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SEGMENTS (Tables) | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Schedule of Segments | The following tables set forth certain selected financial information for our operating segments for the periods indicated:
Three Months Ended September 30, 2025 | Natural Gas Gathering and Processing |  | Natural Gas Liquids |  | Natural Gas Pipelines |  | Refined Products and Crude |  | Total Segments
| (Millions of dollars)
Liquids commodity sales | $ | 1,066 |  |  | $ | 3,746 |  |  | $ | — |  |  | $ | 3,010 |  |  | $ | 7,822 |
Residue natural gas sales | 468 |  |  | — |  |  | 296 |  |  | — |  |  | 764 |
Exchange services and natural gas gathering and processing revenue | 298 |  |  | 111 |  |  | — |  |  | — |  |  | 409 |
Transportation and storage revenue | — |  |  | 36 |  |  | 154 |  |  | 590 |  |  | 780 |
Other revenue | 9 |  |  | 2 |  |  | — |  |  | 29 |  |  | 40 |
Total revenues (a) | 1,841 |  |  | 3,895 |  |  | 450 |  |  | 3,629 |  |  | 9,815 |
Cost of sales and fuel (exclusive of depreciation and operating costs) | (1,038) |  |  | (2,977) |  |  | (255) |  |  | (2,873) |  |  | (7,143) |
Operating costs | (244) |  |  | (202) |  |  | (59) |  |  | (231) |  |  | (736) |
Adjusted EBITDA from unconsolidated affiliates | 1 |  |  | 26 |  |  | 63 |  |  | 40 |  |  | 130 |
Noncash compensation expense and other | 6 |  |  | 6 |  |  | 1 |  |  | 17 |  |  | 30 |
Segment adjusted EBITDA | $ | 566 |  |  | $ | 748 |  |  | $ | 200 |  |  | $ | 582 |  |  | $ | 2,096 |
Depreciation and amortization | $ | (126) |  |  | $ | (116) |  |  | $ | (25) |  |  | $ | (108) |  |  | $ | (375) |
Equity in net earnings from investments | $ | 1 |  |  | $ | 24 |  |  | $ | 39 |  |  | $ | 28 |  |  | $ | 92 |
Capital expenditures | $ | 302 |  |  | $ | 218 |  |  | $ | 55 |  |  | $ | 214 |  |  | $ | 789 |
(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 $1.1 billion for the Natural Gas Gathering and Processing segment, $99 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 September 30, 2025 | Total Segments |  | Other and Eliminations |  | Total
| (Millions of dollars)
Reconciliations of total segments to consolidated |  |  |  |  |
Liquids commodity sales | $ | 7,822 |  |  | $ | (1,157) |  |  | $ | 6,665 |
Residue natural gas sales | 764 |  |  | (13) |  |  | 751 |
Exchange services and natural gas gathering and processing revenue | 409 |  |  | (3) |  |  | 406 |
Transportation and storage revenue | 780 |  |  | (5) |  |  | 775 |
Other revenue | 40 |  |  | (3) |  |  | 37 |
Total revenues (a) | $ | 9,815 |  |  | $ | (1,181) |  |  | $ | 8,634 |
Cost of sales and fuel (exclusive of depreciation and operating costs) | $ | (7,143) |  |  | $ | 1,181 |  |  | $ | (5,962) |
Operating costs | $ | (736) |  |  | $ | (2) |  |  | $ | (738) |
Depreciation and amortization | $ | (375) |  |  | $ | (3) |  |  | $ | (378) |
Equity in net earnings from investments | $ | 92 |  |  | $ | — |  |  | $ | 92 |
Capital expenditures | $ | 789 |  |  | $ | 15 |  |  | $ | 804 |
(a) - Substantially all of our revenues are related to contracts with customers.
