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Intangible Assets and Goodwill (Tables)
 12 Months Ended
Dec. 31, 2024
Intangible Assets and Goodwill [Abstract]  
Intangible Assets by Segment
The following table summarizes our intangible assets by business segment at the dates indicated:

 
  
December 31, 2024
    
December 31, 2023
  
 
  
Gross
Value
    
Accumulated
Amortization
    
Carrying
Value
    
Gross
Value
    
Accumulated
Amortization
    
Carrying
Value
  
NGL Pipelines & Services:
                                    
Customer relationship intangibles
  
$
449
    
$
(276
)
  
$
173
    
$
449
    
$
(263
)
  
$
186
  
Contract-based intangibles
    
754
      
(141
)
    
613
      
752
      
(110
)
    
642
  
Segment total
    
1,203
      
(417
)
    
786
      
1,201
      
(373
)
    
828
  
Crude Oil Pipelines & Services:
                                                
Customer relationship intangibles
    
2,195
      
(627
)
    
1,568
      
2,195
      
(530
)
    
1,665
  
Contract-based intangibles
    
283
      
(278
)
    
5
      
283
      
(275
)
    
8
  
Segment total
    
2,478
      
(905
)
    
1,573
      
2,478
      
(805
)
    
1,673
  
Natural Gas Pipelines & Services:
                                                
Customer relationship intangibles
    
1,351
      
(663
)
    
688
      
1,351
      
(625
)
    
726
  
Contract-based intangibles
    
1,081
      
(227
)
    
854
      
641
      
(209
)
    
432
  
Segment total
    
2,432
      
(890
)
    
1,542
      
1,992
      
(834
)
    
1,158
  
Petrochemical & Refined Products Services:
                                                
Customer relationship intangibles
    
181
      
(92
)
    
89
      
181
      
(86
)
    
95
  
Contract-based intangibles
    
45
      
(30
)
    
15
      
45
      
(29
)
    
16
  
Segment total
    
226
      
(122
)
    
104
      
226
      
(115
)
    
111
  
Total intangible assets
  
$
6,339
    
$
(2,334
)
  
$
4,005
    
$
5,897
    
$
(2,127
)
  
$
3,770
  
Amortization Expense of Intangible Assets by Segment
The following table presents the amortization expense of our intangible assets by business segment for the years indicated:

 
  
For the Year Ended December 31,
  
 
  
2024
    
2023
    
2022
  
NGL Pipelines & Services
  
$
44
    
$
40
    
$
36
  
Crude Oil Pipelines & Services
    
100
      
103
      
84
  
Natural Gas Pipelines & Services
    
56
      
51
      
50
  
Petrochemical & Refined Products Services
    
7
      
7
      
7
  
Total
  
$
207
    
$
201
    
$
177
  
Forecasted Amortization Expense
The following table presents our forecast of amortization expense associated with existing intangible assets for the years indicated:

2025
    
2026
    
2027
    
2028
    
2029
  
$
218
    
$
215
    
$
209
    
$
198
    
$
199
  
Significant Acquired Intangible Assets
At December 31, 2024, the carrying value of our portfolio of customer relationship intangible assets was $2.5 billion, the principal components of which were as follows:

 a
  
Weighted
Average
Remaining
Amortization
Period
  
 
 
December 31, 2024
Gross
Value
  
Accumulated
Amortization
  
Carrying
Value
Basin-specific customer relationships:
                      
   EFS Midstream (acquired 2015)
  
17.4 years
  
$
 1,410
  
$
(407)
  
$
1,003
   State Line and Fairplay (acquired 2010)
  
22.2 years
    
895
    
(328)
    
567
   San Juan Gathering (acquired 2004)
  
14.8 years
    
331
    
(274)
    
57
General customer relationships:
                      
   Oiltanking (acquired 2014)
  
19.0 years
    
1,193
    
(340)
    
853

At December 31, 2024, the carrying value of our portfolio of contract-based intangible assets was $1.5 billion, the principal components of which were as follows:

a
  
Weighted
Average
Remaining
Amortization
Period
  
 
 
December 31, 2024
Gross
Value
  
Accumulated
Amortization
  
Carrying
Value
Midland Basin customer contracts
  
27.0 years
$
  
989
  
$
(77)
  
$
912
Pinon Midstream customer contracts
  
24.0 years
    
435
    
(2)
    
433
Jonah natural gas gathering agreements
  
17.0 years
    
224
    
(187)
    
37
Delaware Basin natural gas processing contracts
  
1.9 years
    
82
    
(58)
    
24

Schedule of Goodwill The following table presents changes in the carrying amount of goodwill by business segment during the periods indicated:

 
  
NGL
Pipelines
& Services
    
Crude Oil
Pipelines
& Services
    
Natural Gas
Pipelines
& Services
    
Petrochemical
& Refined
Products
Services
    
Consolidated
Total
  
Balance at December 31, 2022 (1)
  
$
2,811
    
$
1,841
    
$
–
    
$
956
    
$
5,608
  
Balance at December 31, 2023 (1)
    
2,811
      
1,841
      
–
      
956
      
5,608
  
Goodwill related to acquisition (2)
    
29
      
–
      
75
      
–
      
104
  
Balance at December 31, 2024 (1)
  
$
2,840
    
$
1,841
    
$
75
    
$
956
    
$
5,712
  

(1)
Balances are presented net of historical accumulated impairment losses of $296 million for the Natural Gas Pipelines & Service segment and $1 million for the Petrochemical & Refined Products Services segment.  There have been no goodwill impairment charges recognized for the reporting units within the NGL Pipelines & Services and Crude Oil Pipelines & Services segments.
(2)
This amount represents the goodwill recognized in connection with our acquisition of Pinon Midstream in October 2024.  In general, we attribute this goodwill to our ability to expand the acquired sour gas gathering and treating system as well as our ability to leverage the acquired business with our existing NGL asset base to create future business opportunities.