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SEGMENTS (Tables)

9 Months Ended

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

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X

- References

No definition available.

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