Three Months Ended September 30, 2024 | Natural Gas Gathering and Processing |  | Natural Gas Liquids |  | Natural Gas Pipelines |  | Refined Products and Crude |  | Total Segments
| (Millions of dollars)
Liquids commodity sales | $ | 648 |  |  | $ | 3,496 |  |  | $ | — |  |  | $ | 407 |  |  | $ | 4,551 |
Residue natural gas sales | 219 |  |  | — |  |  | — |  |  | — |  |  | 219 |
Gathering, processing and exchange services revenue | 35 |  |  | 129 |  |  | — |  |  | — |  |  | 164 |
Transportation and storage revenue | — |  |  | 50 |  |  | 171 |  |  | 526 |  |  | 747 |
Other revenue | 3 |  |  | 4 |  |  | — |  |  | 30 |  |  | 37 |
Total revenues (a) | 905 |  |  | 3,679 |  |  | 171 |  |  | 963 |  |  | 5,718 |
Cost of sales and fuel (exclusive of depreciation and operating costs) | (464) |  |  | (2,906) |  |  | (1) |  |  | (352) |  |  | (3,723) |
Operating costs | (129) |  |  | (183) |  |  | (52) |  |  | (217) |  |  | (581) |
Adjusted EBITDA from unconsolidated affiliates | — |  |  | 26 |  |  | 45 |  |  | 41 |  |  | 112 |
Noncash compensation expense and other | 6 |  |  | 8 |  |  | 3 |  |  | 6 |  |  | 23 |
Segment adjusted EBITDA | $ | 318 |  |  | $ | 624 |  |  | $ | 166 |  |  | $ | 441 |  |  | $ | 1,549 |
Depreciation and amortization | $ | (71) |  |  | $ | (89) |  |  | $ | (21) |  |  | $ | (93) |  |  | $ | (274) |
Equity in net earnings (loss) from investments | $ | (1) |  |  | $ | 24 |  |  | $ | 34 |  |  | $ | 35 |  |  | $ | 92 |
Capital expenditures | $ | 102 |  |  | $ | 247 |  |  | $ | 56 |  |  | $ | 45 |  |  | $ | 450 |
(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 $657 million and were not material for the Natural Gas Liquids, Refined Products and Crude and Natural Gas Pipelines segments.
Three Months Ended September 30, 2024 | Total Segments |  | Other and Eliminations |  | Total
| (Millions of dollars)
Reconciliations of total segments to consolidated |  |  |  |  |
Liquids commodity sales | $ | 4,551 |  |  | $ | (691) |  |  | $ | 3,860 |
Residue natural gas sales | 219 |  |  | — |  |  | 219 |
Gathering, processing and exchange services revenue | 164 |  |  | — |  |  | 164 |
Transportation and storage revenue | 747 |  |  | (4) |  |  | 743 |
Other revenue | 37 |  |  | — |  |  | 37 |
Total revenues (a) | $ | 5,718 |  |  | $ | (695) |  |  | $ | 5,023 |
Cost of sales and fuel (exclusive of depreciation and operating costs) | $ | (3,723) |  |  | $ | 696 |  |  | $ | (3,027) |
Operating costs | $ | (581) |  |  | $ | (1) |  |  | $ | (582) |
Depreciation and amortization | $ | (274) |  |  | $ | — |  |  | $ | (274) |
Equity in net earnings from investments | $ | 92 |  |  | $ | — |  |  | $ | 92 |
Capital expenditures | $ | 450 |  |  | $ | 18 |  |  | $ | 468 |
(a) - Substantially all of our revenues are related to contracts with customers.
Nine Months Ended September 30, 2025 | Natural Gas Gathering and Processing |  | Natural Gas Liquids |  | Natural Gas Pipelines |  | Refined Products and Crude |  | Total Segments
| (Millions of dollars)
Liquids commodity sales | $ | 3,393 |  |  | $ | 11,598 |  |  | $ | — |  |  | $ | 7,227 |  |  | $ | 22,218 |
Residue natural gas sales | 1,615 |  |  | — |  |  | 872 |  |  | — |  |  | 2,487 |
Exchange services and natural gas gathering and processing revenue | 852 |  |  | 307 |  |  | — |  |  | — |  |  | 1,159 |
Transportation and storage revenue | — |  |  | 121 |  |  | 447 |  |  | 1,692 |  |  | 2,260 |
Other revenue | 26 |  |  | 8 |  |  | — |  |  | 86 |  |  | 120 |
Total revenues (a) | 5,886 |  |  | 12,034 |  |  | 1,319 |  |  | 9,005 |  |  | 28,244 |
Cost of sales and fuel (exclusive of depreciation and operating costs) | (3,576) |  |  | (9,464) |  |  | (735) |  |  | (6,883) |  |  | (20,658) |
Operating costs | (737) |  |  | (615) |  |  | (167) |  |  | (672) |  |  | (2,191) |
Adjusted EBITDA from unconsolidated affiliates | 4 |  |  | 76 |  |  | 179 |  |  | 122 |  |  | 381 |
Noncash compensation expense and other | 20 |  |  | 25 |  |  | 4 |  |  | 38 |  |  | 87 |
Segment adjusted EBITDA | $ | 1,597 |  |  | $ | 2,056 |  |  | $ | 600 |  |  | $ | 1,610 |  |  | $ | 5,863 |
Depreciation and amortization | $ | (374) |  |  | $ | (341) |  |  | $ | (73) |  |  | $ | (330) |  |  | $ | (1,118) |
Equity in net earnings from investments | $ | 3 |  |  | $ | 69 |  |  | $ | 116 |  |  | $ | 93 |  |  | $ | 281 |
Investments in unconsolidated affiliates | $ | 40 |  |  | $ | 597 |  |  | $ | 860 |  |  | $ | 1,271 |  |  | $ | 2,768 |
Total assets | $ | 16,266 |  |  | $ | 20,047 |  |  | $ | 4,610 |  |  | $ | 24,225 |  |  | $ | 65,148 |
Capital expenditures | $ | 884 |  |  | $ | 524 |  |  | $ | 169 |  |  | $ | 539 |  |  | $ | 2,116 |
(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 $3.4 billion for the Natural Gas Gathering and Processing segment, $239 million for the Natural Gas Liquids segment and were not material for the Refined Products and Crude and Natural Gas Pipelines segments.
