost of sales and fuel (exclusive of depreciation and operating costs)$(13,515)$2,500 $(11,015)
Operating costs$(1,455)$(3)$(1,458)
Depreciation and amortization$(743)$(5)$(748)
Equity in net earnings from investments$189 $— $189 
Investments in unconsolidated affiliates$2,443 $3 $2,446 
Total assets$64,152 $372 $64,524 
Capital expenditures$1,327 $51 $1,378 
(a) - Substantially all of our revenues are related to contracts with customers.
Six Months Ended
June 30, 2024		Natural Gas Gathering and ProcessingNatural Gas LiquidsNatural Gas PipelinesRefined 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 
Other revenue13 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 expense9 15 4 14 42 
Other60 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 SegmentsOther and EliminationsTotal
(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 revenue1,375 (12)1,363 
Other revenue70 (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)$(2)$(1,138)
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 are related to contracts with customers.
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Reconciliation of net income to total segment adjusted EBITDA(Millions of dollars)
Net income$853 $780 $1,544 $1,419 
Interest expense, net of capitalized interest438 298 880 598 
Depreciation and amortization368 262 748 516 
Income taxes260 243 457 451 
Adjusted EBITDA from unconsolidated affiliates
113 110 252 211 
Equity in net earnings from investments(81)(88)(189)(164)
Noncash compensation expense and other (a)30 19 64 34 
Corporate other (a)(23)1 11 — 
Total segment adjusted EBITDA$1,958 $1,625 $3,767 $3,065 
(a) - The three months ended June 30, 2025, included transaction costs related primarily to the EnLink Acquisition of $21 million included within corporate other and $1 million included within noncash compensation expense and other. The six months ended June 30, 2025, included transaction costs related primarily to the EnLink Acquisition of $52 million included within corporate other and $12 million included within noncash compensation expense and other.