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UNCONSOLIDATED AFFILIATES
 9 Months Ended
Sep. 30, 2025
Equity Method Investments and Joint Ventures [Abstract]  
UNCONSOLIDATED AFFILIATES UNCONSOLIDATED AFFILIATES
Equity in Net Earnings from Investments - The following table sets forth our equity in net earnings from investments for the periods indicated:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202420252024
(Millions of dollars)
Northern Border$28 $25 $76 $72 
Overland Pass22 23 68 61 
Saddlehorn13 13 39 36 
Roadrunner10 9 31 30 
BridgeTex9 7 31 25 
Other10 15 36 32 
  Equity in net earnings from investments$92 $92 $281 $256 

On July 22, 2025, we completed the BridgeTex Additional Interest Acquisition. Pursuant to the purchase agreement, we paid approximately $270 million in cash, which we funded with short-term borrowings. Following the completion of the transaction, we now have a 60% ownership interest in BridgeTex. Our investment in BridgeTex will continue to be accounted for using the equity method as we continue to have the ability to exercise significant influence over the operating and financial policies of BridgeTex, although we do not have the ability to exercise control.

We incurred expenses in transactions with unconsolidated affiliates of $67 million and $54 million for the three months ended September 30, 2025 and 2024, respectively, and $218 million and $149 million for the nine months ended September 30, 2025 and 2024, respectively, related primarily to Overland Pass, Matterhorn and Northern Border. Revenue earned and accounts receivable from, and accounts payable to, our unconsolidated affiliates were not material.
We are the operator of Roadrunner, BridgeTex 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.