Nine Months Ended September 30, 2025 | Total Segments |  | Other and Eliminations |  | Total
| (Millions of dollars)
Reconciliations of total segments to consolidated |  |  |  |  |
Liquids commodity sales | $ | 22,218 |  |  | $ | (3,604) |  |  | $ | 18,614 |
Residue natural gas sales | 2,487 |  |  | (47) |  |  | 2,440 |
Exchange services and natural gas gathering and processing revenue | 1,159 |  |  | (3) |  |  | 1,156 |
Transportation and storage revenue | 2,260 |  |  | (15) |  |  | 2,245 |
Other revenue | 120 |  |  | (11) |  |  | 109 |
Total revenues (a) | $ | 28,244 |  |  | $ | (3,680) |  |  | $ | 24,564 |
Cost of sales and fuel (exclusive of depreciation and operating costs) | $ | (20,658) |  |  | $ | 3,681 |  |  | $ | (16,977) |
Operating costs | $ | (2,191) |  |  | $ | (5) |  |  | $ | (2,196) |
Depreciation and amortization | $ | (1,118) |  |  | $ | (8) |  |  | $ | (1,126) |
Equity in net earnings from investments | $ | 281 |  |  | $ | — |  |  | $ | 281 |
Investments in unconsolidated affiliates | $ | 2,768 |  |  | $ | 5 |  |  | $ | 2,773 |
Total assets | $ | 65,148 |  |  | $ | 1,468 |  |  | $ | 66,616 |
Capital expenditures | $ | 2,116 |  |  | $ | 66 |  |  | $ | 2,182 |
(a) - Substantially all of our revenues are related to contracts with customers.
Nine Months Ended September 30, 2024 | Natural Gas Gathering and Processing |  | Natural Gas Liquids |  | Natural Gas Pipelines |  | Refined Products and Crude |  | Total Segments
| (Millions of dollars)
Liquids commodity sales | $ | 1,912 |  |  | $ | 10,104 |  |  | $ | — |  |  | $ | 1,250 |  |  | $ | 13,266 |
Residue natural gas sales | 732 |  |  | — |  |  | 28 |  |  | — |  |  | 760 |
Gathering, processing and exchange services revenue | 101 |  |  | 390 |  |  | — |  |  | — |  |  | 491 |
Transportation and storage revenue | — |  |  | 141 |  |  | 491 |  |  | 1,490 |  |  | 2,122 |
Other revenue | 16 |  |  | 10 |  |  | — |  |  | 81 |  |  | 107 |
Total revenues (a) | 2,761 |  |  | 10,645 |  |  | 519 |  |  | 2,821 |  |  | 16,746 |
Cost of sales and fuel (exclusive of depreciation and operating costs) | (1,479) |  |  | (8,352) |  |  | (18) |  |  | (1,017) |  |  | (10,866) |
Operating costs | (365) |  |  | (545) |  |  | (157) |  |  | (650) |  |  | (1,717) |
Adjusted EBITDA from unconsolidated affiliates | 3 |  |  | 70 |  |  | 133 |  |  | 117 |  |  | 323 |
Noncash compensation expense | 16 |  |  | 26 |  |  | 6 |  |  | 24 |  |  | 72 |
Other | 59 |  |  | 3 |  |  | — |  |  | (6) |  |  | 56 |
Segment adjusted EBITDA | $ | 995 |  |  | $ | 1,847 |  |  | $ | 483 |  |  | $ | 1,289 |  |  | $ | 4,614 |
Depreciation and amortization | $ | (215) |  |  | $ | (260) |  |  | $ | (57) |  |  | $ | (254) |  |  | $ | (786) |
Equity in net earnings from investments | $ | 1 |  |  | $ | 63 |  |  | $ | 102 |  |  | $ | 90 |  |  | $ | 256 |
Investments in unconsolidated affiliates | $ | 31 |  |  | $ | 417 |  |  | $ | 516 |  |  | $ | 958 |  |  | $ | 1,922 |
Total assets | $ | 7,113 |  |  | $ | 15,701 |  |  | $ | 2,704 |  |  | $ | 19,031 |  |  | $ | 44,549 |
Capital expenditures | $ | 319 |  |  | $ | 785 |  |  | $ | 187 |  |  | $ | 120 |  |  | $ | 1,411 |
(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 $1.9 billion and were not material for the Natural Gas Liquids, Refined Products and Crude and Natural Gas Pipelines segments.
Nine Months Ended September 30, 2024 | Total Segments |  | Other and Eliminations |  | Total
| (Millions of dollars)
Reconciliations of total segments to consolidated |  |  |  |  |
Liquids commodity sales | $ | 13,266 |  |  | $ | (2,025) |  |  | $ | 11,241 |
Residue natural gas sales | 760 |  |  | — |  |  | 760 |
Gathering, processing and exchange services revenue | 491 |  |  | — |  |  | 491 |
Transportation and storage revenue | 2,122 |  |  | (16) |  |  | 2,106 |
Other revenue | 107 |  |  | (7) |  |  | 100 |
Total revenues (a) | $ | 16,746 |  |  | $ | (2,048) |  |  | $ | 14,698 |
Cost of sales and fuel (exclusive of depreciation and operating costs) | $ | (10,866) |  |  | $ | 2,051 |  |  | $ | (8,815) |
Operating costs | $ | (1,717) |  |  | $ | (3) |  |  | $ | (1,720) |
Depreciation and amortization | $ | (786) |  |  | $ | (4) |  |  | $ | (790) |
Equity in net earnings from investments | $ | 256 |  |  | $ | — |  |  | $ | 256 |
Investments in unconsolidated affiliates | $ | 1,922 |  |  | $ | 3 |  |  | $ | 1,925 |
Total assets | $ | 44,549 |  |  | $ | 6,501 |  |  | $ | 51,050 |
Capital expenditures | $ | 1,411 |  |  | $ | 48 |  |  | $ | 1,459 |
(a) - Substantially all of our revenues are related to contracts with customers.
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Reconciliation of net income to total segment adjusted EBITDA |  | (Millions of dollars)
Net income |  | $ | 940 |  |  | $ | 693 |  |  | $ | 2,484 |  |  | $ | 2,112 |
Interest expense, net of capitalized interest |  | 450 |  |  | 325 |  |  | 1,330 |  |  | 923 |
Depreciation and amortization |  | 378 |  |  | 274 |  |  | 1,126 |  |  | 790 |
Income taxes |  | 297 |  |  | 219 |  |  | 754 |  |  | 670 |
Adjusted EBITDA from unconsolidated affiliates |  | 129 |  |  | 112 |  |  | 381 |  |  | 323 |
Equity in net earnings from investments |  | (92) |  |  | (92) |  |  | (281) |  |  | (256) |
Noncash compensation expense and other (a) |  | 17 |  |  | 14 |  |  | 81 |  |  | 48 |
Corporate other (a) |  | (23) |  |  | 4 |  |  | (12) |  |  | 4 |
Total segment adjusted EBITDA |  | $ | 2,096 |  |  | $ | 1,549 |  |  | $ | 5,863 |  |  | $ | 4,614 |
(a) - The three months ended September 30, 2025, included transaction costs related primarily to the EnLink Acquisition of $7 million included within corporate other and $3 million included within noncash compensation expense and other. The nine months ended September 30, 2025, included transaction costs related primarily to the EnLink Acquisition of $59 million included within corporate other and $15 million included within noncash compensation expense and other.

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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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